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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 9:21 AM
Updated: Mar 7, 2018 9:21 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.

California Coronavirus Cases

Data is updated nightly.

Cases: 3554629

Reported Deaths: 51395
CountyCasesDeaths
Los Angeles118754221106
Riverside2891853749
San Bernardino2853342673
Orange2603483889
San Diego2589823260
Santa Clara1098411765
Kern102627811
Fresno947941412
Sacramento929441464
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Ventura77238834
San Joaquin665691082
Contra Costa62164674
Stanislaus55775944
Tulare47784746
Monterey42138327
San Mateo38763515
San Francisco34061398
Santa Barbara31763407
Solano29968164
Merced28915395
Sonoma27954298
Imperial26843589
Kings21951218
Placer19713231
San Luis Obispo19612227
Madera15390209
Santa Cruz14588183
Marin13136197
Yolo12760185
Shasta10944174
Butte10915160
El Dorado9095100
Napa897668
Sutter884597
San Benito574359
Yuba573336
Lassen560119
Tehama508152
Tuolumne394659
Nevada393274
Mendocino379643
Amador344441
Humboldt316033
Lake313440
Glenn221023
Colusa212813
Calaveras190547
Siskiyou174014
Inyo128736
Mono12114
Del Norte9875
Plumas6536
Modoc4524
Mariposa3947
Trinity3675
Sierra990
Alpine810
Unassigned00
Chico
Mostly Cloudy
64° wxIcon
Hi: 66° Lo: 35°
Feels Like: 64°
Oroville
Partly Cloudy
64° wxIcon
Hi: 64° Lo: 43°
Feels Like: 64°
Chico
Partly Cloudy
64° wxIcon
Hi: 57° Lo: 42°
Feels Like: 64°
Red Bluff
Partly Cloudy
65° wxIcon
Hi: 45° Lo: 15°
Feels Like: 65°
Red Bluff
Partly Cloudy
65° wxIcon
Hi: 63° Lo: 41°
Feels Like: 65°
Chico
Partly Cloudy
64° wxIcon
Hi: 70° Lo: 37°
Feels Like: 64°
It was a bright and breezy Friday for northern California, however the wind has been much stronger over Modoc County where a High Wind Warning is in effect through this evening. Stronger wind and cooler air will define our weather Saturday.
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