Trump Nominates Another Goldman Banker For Key Treasury Position
by Tyler Durden
ZeroHedge.com
Mar 15, 2017
In the latest creeping takeover by Goldman Sachs of the White House, overnight the White House announced that Donald Trump will nominate another Goldman Sachs banker, James Donovan, for a key financial post as deputy Treasury secretary, the White House said on Tuesday, adding another alumnus of the Wall Street investment bank to his administration. Donovan joins his former peers, Treasury Secretary Steven Mnuchin and chief Economic advisor, Gary Cohn, who are also former Goldman executives who occupy senior economic posts within the administration.
Donovan’s work at the bank as a managing director has included work on corporate strategy, investment banking and investment management, the White House said in a statement. He is expected to work on the Trump administration’s domestic policy agenda at Treasury.
In a note from Capital Alpha’s Ian Katz following the announcement, the strategist writes that Donald Trump and his team are “shrugging off” concerns they’ll be accused of turning the administration into a “Goldman Sachs reunion.” He adds that with other appointments, including Justin Muzinich, formerly of Morgan Stanley, and former BlackRock exec Craig Phillips as counselors to Treasury Secretary Steven Mnuchin, the Treasury lineup now has “a distinctly financey feel”; that’s good for the finance industry as the team “speaks its language, understands its issues.”
Sadly, as history has shown, what’s “good for Wall Street” ends up being rather bad for Main Street.
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