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The Trump administration has waived part of the punishment for five megabanks whose affiliates were convicted and fined for manipulating global interest rates. One of the Trump administration waivers was granted to Deutsche Bank — which is owed at least $130 million by President Donald Trump and his business empire, and has also been fined for its role in a Russian money laundering scheme. The waivers were issued in a little-noticed announcement published in the Federal Register during the Christmas holiday week. They come less than two years after then-candidate Trump promised “I'm not going to let Wall Street get away with murder.” Under laws designed to protect retirement savings, financial firms whose affiliates have been convicted of violating securities statutes are effectively barred from the lucrative business of managing those savings. However, that punishment can be avoided if the firms manage to secure a special exemption from the U.S. Department of Labor, allowing them to keep their status as “qualified professional asset managers.” In late 2016, the Obama administration extended temporary one-year waivers to five banks — Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank. Late last month, the Trump administration issued new, longer waivers for those same banks, granting Citigroup, JPMorgan, and Barclays five-year exemptions. UBS and Deutsche Bank received three-year exemptions.
originally posted by: DBCowboy
a reply to: JinMI
Interesting, but bailing out/pardoning banks is a crappy thing to do.
Of course Obama gets a pass, but is that surprising?
originally posted by: smurfy
originally posted by: DBCowboy
a reply to: JinMI
Interesting, but bailing out/pardoning banks is a crappy thing to do.
Of course Obama gets a pass, but is that surprising?
Five year waiver DB, that's not right at all.
Where is the f### did I ever defend it or even marginalize it?
originally posted by: DBCowboy
originally posted by: smurfy
originally posted by: DBCowboy
a reply to: JinMI
Interesting, but bailing out/pardoning banks is a crappy thing to do.
Of course Obama gets a pass, but is that surprising?
Five year waiver DB, that's not right at all.
Jesus Christ!
Does everyone here have a reading comprehension problem?
Where is the f### did I ever defend it or even marginalize it?
I think giving banks a pass is wrong.
It was wrong when Bush did it.
It was wrong when Obama did it.
It was wrong when Trump did it.
I have always been consistent in this.
Yet people will marginalize or even excuse Obama, which I find hypocritical!
originally posted by: Dfairlite
a reply to: InTheLight
Did he use his own money? Asking for a friend in congress.