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| Gary Cohn: Donald Trump appoints Goldman Sachs president as national economic council director | Gary Cohn: Donald Trump appoints Goldman Sachs president as national economic council director |
| (35 minutes later) | |
| Donald Trump has appointed Goldman Sachs president Gary Cohn as national economic council director, a man who earnt more than $61 million in three years and who is known for his risk-taking in the mortgage bond market. | |
| While the president-elect has promised to “drain the swamp” of bureaucracy and lobbying powers in Washington DC, Americans may question Mr Trump’s choice of the leader of one of the largest banks in the US to lead a government agency. | While the president-elect has promised to “drain the swamp” of bureaucracy and lobbying powers in Washington DC, Americans may question Mr Trump’s choice of the leader of one of the largest banks in the US to lead a government agency. |
| Mr Cohn earnt more than $22 million in 2014, and $26.9 million in 2013. | |
| He also has a history of giving money to both Republican and Democratic campaigns. | |
| Mr Cohn donated thouands of dollars to Hillary Clinton and Barack Obama's presidential campaigns in 2008. | Mr Cohn donated thouands of dollars to Hillary Clinton and Barack Obama's presidential campaigns in 2008. |
| In 2015, however, he switched allegiance and donated $2,700 to Marco Rubio's presidential campaign, as well as other Republicans like senator Tom Cotton. | In 2015, however, he switched allegiance and donated $2,700 to Marco Rubio's presidential campaign, as well as other Republicans like senator Tom Cotton. |
| Mr Trump's chief adviser, Stephen Bannon, as well as his pick for treasury secretary, Steven Mnuchin, both worked for Goldman Sachs. | |
| Bloomberg reported in 2011 that his employees described him as intimidating. | |
| Mr Cohn, who is six foot three inches tall, used to "hike up one leg, plant a foot on a trader's desk, his thigh close to employee's face and ask how markets were doing." | |
| His appointment to the number one spot several years ago was not a sure bet, due to his abrasive style and his appetite for risk, Bloomberg reported. | |
| The executive was born in Ohio, the son of an electrician-turned-real estate developer. | |
| After earning a bachelor's degree at the American University's Kogod School of Business in 1982, he got a day job selling windows and aluminium steel frames before jumping into his career trading commodities. He started at Goldman's commodities section, J Aron, in 1990. | |
| By 2003, he had become head of the bank's global securities business, and reportedly pushed to expand its trading business and take more risks, including in the mortgage bond market. | |
| "Every day you are competing, and every day you are playing to win," Mr Cohn said in a 2009 speech at the American University. "So remember, wake up every morning and figure out how to win." |