Spokesman for Trump’s transition team, Sean Spicer, said today that Trump is nominating Wall Street lawyer Jay Clayton to chair the SEC.
Clayton, a lawyer who has never served in government, has represented Barclays and Goldman Sachs and other Wall Street players, helping them to navigate the scrutiny of regulations, is the latest Wall Street crony to fill Trump’s personal swamp.
Clayton is currently with the firm Sullivan & Cromwell. Trump will no doubt seek to roll back as many Wall Street regulations as possible, including aspects of the Dodd-Frank Act of 2010 which was passed following the economic crash of 2008.
Business Insider notes some of Clayton’s accomplishments:
Clayton has represented “large financial institutions” — as his website puts it — against government agencies such as the Department of Justice, Federal Housing Finance Agency, and even the SEC itself. The various cases include:
- “A large financial institution in connection with the settlement of mortgage related claims with the DOJ, HUD and FHFA.”
- “A hedge fund in connection with a regulatory review of various credit market transactions.”
- “A large financial institution in connection with a regulatory review of transactions in government securities.”
Clayton also has experience in capital markets, advising on the initial public offerings of Alibaba, Ally Financial, Oaktree Capital Group, and Och-Ziff.
The little people are screwed… Just sayin. The rich will get rich, the poor will get poorer. We were just finally catching up from 2008. Stay strong people…