Stephan: Trump whose only real governing interest seems to be advancing himself and his family, and currying favor with the billionaires whose approval he craves, has appointed his orcs to the SEC, so they could help him to rig the laws in their favor. This is where it has left the working people of America, and if you have a 401(k) you better pay close attention.
In 2017, Donald Trump appointed private-equity lawyer Jay Clayton as the chairman of the Securities and Exchange Commission (SEC), one of the agencies that is responsible for policing the financial industry. Soon after getting the job — and only a few years after the SEC finedmajorprivate equity firms for bilking investors — Clayton was pushing to change federal law to let asset managers funnel more money from retirees to those high-risk, high-fee firms.
Clayton finally got his way last week when the Trump administration issued a letter letting 401(k) plans move the savings of 100 million workers and retirees to private equity billionaires, some of whom have been among