Malaysian authorities charged former Prime Minister Najib Razak with criminal breach of trust, corruption, and money laundering related to the 1Malaysia Development Berhad (1MDB) sovereign wealth fund scandal. On July 4th, 2018, Najib appeared in the Kuala Lumpur High Court, pleading not guilty to …
Despite campaign rhetoric opposing Wall Street, Trump appointed an unprecedented concentration of Goldman Sachs executives to key positions. Gary Cohn, who received a $285 million severance from Goldman, became National Economic Council Director. Steven Mnuchin, a 17-year Goldman partner who …
Gary CohnSteven MnuchinGoldman SachsDina PowellJay Clayton+1 moreregulatory-capturewall-streetconflict-of-interestrevolving-doorfinancial-sector
The first comprehensive audit of the Federal Reserve revealed it secretly provided $16.1 trillion in emergency loans to major financial institutions during the 2008-2010 financial crisis, far exceeding the $700 billion TARP program. The audit exposed unprecedented scale of financial sector bailouts, …
Federal ReserveBen BernankeCitigroupMorgan StanleyGoldman Sachs+4 morefinancial-crisissecret-bailoutmonetary-capturefederal-reserveregulatory-capture+1 more
Goldman Sachs announced the appointment of former Senator Judd Gregg (R-NH) as an international advisor to the firm, making him one of 17 such advisors providing strategic counsel to Goldman’s executives and clients. Gregg had served three terms in the U.S. Senate from 1993 to 2011, serving as …
Judd GreggGoldman SachsSecurities Industry and Financial Markets Associationrevolving-doorlobbyingcongressional-corruptionwall-streetgoldman-sachs
Congress passes the Emergency Economic Stabilization Act, creating the $700 billion Troubled Asset Relief Program (TARP) to bail out major financial institutions. Despite extensive evidence of widespread mortgage fraud, predatory lending, and securities violations that precipitated the crisis, the …
Henry PaulsonGoldman SachsJPMorgan ChaseBank of AmericaCitigroup+3 moreinstitutional-capturecorruptionfinancial-crisisbailoutregulatory-capture+2 more
President Bush signed the Emergency Economic Stabilization Act authorizing 00 billion in bank bailouts with initially minimal oversight. Treasury Secretary Henry Paulson, former Goldman Sachs CEO, originally sought exemption from ‘review by any court of law or administrative agency.’ The …
George W. BushHenry PaulsonGoldman SachsCitigroupBank of America+2 morebank-bailouttarppaulsongoldman-sachswall-street+2 more
The SEC voted to allow five major investment banks (Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers, and Bear Stearns) to use alternative net capital rules, effectively eliminating previous debt-to-net capital ratio limits. This voluntary program allowed banks to use their own internal …
Securities and Exchange CommissionChristopher CoxWilliam DonaldsonGoldman SachsMorgan Stanley+3 moreregulatory-capturefinancial-crisissecleveragewall-street+1 more
The SEC establishes the Consolidated Supervised Entities (CSE) program under Chair William Donaldson, eliminating the 12-to-1 leverage limit that had constrained broker-dealers and investment banks since 1975. The program allows firms with over $15 billion in assets—Bear Stearns, Lehman Brothers, …
SECWilliam DonaldsonBear StearnsLehman BrothersMerrill Lynch+3 moresec-deregulationinvestment-bank-leveragecse-programsystemic-riskself-regulation+1 more
Robert Rubin joins Citigroup just four months after leaving his position as Treasury Secretary, shortly after the November 1999 passage of the Gramm-Leach-Bliley Act that repealed Glass-Steagall. Rubin’s move to Citigroup - the principal beneficiary of Glass-Steagall repeal - represents one of …
Robert RubinCitigroupSandy WeillGoldman SachsTreasury Departmentrevolving-doorcitigroupglass-steagallcorruptionregulatory-capture+2 more
In June 1998, multinational financial institutions and international organizations systematically exploited the Asian Financial Crisis through coordinated structural adjustment policies. The IMF and World Bank engineered $100 billion in support packages that effectively restructured Asian economies, …
Goldman SachsCitigroupMcKinsey & CompanyIMFWorld Bank+2 morecorporate-captureeconomic-interventionasset-strippingglobalizationimf-intervention+1 more
The IMF mandates comprehensive structural adjustment policies for affected Asian countries, including Indonesia, South Korea, and Thailand. These policies involve privatization, trade liberalization, and financial deregulation, fundamentally transforming local economic structures to benefit …
Robert E. Rubin was sworn in as the 70th Secretary of the Treasury, bringing Wall Street directly into the highest levels of economic policymaking. Rubin had spent 26 years at Goldman Sachs, rising to co-chairman from 1990-1992, before joining the Clinton administration as director of the National …
Robert RubinBill ClintonGoldman Sachsrevolving-doorgoldman-sachstreasuryfinancial-deregulationregulatory-capture