Presidential Candidate Hillary Clinton believes Wall Street insiders can lead financial reform of themselves. The revelations, however, did not grab the attention of mainstream media unlike chauvinistic comments made by her opponent, Republican Presidential Candidate Donald Trump.
“Remember what Teddy Roosevelt did,” Clinton said. “Yes, he took on what he saw as the excesses in the economy, but he also stood against the excesses in politics. He didn’t want to unleash a lot of nationalist, populistic reaction. He wanted to try to figure out how to get back into that balance that has served America so well over our entire nationhood.”
Clinton believes “there’s more that can and should be done”, but that the industry itself must lead the change.
She said at a Goldman Sachs AIMS Alternative Investments Symposium in 2013: “And I think there has to be a recognition that, you know, there’s so much at stake now, I mean, the business has changed so much and decisions are made so quickly, in nano-seconds basically. We spend trillions of dollars to travel around the world, but it’s in everybody’s interest that we have a better framework, and not just for the United States but for the entire world, in which to operate and trade.”
Clinton told Deutsche Bank in 2014 she believed in their power to regulate themselves. “And I really believe that our country and all of you are up to that job.”
Clinton believes proper regulation is important. “The people who know the industry better than anybody are the people who work in the industry,” she said. “I mean, it’s still happening, as you know. People are looking back and trying to, you know, get compensation for bad mortgages and all the rest of it in some of the agreements that are being reached. There’s nothing magic about regulations, too much is bad, too little is bad.”
Deutsche Bank has been said to be undergoing internal problems as hedge funds reportedly left the bank, taking with them billions in assets. The news led to market fears and speculation that Deutsche Bank is in financial trouble. In September, over $2 billion was taken out of Deutsche Bank’s X-trackers MSCI EAFE Currency-Hedged Equity Fund. According to, “this was the biggest move out of any ETF in the past month – the second-biggest outflow from a single ETF in September was $600 million less.
The comments about Wall Street insiders regulating themselves were largely drowned out by Trump’s recent derogatory comments about women, which evoked memories of similarly degrading comments the Republican presidential candidate has made about minorities.
Featured image from iStock.