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The Securities and Exchange Commission headquarters in Washington, D.C. (Photo: AgnosticPreachersKid/CC BY-SA 3.0)
Under Trump, Corporate Giants See Massive Drop in Penalties: NYT
New investigation by Times shows big business, Wall Street avoiding billions in fines thanks to Trump's deregulatory agenda
Nov 04, 2018
A new investigation published by the New York Times finds that "corporate wrongdoers" have seen a massive drop in financial penalties with Trump at the White House.
The analysis, based on government data and interviews with current and former federal officials, looked at how enforcement has been carried out by the Securities and Exchange Commission (SEC) and Justice Department, comparing the first 20 months of the Trump administration with the last 20 months of the Obama administration.
Among the findings:
- There were $5 billion in penalties imposed and illicit profits ordered returned by the SEC under Obama but just $1.9 billion under the Trump administration, marking a 62 percent decline.
- Corporate penalties from the Justice Department's criminal prosecutions dropped from $14.15 billion under Obama to $3.93 billion under Trump, marking a 72 percent drop.
"With the exception of the Commodity Futures Trading Commission," reported Ben Protess, Robert Gebeloff, and Danielle Ivory, "the new approach extends across the federal financial enforcement regime."
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This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
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A new investigation published by the New York Times finds that "corporate wrongdoers" have seen a massive drop in financial penalties with Trump at the White House.
The analysis, based on government data and interviews with current and former federal officials, looked at how enforcement has been carried out by the Securities and Exchange Commission (SEC) and Justice Department, comparing the first 20 months of the Trump administration with the last 20 months of the Obama administration.
Among the findings:
- There were $5 billion in penalties imposed and illicit profits ordered returned by the SEC under Obama but just $1.9 billion under the Trump administration, marking a 62 percent decline.
- Corporate penalties from the Justice Department's criminal prosecutions dropped from $14.15 billion under Obama to $3.93 billion under Trump, marking a 72 percent drop.
"With the exception of the Commodity Futures Trading Commission," reported Ben Protess, Robert Gebeloff, and Danielle Ivory, "the new approach extends across the federal financial enforcement regime."
A new investigation published by the New York Times finds that "corporate wrongdoers" have seen a massive drop in financial penalties with Trump at the White House.
The analysis, based on government data and interviews with current and former federal officials, looked at how enforcement has been carried out by the Securities and Exchange Commission (SEC) and Justice Department, comparing the first 20 months of the Trump administration with the last 20 months of the Obama administration.
Among the findings:
- There were $5 billion in penalties imposed and illicit profits ordered returned by the SEC under Obama but just $1.9 billion under the Trump administration, marking a 62 percent decline.
- Corporate penalties from the Justice Department's criminal prosecutions dropped from $14.15 billion under Obama to $3.93 billion under Trump, marking a 72 percent drop.
"With the exception of the Commodity Futures Trading Commission," reported Ben Protess, Robert Gebeloff, and Danielle Ivory, "the new approach extends across the federal financial enforcement regime."
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