If True, Perhaps the White House Should Stop Using Goldman As Its Personal Employment Agency?
WASHINGTON, D.C. – Today we learned that Goldman Sachs banker Jim Donovan is being considered for Deputy Treasury Secretary even before Goldman Sachs banker-turned-“Foreclosure King” Steven Mnuchin has been confirmed for the top spot at Treasury. The Bloomberg report naming Donovan also notes that his background as a Goldman banker may be working against him because administration officials are becoming increasingly concerned that “too man ‘Goldman guys’ already have high-up positions in the Trump administration.”
“President Trump should give Candidate Trump a call before he brings anyone else from Goldman Sachs into the White House. If his administration is truly worried about the large number of Goldman executives filling its ranks in senior positions, perhaps it should stop using the bank as its personal employment agency.” said Karl Frisch, executive director of Allied Progress.
He continued, “For more than a year Trump lambasted the influence of powerful special interests and major financial institutions on Washington’s corrupt culture of self-dealing. He even called out Goldman Sachs specifically in the final ad of his campaign. By handing over our economy to a bank that played a major role in causing the financial crisis of 2007-08, Trump has again betrayed working class Americans who took him at his word when he promised to ‘drain the swamp’ in Washington.”
Last month, Allied Progress released a special report outlining the growing number of Goldman Sachs executives joining the Trump administration in key economic roles. Gary Cohn, Steven Mnuchin, Steve Bannon, Jay Clayton, and Dina Powell all have deep ties to Goldman. On the campaign trail, Candidate Trump relentlessly attacked the bank by name, claiming it had gained “total, total control” over his political opponents. But now the bank’s alumni have been handed “total control” over key economic posts in Trump’s administration. From Treasury Secretary (Mnuchin), National Economic Council Chair (Cohn), and Chief Strategist (Bannon), to SEC Chair (Clayton) and more, President 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.
To speak with Karl Frisch about the Trump administration’s ties to Goldman Sachs, please contact Mike Czin at 202-286-7654 or firstname.lastname@example.org.
# # #
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).