Donald Trump announced Wednesday that he is planning to nominate Wall Street insider Jay Clayton – a partner at Sullivan & Cromwell – a prominent New York firm – to head up the Securities and Exchange Commission.
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Trump nominates Wall Street lawyer to lead Securities & Exchange Commission
Clayton, Trump’s latest appointment, has strong ties to Wall Street reigniting the concern that rather than “draining the swamp” as he pledged during the campaign, Trump is filling his government with billionaires, Wall Street and Washington D.C insiders.
Clayton, Trump’s latest appointment, has strong ties to Wall Street reigniting the concern that rather than “draining the swamp” as he pledged during the campaign, Trump is filling his government with billionaires, Wall Street and Washington D.C insiders.
Jay Clayton, Credit Sullivan & Cromwell LLP
Mr. Clayton if he is confirmed would be responsible for “encouraging investment in American companies” and “providing strong oversight of Wall Street and related industries,” according to a statement by Donald Trump’s communications office on Wednesday morning.
“We will carefully monitor our financial sector, as we set policy that encourages American companies to do what they do best: create jobs,” Mr. Clayton said in the statement.
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Fox in charge of protecting the hen house
The nomination of a prominent Wall Street insider to head the Securities and Exchange Commission again raises major concerns about what the priorities of the Trump Administration will be when it comes to policing Wall Street. The role of the S.E.C the federal agency charged with to protect investors and enabling companies to raise capital through the public markets in a way that fosters economic growth.
Another close connection to Goldman Sachs
Jay Clayton is a close adviser to Goldman Sachs, and would be one of several Wall Street alumni, including many with connections to Goldman Sachs, in serving in Mr. Trump’s administration. For example, Steven Mnuchin, a former Goldman Sachs trader who currently runs his own hedge fund was a leading fund-raising for Donald Trump during the campaign and has now been nominated to be Treasury secretary. And Wilbur Ross, a billionaire investor that has has been selected as the Trump’s commerce secretary. And Gary Cohn who was formerly the second in command at Goldman Sachs, will be Mr. Trump’s economic top policy adviser.
Another Wall Steer insider
Jay Clayton is an adviser to corporations on large mergers and acquisitions, initial public offerings and regulatory matters. He has been a prominent Wall Street insider connected to the largest financial deals for over a decade. Recently Clayton served as an advisor to the Alibaba Group in its initial public offering – the largest ever I.P.O. ever. He also advised Barclays Capital when it acquired Lehman Brothers assets after Lehman Brothers collapsed during the 2008 financial crisis. And Clayton also has extensive experience advising financial institutions on the regulatory side as they negotiate settlements with the federal government.
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