Team Trump is getting even cozier with Goldman Sachs—despite the president-elect’s stump-speech attacks on the prominent investment bank.
Longtime Goldman Sachs COO Gary Cohn is the latest Wall Street insider to take a role in the incoming administration, today accepting Trump’s offer to lead the National Economic Council. Cohn will work alongside Goldman veterans Steven Mnuchin, if he is confirmed as Treasury Secretary, and Steve Bannon, a senior advisor.
Rumors about a White House role for Cohn have been circulating since Nov. 30, when he was named as a possible director of the Office of Management and Budget. In joining the council, a role that does not require Senate confirmation, Cohn takes himself out of the running to succeed Lloyd Blankfein as Goldman’s CEO. Cohn also stands to gain over $200 million, thanks to policies that allow him to sell his Goldman stock tax-deferred.