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financial crisis
How Trump Promotes Grotesque Corporate Lawlessness
Dropping corporate cases en masse, as the Trump administration is doing, portends a return to recklessness and greed that fueled corporate catastrophes like Wall Street’s 2008 financial crisis.
May 08, 2025
“Corporations First.” That’s the slogan that would truthfully describe the Trump administration’s approach to law enforcement, not “America First.”
A new investigation by my organization shows that the Trump administration is dropping investigations and enforcement actions against corporations that showered money on Trump’s inauguration earlier this year.
Seventy-one big businesses, which were facing at least 102 ongoing federal enforcement actions at the time of Trump’s inauguration, collectively gave a whopping $57 million to the Trump-Vance inaugural fund, we found. And many may now be collecting special favors.
Time will tell whether the payments by other big corporate inauguration donors—like Amazon, Apple, Boeing, FedEx, Goldman Sachs, Google, Johnson & Johnson, Nvidia, and Pilgrim’s Pride—will see enforcement go away, too.
Trump’s inaugural haul from corporations facing investigations and lawsuits alone is comparable to the total amount raised for the inaugurations of former Presidents Barack Obama in 2009 ($53 million) and Joe Biden in 2021 ($62 million). And it’s just a third of the record-breaking $239 million Trump collected overall, $153 million of which came from corporate donors.
Regardless of president or party, private funding for the presidential inauguration poses a serious threat of corrupt influence buying by corporations and the wealthy. Unlike the vast majority of Americans, they can ingratiate themselves to an incoming administration with six- and seven-figure checks.
Donations by for-profit corporations are particularly suspect—corporations’ purpose, after all, is to amass wealth for private investors, an agenda that frequently pits them against laws and regulations that protect consumers, workers, and the broader public interest.
We may not know exactly what favors corporations might seek. But it’s reasonable to assume that getting rid of penalties or investigations for ripping off consumers, exploiting workers, polluting our environment, and engaging in illegal and unfair business practices would be high on the list.
Public Citizen has compiled a list of more than 500 enforcement actions against corporations that the Trump administration inherited from the Biden administration. During President Trump’s first 100 days alone, federal agencies halted or dropped at least 126 of these enforcement actions.
These include actions against 15 corporate inauguration donors whose cases were dismissed or withdrawn, plus six whose cases were halted. These 21 corporations collectively donated $18 million to the inaugural fund.
These include companies accused of violating consumer financial protections, such Bank of America, Capital One, JPMorgan, and Walmart; some crypto businesses accused of violating securities laws, such as Coinbase, Crypto.com, Kraken, and Ripple; private prison corporations that allegedly mistreated inmates, like CoreCivic and GEO Group; and businesses accused of engaging in illegal bribery schemes in foreign countries, including Cognizant, Pfizer, and Toyota.
Time will tell whether the payments by other big corporate inauguration donors—like Amazon, Apple, Boeing, FedEx, Goldman Sachs, Google, Johnson & Johnson, Nvidia, and Pilgrim’s Pride—will see enforcement go away, too.
To be fair, some cases against corporate inauguration donors do appear to be proceeding unhindered. The antitrust cases against Google and Meta are proceeding, the FTC’s case against Uber for deceptive billing practices has been filed, and Gilead Pharmaceuticals is being required to pay $202 million to settle allegations of paying illegal kickbacks to doctors.
These signs of ongoing enforcement are a good thing. But among the more than 100 cases being dropped and halted, they’re exceptional. Because of the mass firings of federal workers at enforcement agencies, they likely represent the conclusion of past enforcement efforts, not the continuation of an ongoing trend.
Dropping corporate cases en masse, as the Trump administration is doing, is a greenlight for corporate lawlessness. It portends a return to recklessness and greed that fueled corporate catastrophes like Wall Street’s 2008 financial crisis, the Oxycontin-fueled opioid crisis, BP’s oil spill disaster, and Boeing’s deadly 737 Max crashes.
It is the definition of “corporations first.”
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Trump Federal Reserve Pick Called 'Gift to the Banking Industry'
"At a time when climate-related financial risks are only growing, the Fed should be stepping up to protect the economy—not retreating," said the head of the Sierra Club's sustainable finance campaign.
Mar 19, 2025
The watchdog group Public Citizen is warning that the U.S. President Donald Trump's pick to serve as in the Federal Reserve's stop supervisory role is a "banking industry favorite."
On Monday, Trump tapped Federal Reserve Gov. Michelle Bowman to take over as the new vice chair of supervision. Bowman must be confirmed by the Senate before taking the role, which was created by the Dodd-Frank Act in the wake of the 2008 financial crisis in order to develop policy recommendations for the Fed's Board of Governors around supervision and regulation.
