As JPMorgan, Goldman Sachs and other big banks prepare to report extraordinary profits later this week, the Biden administration is taking steps to quiet the lavish party in 2022.
“The pendulum is swinging from easing of regulatory rules under the Trump administration towards trying to apply more regulation and scrutiny under Biden,” said analyst Peter Winter of Wedbush Securities.
The 2021 earnings for Wall Street firms are expected to reach $59 billion, the Independent Budget Office forecast last week. The all-time record of $61 billion was set in 2009, thanks in part to taxpayer-funded bailouts. (Adjusted for inflation, the 2009 haul would be $82 billion.)
Last year
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