Washington - Banks have applauded the latest moves by the Federal Reserve and President Trump’s “deregulators” to remove restrictions on financial institutions from trading in hedge funds, derivatives and just about anything else that could possibly collapse in a financial crisis.
The top management at banks like Citigroup, Goldman Sachs and Bank America have seen their annual take from bonuses and stock options shrivel to just $10-20million a year vs. the $100million-plus that they grew accustomed to before the 2008 crash.
They have lobbied and contributed heavily to politicians like Trump and Congressional supporters on banking committees to reopen the Wall Street Casino by weakening or doing completely away with regulations like the Volcker Rule, which limit the risk they can take with bank funds.
“Not to worry,” commented one Bank CEO at a recent committee hearing. “If things do collapse, we will always be available to regulators at multi-million dollar fees to fix the mess, just like in 2008”.