Stephan: Trump whose only real governing interest seems to be advancing himself and his family, and currying favor with the billionaires whose approval he craves, has appointed his orcs to the SEC, so they could help him to rig the laws in their favor. This is where it has left the working people of America, and if you have a 401(k) you better pay close attention.
Securities and Exchange Chairman Jay Clayton awaits the start of a hearing on Capitol Hill September 24, 2019 in Washington, DC. Clayton testified before the House Financial Services Committee on the topic of “Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat.” Credit: Win McNamee/Getty
In 2017, Donald Trump appointed private-equity lawyer Jay Clayton as the chairman of the Securities and Exchange Commission (SEC), one of the agencies that is responsible for policing the financial industry. Soon after getting the job — and only a few years after the SEC finedmajorprivate equity firms for bilking investors — Clayton was pushing to change federal law to let asset managers funnel more money from retirees to those high-risk, high-fee firms.
Clayton finally got his way last week when the Trump administration issued a letter letting 401(k) plans move the savings of 100 million workers and retirees to private equity billionaires, some of whom have been among
