With Donovan Nomination, Trump Adds Yet Another Goldman Sachs Alum to Its Ranks

Goldman Sachs Group Managing Director James Donovan Tapped to Serve as Deputy Secretary of the Treasury under Foreclosure King Steven Mnuchin


WASHINGTON, D.C. – Following this evening’s news that President Trump will nominate Goldman Sachs Group managing director James Donovan to serve as Deputy Secretary of the Treasury under Goldman legacy and alum Steven Mnuchin, Allied Progress released the following statement from its executive director, Karl Frisch:

President Trump should give Candidate Trump a call if he’s going to keep bringing Goldman Sachs executives into his administration. By handing over our economy to Goldman Sachs, Trump continues to betray working class Americans who took him at his word when he promised to ‘drain the swamp’ and rid Washington of the influence of powerful special interests,” said Karl Frisch, executive director of Allied Progress.

He continued, “James Donovan is part of the problem. He joins an increasingly large gaggle of Goldman Sachs alumni working for the Trump administration who have always put the interests of Wall Street first. Millions of American families lost their homes and retirement safety because of the actions of Goldman Sachs and other banks. For Donovan and his colleagues, it was just business as usual.”

On the campaign trail, Candidate Trump relentlessly attacked Goldman Sachs, claiming the bank had gained “total, total control” over his political opponents. But now Goldman Sachs alumni have been handed “total control” over key economic posts in President Trump’s administration. From Treasury Secretary (Steven Mnuchin), to National Economic Council Chair (Gary Cohn) and Chief Strategist (Steve Bannon), to SEC Chair (Jay Clayton), and other senior roles (Dina Powell), Trump has surrounded himself with the same Wall Street insiders that he derided during the campaign and that have profited off the financial devastation of millions of Americans.

Goldman Sachs is widely blamed for helping to cause the Great Recession by misleading investors into buying mortgage-backed securities that Goldman knew “were indeed riskier than what they had” revealed. In 2016, Goldman finally paid $5 billion in penalties for its role in the financial crisis, and engaging in what one acting associate attorney general described as “serious misconduct.”

For more information about Goldman Sachs and its influence within the Trump administration, read the special Allied Progress report, “Goldman Sachs Trumps U.S. — Candidate Trump v. President Trump.”

To speak with Karl Frisch about Donovan’s nomination, please contact Rachel Palermo at 202-464-6951 or rpalermo@skdknick.com.

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Allied Progress is a nationwide, progressive advocacy organization that uses hard-hitting research and creative campaigns to hold Wall Street and powerful special interests accountable. Since launching in 2015, the organization has led high-profile campaigns on several issues including reforming the payday lending industry and exposing the those working to cripple the Consumer Financial Protection Bureau (CFPB).


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