We doubt that Gary Cohn left the administration because of the steel tariffs. We suspect that he planned to leave after the tax bill passed, which made a lot of Goldman Sachs clients very happy and no doubt appreciative. He would have stayed in government service if offered the Fed chairmanship, but that didn’t happen. What he wanted now, we suspect, was an opportunity to depart the Trump administration on a note of conflict with the administration, so that he would be welcomed back by New York social circles, not as a traitor who joined the administration, but as the good “progressive” and registered Democrat that he is.
As the story explains, Cohn did very well out of government service. He was required to sell his Goldman Sachs shares, was able to do so right before the stock fell, which he presumably had the inside information to expect, and he had to pay no capital gains tax even as he slipped the Goldman money into a safer, more diversified portfolio. The GS share price is up some since this April story from Market Watch, but not enough to change the central theme: that government service was a big money maker for Mr. Cohn.
Donald Trump’s chief economic adviser, Gary Cohn, pocketed somewhere between $47 million and $235 million by selling his Goldman Sachs stock earlier this year.
The sum was massively fattened as a result of the Goldman Sachs GS, -0.24% stock boom that has followed Trump’s election victory.
And it also included somewhere between $4.5 million and $22.5 million that Cohn, the investment bank’s former president, saved by cashing out just before Goldman’s recent stumble.
You can file this under “Swamp, Draining of.”