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‘Dancing in the street’: Some Wall Street banks are triumphant heading into Trump era

Trump hasn’t yet returned to office, and the biggest banks keep notching wins.

🔸Hard-fought rules to require the biggest banks to boost financial buffers that protect against losses could be substantially watered down.

🔸A separate plan to force banks to lower fees when consumers use debit cards will take more time to complete,
delaying a potential hit to banks’ bottom line.

🎈And some of the biggest antagonists against Wall Street serving in the Biden administration,
-- such as at the Consumer Financial Protection Bureau (CFPB)
and the Securities and Exchange Commission’s ,
will be out of government on Day 1 of the Trump administration.
⚠️“A lot of bankers, they’re like dancing in the street,”
said , the chief executive of JPMorgan Chase & Co.,
the biggest U.S. bank by assets, at a conference last week in Peru.

“Years and years of regulations” have curtailed access to loans and other forms of credit, he said.

washingtonpost.com/business/20

The Washington Post · ‘Dancing in the street’: Some Wall Street banks are triumphant heading into Trump eraBy Andrew Ackerman
Continued thread

For all Trump’s success in winning back reluctant conservative billionaires,
many of them have seen firsthand the ways in which his erratic behavior
and anti-market ideas
could disrupt their businesses and the wider economy.

After Trump became President, he asked Schwarzman to enlist high-profile business executives to serve on an advisory council.

The participants included ;
, the C.E.O. of JPMorgan Chase;
, of General Motors;
, of Disney;
, of BlackRock;
and , the former C.E.O. of General Electric.

It was a perfect Trump setup:

the biggest brand names in American business would come to the White House,
kiss his ring,
and offer free advice.

But, as one of the panel’s members recalled,
the first session quickly devolved into an argument between Trump and several participants over his false allegation that China was manipulating its currency.

In the summer of 2017, following Trump’s comments about there being
“very fine people on both sides” of the white-supremacist march in Charlottesville, Virginia,
the group convened an emergency call and decided to disband.

After Schwarzman conveyed the news to the White House, Trump preëmptively tweeted that he had decided to shut the group down.

Early this summer, Trump’s campaign surprised the Business Roundtable,
a members-only organization of corporate C.E.O.s,
with a last-minute acceptance for the ex-President to appear at the group’s quarterly meeting in Washington.

Andrew Ross Sorkin, the Times’ financial columnist and a host of “Squawk Box,” on CNBC,
reported that even C.E.O.s at the meeting who were sympathetic to Trump had found the former President 🔸uninformed and ♦️“remarkably meandering.”

A source in the room told me that Trump’s digressions included complaints about his court cases and “crazy rants about Venezuelan immigrants.”

Soon after the event, Jeffrey Sonnenfeld,
a professor at Yale University who tracks the political preferences of America’s corporate leaders,
wrote in an op-ed for the Times that not a single Fortune 100 C.E.O. had donated to Trump by June of this year,
something he called a “telling data point.”

In fact, Sonnenfeld argued, the lack of giving to Trump from traditional Republican donors in the business community was the real fund-raising story,
“a major break from overwhelming business and executive support for Republican Presidential candidates dating back over a century.”

Sonnenfeld told me that such giving “fell off a cliff” when Trump became the Party’s nominee
—going from more than a quarter of Fortune 100 C.E.O.s in 2012,
when Mitt Romney was the G.O.P. candidate,
💥to zero in 2016.

In 2020, he noted, only two Fortune 100 C.E.O.s had given to Trump
—someone in the energy sector who is no longer running his company
and , the C.E.O. of the Oracle software corporation.

One lobbyist who speaks with many corporate C.E.O.s told me,
“Unanimously, they hate the Biden Administration’s policies.
But I think almost unanimously they would much rather deal with that than the risk of catastrophic disaster from a Trump Administration.”

By fall, the only Business Roundtable member publicly backing Trump was Schwarzman.

In going out of his way to say Trump was “right about some critical issues,” Chase CEO didn’t bother to note that Trump continues to reject the results of the 2020 election and has convinced the vast majority of Republicans that President Joe Biden was not legitimately elected.

Guess Dimon—who, days after the 2020 election, said “We must respect the results of the U.S. presidential election and . . . honor the decision of the voters”—no longer thinks the integrity of our elections is a “critical issue” for our entire democracy.
c.im/@cdarwin/1117840692331966

plus.thebulwark.com/p/jamie-di

The Bulwark · Jamie Dimon Joins the Trump NormalizersBy Dennis Aftergut

, take a step back, be honest,

Kind of right about 🔥NATO? ... Trump wanted the U.S. to withdraw from NATO — and may get his way if he becomes president again. This would open Europe further to Putin’s aggression.

Kind of right on 🔥immigration? ... Even the conservative CATO Institute found that Trump reduced legal immigration but not illegal immigration. Trump refused to grant legal status to children of immigrants born in the United States or who grew up in the U.S. He banned Muslims from America, and when the Muslim ban was found to be unconstitutional, banned people from Muslim countries.

Grew the 🔥economy quite well? ... In fact, under Trump the economy lost 2.9 million jobs. Even before the pandemic, job growth was slower than it has been under Biden. The unemployment rate increased by 1.6 percentage points to 6.3%. The international trade deficit Trump promised to reduce went up.

🔥Tax reform worked? ... Trump’s tax cut conferred most of its benefits on big corporations and the rich, while enlarging the budget deficit. Giant banks and financial services companies got huge gains based on the new, lower corporate rate (21%), as well as the more preferable tax treatment of pass-through companies.

Right about 🔥China? ... As the Brookings Institution found, Trump’s China policy only made China less restrained in pursuit of its ambitions.

Confrontation has intensified, areas of cooperation have vanished, and the capacity of both countries to solve problems or manage competing interests has atrophied.

Oh, and then there are the pesky matters of Trump’s seeking to 🔥overturn the results of the 2020 election, facing 91 criminal indictments, causing America to be more divided than at any time since the Civil War, lying every time he opens his mouth, and planning to use the Justice Department for “vengeance” against his political enemies if elected again.

robertreich.substack.com/p/why

Robert Reich · Why Jamie Dimon loves Trump’s policies By Robert Reich

JPMorgan fails Jeffrey Epstein stress test

A $230 million for anticompetitive behavior in 2011? “I don’t recall that specific one, no,” responded during a deposition last month.

A $200 million fine and an admission of wrongdoing in 2013 to settle U.S. Securities and Exchange Commission charges of misstating financial results and lacking sufficient internal controls? “I don’t recall the specific thing you’re talking about.”

A $550 million payment to the Department of Justice and Federal Reserve in 2015? “I’ll take your word for it.”

has paid so many hefty fines and settled so many lawsuits over the years that its may have lost track of them.

More surprising is that Dimon says he was scarcely aware of who was – a man who had roamed around Wall Street for years, owned Manhattan’s largest townhouse and was sentenced to 18 months in prison in 2008 for soliciting prostitution from a minor

reuters.com/breakingviews/jpmo

ReutersJPMorgan fails Jeffrey Epstein stress testBy Jeffrey Goldfarb