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Goldman Is Back on Top in the Trump Administration

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December 22, 2016

One night in early December, a Goldman Sachs partner walked out of the Pierre hotel in Manhattan with a big grin on his face.

He’d spent the evening at the bank’s annual alumni dinner, and there was a lot to celebrate. For starters, shares of Goldman Sachs were on a tear, having rallied about 30 percent in the month since Donald Trump was elected president. Trump had also restarted an age-old tradition of presidents naming Goldmanites to top spots in their administration.

Former Goldman Sachs partner Steven Mnuchin served as Trump’s national finance chairman and is now Trump’s nominee for U.S. Treasury secretary. Trump has also tapped Goldman Sachs President (and the bank’s de facto No. 2) Gary Cohn to be his top economic adviser in the White House. Other Goldman alums in Trump’s inner circle include Anthony Scaramucci, a former Goldman banker and a member of the Trump transition team’s executive committee, as well as Steve Bannon, Trump’s campaign manager.

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. After being largely cut out of the federal government during the Obama years, with few of its alums tapped for big jobs, Goldman is starting to live up to its former nickname, Government Sachs. If confirmed, Mnuchin will be the third former Goldman partner to lead the Department of the Treasury in the past 25 years, joining Robert Rubin and Hank Paulson.

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This article was posted: Thursday, December 22, 2016 at 10:13 am

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