WALL STREET IS SUDDENLY LOVING THIS DONALD TRUMP GUY

From “oh my God, sell everything” to “it’s all good for me.”
By Michael Nagle/Getty Images.


For most of the 2016 election season, Wall Street expressed views of the candidates that fell somewhere between indifference toward Donald Trumpand
seeing the Republican nominee as a global economic crisis waiting to happen. Sure, there were a few wild cards like investor Carl Icahn and hedge-fund manager John Paulson, who supported him fairly early on (and received a lot of ”what the hell?” glances for doing so), but overall the industry was #WithHer and ”embarrassed” by the prospect of getting behind him. Few people thought Trump could win, and for Wall Street, being caught backing a losing investment is tantamount to death. Plus, his opponent was actually quite friendly if not downright buddy-buddy with the industry. There was also the matter of Trump saying things on the trail like: ”hedge-fund guys are getting away with murder” and ”Wall Street has caused tremendous problems for us” and ”I’m not going to let Wall Street get away with murder”. But after a brief moment of panic, wherein it became clear Donald J. Trump, he of ”grab them by the p---y” and “I could stand in the middle of Fifth Avenue and shoot somebody” fame, would be the next president of the United States of America, Wall Street quickly adjusted to the new reality. In fact, a lot of people are downright giddy about Trump living in the White House (during the week, anyway). Per Bloomberg:



Some turnarounds clocked in at less than an hour. Development Specialists Inc. President Bill Brandt Jr., a bankruptcy consultant and friend of the Clintons, spent about 20 minutes in a state of devastation. “And then I moved on,” he said. “I’m in the restructuring industry and I’m going to get a tax cut. What a double-good thing,” he added. “It’s all good for me.”

Other people it’s “all good for” are Octavio Marenzi’s clients, who are happy as clams about all the money they’re about to make. Then there’s Robert McTamaney, who looks forward to saving money on all the legal and compliance staff he’ll no longer need.



“Regulatory overreach probably peaked,” said Robert McTamaney, a former Goldman Sachs partner who helped run the firm’s equities-trading business in Asia until 2011 and now manages his own money. “It’s going to come off the boil, and you can probably cut back on the legal team and compliance.”

And they’re not alone! We can apparently thank all of the people who changed their view from an election night 700 point plunge to “Give it up for Donny” euphoria as the Dow hits 19,000. “People are now thinking the glass is half full,” Rockefeller & Co. strategist Jimmy Chang told The Wall Street Journal. But, he cautioned, “There’s always the danger that you jump to conclusions way too fast because a lot of these expected benefits [of Trump taking office] will take time to pan out.” Plus, there’s the small matter of the president-elect being slightly erratic and prone to unpredictable freak-outs and total 180s. But a few unhinged Twitter rants every now and then, berating everyone from the cast of Hamilton to Saturday Night Live to the newspaper of record, are a small price to pay for a president who’s going to maybe, (hopefully) make the 0.1 percent just that much more rich.