How the White House and Goldman Sachs have helped to drive a financial crisis for the U.S. and global economy
The White House has been a central player in shaping the terms of the financial crisis that has ravaged the U, and it has used its influence to support Goldman Sachs and other banks.
The White Houses economic advisers and senior White House officials helped shape the regulatory environment, including the Volcker Rule, which aimed to protect the financial system from the risk of big banks taking on too much risk in their trading activities.
A number of key banks were at the heart of the crisis, including JPMorgan Chase, Citigroup and Bank of America.
A former White House adviser to President Trump said the White Houses financial advisers, while not directly involved in policy decisions, have been at the center of the White house’s response to the crisis.
“They have had a major influence in shaping how the crisis was handled,” the former adviser said.
“And this is in addition to the financial advisers who were involved in creating the Volker Rule.”
A number are leaving the Whitehouse this week to take a position at banks in the financial sector, including President-elect Donald Trump’s nominee to lead the Treasury Department, Richard Cordray.
“I am very grateful to the WhiteHouse for the opportunity to serve and be a part of the President’s team,” Cordray said in a statement.
“At the same time, I recognize the importance of maintaining the bipartisan, responsible relationship that exists between the White and the financial markets.”
The Wall Street Journal reported in January that the White houses financial advisers had also been key in shaping regulations to prevent banks from taking too much market share.
The Journal also reported that some White House advisers were pushing to block President Obama’s signature legislation aimed at creating a financial market oversight system.
Trump has also taken credit for pushing forward the Dodd-Frank financial reform law and for pushing for a $700 billion bailout for struggling banks.
He said during his inauguration that the legislation was important because “it’s going to help us create jobs.”
During his first year in office, Trump has faced criticism for not being more forceful in demanding reforms.
The Financial Crisis Inquiry Commission is a bipartisan group of lawmakers who oversee the aftermath of the meltdown, which forced the U to rescue its banks and put the economy back on track.
The Obama administration in 2014 and 2015 spent years developing the Volver Act, a bipartisan package of financial reforms that included rules aimed at preventing banks from gambling with the financial systems and for regulating the banks’ ability to take risks.
In 2016, Trump signed the Volmer Act into law, which was designed to prevent a repeat of the 2008 financial crisis.
The Volcker Act passed in the wake of the massive sell-off in 2008 and was designed as a way to protect banks from the dangers posed by a potential economic collapse.
It created the Volatility Rule, intended to prevent bank traders from taking bets on the prices of stocks and other securities.
The rule set out to make sure the financial services industry would be a “market participant” in the markets, allowing the firms to “act in a responsible manner in the marketplace” to avoid “fraudulent acts.”
The rule also said that the trading activities of a bank could not be “determined to be a financial product in the ordinary course of business.”
However, it did not ban trading on the stocks, bonds or derivatives markets.
A handful of Wall Street banks have been targeted by regulators for failing to meet the Volcer Act standards.
Bank of American and Bank National Association, two of the nation’s largest banks, were among the biggest to be hit with penalties.
Bank National and Wells Fargo also have faced investigations over whether they failed to follow Volcker’s rules.
The two regulators have not released the results of their investigations.
A spokeswoman for the SEC said the agency has opened a criminal investigation into the banks and plans to release its findings in the next few weeks.
“This is an investigation that involves conduct that is subject to the criminal statute of limitations,” SEC spokeswoman Andrea Miller said in an email.
The agency is also investigating the role that Goldman Sachs played in the 2008 crash and how it came to profit from it.
Goldman Sachs, the nations largest bank, has come under fire in recent months for the way it handled the crisis and for its treatment of its clients.
Trump’s incoming treasury secretary, Steven Mnuchin, told CNBC in January he would “not have done what I did if I had known what was going on.”
Mnuchin was hired as Mnuchin’s deputy in late February to help manage the Treasury’s financial oversight.
The Treasury Department is currently investigating whether Goldman Sachs broke any laws.
The Justice Department is also looking into whether Goldman violated federal securities laws by providing advice to Wall Street firms.
In March, the White Senate approved a $3.8 trillion rescue package for the economy and other countries in a package of tax breaks and other economic measures.
Trump signed it into law in September.