Goldman Is Back on Top in the Trump Administration (Actually Government Sachs never left)


Darn if Goldman doesn’t always weasel its way into power. It’s very disappointing to see what is arguably the most crony company in the world being embraced by Trump. Goldman it must be remembered should be dead. It should have died in 2008. Belly up. Door nail. But Hank Paulson, Bush’s Treasury Secretary made sure the the company he used to head (along with most of his buddies on Wall Street) were indemnified and then some courtesy of the American taxpayer. The same taxpayer who was foreclosed on later on by the banks the taxpayers bailed out at the height of the Crash.

(From Bloomberg)

One night in early December, a Goldman Sachs partner walked out of the Pierre hotel in Manhattan with a big grin on his face. He’d spent the evening at the bank’s annual alumni dinner, and there was a lot to celebrate. For starters, shares of Goldman Sachs were on a tear, having rallied about 30 percent in the month since Donald Trump was elected president. Trump had also restarted an age-old tradition of presidents naming Goldmanites to top spots in their administration.

Former Goldman Sachs partner Steven Mnuchin served as Trump’s national finance chairman and is now Trump’s nominee for U.S. Treasury secretary. Trump has also tapped Goldman Sachs President (and the bank’s de facto No. 2) Gary Cohn to be his top economic adviser in the White House.

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