🏦 In a recent interview with CNBC, Donald Trump claimed that major U.S. banks practically kicked him out. According to him, JPMorgan Chase gave him only 20 days to move hundreds of millions of dollars to another bank. As they say, “the money’s there — but you’re not welcome.”
Next, the ex-president turned to Bank of America, offering to place over $1 billion — but once again, no red carpet. In the end, Trump had to split the funds, placing $10 million chunks in small banks like a kid feeding coins into a piggy bank.
“Bankers fear only two things — regulators… and their wives. And they fear their wives even more,” Trump quipped.
What did the banks say? They cited federal anti-money laundering regulations, as expected. But Trump insists it was political. He blames the Biden administration for pressuring banks to reject him and other conservatives.
A comeback brewing?
The new administration is drafting a regulation that could fine banks for rejecting clients on political grounds — unless they can prove legitimate reasons for doing so.
📉 Following Trump’s statements, JPMorgan and Bank of America stocks dropped over 1%. Looks like even banks can’t escape the Trump effect on Wall Street.
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