Trump Concerned There Are Too Many "Goldman Guys" On His Team

Tyler Durden's picture

Two days after democratic senators Elizabeth Warren and Tammy Baldwin sent a letter to Goldman CEO Lloyd Blankfein, asking if Goldman effectively runs the country through its extensive alumni links at the Trump administration, and requesting details on "lobbying" activities in the bank related to review of the Dodd-Frank Act and the Obama-era fiduciary rule on financial advice, as well as asking for any communication between the bank's employees and Cohn, Mnuchin, nominee for the SEC chair Jay Clayton and chief strategist Steve Bannon, Bloomberg reported overnight that yet another Goldman banker, Jim Donovan, was under consideration for the No. 2 job at the Treasury Department, however it appears he has "got one big thing working against him."

That "thing" is the overdue realization by the new president that his cabinet openly appears to have been created and staffed by populism arch nemesis #1, Goldman Sachs.  Besides Steven Mnuchin, Trump’s pick for Treasury Secretary, former Goldman officials working for the new administration include former president Gary Cohn, now director of the National Economic Council; Stephen Bannon, the chief White House strategist; and Dina Powell, formerly the bank’s head of philanthropic investment, who’s an assistant to the president and senior counselor for economic initiatives.

So just like Goldman would staff every central bank's core positions prior to Trump, after the US election, the world's most influential investment bank has shifted all of its attention on just one person, and he is finally starting to realize that that may not be a good thing.

Too many “Goldman guys” already have high-up positions in the Trump administration, the person said, and that could knock Donovan down to one of the undersecretary positions -- possibly undersecretary of the Treasury for domestic finance.


The presence of several former Goldman officials at the highest reaches of the administration runs counter to the president’s regular attacks on Wall Street firms during the campaign. “Donald Trump’s Argument for America,” a two-minute advertisement that ran in prime-time days before the election, featured Goldman Chief Executive Officer Lloyd Blankfein in an segment about corporate chieftains pocketing the wealth of American workers.

Having reneged on this core populist angle of his campaign, and opening himself up to democratic attacks over the extensive presence of Goldman bankers in his team, "now the White House seems sensitive to the issue and is taking it into consideration as it attempts to fill remaining top posts."

Donovan, whose time at Goldman overlapped with Mnuchin, most recently was a managing director at the bank’s private wealth management division and has been at Goldman since 1993. He would be subject to Senate confirmation. At Treasury, Donovan "would join the effort to execute the extensive economic policy agenda that the new administration has promised. Trump has vowed to cut regulations and taxes with the goal of unlocking economic growth. The Treasury Department will also be responsible for navigating economic diplomacy for a White House not shy about jawboning currencies."

Donovan’s name emerged in January as a front-runner for undersecretary of domestic finance, a key Treasury position that helps oversee the $13.8 trillion market for Treasuries.

Meanwhile, underscoring the coverage Trump's Goldman ties are getting in the press, on Saturday Gary Cohn, the former Goldman Sachs President and COO who runs economic policy inside the White House and who is now in charge of drafting Trump's "phenomenal" tax plan, got the star treatment when both the Wall Street Journal and New York Times published two very similar, laudatory pieces detailing Cohn's rise. Some of the highlights via Axios::

  • WSJ: "At Donald Trump's first meeting with Gary Cohn in late November, he appeared so impressed with the then-president of Goldman Sachs Group Inc. that he joked about offering him the post of Treasury secretary, said a person who recalled the moment. Sitting nearby was the odds-on favorite for the job, Steven Mnuchin, who got the nod."
  • NYT: "People with knowledge of his new role said that Mr. Cohn, a Democrat, is summoned to the Oval Office for impromptu meetings with the president up to five times a day — and that he reaches out to the president on other occasions. Mr. Trump, said one of these people, is oriented toward the bottom line when it comes to shaping policy, often asking Mr. Cohn, "What do you want to do?"
  • NYT: "Mr. Cohn collaborates frequently with Mr. Kushner, who is now a senior adviser to Mr. Trump. Along with Mr. Kushner and his wife, Ivanka Trump, Mr. Cohn recently helped persuade the president not to pursue an executive order that would have rolled back rights for gay, lesbian, bisexual and transgender people."

