White House Confirms "Cohn Intends To Remain In Position"

Update 2: The White House has issued a statement confirming that "Gary Cohn intends to remain in position as NEC Director." The only problem is - the market is ignoring it. Presumably, the market now believes it is just a matter of time...

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Update 1: Goldman Sach stock and the market are rebounding after Axios reports "source with direct knowledge says rumor is '100% False'"...

The reaction...

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As we detailer earlier, amid calls from many Americans for his resignation, former Goldman President and Trump's director of national economic council Gary Cohn has remained silent. However, Goldman Sachs (and the whole market) is sliding this morning as a slew of headlines cross trading desks offering unconfirmed rumors that Cohn is set to resign.

Goldman began to sink yesterday as things escalated...

VIX is up and the whole market slid on this rumor...

We repeat - these rumors are completely unconfirmed, but note that this follows Yale School of Management's Jeffrey Sonnenfeld's warning that the market would crash if Cohn resigned...

If Gary Cohn steps away it would crash the markets: Jeffrey Sonnenfeld from CNBC.

 

"I don't want to be an alarmist, but there is a lot of faith that he is going to help carry through the tax reform that people are looking for," Sonnenfeld said on "Squawk Box."

 

"I think if he steps away, it would crash the markets."