You can say what you want about Elizabeth Warren (and I’m sure some readers have a lot of things to say, which is why there’s a comments section), but you can’t say watching her grill opponents isn’t entertaining.
To put it colloquially, Warren will gladly burn your ass if she thinks what you’re doing is in any way nefarious. And that goes triple for anyone doing something she perceives as designed to return Wall Street to the pre-Dodd Frank glory days.
Well, guess who’s hell bent on bringing back those glory days? That’s right…
As you’re probably aware, Donald Trump is set to move forward with plans to “review” (that’s a nice word) Dodd-Frank. More specifically, Trump will sign two directives designed to “overhaul the financial regulatory system.”
In addition to the Dodd-Frank rethink, “Trump will also halt another of former President Barack Obama’s regulations, hated by the financial industry, that requires advisers on retirement accounts to work in the best interests of their clients,” Bloomberg notes, in what you’ll probably agree is a hilariously worded passage.
White House spokesman Sean Spicer (who I feel more sorry for by the day) called Dodd-Frank a “disastrous policy” on Friday.
Well guess who’s excited? That’s right, Gary Cohn who up until a few months ago was second in command at Goldman. Here’s a great refresher from Vanity Fair:
After spending his campaign railing against Wall Street, with a particular emphasis on Goldman Sachs, Donald Trump kicked off his transition by hiring, without any apparent cognitive dissonance, a half-dozen employees or alumni of Goldman Sachs. While the Treasury will likely be run by 17-year veteran of the firm Steven Mnuchin, Trump’s biggest score was convincing the firm’s president, Gary Cohn, to head to D.C., too. Sure, the fact that Cohn has spent interminable years sitting in his office stewing about Lloyd Blankfein selfishly sticking around as C.E.O. when he should’ve retired and let other people (Cohn) shine certainly helped. But trading the number two job at the bank to head the National Economic Council represents something in the range of, we’re guessing, a 99 percent pay cut. Luckily, it turns out that Cohn will still be able to put food on the table despite becoming a lowly public servant [thanks to] a $285 million parting gift from Goldman.
“We will look at the Volcker Rule and all aspects of Dodd-Frank,” Cohn promised on Friday, in an interview with Bloomberg TV.
As for Elizabeth Warren, well she is most assuredly…
Here’s the Senator’s statement: