Donald Trump, the candidate, was blunt: “Hedge fund guys are getting away with murder.”
But Donald Trump, the President-elect, is going a bit easier on the hedge funders — to huzzahs from the industry.
In Trump, hedge-fund types are finally getting their day in Washington. One of their own, Steven Mnuchin, is even a contender for Treasury secretary.
It’s a remarkable turnabout for a business that, at its height, came to symbolize an era of Wall Street hyper-wealth. After a painful run of scandals and investigations, industry veterans now hope Trump will bring a softer touch to the financial industry, if not rehabilitate its reputation.
“That nonsense is ending: the anti-banking cabal and the screed of hatred for people that live on Wall Street,” Anthony Scaramucci, a well-known money manager who is on the transition team, said last week following Trump’s victory.