I am skeptical in general of both parties and their commitment to make needed reforms to status quo rules. Talk is cheap and lobbyists and big business money runs deep. More than 40 years in politics, the Clintons have a particularly long history of troubling relationships with investment bankers. But I am also reminded that Clinton has worn many hats and taken many different and often opposing positions on issues over the years, depending on what role she was serving. (And yes, Trump has too). This can be interpreted as unprincipled or self-serving. But it is also the nature of being a politician. Bernie Sanders is one of the few who remained remarkably constant in his expressed positions over the decades. But then, he wasn’t given an opportunity to lead his party. So perhaps that shows the cost of consistency and personal integrity in politics. It’s also why I would never run for political office. That said, someone has to.
Better Markets CEO, Dennis Kelleher says he believes a Clinton President will crack down on Wall Street. Only time will tell the difference between actions and promises. But his Politico article is optimistic and he offers cases in point. See Hillary Clinton’s war on Wall Street:
Sanders supporters and others are rightfully concerned that Clinton’s many connections to, large speaking fees from and past positions on Wall Street are indicators that a President Hillary Clinton would be less aggressive on the biggest financial firms than candidate Clinton says she’ll be. But, many of those activities are from some time ago and fail to recognize the concrete specifics of her anti-Wall Street plan, which Clinton simply will not be able to walk away from once in office. It also fails to properly acknowledge what she has done much more recently to demonstrate her commitment to regulating Wall Street.
We still have our concerns. The devil will be in the details if Clinton is elected and her success will depend in part on her nominations for key financial regulatory positions.
But, if Goldman Sachs, JPMorgan Chase, Citigroup, Bank of America and Wall Street’s other too-big-to-fail financial firms think a President Hillary Clinton would reward their friendship, contributions and history with favorable light touch regulation, they appear to be in for a big—and well-deserved—surprise.