Trump to nominate Wall Street lawyer Clayton to lead SEC

[CPUd]

Trump to nominate Wall Street lawyer Clayton to lead SEC


President-elect Donald Trump said on Wednesday he intends to nominate Walter "Jay" Clayton, an attorney who advises clients on major Wall Street deals, to lead the U.S. Securities and Exchange Commission.

"Jay Clayton is a highly talented expert on many aspects of financial and regulatory law, and he will ensure our financial institutions can thrive and create jobs while playing by the rules at the same time," Trump in a statement.

"We need to undo many regulations which have stifled investment in American businesses, and restore oversight of the financial industry in a way that does not harm American workers."

Clayton is a partner in the New York office of law firm Sullivan & Cromwell who specializes in advising clients on public and private mergers and acquisitions and capital-raising efforts. He also helps companies navigate regulatory and enforcement actions, including a number of cases that involved mortgage securities.

Clayton has worked for high-profile clients, including the initial public offerings of Alibaba Group Holding Company (BABA.N) and Oaktree Capital Group (OAK.N).

During the height of the 2008 financial crisis, Clayton also worked on major deals involving big banks, including Barclays Capital's (BARC.L) acquisition of Lehman Brothers' assets, the sale of Bear Stearns to JP Morgan Chase (JPM.N), and the U.S. Treasury Department's capital investment in Goldman Sachs (GS.N), according to his law firm's website.

By selecting an attorney who is deeply steeped in capital-raising deals, Trump is likely signaling that the SEC will be looking to scale back regulations that some critics see as burdensome and may be hindering corporate growth.

Many Republicans in recent years have criticized the SEC for focusing too much on enforcement, and not enough on its other missions, which include writing rules that help promote capital formation.

“In light of Jay’s vast experience in capital formation, his appointment as SEC Chair is a strong positive signal the economy is a top priority of President-elect Trump and his team, and that the SEC will work together with Main Street to meet the country’s economic goals of full employment and healthy growth," said Jonathan Macey, a professor at the Yale Law School.

http://www.reuters.com/article/us-usa-trump-sec-idUSKBN14N1Y9

 

[NorthCarolinaLiberty]

M

any Republicans in recent years have criticized the SEC for focusing too much on enforcement, and not enough on its other missions, which include writing rules that help promote capital formation.

Government does not promote anything, you dumbasses. SEC not needed.

And when you do business with a bank, read the contract, mister consumer. Stop relying on gov to do it for you. Stop being a lazy ass.

 

[fcreature]

The SEC is criminally complicit in wall street shenanigans. Their role is essentially to protect wall street and to allow the transfer of wealth from retail investors to their wall street cronies. The fraud is clear as day and it's mind boggling how much is gotten away with.

If simple, free-market, contractual fraud laws were enforced you would see a legion of wall street bankers, market manipulators, and short & distorters arrested. Instead you see a protection racket.

 

[dannno]

Looks like a good pick, should help us move in the right direction.

 

[Jamesiv1]

Freedom.

 

[devil21]

Looks like a good pick, should help us move in the right direction.

:snort:

More foxes guarding the hen house.

 

[dannno]

:snort:

More foxes guarding the hen house.

That's a pretty pessimistic view, but it's possible.

Maybe he is legitimately against regulations that hamper businesses? Maybe he is really smart and legitimately knows how to help make things better?

Trump has to walk a fine line between hiring people who have anti-establishment views and who also know a lot about what is currently going on, because clearly he isn't going to be abolishing a bunch of departments overnight.. he is going to reform them into something more inline with small government. As much as I would like to see Ron Paul go in and just mow all the departments down, I'm very happy to see so many people coming into power who are legitimately for smaller government in the area in which they are in charge.