Put a corrupt businessman in power, expect the only ones to benefit from that to be the other corrupt bastards ripping us off (via David Frum at the Atlantic):
So it is with the news that the Department of the Treasury has ended ownership-reporting requirements for U.S. businesses and purged the existing database of ownership information. This seemingly technical-sounding change is a huge gift to financial crooks, who can now store and launder dark money in U.S. financial institutions with less risk of detection. But the gift comes at the direct expense of banks, mutual funds, insurance companies, and other financial institutions, which now have to shoulder the burden of verifying customer data themselves.
The Treasury advertises the measure as deregulatory, lifting burdensome red tape from business owners. But the relief to honest business owners is tiny. The added burden on the financial sector is huge. The real winners here are shady business owners. In 2021, Capital One, the Trump Organization’s then-bank, closed more than 300 of the Trump Organization’s accounts on suspicion that they violated anti-money-laundering rules. The action just taken by the Treasury may best be understood as payback for those who tried to enforce the law against Donald Trump.
After the 9/11 terror attacks, Congress took action to prevent terrorists and other criminals from using the U.S. financial system to move money around undetected. Congress enacted laws requiring U.S. financial institutions to “know your customer.” If someone tried to open an account for a shell company, perhaps owned by another shell company, the financial institution had to pierce the layers of concealment to know the human beneficial owners of the account...
Financial institutions have clamored for years for some relief from the tangled mess of reporting imposed on them. In 2020, Congress attached a new Corporate Transparency Act to the 2021 Pentagon budget, which imposed an obligation on most businesses operating inside the United States to report their ownership directly to the government. The Corporate Transparency Act authorized the Treasury to establish a database of this information. At first, the database would be accessible only to law enforcement, but the plan was to open the database to financial institutions too. If a financial institution sensed something amiss, the federal database would assist its investigation. The goal was less to exclude criminals from the banking system than to use “the banks to track the money and find the criminals,” Aaron Klein, an expert in banking regulation at the Brookings Institution, explained to me.
By destroying the database, the Trump administration has removed that help from financial institutions and foreclosed an essential avenue for tracking crooks.
Despite the Treasury’s claims that this purported deregulation of financial information “is a victory for common sense and American small businesses,” in the words of Treasury Secretary Scott Bessent, the change provides scarcely any benefit at all to honest businesses. They still have to report the relevant names, addresses, dates of birth, and government-ID numbers every time they transact with a financial institution. That burden remains the law. They have been relieved only of the slight additional chore of filing the same information with the federal government—a chore that lowered their costs of doing business. Those costs are now destined to rise...
This isn't as much about costs or burdens as it is a loss of accountability, the lost of faith in institutions to do honest business with the vast majority of us who aren't crooks.
This isn't capitalism, at least not the way it evolved in the 20th Century with regulatory guidelines to keep our global economy from crashing every 20 years. This sure isn't socialism, not as "government control of the means of production" as much as trump is forcing businesses to kick him a piece of their action like a mob boss.
This is a rebirth of the economic conditions Mercantilism that created the corrupt East India Company: a small circle of political and business elites raging across the landscape using monopoly power and brute force to vacuum up every cent they can. It's the Five Families, the shakedown artists, the identity thieves who keep stealing our parents' and grandparents' debit card numbers.
Goddamn them. Goddamn the entire Republican Party for defending their only constant constituents: thieves and greedheads. Be honest to yourselves, voters: The modern Republicans have betrayed your trust with their economic malaise, destruction of communities, and desire to sell every inch of America to twisted techbros eager to consume our resources and privacy.
We need to do better, America. We need to STOP voting for a Republican Party of the crooks, by the crooks, and for the crooks.

