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Home International

Goldman Executive Set To Join Cabinet

December 9, 2016
in International
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US President-elect Donald Trump is expected to appoint another Goldman Sachs executive to his administration.

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Despite vilifying the Wall Street bank while campaigning, he is tipped to pick Goldman president Gary Cohn to lead the White House National Economic Council.

He would join former colleagues Steven Mnuchin – the incoming Treasury Secretary – and Steve Bannon – the new senior White House adviser.

Mr Trump had said if Hillary Clinton won, she would be the bank’s puppet.

Meanwhile, former New York Mayor Rudy Giuliani ruled himself out of contention for a post in Mr Trump’s cabinet.

He had been mentioned as a possible nominee for Secretary of State but his foreign business dealings raised questions over his suitability.

In a statement, the Trump transition team said Mr Giuliani had informed Mr Trump of his withdrawal at a 29 November meeting.

The search for America’s top diplomat has apparently left two leading contenders: ex-Republican presidential nominee Mitt Romney and Exxon Mobil chief executive Rex Tillerson.

Goldman’s dominance of Mr Trump’s economic team is not incompatible, Mr Trump’s advisers say, with his campaign promise to put the interests of Americans on main street ahead of Wall Street.

During the presidential campaign, Mr Trump had accused the bank of belonging to a “global power structure” that he said was robbing the US working class.

He had also poured scorn on rival Ted Cruz, saying that Goldman Sachs had “total control over him”.

But on Friday, Kellyanne Conway, his senior adviser, told MSNBC: “You’re not going to find better people than those who have been at the top of finance, the top of our markets, understand the way our markets work.”

Mr Cohn does not need to face a Senate confirmation hearing for his White House post, which will involve co-ordinating economic policy across the Trump administration.

The 56-year-old from Ohio struggled with dyslexia as a child and once told his parents that if they were really lucky he might grow up to be a truck driver.

According to Reuters news agency, Mr Cohn retains $190m (£150m) worth of stock in Goldman, where he was known for his abrasive manner.

Mr Mnuchin, the incoming treasury secretary, does need to face a hearing before senators, and is likely to be questioned about his Wall Street background.

Goldman Sachs has produced several Treasury secretaries, White House chiefs of staff and top economic advisers.

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