Trump Nominates Another Goldman Banker For Key Treasury Position

Tyler Durden's picture

In the latest creeping takeover by Goldman Sachs of the White House, overnight the White House announced that Donald Trump will nominate another Goldman Sachs banker, James Donovan, for a key financial post as deputy Treasury secretary, the White House said on Tuesday, adding another alumnus of the Wall Street investment bank to his administration. Donovan joins his former peers, Treasury Secretary Steven Mnuchin and chief Economic advisor, Gary Cohn, who are also former Goldman executives who occupy senior economic posts within the administration.

Donovan's work at the bank as a managing director has included work on corporate strategy, investment banking and investment management, the White House said in a statement.  He is expected to work on the Trump administration's domestic policy agenda at Treasury.

In a note from Capital Alpha's Ian Katz following the announcement, the strategist writes that Donald Trump and his team are "shrugging off" concerns they’ll be accused of turning the administration into a "Goldman Sachs reunion." He adds that with other appointments, including Justin Muzinich, formerly of Morgan Stanley, and former BlackRock exec Craig Phillips as counselors to Treasury Secretary Steven Mnuchin, the Treasury lineup now has "a distinctly financey feel"; that’s good for the finance industry as the team "speaks its language, understands its issues."

Sadly, as history has shown, what's "good for Wall Street" ends up being rather bad for Main Street.

Additionally, Trump also nominated David Malpass - who served as a former economist at Bear Stearns prior to its 2008 collapse and most recently served as an economic adviser to Trump's campaign - as its nominee for Treasury undersecretary for international affairs, a key economic diplomacy post. Malpass is also a former official in the Ronald Reagan and George H.W. Bush administrations.

The White House also named former national security and federal law enforcement official Sigal Mandelker to the Treasury's top sanctions post as undersecretary for terrorism and financial intelligence. A former law clerk for Supreme Court Justice Clarence Thomas, Mandelker later held a series of criminal prosecution positions at the Department of Justice and advised the Secretary of Homeland Security during the George W. Bush administration.

While the swarm of Goldman bankers at the White House is indisputable, what is perhaps more notable is that Goldman appears to no longer have as much an interest in populating central banks as the executive branch, suggesting that the key policy going forward will be, as many have suspected, not monetary but fiscal, unless of course Congress is unable to come to an agreement on any one core issue, in which case we estimate that many of the new Goldman hires will quietly depart over the next year as they realize that their agenda will be difficult to implement under Trump.

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NugginFuts's picture

All in all it's just another Squid in the wall. 

1000yrdstare's picture

I know what everyone is thinking.....wait for it....he has a plan....


XqWretch's picture

You have to elect them to find out what they will do?

Richard Chesler's picture

At least they're proven/experienced thieves.


espirit's picture


You have to ally with the most experienced troops in a war with the DC Narcokleptocracy.

BaBaBouy's picture

SORRY BUTT... GoldMan Trump = Swamp Undrained ...

The "Trump Dream" Is .... Ovvvvvvverrr ...

espirit's picture

Explain to me again what choices you actually thought you had.

glenlloyd's picture

So this guy not only works for the squid he spreads the squid gospel in the educational institutions?

Just another liberal "let the CB fleece the serfs" proponent.


NugginFuts's picture

I'm beginning to wonder whether there's anyone left in the GS building or whether they're all just boxing up their stuff to make the full time transition to the WH. 

BaBaBouy's picture

WHAT's That Song ...

Promises Promises,
Knew You'd Never Keeeeeep ...

Da da da

Promises Promises,
Why Do I Belieeeeeve ...

MagicHandPuppet's picture

Yes, this kind of thing is disappointing.

But, at least we still get to watch the libtard mass hysteria.  That alone was worth the price of admission.

That said, me hopes the T has some kind of plan and, blah blah blah.  Oh, fuck it all.

BaBaBouy's picture

ANY Bets ... Next Promise To Go...

The "WALL"

Oh, ""I was Talking about that Pink Floyd Album"" ...

MagicHandPuppet's picture

What's with all the "I told you so" whiney lib-tard trolls today?

HughBriss's picture

It probably has something to do with their advice being ignored by raging Trumptards for the past 2 years and...  Oh, fuck it all.  Bring on the collapse...

MagicHandPuppet's picture

Oh right.  We'd be so much better off with Hitlery, lol /sarc

Yes, some are hard supporters.  Some still see him as the best candidate option that had a snowball's chance in hell to do something positive for us little folks.  While, some others seem vindicated because, as it turns out, nothing is perfect.

