Wall Street’s empire strikes back in Treasury report
A US Treasury report on capital markets, published on Friday, struck a populist tone, saying the rise of private credit at the expense of public market sources of financing has snatched money-making opportunities away from average Americans. But it is investment banking that has most to gain from a boost to public debt markets, not individual investors.
There is an unmistakeable trend in US capital markets — since before the financial crisis, private debt and private equity has been muscling in on the US corporate sector, tempting growing numbers of companies out of public ownership.
This is made very clear in Treasury secretary Steven Mnuchin’s
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