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Now Trump Team Has Too Many ‘Goldman Guys’ in Top Posts

February 13, 2017

Talk about being in the right place at the wrong time.

 

Goldman Sachs banker Jim Donovan is under consideration for the No. 2 job at the Treasury Department, but he may be slotted for a lessor role because too many “Goldman guys” already have high-up positions in the Trump administration..

 

So, instead of #2 at the Treasury, Donovan could find himself relegated to one of the undersecretary positions – e.g., undersecretary of the Treasury for domestic finance.

 

TRUMP’S ARGUMENT FOR AMERICA.    The presence of several former Goldman officials at the highest levels of the administration runs counter to the president’s regular attacks on Wall Street firms during the campaign. “Donald Trump’s Argument for America,” a 2-minute advertisement that ran in prime-time days before the election, featured Goldman CEO Lloyd Blankfein in a segment about corporate chieftains pocketing the wealth of American workers.

 

The Goldman Line-Up:  Steven Mnuchin, Trump’s pick for Treasury Secretary; Gary Cohn, former President of Goldman, is now director of the National Economic Council; Stephen Bannon is chief White House strategist; and, Dina Powell, former head of Goldman’s philanthropic investment, is now an assistant to the president and senior counselor for economic initiatives.

 

Donovan, whose time at Goldman overlapped with Mnuchin, most recently was a managing director at the bank’s private wealth management division and has been at Goldman since 1993. He would be subject to Senate confirmation.

 

Donovan’s name emerged in January as a front-runner for undersecretary of domestic finance, a key Treasury position that helps oversee the $13.8 trillion market for Treasuries.