How Donald Trump Plans To Help Goldman Sachs
Posted: Sun Nov 13, 2016 5:07 am
Article by Dan Pramick
"All of this looked like it was going to set up a possible Goldman v. government battle in July, but that all changed yesterday when Donald Trump's transition team wrote on its website that it 'will be working to dismantle the Dodd-Frank Act.'
Goldman Sachs CEO Lloyd Blankfein said yesterday during a New York Times conference that he doesn't think Dodd-Frank will be eliminated in toto, but there have been numerous reports that the Volcker Rule will be among the pieces that Trump wants to eliminate (despite offering tepid support last year).
If that happens, then Goldman Sachs will have kicked the can so far down the road that it reaches an interstate highway.
"It's just going to make it look like Goldman gets special treatment and give people another reason to hate them," says a rival banker focused on the private equity market. "But this is why if you want a rule to work, you need to actually enforce it in the first place."
"All of this looked like it was going to set up a possible Goldman v. government battle in July, but that all changed yesterday when Donald Trump's transition team wrote on its website that it 'will be working to dismantle the Dodd-Frank Act.'
Goldman Sachs CEO Lloyd Blankfein said yesterday during a New York Times conference that he doesn't think Dodd-Frank will be eliminated in toto, but there have been numerous reports that the Volcker Rule will be among the pieces that Trump wants to eliminate (despite offering tepid support last year).
If that happens, then Goldman Sachs will have kicked the can so far down the road that it reaches an interstate highway.
"It's just going to make it look like Goldman gets special treatment and give people another reason to hate them," says a rival banker focused on the private equity market. "But this is why if you want a rule to work, you need to actually enforce it in the first place."