Trump picks Goldman Sachs president for top economic post

BTW

President-elect Donald Trump has selected Goldman Sach’s president, Gary Cohn, as the top White House economic advisor, CNBC reports, further saturating his cabinet with alumni of the Wall Street titan.

Cohn, the current president and chief operating officer at the famous investment bank, is a registered Democrat who has previously given money to candidates of both parties and has not been vocal about his political choices. As the National Economic Council Director, Cohn would be in charge of guiding Trump on national and global economic policy.

Cohn’s appointment comes after selecting two Goldman alumni, including hedge fund executive Steven Mnuchin as treasury secretary and Steve Bannon as top White House adviser. Bannon worked at Goldman before becoming executive chairman of Breitbart News. 

Between Cohn and Mnuchin, Goldman Sachs alumni will hold the top two economic jobs in the U.S.

Gary Cohn (left), president and COO, Goldman Sachs; James Dimon, chairman, president and CEO, JP Morgan; Mary Callahan Erdoes, CEO, JP Morgan Asset Management; Dina Habib Powell, global head of corporate engagement, Goldman Sachs

Gary Cohn (left), president and COO, Goldman Sachs; James Dimon, chairman, president and CEO, JP Morgan; Mary Callahan Erdoes, CEO, JP Morgan Asset Management; Dina Habib Powell, global head of corporate engagement, Goldman Sachs

Financial Times/Flickr (CC BY)

Cohn’s selection marks Trump’s continual appointments of millionaires or billionaires to his cabinet. Trump’s current cabinet choices, including WWE’s former CEO and fast-food giant CKE’ CEO, have a combined worth of $14.5 billion.

Trump, a billionaire businessman who rose to power as a populist outsider candidate, remained critical of Wall Street throughout his campaign and used Goldman Sachs to show financial interests influence politicians. He condemned Democratic challenger Hillary Clinton for her ties to Goldman and for earning hundreds of thousands of dollars for speeches given at the firm. Trump also attacked Sen. Ted Cruz (R-Texas), a former primary challenger to Trump, for taking a loan from the firm.

In a tour rally in Des Moines, Iowa, Trump responded to the critiques he has received over the selection of wealthy people. “One newspaper criticized me: ‘Why can’t they have people of modest means?’” Trump said. “Because I want people that made a fortune!”

Nidia Cavazos

Nidia Cavazos

Nidia Cavazos is a multimedia journalist with an emphasis on political reporting. She's contributed to Univision, KXAN, and USA Today College, and she was named one of six NBC Fellows by the National Association of Hispanic Journalists in 2017.