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Goldman’s Cohn Unlocks More Than $284 Million by Joining Trump
[Photo: Foxbusiness.com]
Gary Cohn’s jump from Goldman Sachs Group Inc. to Donald Trump’s administration is helping him unlock more than $284 million in pent up bonuses, stock holdings and other investments through the Wall Street bank.
- To help Cohn avoid conflicts of interest as Trump’s top economic adviser, the bank is letting its former president immediately collect about $65 million in cash and stock tied to its future performance.
- That’s on top of roughly $220 million of Goldman equity he already held or was awaiting, as well as stakes in company-run investment funds, according to regulatory filings Tuesday.
- He must liquidate the holdings to take his new post.
To be sure, Cohn already was free to sell some of his stock holdings before his career change. But a large disposal would’ve been awkward, because investors may view it as a lack of confidence in the company’s future.
Cohn will also be able to defer significant taxes as he sells, assuming he plows proceeds into government securities or certain mutual funds. The extent of that benefit will become clearer when authorities release his financial disclosures for joining the government.
