(AP/J. Scott Applewhite)

Meet the Wall Street bankers that Donald Trump wants in his cabinet

Trump said "Wall Street has created tremendous problems for us," but his administration may be stocked with bankers


Grace Guarnieri
November 17, 2016 9:31PM (UTC)

Donald Trump built much his campaign on the promise that he would drain the swamp of establishment politicians, but little did his supporters know that he'd stock the swamp with Wall Street bankers.

Trump criticized his opponent, Hillary Clinton, for her ties to Wall Street and big banks. During a campaign event in January, he said: "I know Wall Street. I know the people on Wall Street . . . I'm not going to let Wall Street get away with murder. Wall Street has caused tremendous problems for us." But now the president-elect is starting to backtrack on his promises and  appointing Wall Street golden boys for his administration.

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Steve Bannon, the executive chairman of alt-right Breitbart News, will as Donald Trump's chief strategist and senior counselor. He was an investment banker at Goldman Sachs before starting his own firm. Bannon has been slammed in the media for being racist, anti-semitic, and in-line with white nationalists.

Steven Mnuchin has been seen lurking around Trump Tower and may be appointed Treasury Secretary. Mnuchin served as the Trump campaign's national finance chairman. He is well versed in Walls Street, having worked as a partner for Goldman Sachs and co-founding a hedge fund called Dune Capital Management LP.

Bill Clinton's Treasury Secretary, Robert Rubin, and George W. Bush's Treasury Secretary, Hank Paulson, both held top jobs at Goldman Sachs, much like Mnuchin, before taking their positions, and both became scapegoats for the 2008 financial crisis .

J.P. Morgan Chase CEO Jamie Dimon is also a potential pick for secretary of the Treasury.

"He is one of the best CEOs in the industry and corporate America, so if there were to be a quick departure that would be troubling," Walter Todd reportedly said of Dimon. Todd is the chief investment officer at Greenwood Capital Management, which owns JPMorgan shares. "It is very difficult to replace someone like him."

Fox Business News anchor Maria Bartiromo tweeted on Wednesday that Dimon felt he was not suited for the job.

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Wilbur Ross, a billionaire investor, is poised to take on a position at the Commerce Department, according to Politico. Ross's private equity firm is WL Ross and Co LLC. The 78-year-old was a part of the Trump campaign's economic team. Ross is known for investing in and reviving companies in dead industries such as steel and automobiles, earning him his Fortune-given nickname "King of Bankruptcy" in the late 1990s.

 

“You would have to go back to the 1920s to see so much Wall Street influence coming to Washington,” Charles Geisst, a Wall Street historian at Manhattan College, told Politico.

“It’s the most dramatic turn-around one could imagine. That’s the truly astonishing part.”

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Grace Guarnieri

MORE FROM Grace Guarnieri

Related Topics ------------------------------------------

2016 Donald Trump Jamie Dimon Steve Bannon Steven Mnuchin Wall Street Wilbur Ross

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