This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.independent.co.uk/news/world/americas/donald-trump-goldman-sachs-economic-council-director-gary-cohn-coo-president-a7466006.html

The article has changed 6 times. There is an RSS feed of changes available.

Version 2 Version 3
Gary Cohn: Donald Trump appoints Goldman Sachs president as national economic council director Gary Cohn: Donald Trump picks Goldman Sachs president as National Economic Council director
(about 2 hours 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. Donald Trump has reportedly chosen Goldman Sachs president Gary Cohn as his pick for director of the National Economic Council, a man who earned more than $61m 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. Mr Trump repeatedly criticsed Wall Street banks during the presidential campaign, and called for Hillary Clinton to release the transcripts of her paid speeches at Goldman. 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 Trump repeatedly criticised Wall Street banks during the presidential campaign, and called for Hillary Clinton to release the transcripts of her paid speeches at Goldman.
Mr Cohn earnt more than $22 million in 2014, and $26.9 million in 2013. Mr Cohn earned more than $22 million in 2014, and $26.9 million in 2013.
Mr Cohn also has a history of giving money to both Republican and Democratic campaigns.Mr Cohn 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. He is a registered Democrat. Goldman's CEO, Llyod Blankfein, said he would support Ms Clinton in October. Mr Cohn donated thousands of dollars to Hillary Clinton and Barack Obama’s democratic primary campaigns in 2008. He is a registered Democrat.
In 2015, however, he donated $2,700 to Marco Rubio's presidential campaign, as well as other Republicans like senator Tom Cotton. In 2015, however, he donated $2,700 to Marco Rubio’s Republican presidential campaign.
Mr Trump's chief adviser, Stephen Bannon, as well as his pick for treasury secretary, Steven Mnuchin, both worked for Goldman Sachs.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.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."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.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.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.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.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.
Goldman Sachs lost $1.2 billion in the residential mortgage bond market business during the financial crisis, and Mr Cohn cited this fact in his 2010 testimony, to "prove" his bank did not bet against its clients or reap rewards while Main Street suffered.Goldman Sachs lost $1.2 billion in the residential mortgage bond market business during the financial crisis, and Mr Cohn cited this fact in his 2010 testimony, to "prove" his bank did not bet against its clients or reap rewards while Main Street suffered.
"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.""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."
In a 2015 speech at the Jack Welch College of Business, he said it felt like he was in Congress every other week, trying to convince them to repeal regulations.In a 2015 speech at the Jack Welch College of Business, he said it felt like he was in Congress every other week, trying to convince them to repeal regulations.
He admitted that banks were "unequivocally safer" than pre-2008, but that regulations on banks had simply shifted the risks to another area in the economy. He argued that banks holding more capital buffers came at the expense of growing the US economy as banks had to “hoard” the cash rather than lend it out to consumers and households.He admitted that banks were "unequivocally safer" than pre-2008, but that regulations on banks had simply shifted the risks to another area in the economy. He argued that banks holding more capital buffers came at the expense of growing the US economy as banks had to “hoard” the cash rather than lend it out to consumers and households.
The champion of trickle-down economics added that banks should be allow to get bigger and grow their balance sheets.The champion of trickle-down economics added that banks should be allow to get bigger and grow their balance sheets.
He thought he was a great leader as he was “willing to learn every day of [his] life” and that he was “really good at making mistakes”.He thought he was a great leader as he was “willing to learn every day of [his] life” and that he was “really good at making mistakes”.
In advice that he may provide to the president-elect, he talked to students about what made commodity traders unsuccessful.In advice that he may provide to the president-elect, he talked to students about what made commodity traders unsuccessful.
“99% of the people aren’t willing to admit that they just made a mistake and go the other direction. That's when risk becomes risky, is when you keep getting the same feedback and you're not acknowledging what the feedback is.”“99% of the people aren’t willing to admit that they just made a mistake and go the other direction. That's when risk becomes risky, is when you keep getting the same feedback and you're not acknowledging what the feedback is.”