The courthouse door was just slammed shut on workers and retirees whose pension plans get bilked.
“As long as the U.S. side is truly willing to solve the problem, we can definitely find a way for China and the U.S to cooperate on audit regulation,” Yi said in the interview.
On May 20, the U.S. Senate approved legislation that would ban any company from being listed on any U.S. securities exchange if the Public Company Accounting Oversight Board (PCAOB), an auditing regulator, is unable to inspect the auditor that prepares the company’s financial reports for three years in a row. Although it applies to all foreign companies, the bill is clearly targeted at China.
As news cycles were consumed by Trump deliberately inflaming social unrest and threatening a domestic military invasion, the president’s political appointees were approving a regulatory change that could transfer hundreds of billions of dollars of Americans’ retirement savings to private equity firms. Those are the Gordon Gekko–run outlets that have become famous for fleecing investors, laying off workers, gutting local economies, strip-mining media outlets and creating public health and environmental disasters — all while minting Wall Street billionaires.
The Trump administration’s new directive came just a few months after private equity billionaire Stephen Schwarzman — who had been pushing for the change — poured $3 million into a super PAC backing Trump’s reelection bid.
The Federal Reserve is directly buying stocks, bonds, junk bonds, mortgages, junk mortgages, all to prop up the value of assets owned by the top 5%. This does not spur much new production or create jobs. Michael Hudson joins Paul Jay on theAnalysis.news podcast
As in the Middle Ages, some classes have emerged stronger from the pandemic.
It’s called “Going Direct.” That’s the financial bailout plan designed and authored by former central bankers now on the payroll at BlackRock, an investment manager of $7 trillion in stock and bond funds. The plan was rolled out in August 2019 at the G7 summit of central bankers in Jackson Hole, Wyoming – months before the public was aware of any financial crisis. One month later, on September 17, 2019, the U.S. Federal Reserve would begin an emergency repo loan bailout program, making hundreds of billions of dollars a week in loans by “going direct” to the trading houses on Wall Street.