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Goldman Sachs alums in Trumpworld: And then there was one

One by one, almost all the high-profile Goldman Sachs alums have left the White House.Gary Cohn, the former Go...

Posted: Mar 7, 2018 11:21 AM
Updated: Mar 7, 2018 11:21 AM

One by one, almost all the high-profile Goldman Sachs alums have left the White House.

Gary Cohn, the former Goldman Sachs COO who left the bank to become President Trump's National Economic Council director, resigned Tuesday night following a dispute over the president's planned tariffs on aluminum and steel imports.

Cohn's farewell follows the departures of chief White House strategist Steve Bannon, communications director (for a whopping ten days) Anthony Scaramucci and deputy national security adviser Dina Powell. They all exited in just the past few months.

All of them worked for Goldman Sachs at one point during their careers -- and Powell actually returned to Goldman Sachs last month.

That means that the only high-profile Goldman Sachs veteran left in Trump's inner circle is Treasury Secretary Steven Mnuchin.

Stocks fell Wednesday as investors worried that Cohn's exit was clear sign that Trump was moving to a more protectionist stance, even if it risked starting a trade war.

Related: Cohn's exit stokes fears that Trump will fight a trade war

Trump's Goldman-filled White House was surprising, since he attacked Hillary Clinton on the 2016 campaign trail for giving paid speeches to Goldman Sachs employees.

He even went as far to say in February 2016 that Goldman Sachs had "total control" over Clinton. (Trump said the same thing about Republican rival Ted Cruz.)

The president has defended his decision to hire so many people who worked for Goldman Sachs by saying that he wanted people who "made a fortune" and not a "poor person" advising him.

Related: Trump complicit with Scaramucci attacks on Kelly

Trump actually nominated another Goldman Sachs executive, Jim Donovan, to be Mnuchin's deputy last March. But Donovan backed out two months later, citing personal reasons.

There's one more member of the Trump White House who has ties, albeit not a former job, at Goldman Sachs as well -- Securities and Exchange Commission chairman Jay Clayton.

Before Clayton took over at the SEC, he was a partner with the law firm Sullivan & Cromwell and one of his main clients was -- you guessed it -- Goldman Sachs.

That has led to concerns that the person who is supposed to be Wall Street's top cop may be too close to the companies he's in charge of regulating.

But with Cohn stepping aside, it will be interesting to see if Trump will re-up his campaign rhetoric to "drain the swamp."

After all, it looked like the notion that Washington was "Government Sachs" was alive and well during the first few months of Trump's presidency.

Goldman Sachs CEO Lloyd Blankfein, who supported Clinton, even defended his former colleagues for taking jobs at the White House.

"We will continue to encourage our people to contribute to government service if they are fortunate enough to be asked," Blankfein wrote in the company's annual shareholder letter a year ago.

Minnesota Coronavirus Cases

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Confirmed Cases: 57162

Reported Deaths: 1660
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Hennepin18197820
Ramsey7047261
Dakota4049103
Anoka3410113
Stearns284220
Washington193843
Nobles17496
Olmsted163523
Scott141017
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Rice10028
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Clay75240
Kandiyohi6771
Sherburne6577
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Todd4202
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Freeborn3551
Steele3331
Nicollet32013
Benton3103
Watonwan2990
Winona24916
Crow Wing21313
Martin2045
Le Sueur2021
Beltrami2000
Chisago1821
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Becker1471
Pipestone1439
McLeod1400
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Itasca13412
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Kittson30
Cook20
Lake of the Woods10

Iowa Coronavirus Cases

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Confirmed Cases: 46100

Reported Deaths: 887
CountyConfirmedDeaths
Polk9781203
Woodbury365651
Black Hawk302262
Linn214587
Johnson195915
Dallas179635
Buena Vista178612
Scott161512
Dubuque154929
Marshall139424
Pottawattamie122723
Story111714
Wapello85032
Muscatine83048
Webster7366
Crawford7213
Sioux6022
Cerro Gordo57917
Tama53929
Warren5341
Jasper45825
Wright4441
Plymouth4438
Louisa37814
Dickinson3754
Clinton3213
Washington28810
Hamilton2411
Boone2312
Franklin2256
Bremer1927
Clarke1883
Carroll1821
Emmet1812
Clay1711
Shelby1691
Hardin1660
Marion1550
Allamakee1504
Poweshiek1508
Benton1451
Jackson1411
Des Moines1392
Mahaska13617
Floyd1312
Guthrie1285
Jones1242
Cedar1201
Hancock1172
Butler1152
Buchanan1141
Henry1143
Pocahontas1141
Lyon1060
Madison1052
Clayton993
Cherokee981
Harrison980
Lee973
Taylor930
Humboldt921
Delaware911
Iowa901
Monona900
Winneshiek861
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Calhoun822
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Sac810
Palo Alto800
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Jefferson770
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Page760
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Union721
Monroe677
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Howard490
Cass481
Montgomery453
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