How You Become a Crony


(From Capital and Conflict)

Who’s the biggest winner so far? “Government Sachs!”…

…So far, we’ve looked at ex-Goldman banker Steven Mnuchin, Trump’s pick for secretary of the Treasury.

While he was making a fortune at Goldman, a major Main Street company, Sears was turned into a Wall Street victim. Its stock is down 90%. And it is expected to declare bankruptcy in a few months.

Wilbur Ross, Trump’s new man for the Trump’s new man for the Department of Commerce, used federal regulation of imports to make a billion dollars in the steel industry.

Jack Welch, a member of Trump’s financial advisory team, used the credit-fueled boom of the 1980s and 1990s to turn Main Street manufacturer General Electric into a leveraged, go-go finance company. Its stock has been cut in half in the last 15 years.

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