Goldman Sachs CEO Lloyd Blankfein, left, with COO Gary Cohn, in April 2010

awaiting a speech on financial regulation by then-President Barack Obama

The best part: Goldman's response to Elizabeth Warren:

On Friday, Sens. Elizabeth Warren (D., Mass.) and Tammy Baldwin (D., Wis.) sent a letter to Mr. Blankfein asking whether Goldman officials have been in contact with Mr. Cohn or other Goldman alumni in the White House and whether the firm expects to benefit from changes to financial regulation Mr. Cohn is pushing through executive orders.


A spokesman for Goldman said it had no involvement in drafting executive orders. In an interview before the executive orders were signed, Mr. Cohn said the administration’s goal of deregulating financial markets “has nothing to do with Goldman Sachs” but was focused on maintaining the nation’s dominant position in global banking.

And if you believe that, the Trump adminstration, pardon, Goldman Sachs has a nice, refurbished, 10-year-old CDO squared in pristine shape to sell you.

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zARC's picture
zARC (not verified) Feb 12, 2017 9:01 AM

Greetings ZHers!

I've been a long, long time lurking and, since following the site, have a stash, know what the term fiat means and implies, shout at the TV and and have been down so many rabbit holes, I no longer care to know for the way back.
And every day I crave my hit of ZH doom porn.
As a hobby singer-songwriter I've blatently stolen and used many of the clever quips and jibes written by you in the comments section.
One such song you may like has actually made it to our first studio CD.

My thanks, once again to ZH and its comments section.
Please, don't ever stop.

TeamDepends's picture

It is coming folks, he is going to show them the door just as we prophesied. The Fed is a failure for 99.9999% of Americans and he knows this.

synergize's picture

LOL - didnt he appoint them in the first place?  Its just a smokescreen, Trump is just trying to get HIS from the establishment - he doesnt care about real change that benefits all

BaBaBouy's picture

VAMPIRE SQUID ~ ~ ~ Has Many Tentacles

petar's picture

Didn't he hire them?

HowdyDoody's picture

How many is too many?

<--- 1

<--- 2 or more


Troll Magnet's picture

fucking bullshit.

fill every key position with a goldman. tell americans that it's about america first while putting israel's interest above everything. feign surprised when called upon and promise no more AFTER all is set for the duals.

fuck trump.

Zero_Ledge's picture

Is Trump also concerned by how much golf he played yesterday with Abe at Trump properties?

Are ZH'ers upset about it?


Oracle of Kypseli's picture

GS is no longer a vampire squid or octopus but an "omnivorus myriadpus" and just like god it's everywhere as defined by the CEO "doing god's work" 


Wulfkind's picture

Goldman Sachs......just one of the many names of Cthulu

Troll Magnet's picture

trump is pissing off a lot of libtards which is fun but he's also made sure all money matters will be controlled and handled by the duals and practically sworn to protect israel with our own lives til the end.

who gives a fuck about mexicans? one hundred million mexicans couldn't hurt this country as much as one jewish central banker.

2_legs_bahhhhhd's picture

I recognize the guy on the left!!! He did the voice for Rex in Toy Story

Mountainview's picture

Trump is a bit slow...I felt it, when I heard the name of Mnuchin...

J S Bach's picture

If the (((Goldman Guys))) were Goldman Goys, it would be a different story.  The problem lies inside the brackets.

Paul Kersey's picture

"If the (((Goldman Guys))) were Goldman Goys, it would be a different story."

Hank Paulson, Jon Corzine, Mark Carney, John Thain, Ian Macfarlane, Neel Kashkari and Paul Bannon are not "a different story". They are greedy, ruthless, crooked, Goldmanite power mongers, even without the brackets. A Goldmanite is a Goldmanite.

Regardless of the religion of the Goldmanite, Goldman Sachs has it's own "ethical (tribal) identity". That said, Goldman Sachs was founded as a Jewish banking firm, but today, the squid's tentacles reach out well past any one religion. The squid is an international, metastasizing cancer.

Cynicles's picture

TThe beast has master, it's name is greed.

