Goldman President Gary Cohn Accepts NEC Director Role

As reported last week, Trump had offered Goldman Sachs president and COO the job of his top economic advisor, as Director of the National Economic Council Director. Moments ago CNBC reported that, as expected, Cohn has accepted the role.

From CNBC:

Goldman Sachs executive Gary Cohn is expected to accept the directorship of the National Economic Council "at any moment," a source told CNBC on Monday. 

 

President-elect Donald Trump last week offered the key economic advisor position to Cohn, Goldman's 56-year-old president and chief operating officer, sources told NBC News. Cohn has been at Goldman for 25 years and previously worked in commodities.

 

Cohn taking the post would add to Trump's administration another veteran of the powerful firm he bashed during his campaign. Trump Treasury secretary pick Steven Mnuchin and senior advisor Steve Bannon also worked at Goldman Sachs, which Trump repeatedly attacked on the campaign trail.

 

He cited Goldman as evidence that corporate and financial interests have influence over politicians and criticized former opponent Sen. Ted Cruz for taking a loan from the firm.

The National Economic Council, which Cohn would lead, is meant to "coordinate policy-making for domestic and international issues, to coordinate economic policy advice for the president, to ensure that policy decisions and programs are consistent with the president's economic goals, and to monitor implementation of the president's economic policy agenda," according to the office's website.

While we have no reason to doubt Cohn' patriotism, we are confident that another motivating factor was the ability to sell some his $210 million or so in Goldman shares tax free, saving approximately $80 million in taxes simply for becoming officially a part of the US administration, instead of merely running the country from the shadows.