MagicHandPuppet's picture

The paid Hillary-bot trolls jumping on this article like moozie rapefugees jumping on a little white boy at a public swimming pool.

HughBriss's picture

Paid Hillary-bot trolls are no different than paid (or non-paid, for that matter) Trump-bot trolls.  Two sides of the same fuckin' coin.  Say, "Hello!" to the Dear Orange One for me, will ya?  Thanks!  ;)

MagicHandPuppet's picture

Oh, cheer up Snowflake.  Daddy will give you some love soon.

Wulfkind's picture

No need.  All you need is a phone and email

flicker life's picture
flicker life (not verified) Wulfkind Mar 15, 2017 9:58 AM

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do...

lucitanian's picture

It would be nice if ZH did an article and a map of the United States of Goldman Sachs, showing all the countries of the world which have GS related ex-staff in key financial positions influencing governments. If it expressed the severity of "infection" from red to pink, I'm sure it would have the same or more red apparent than an old map of the British Empire.

Who's really running this surrealist joke? Isn't it totally clear?

brianshell's picture

End the Fed.

1. Issue United States Notes.

2. Revoke the Fed's charter.

3. Require all banks to maintain 100% reserves.

Either pay off the Fed debt or declare it illegal and write it off. It was unconstitutional to have allowed it in 1913 and all the interest paid since then should be repaid to the treasury by the Fed. A 1913 dollar is now worth 3 cents. The Fed must repay the 97 cents back.

All banks or originaters of loans shall increase their reserves by 20% per year over five years and then keep 100%  by law. This includes credit card companies and home loan mortgage companies. Only the sovereign can issue money under the constitution and regulate the quantity thereof.

crossroaddemon's picture

There were never any choices. When are you guys going to get that we don't have any choices, and the political system will never ever work in our favor?

Wulfkind's picture


Let me ask..espirit...did you vote.  Well if you're to blame.  No matter how you voted.

HughBriss's picture

Indeed.  Voting merely legitimizes an otherwise illegitimate system.




sodbuster's picture

Disgusting..........but still way better than Hitlery.

curbjob's picture

Sad , the choice between two cunts still leaves some proud at their choice of the lesser cunt.

BaBaBouy's picture

Hillery would have been BAD, BUTT, She's a known quantity and could have been managed...

TRUMP was a Major HOPE, and unknown quantity.
Now Its Goldman/Trump... Trust Us, Everything is Great...

HockeyFool's picture

So where do all the honest and trustworthy bankers work?

curbjob's picture

Fuck all that. There is no fixing this rotten tub so forget mutiny .. better to cut down some trees and build from scratch and to that end Trump is exceeding my wildest expectations ... it's his incompetence that will scuttle the GS Fake Empire and all that man her bridge.

Grab some fucking flotsam, galley slaves.

Blankone's picture

Trump is more intelligent than Hillary and will be a much more effective team player than she.  He can and is working towards their agenda and goals using his own abilities independently and effectively.  Hillary would keep stumbling.  Hillary is also unstable and an ego maniac who would have kept going rogue on them for her place in history and personal profit.

Just look at all Trump has begun in so short a time.  Yemen, Syria, Sea of Japan, murders another Russian diplomat, removes some restraints on when and where drones can be used to kill, a flood of Goldman's, and on.

Trump uses his persona to distract from his true deeds by creating a reality tv type circus.  After their next false flag shooting it will Trump who reverses his promises once again and begins taking your guns.

HughBriss's picture

Reminds me of Obama, to be quite honest.  And the sheep get fooled again...  :/




HughBriss's picture

Or is is sheared?  Meh.  Semantics.

Paul Kersey's picture

Yeah, but at least Trump keeps his cunt waxed. As far as Trump's Goldmanite Administration goes, this may be the greatest bait-and-switch since PT Barnum's Monkey Mermaid and back-to-front house.

BullyBearish's picture

That's what comes from only listening to what someone says instead of looking at what they've done and with whom their whole lives...


THEY know how to use HOPE against us...

Karl Marxist's picture

It's the same shit since Reagan, dude. You must be some young punk to think at this point there's any differences between any president since day one of Washington.

FrozenGoodz's picture

Emergency Overflow Swamp engage

SoilMyselfRotten's picture

Think we've given up on the swamp thing. This is more akin to skimming the custom inground pool.

knukles's picture

This better be a "keep your enemies closer" thingamajigglie

PT's picture

Just think, if the Ds didn't have their head up their tax-returns-and-Russian-hackers then they could call Trump out on this kind of stuff and we would all agree with them.

HopefulCynical's picture

"...they could call Trump out on this kind of stuff..."