Zorba&#039;s idea's picture

would it not be refreshing to appoint a regular,decent,honest fella from flyover country?  I nominate George from the "Bailey Brothers Building and Loan.  Fuck you Mr Potter!

J S Bach's picture

One can always find exceptions to the rule as you have done.  But, there would be no international usury, no IMF, no predatory banking were it not for its (((tribal disciples))) masterminding and controlling the whole diabolical process.

Cynicles's picture

kinfa gives one the Hebie Jewbies

There's picture

The Trump family will be Americas first $Trillionaires in 8 years.

Fatboy777's picture

Why do you think he respects Putin so much? He's great desire is to be an oligarch. You know when Sandy hit the NE or even 911 Trump the scumbag didn't offer to help anyone! Not a dime! Now his whore daughter hawks her made in China junk via the WH. You think thiscpos gives a shit about working class America? Hahahaha you fucktards are dumber than the snowflakes

Escrava Isaura's picture

TeamDepends: The Fed is a failure for 99.9999% of Americans.

Your statement is not quite correct, because of 1929, when the Fed didn’t intervene, we had a depression. People went hungry and jobless.

The Problem is not the Fed but private money issued with interest.

Money is a token, it’s a way of inducing people to create something and/or find resources. But when money is used in financial instruments, such as MBSs make that most financial instruments, money becomes a fraud.

"Once a nation parts with the control of its currency and credit, it matters not who makes the nation's laws. ... Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of the sovereignty of parliament and of democracy is idle and futile." Mackenzie King, Canadian Prime Minister 1935-1948.

"All the perplexities, confusion and distresses in America arise not from defects in the constitution…, as much from downright ignorance of the nature of coin, credit, and circulation" — John Adams, August 25, 1787.


The Gun Is Good's picture

Didn't Fed policy accelerate the Depression? Bernanke admitted it and even apologized back in 2008, methought....

The Creature from Jekyll Island: A Second Look at the Federal Reserve is a good, rudimentary read.

hxc's picture

WRONG. All central banking and central planning in general are the problem. Depressing to see yet another socialist comment of yours being upvoted. Only an idiot could think ZIRP 4 EVA is a viable monetary policy.

Private competition in the creation of money is the only and best solution.

dizzyfingers's picture

If he does, I think that will be death.

boink.voink's picture

Make Goldman Great Again !!

BandGap's picture

I think there are too many Gold Man-sacks guys, period. This the herd.

curbjob's picture

Considering Goldman owns the note on a few of Trumps buildings (1290 6th Ave, $930 million) having your banker in an adjoining office is almost as good as having a President in your back pocket ...

BabaLooey's picture

What the flying fuck was that?

Jesus H. Make It Stop Christ.

Welcome to Zero Hedge with a punch to the weenus area.


InsaneBane's picture
It´s time people read this book by Greg Felton: The Host and the Parasite - How Israel's Fifth Column Consumed America


End this deal Trump and make America great again! Instead of being sucked out by this parasite, kill it:


US to give record $38 billion in military aid to Israel over 10 years


I know this is not going to happen, listen to this veteran who comments on Trump about wars for Zionist Israel..


GraveDancer's picture

Israel receives only a small fraction of American military aid, and most of that was spent in the US to the benefit of the American economy.

InsaneBane's picture

It's not only the military industrial complex, J-Hollywood, Ziocorp newsmedia, Soros and Friends AND the privately owned FED..


Paul Kersey's picture

"End his deal Trump and make America great again!"

America was great from the late 1940s to the early 1960s. At that time, America was the world's greatest creditor nation. Today, America is the world's largest debtor nation. With the country being $20 trillion in hock, running up the tab on endless neocon driven trillion dollar wars and impossible contingent liability entitlements programs, the debts of the greatest debtor nation in the world will only grow greater. The law of probability tells us that there is little chance of the world's greatest debtor nation becoming great again.

GoinFawr's picture

"You still think within the FIAT paradigm,"

I stopped reading after that because from the 40's to 60's USD was backed by shiny; so not pure 'fiat' during the timeframe you are supposedly responding to.

