Making Goldman Sachs Great Again

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Originally Posted by New York Times Trump Moves to Roll Back Obama-Era Financial Regulations ... After a White House meeting with executives from Wall Street, Mr. Trump signed a directive aimed at the Dodd-Frank Act, crafted by the Obama administration and passed by Congress in response to the 2008 meltdown. He also signed a memorandum that paves the way for reversing a policy, known as the fiduciary rule, that requires brokers to act in a client’s best interest, rather than seek the highest profits for themselves, when providing retirement advice. ... Taken together, Mr. Trump’s actions on Friday constitute an extensive effort to loosen regulations on banks and other major financial companies, even though the president campaigned as a champion of working Americans and as a critic of Wall Street elites. Mr. Trump said on Friday that his actions were intended to help both Wall Street and workers as his administration eases constraints on banks and allows them to lend more to companies, which could then hire more workers. “We expect to be cutting a lot out of Dodd-Frank, because frankly, I have so many people, friends of mine that had nice businesses, they can’t borrow money,” Mr. Trump said in the State Dining Room during his meeting with business leaders. “They just can’t get any money because the banks just won’t let them borrow it because of the rules and regulations in Dodd-Frank.” ...

I hope Donald keeps us updated on how his struggling friends make out.

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Originally Posted by Razor Forex Investment bank stocks had one of their best days on Friday after President Trump signed an executive order to start rolling back the 2010 Dodd-Frank bill, which was passed in the aftermath of the 2008 financial crisis. One of the biggest gainers today was Goldman Sachs Group with a whopping 4.57 percent gain on the day, closing at $240.95. This was one of the biggest one-day spikes in GS shares, second only to the 5.94% surge on November 9, 2016, which was driven by Trump’s electoral victory. As of today, Goldman shares are only about $10 away from taking out the all-time high at $250.70, recorded on October 29, 2007.

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