The Squid is a Democrat apparatus. WTF makes you think the Dems want to call out shit?

"...and we would all agree with them."

Ahhh, you think they give a crap about governing. Silly wabbit, power is to be wielded for its own sake.

PT's picture

Re "WTF makes you think the Dems want to call out shit?" :

I didn't think.  I observed.

Even if they did say anything intelligent now, it would be coming from the same morons who uttered "Hitler Nazi racist sexist grab-'em-by-the-pussy tax returns".  They killed their brand.  I wonder how many of 'em noticed what really happened.

swmnguy's picture

You ask, "I wonder how many of 'em noticed what really happened?"  Among partisan Democrats?  Not a one.  Among actual leftists, and though I hate to use the term now that it's been drained of meaning, actual "Progressives," every single one noticed.  And they didn't vote for Hillary. Which is why Trump is President.  

The Democrats' alienation of the actual Left didn't show up in polling, because the pollsters, being of, by and for the current system, took all the information they got in the most literal, binary way.  If they asked if a person supported Trump and they said, "No," it went as a vote for Hillary.

I voted because there were some out-and-out corporatizers running for school board, so I turned up to vote against them. And to vote against an insufferable self-promoter who is our county attorney; had to vote against him.  Since I was there, and there was a Presidential race, I voted for somebody; probably either a "legalize marijuana now" joker or maybe an out-and-out actual Socialist, not somebody who wants to divert the wealth of the nation through their campaign contributor's insolvent web of corporate finance; that's not Socialism at all; but rather a "let's kick the corporations out of government, cut the War Machine by 90% and spend the savings on health care, education and infrastructure we all actually need" kind of Socialist.

I have a very Conservative friend (a real Conservative, not one of these jumped-up state-power yahoos who sprout wood thinking of watching people in uniform beating up hippies or Muslim women) who votes Republican because he thinks they are the more incompetent party and will destroy the government first, by stealing so crudely and sabotaging power so boorishly and harmfully to most people that we'll all get sick of it and just ignore them more and more until one day eventually nobody shows up.  I can't quite bring myself to do that, but he does have a very good point.

Jeffersonian Liberal's picture

And if not, which candidate will ZH and all the ZHers support to replace him?

Gee, no idea there whatsover.

But I bet "she" will have served in the military (which she did as a resume-builder), will be busy exploiting that military service (even though she objects to war) and publishing as many photo-ops of her in uniform as possible, will have voted for a Progressive (Sanders, the rich communist who played a role in the fake DNC primaries) because she is a Progressive, and when CNN does a story on a sect of Hindus who practice cannibalism, she will attack and denounce...NOT the Hindus that are eating people...but CNN for making Hindus look bad.

Gee, could ZH and the anti-Establishment Party ZHers fall for the female Obama, another Manchurian candidate for the Establishment?

TruthHammer's picture

real ZHers are from 09-12, majority of the people after that are clowns, its fully off the rails in these comment sections.

espirit's picture

See my comment below.

It's not their fault unless they knowingly take a placebo.

crossroaddemon's picture

The fact that ZH readers are still holding out hope for political solutions makes me very, very sad.

dizzyfingers's picture
Me too, though it's sad to feel hope dying. I'm done hope.
swmnguy's picture

I fear you may be missing out.  Sure, I have no hope in a political solution.  But that's a far, far cry from having no hope at all.  A system we all know is broken is broken and won't solve our problems?  No need to stop the presses for that.  On the other hand, once a critical mass of us quit hanging around waiting for somebody else to solve our problems, the sooner we get on with it and fix our own.  There's some mighty fine hope to be had there.

As I consider my life, every single time I've really painted myself into a fucked-up corner, and had to chew my arm off to get away deeply scathed, I can trace the wrong turn back to a moment when I put my better interests into somebody else's charge.  And, conversely, every time I've wound up in a great spot, with lots of options and attractive risk/reward choices all 'round, it's been a bit after I took my future into my own hands, cut my losses, quit throwing good money and trust after bad, and walked away from a limiting situation that benefitted somebody else before it helped me, at my expense.

It's helped a lot to have grown up poor but educated.  I learned as a child that the official story was bullshit, everything that was pitched as being to my benefit wasn't, and that things wouldn't work as advertised.  So there hasn't been a whole lot of discouraging disillusionment.

It's not going to come from a thoroughly compromised system that we already know doesn't work.  It comes from us, patronizing local merchants, shoveling our sidewalks and our neighbors', picking up garbage blowing around in our yard, not taking out cash-back on our home equity, buying what we need and can afford with cash, etc.