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."

Comments

uno Thu, 08/17/2017 - 10:08 Permalink

so this is the new Bin Laden been caught rumor mill, remember when every S&P drop started the Bin Laden is caught short covering rally

Conax Thu, 08/17/2017 - 10:14 Permalink

So some jackoff resigns. Hollow, feel-good tax reform promises endangered! Earth shaking news! Film at 11!So crash, paper golem. buh bye.

hooligan2009 Thu, 08/17/2017 - 10:15 Permalink

this is just another "matter" with which the political opposition in the swamp is seeking to derail the reforms away from swamp dwellers and which generate fiat profits via thin air swamp gas to political encumbents.the ploy is simple.distract, divert and discriminate against any and all reform - even if that means consigning the US to the dustbin of failed countries via fiscal deficits and mountains of debt.fingers crossed that the path to generating trade and fiscal surpluses so that companies, individuals and the government can deleverage is not a victim to the seditious actions of swamp dwelling pond scum. 

Bill of Rights Thu, 08/17/2017 - 10:17 Permalink

 UNCONFIRMED: Gary Cohn is resigning REPEAT: Not confirmedIt would be significant as Cohn is being tipped as a potential replacement for Fed chair Janet Yellen if Trump were to decide to replace Yellen.  He currently is on the Presidents chief economic adviser on the Economic Council  Reports Suggest Gary Cohn Has Resigned, Director Of The National Economic Council (The Tweet Has Been Deleted) https://twitter.com/LiveSquawk

Rufus Temblor Thu, 08/17/2017 - 10:18 Permalink

That's hilarious. GS is down because Cohn might resign? Is that because traders are afraid Cohn might get his old job back or could it be that GS won't get inside information with Cohn out of the White House?

Cathay Kid Thu, 08/17/2017 - 10:19 Permalink

As one who has been short from , it seems like, the dawn of time, I see this as a good move. Asking a GS man to correct a system created by the likes of GS never did make sense.