The mask has finally slipped off the Trump administration’s so-called “populist” revolution. During the campaign, voters were promised a government that would fight for the working class and crackdown on the corporate monopolies that strangle American competitors and jack up prices for consumers. But with today’s forced ousting of Antitrust Assistant Attorney General Gail Slater, the White House has sent a clear message to Wall Street: The “Open for Business” sign is back up, and the highest bidder wins.

According to reporting from The Guardian, Slater was given a stark choice effectively immediately: resign or be fired. In a statement, Slater said, “It is with great sadness and abiding hope that I leave my role.” While Slater wasn’t exactly carrying the torch of aggressive enforcement like former FTC Chair Lina Khan—who became an American hero for challenging corporate power—her departure signals a complete surrender to corporate lobbyists.

The reaction from the financial elite tells you everything you need to know. Immediately following the news of Slater’s removal, stock prices for large corporations facing antitrust scrutiny, including the much-maligned Ticketmaster, surged. Monopoly reporting expert Matt Stoller summed up the situation: “Huge L for the populists on the right as lobbyists successfully got Trump’s head of antitrust fired… Ticketmaster stock surged on the news… Antitrust settlement imminent.”

Why was she fired? It appears Slater made the mistake of getting in the way of the donor class. Last summer, she attempted to block a massive $14 billion merger between Hewlett Packard Enterprise and Juniper Networks. Slater argued the deal would create a dangerous “duopoly” in cloud, computing, and wireless networking.

However, holding corporate power accountable is no longer the flavor of the day in Washington. Attorney General Pam Bondi, who clashed repeatedly with Slater, has prioritized a “business-friendly stance” over consumer protection. Tensions got so high that Bondi famously canceled Slater’s government credit cards after Slater attended an economic conference in Paris against orders. Even JD Vance, Slater’s former ally, abandoned her to avoid conflict with Bondi.

The result of this internal power struggle is a victory for the monopolies. The Justice Department already dropped the suit against the HP merger in favor of a settlement. With Slater gone, and interim head Omeed Assefi stepping in, we can expect the administration to rubber-stamp mergers that kill competition.

The Trump administration has done a complete 180-degree turn. The populist rhetoric was just that—rhetoric. By purging officials who dare to question corporate consolidation, they are paving the way for higher prices, fewer choices, and an economy rigged for the donors who financed the campaign ballroom.

Stoller notes that while “things were bad under Gail, they could get worse now.” For the American consumer struggling with inflation and corporate price-gouging, that is a terrifying prediction.