Goldman Sachs keeps popping up in the news after Donald Trump’s presidential win restarted an age-old tradition of presidents naming Goldmanites to top spots in their administration, an article in Bloomberg by Dakin Campbell stated.
From the article:
After eight years as the face of Wall Street greed and the target of public scorn, the bankers at Goldman Sachs can be cheerful again. Not only has Trump’s election stoked hopes for looser regulatory policies that will make it easier for banks to take bigger risks and book fatter profits, but Goldman also appears to have regained its place at the nexus between Wall Street and Washington.
Goldman Sachs quickly turned into a goldmine for the future Trump administration team, most recently with the bank’s No. 2 executive Gary Cohn announcing he is leaving to join the Trump administration as its chief economic advisor.
And in addition to Cohn, Trump announced at the end of November that he selected Steve Mnuchin, a former executive at Goldman Sachs and former chairman of OneWest Bank to lead the Department of the Treasury.
The Bloomberg article continued:
“They outlasted the criticism,” says Charles Geisst, a Wall Street historian and author of books about the industry. Mark Williams, a lecturer at Boston University and the author of a book about Lehman Brothers’ collapse, puts it more bluntly: “Although politicians love to publicly decry Goldman Sachs, in times of need they run to the firm for capital-markets expertise and to fill key cabinet seats.” Trump is no exception.