Exclusive | How Obama, Biden crackdowns spurred debanking fiasco

“Don’t blame us!”That’s what the big banks are telling On The Money following comments President Donald Trump made last week to the globalist crowd in Davos, Switzerland. A couple of globalist bankers, Jamie Dimon, who runs JPMorgan, and his counterpart, Brian Moynihan of Bank of America, are “debanking” — or denying bank services — to  conservatives, crypto enthusiasts and other industries deemed politically sensitive.Or as The Donald put it: “And I don’t know if the regulators mandated that because of Biden or what,” Trump said, calling into the World Economic Forum confab and addressing a gobsmacked Moynihan who was in attendance, “but you and Jamie and everybody – I hope you’re going to open your banks to conservatives, because what you’re doing is wrong.”Let’s just say Moynihan didn’t see that coming and tried to change the subject with some gibberish about BofA’s sponsorship of the World Cup.Neither did Dimon, who wasn’t in the crowd, but got an earful from his PR staff about Trump’s broadside.When the dust settled, and your friendly reporter (who was in Davos) began to unspool Trump’s charges, here’s how the bank’s explained this sordid tale. Yes, people are being canceled, and “debanked,” executives at the big banks conceded.

But that’s only because of the stringent regulations currently in place that forced them to do so.It all began around 10 years ago during the Obama administration, with the former president, famous for bringing progressive hope and change.He began the crackdown on banks over whom they did business with, nominally looking to debank money launderers but also focusing on politically incorrect industries like gun manufacturers.Obama’s massive fines, if they missed a money launderer or two, forced an over-reaction, these bankers tell me.

And yes conservatives were caught in this crossfire given Obama’s obsession with right-wing extremism, the bankers say.The crackdown took a bit ...