GOP: Shareholders believe clients should in personal responsibility and not worry about the sharks selling them junk.
Trump: Government should facilitate selling of snake oil as high price Gold to the common public.
In other words, they want self-serving douchebags to continue to surreptitiously steer retirement savings investments towards those financial vehicles that most benefit themselves and their bigger clients…people like Trump.
Obama Administration: “These conflicts of interest are costing middle class families and individuals billions of dollars every year.”
Trump Administration: “You say that like it’s a bad thing…”
Rep. Phil Roe (R-TN), a leading critic of the rule, said at an investment conference at the time: "Obviously this election that’s coming up changes everything. If Trump wins I think there’s a great chance that he can overturn it."
“So there was a high stakes election on 11/8…”
You know, if we’re going to make it more difficult to rip off old people, well, I just don’t know what this country has become. My crew was just getting ready to put the third roof in the last two years on Mabel Turlinglot’s ranch. Goddamned government ruins everything.
They just haven’t come up with a term yet that is deflective and alt-phrasing enough to replace GREED …
They’re working on it though —
It sounds as if, under Trump’s EO, you could stop implementation of pretty much any regulation on the basis that it’s going to have consequences.
That’s why Wall Street is ecstatic and the rest of us are screwed.
I’m sinking some major bucks into cattle prod and barbed wire futures.
They are getting a receipt soon, believe me.
Must protect the Banksters…
They are ratcheting things up… until just before the CBO comes out with #'s on tax policy and Drumpycare ----
Then let the profit taking commence ! –
Trump argued that the new regulation, pursued aggressively by the Obama administration, “may significantly alter the manner in which Americans can receive financial advice, and may not be consistent with the policies of my Administration.”<
Heh, no shit.
Financial advisors putting their clients’ interests first? What a crazy idea! Next thing you know, people will say the President should put the nation’s interest ahead of his own. Can’t have that!
So a conflict of interest rule to punish a scam artist who profits from “advice” to the naive is a no-go? Whatever happened to traditional fiduciary duty? Oh wait… that went out the window when the scam artist-in-chief became President. His only “fiduciary” duty is to himself and family.
So, what is the fraction of the investment industry that doesn’t require preying upon people? I read that people are increasingly putting their money into index funds, so there is hope that people are getting wiser.
Typical
And who’s the guy with the cheesy grin in the image?