Michael Barr, who was vice chair of supervision from July 2022 until earlier this year, stepped down from the role in February but remains a member of the Board of Governors.
"Bowman's nomination for vice chair for supervision is a gift to the banking industry," said Elyse Schupak, policy advocate with Public Citizen's climate program, in a statement on Tuesday. "Under her leadership we can expect loosening capital requirements, lax bank supervision, and neglect of emerging risks to the financial system, including from climate change."
According to Bloomberg, Bowman is expected to take a "lighter touch" to bank regulation compared to Barr.
Bowman, the former state bank commissioner of Kansas and former VP of Farmers & Drovers Bank in Kansas, has been a critic of a landmark plan to require banks to hold more capital. The plan, called "Basel III Endgame," is opposed by big banks that are lobbying against it, according to the think tank the Brookings Institution.
"I'd be excited to see Miki Bowman appointed," Goldman Sachs CEO David Solomon toldFox News last week, after her likely appointment was reported by multiple outlets. "I think the industry would be excited."
Ben Cushing, director of the Sierra Club's sustainable finance campaign, also weighed in on the selection of Bowman.
"Major U.S. banks are exacerbating threats to financial stability and long-term economic growth through their continued financing of dirty energy and insufficient investment in clean energy. Regardless of changing political winds, the Federal Reserve has a duty to supervise and regulate these and other risky banking practices," Cushing said in a statement on Wednesday.
"At a time when climate-related financial risks are only growing, the Fed should be stepping up to protect the economy—not retreating under political pressure from climate deniers and Wall Street," he added.
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We Must Create a Broad Anti-Fascist Movement to Fight Back Against Trump 2.0
The struggle against neofascism in the U.S. must be taken by all those whose rights are being targeted under the second Trump administration.
Feb 02, 2025
A few years ago, Noam Chomsky warned about the return of fascism in contemporary capitalist societies. He pointed out that 40 years of neoliberal policies—a one-sided class war launched by the business class and its allies against the working people, the poor, the minorities, the young, and the old—had produced massive levels of inequality and increased social tension, “yielding a breeding ground for extremism, violence, hatred, search for scapegoats—and fertile terrain for authoritarian figures who can posture as the savior.” Thus, as he put it, “We’re on the road to a form of neofascism.”
However, it is specifically the economic and political repercussions of the financial crisis of 2007-08 that originated in the United States as a result of the collapse of the U.S. housing market and then spread to the rest of the Western world through linkages in the global financial system that became a catalyst for the revival of ultranationalism and the surge of authoritarianism and far-right parties and movements across advanced capitalist democracies. Parties that were either non-existent or struggling to gain political legitimacy and mass popularity were propelled into the political mainstream in record time. As has been pointed out, many of the most prominent far-right parties in Europe today, such as those in Germany and Italy, are “children of financial crises.” The financial crisis of 2008 is also the primary factor behind the transformation of Hungary under Victor Orban into the most far-right nation in Europe.
In the United States, it was the Obama administration with its big bailouts for financial institutions and broken promises that set the stage for the rise of Trumpism by breeding citizen disillusionment with the government. The pandemic and the subsequent economic disruption, combined with the widespread protests over the death of George Floyd and President Donald Trump’s own response to the crisis with threats to use the military against protesters, led to a Biden victory over Trump in 2020. Young voters and progressives helped former President Joe Biden win even though he campaigned with a centrist strategy and refused to back policies such as universal healthcare and a wealth tax, which were being advocated by Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.), respectively.
For the past 40 years, neoliberal capitalism has been hard at work in making people think not like citizens but rather like consumers.
Yet, Biden’s electoral victory in 2020 did not mean that Trumpism had been defeated. Trump had been spewing racism and hate from the moment he entered politics, and his promise to “drain the swamp” resonated with many voters who, like their counterparts across Europe, were fed up with politics as usual and were looking toward a public figure, a savior, who would confront the despicable elites. Unfortunately, citizens in contemporary capitalist democracies can be as easily duped, perhaps even more so, as those living under a dictatorship. But the Democrats lost the 2024 election not so much because of inflation but rather because of the disastrous Kamala Harris campaign in which she totally threw the working people under the bus. As a result, she helped Trump make gains among almost all demographic groups, including African American and Latino voters who have been traditional supporters of the Democratic party, and triumph in all the seven swing states. Her campaign confirmed the suspicions of many that the Democrats have become the party of the elites. Indeed, even voters who previously backed the Democrats see the party as unwilling to fight for people and “overly focused on diversity and the elites,” according to new research by the progressive group Navigator Research.
