Why dealmakers don’t imitate Trump
Deals are my art form. Other people paint beautifully or write poetry. I like making deals, preferably big deals. That's how I get my kicks.
— Donald J. Trump (@realDonaldTrump) December 29, 2014
Donald J. Trump is sometimes referred to as tweeter-in-chief, as befits the most powerful man on the planet.
The world’s deal makers, however, are notoriously shy on social media. Their firms bar access to social networks at work. Many investment banks monitor social media activity by their employees. They seek to protect the reputation of the firm and prevent the leak of secrets.
Should finance loosen up a little? After all the dealmaker-in-chief, Mr. Trump, seems comfortable tweeting to the world everything from his thoughts on North Korea to TV ratings.
The American president’s freedom to tweet about whatever subject he likes is because Mr. Trump has been his own boss for almost his entire career. He’s never had to answer to anyone but himself during his decades running his real estate or casino businesses.
Now that Mr. Trump sits in the the Oval Office, the constraints on his hutzpah, as far as tweeting goes, are perhaps even less.
Wall Street tycoons aren’t so fortunate. They know that tweeting or highlighting their successes on social media may strike many the wrong way, particularly their clients who pay them billions of dollars in fees to give sound, discreet advice.
Since the 2008 global financial crisis, financiers have sought to distance themselves from scandal that has uncomfortably reared its ugly head again and again. Rehabilitation of reputation is best done, many have concluded, out of the white hot light of social media.
The 45th president of the United States has decided on the opposite tact. But that’s because he’s president. You’re not.
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