that October day when Marty Bannon panicked and took Jim Cramer’s advice from the TV and sold his AT&T stock, was when Steve Bannon had an epiphany: “Everything since then has come from there,” he said... But the Trump administration is not for new laws and tighter regulation. It wants to roll back the Dodd-Frank financial reform, which, among other things, created the Consumer Financial Protection Bureau.. But Bannon’s “administrative state” boogeyman is not what flattened his father’s nest egg. It was not excessive regulation that fleeced his father
It is surpassingly strange that the president would not simply pick up the phone and call his intelligence chiefs before spitting out an inflammatory accusation with no proof, just as it was bizarre that Trump shrugged off the regular intelligence briefings after he was elected. He preferred living in his own warped world.
.. Even though one son, Steve, was a banker at Goldman Sachs and another son had an investment background, Marty Bannon did not consult them or a financial adviser until the sale was completed.
He preferred, like Trump, to get crucial information from TV pundits and eschew the experts in his own circle who might have told him that selling during panics is not wise and that having one stock in an undiversified portfolio is not smart.