Fed up with politics as usual and deteriorating socioeconomic conditions, voters who have thrown their support behind far-right politicians appear not to be overly concerned with the drift of liberal democracies toward authoritarianism. For instance, polling shows that the majority of U.S. citizens support mass deportations of undocumented immigrants. European countries have also been adopting deadly border policies as many of the continent’s citizens demand stronger border controls. In Germany, for instance, the conservatives even worked together with the far-right party Alternative for Germany (AfD) in passing a non-binding motion calling for drastic restrictions on migration. Thankfully enough, the German parliament rejected the immigration bill by 350 votes to 338, with five abstentions.
What the drift toward authoritarianism says about the state of liberal democracy in the Western world is hardly encouraging news. Neoliberal capitalism has weakened in enormous and profound ways both the institutions and the culture of a democratic polity. Under neoliberal capitalism, liberal democracy has lost its capacity to respond to the needs of the working people. Economic liberalization, deregulation, privatization, and the dictatorship of finance capital (reinforced in the Anglo-Saxon context through the ideological prism of social Darwinism) have forced social democracy on the retreat across the Western world. In its turn, popular mainstream media reinforces the neoliberal ideology in multiple ways, such as by what Noam Chomsky calls “the strategy of distraction” and by “treating the public like children.”
For the past 40 years, neoliberal capitalism has been hard at work in making people think not like citizens but rather like consumers. A citizen is one who participates in the affairs of the polity and is concerned for the well-being of his or her community and the weak and most vulnerable among us. A consumer is one whose identity and values are with reference to the self and has surrendered power to the market and to those who make the ultimate decisions for his or her wants and needs. The first is active while the latter is passive. The nearly 90 million eligible U.S. voters who did not vote in the 2024 presidential election are consumers or what people in the classical city-state of Athens called idiotes—that is, the private individuals who did not hold office and did not participate in public affairs. Incidentally, it is from the Greek word ἰδιώτηςthat we get the contemporary English word “idiot.”
Indeed, one could credibly argue that the U.S. is now on track to having a full-fledged neofascist regime because nearly 90 million eligible voters opted to skip the 2024 presidential election, while millions who did vote for Trump did so out of pure ignorance as to what Trump represents. Acting like an emperor and engaging in colossal acts of cruelty toward the weak and the vulnerable surely gives enormous pleasure and satisfaction to those racists and bigots that make up such a huge part of the MAGA movement, but this fact alone also reveals the rather exceptional fragility of U.S. democracy, since it rests on a political culture that is obviously incapable of escaping its racists roots. Trump’s efforts to end diversity, equity, and inclusion (DEI) programs are deeply rooted in racism and will only make U.S. society less tolerant toward the “Other” and thus even more racist.
Ultimately, the most critical question is how we fight back against neofascism in the U.S. right now. Fascism is not inevitable. It reared its ugly head in the past and was ultimately defeated everywhere by people who refused to subordinate themselves to a brutal and hateful form of politics. But the fact that it is still rearing its ugly head all over the Western world today is clear proof that neoliberal capitalism has failed to keep fascism at bay. Increased protectionism, chauvinism, jingoism, and repression are objectively necessary for a system that thrives on exploitation and by widening the gap between the haves and the have-nots, all the while engaging in a vicious assault on the public sector.
Trump 2.0 is an unmistakably neofascist administration that will be run by highly dangerous and unqualified cabinet appointees. A left resistance to Trump’s neofascist regime is vital but must be based on a political struggle that merges with every other struggle. The anti-fascist movement that must emerge against the tactics of the Trump 2.0 presidency should build strong alliances between workers, women, minorities, and environmentalists. The struggle for workers’ rights, women’s rights, minority rights, and LGBTQ rights are all part of the same struggle against 21st-century neofascism, a movement that wishes to turn back the clock.
Thus, creating an anti-fascist mass movement that merges different struggles is of the utmost importance. We should not forget that fascism in the past came to power after assuming the character of a mass movement. It is the same now. Trumpism is a reactionary social movement, and we may not be that far away from becoming a witness to the emergence of an army of modern blackshirts, especially since the pardoning of Capitol attackers has sent a clear message to white supremacists across this country that the current government is on their side.
As the renowned communist and feminist leader Clara Zetkin argued more than 100 years ago, fascism was “an expression of the decay and disintegration of the capitalist economy…”
The same can be said today in reference to the rise of neofascism. It is an expression of the inherent political, economic, and social contradictions of capital accumulation under a neoliberal regime.
Zetkin saw “fascism as the strongest, most concentrated, and classic expression… of the world bourgeoisie’s general offensive.” Accordingly, she concluded that “the struggle against fascism must be taken up by the entire proletariat.”
The same goes today. The struggle against neofascism in the U.S. must be taken by all those whose rights are being targeted under the second Trump administration. And the strategy to do so is the united front, as Clara Zetkin would surely have advocated if she were alive today.
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