InsaneBane's picture

For me the coup d´etat ended in 1913, there is a difference between the Legal Tender Note and a Federal Reserve Note

Soon after private ownership of gold was banned in 1933, all of the remaining types of circulating currency, National Bank Notes, silver certificates, Federal Reserve Notes, and United States Notes, were redeemable by individuals only for silver. Eventually, even silver redemption stopped in June 1968, during a time in which all U.S. currency (both coins and paper currency) was changed to fiat currency.

This is our problem:

Both United States Notes and Federal Reserve Notes are parts of our national currency and both are legal tender. They circulate as money in the same way. However, the issuing authority for them comes from different statutes. United States Notes were redeemable in gold until 1933, when the United States abandoned the gold standard. Since then, both currencies have served essentially the same purpose, and have had the same value. Because United States Notes serve no function that is not already adequately served by Federal Reserve Notes, their issuance was discontinued, and none have been placed in to circulation since January 21, 1971.

Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy.


GoinFawr's picture

I see your pt.

Bretton Woods attached Gold to the USD at an international level, not domestic; though, with a little saavy and a dash of wherewithal... but fair enough.

MEFOBILLS's picture

Bretton Woods attached Gold to USD at the trading level, not domestic.

Nations trade goods as prices.  If a country was in imbalance in goods, then gold made up the difference.  When gold left a country due to trade deficit, the deficit country would then lower its exchange rate.  

The trading gold standard used managed exchange rates, whereby countries would negotiate rates to maintain their gold hoards.

The U.S. dollar substituted for gold on domestic ledgers inside of other countries private banks.  This is the "reserve" currency, because it was in reserve loops of private banks.  The assumption post Bretton Woods, was that the U.S. government would guarantee that a dollar in reserve was equal to gold, since the U.S. had most of the worlds gold at that time.

Fraud is present, in that U.S. government is not private corporation banks.  Private bank credit issuance is conflated with U.S. government guarantees, which in turn, puts the U.S. taxpayer on the hook for the world private banking system.

GoinFawr's picture

But Shiny Specie still made up domestic coinage. You could get 90% silver coins in US, Canada 80% up to ~late sixties. Ha!

Jay's picture

One of Obama's campaign promises back in 2008 was that he was going to "make the banks play by our rules". And then he proceeded to stuff his cabinet with GS alumni. InfoWars pointed this out in a fairly long, detailed video and the libtards stuck their fingers in their ears, closed their eyes tight and said lalalalalalala. Fast forward to today and Trump promised to "drain the swamp" and his first pick is globalist neocon Mike Pence and then has 5 GS alumni picks for his cabinet, including Steve Mnuchin who looted Sears Holding and  Gary Cohn who helped loot the Malaysian 1MDB fund. InfoWars is strangely silent about this and if you point all the GS alumni out to the Trumptards they put their fingers in their ears, close their eyes tight and go lalalalalalala.

InsaneBane's picture

The Jewish Council for Education and Research ( made for Odongo a very nice commercial in 2012..It's called

Wake the F**k Up!

Starring: Samuel L. Jackson
Directed by: Boaz Yakin and Kitao Sakurai
Written by: Adam Mansbach
Produced by: Jesse Schiller
Executive Producer: Mik Moore


Oh and don't forget Wilbert Ross, the 78-year-old Ross who earned the nickname “King of Bankruptcy” during his time at Rothschild Inc. And you know where the US is headed, it will come in handy

earleflorida's picture

your welcome'd

please come again...

ISEEIT's picture

Hello new voice from the wilderness....Hello!


We delight in your sharing and shall welcome your delightful exhibits of wit and wisdom-:)

Paul Kersey's picture

Now is the time for the second coming of Christ, so that he can, once again, throw the Goldmanites out of the temple.

Wulfkind's picture

Too late Lord High Maximus Orange Julius ( May His Name Be Praised Forever ) let them in the door.  Now you think you have too many.  ONE is too many.  But you and your followers were too stupid to understand that when you hired them in the first place.

Plus.....Lord High Maximus Orange Julius ( May His Name Be Praised Forever ) has rubbed shoulders with them for DECADES in his real estate scams. wonder.