President-elect Donald Trump announced Friday that the new head of his White House National Economic Council will be another Goldman Sachs executive.
Gary Cohn, who is president and chief operating officer at Goldman Sachs, joined the Wall Street firm in 1990 and has since served in leadership roles involving bond trading, according to Reuters. He eventually become co-head of broader securities at the company and was promoted to co-president in 2006.
By selecting Cohn to such an important role in his administration, Trump has given even more influence to Goldman Sachs in an administration that is already disproportionately stocked with its former associates. Trump's appointment for treasury secretary, Steven Mnuchin, was also a former Goldman Sachs executive, as is Trump's chief White House strategist and alt-right darling, Steve Bannon.
If Gary Cohn goes to Washington, he can sell his Goldman stock tax-free. Worth $212m after post-election surge. pic.twitter.com/2W3bFt3VtW
— Liz Hoffman (@lizrhoffman) Dec. 9, 2016
In light of Trump's famous rhetoric blasting Wall Street and promising to "drain the swamp," Twitter naturally pounced on the hypocrisy of Cohn's appointment.
Trump attacking Ted Cruz for his wife's Goldman Sachs work feels like a long time ago
— Maggie Haberman (@maggieNYT) Dec. 9, 2016
Trump surrogate Scaramucci as Goldman's Cohn prepares to go to WH: "The cabal against the bankers is over. need to bring country together"
— John Harwood (@JohnJHarwood) Dec. 9, 2016
— Marcus Baram (@mbaram) Dec. 9, 2016
Indeed, there is a double-irony here, as one of Trump's most prominent accusations against Republican rival Sen. Ted Cruz was that his wife used to work for Goldman Sachs.
Was there another loan that Ted Cruz FORGOT to file. Goldman Sachs owns him, he will do anything they demand. Not much of a reformer!
— Donald J. Trump (@realDonaldTrump) Jan.16, 2016