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09 декабря, 21:46

Goldman’s Cohn in frame for Trump economic role

Bank’s president has been seen as the likely successor to Lloyd Blankfein

09 декабря, 20:58

Trump seen close to naming Goldman’s Cohn to top economic post

Cohn, the No. 2 executive at Goldman, has met with Trump at least three times, including on Thursday, the people said.

09 декабря, 20:07

Donald Trump Picks Another Goldman Sachs Exec To Join His Administration

function onPlayerReadyVidible(e){'undefined'!=typeof HPTrack&&HPTrack.Vid.Vidible_track(e)}!function(e,i){if(e.vdb_Player){if('object'==typeof commercial_video){var a='',o='m.fwsitesection='+commercial_video.site_and_category;if(a+=o,commercial_video['package']){var c='&m.fwkeyvalues=sponsorship%3D'+commercial_video['package'];a+=c}e.setAttribute('vdb_params',a)}i(e.vdb_Player)}else{var t=arguments.callee;setTimeout(function(){t(e,i)},0)}}(document.getElementById('vidible_1'),onPlayerReadyVidible); To understand President-elect Donald Trump’s promise to clean up Washington D.C., go the basement garage of Trump Tower. There’s a partially covered black Lincoln limousine parked there with a sign on the windshield that says “Drain the Swamp.” That’s pretty much how Trump’s Cabinet is shaping up: a bit of populist rhetoric that fails to conceal a large concentration of the wealthy, well-connected people Trump claimed he was running against. Trump’s latest pick continues that trend, with the president-elect choosing Gary Cohn, the president and chief operating officer of Goldman Sachs, to head the National Economic Council, NBC News reports. The NEC advises the president on economic policy, and its director works in the White House. Trump has already nominated Steven Mnuchin ― a second-generation Goldman Sachs partner, former George Soros employee and co-investor, “foreclosure machine” and hedge fund manager ― to be treasury secretary. He also named billionaire private equity investor Wilbur Ross as his choice for secretary of commerce. Ross owned a coal mine that was cited for more than two hundred safety violations before an accident killed a dozen workers, and is a member of a secret Wall Street fraternity, where, clad in velvet slippers, he sang show tunes mocking poor people. Then Trump picked a wealthy donor to run the Department of Education and a billionaire with almost no qualifications beyond being a billionaire as deputy secretary of commerce. And then there’s Steve Bannon, whom Trump named his senior White House counselor. Bannon began his investment banking career at Goldman Sachs and left the firm in 1990, eventually going on to run Breitbart News, a platform for white nationalist views. Trump surrogate Anthony Scaramucci, an omnipresent financial industry booster and hedge fund salesman, gamely tried to spin the latest appointment as unifying. “The cabal against the bankers is over,” he said. Stocking the Cabinet with Goldman Sachs bankers would help “bring country together,” he said. A Goldman Sachs spokesman had no comment. Trump’s decision to invite several Goldman Sachs employees to join his administration certainly defies the populist image he cultivated while he ran for office. The president-elect closed his campaign with an ad that bashed the political and financial establishment, pairing classically anti-Semitic phrases with images of Goldman Sachs Chairman and CEO Lloyd Blankfein, billionaire investor George Soros, Federal Reserve chair Janet Yellen and other finance figures. Cohn is the latest in a long line of former Goldman Sachs executives to take government jobs steering economic policy and financial regulation, and will become the third Goldman Sachs partner to lead the NEC. Robert Rubin and Stephen Friedman, who served together as co-heads of Goldman in the early 1990s, each held the job as well. Rubin served the Clinton administration from 1993 to 1995 and Friedman served the George W. Bush administration from 2002 to 2004. Rubin left the NEC to become secretary of the treasury, a role another former chief executive of Goldman Sachs, Hank Paulson, filled during the presidency of George W. Bush. Outside of the executive branch, the Federal Reserve is filled with Goldman bankers. Four of the central bank’s 12 regional branches are run by ex-Goldman execs. The Fed is responsible for crafting U.S. monetary policy and has significant regulatory duties. Cohn, 56, has been Goldman Sachs’ president and chief operating officer for 10 years. He began his career on Wall Street in 1983 at the New York Mercantile Exchange, where he traded options. In 1990, he joined Goldman Sachs’ Fixed Income, Currency, and Commodities group and followed Blankfein into management positions in the company’s Securities Division as its trading business boomed relative to traditional investment banking. Cohn reports to Blankfein and has been a clear candidate to succeed him ― though Blankfein has given no hints that he plans to step down and is cancer-free after undergoing chemotherapy for lymphoma last year.  His new role in government would come with a big perk ― beyond occupying one of the two most important economic policy roles in the incoming Trump administration with fellow former Goldman exec Mnuchin. Under a 1989 rule, Cohn can sell his $190 million in Goldman Sachs stock ― which, thanks to a post-election rally in bank stocks, is at an all-time high ― while deferring the capital gains. At the highest tax rate, that’s a benefit worth $38 million in delayed payments to the IRS. In 2013, The New York Times’ Susanne Craig described Cohn as “Prince Charles of Wall Street, a man for whom the crown seems just beyond his grasp.” But now, it seems, he has given up on waiting. This story has been updated with additional information about Gary Cohn and past Goldman Sachs executives in government. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

09 декабря, 20:07

Donald Trump Picks Another Goldman Sachs Exec To Join His Administration

function onPlayerReadyVidible(e){'undefined'!=typeof HPTrack&&HPTrack.Vid.Vidible_track(e)}!function(e,i){if(e.vdb_Player){if('object'==typeof commercial_video){var a='',o='m.fwsitesection='+commercial_video.site_and_category;if(a+=o,commercial_video['package']){var c='&m.fwkeyvalues=sponsorship%3D'+commercial_video['package'];a+=c}e.setAttribute('vdb_params',a)}i(e.vdb_Player)}else{var t=arguments.callee;setTimeout(function(){t(e,i)},0)}}(document.getElementById('vidible_1'),onPlayerReadyVidible); To understand President-elect Donald Trump’s promise to clean up Washington D.C., go the basement garage of Trump Tower. There’s a partially covered black Lincoln limousine parked there with a sign on the windshield that says “Drain the Swamp.” That’s pretty much how Trump’s Cabinet is shaping up: a bit of populist rhetoric that fails to conceal a large concentration of the wealthy, well-connected people Trump claimed he was running against. Trump’s latest pick continues that trend, with the president-elect choosing Gary Cohn, the president and chief operating officer of Goldman Sachs, to head the National Economic Council, NBC News reports. The NEC advises the president on economic policy, and its director works in the White House. Trump has already nominated Steven Mnuchin ― a second-generation Goldman Sachs partner, former George Soros employee and co-investor, “foreclosure machine” and hedge fund manager ― to be treasury secretary. He also named billionaire private equity investor Wilbur Ross as his choice for secretary of commerce. Ross owned a coal mine that was cited for more than two hundred safety violations before an accident killed a dozen workers, and is a member of a secret Wall Street fraternity, where, clad in velvet slippers, he sang show tunes mocking poor people. Then Trump picked a wealthy donor to run the Department of Education and a billionaire with almost no qualifications beyond being a billionaire as deputy secretary of commerce. And then there’s Steve Bannon, whom Trump named his senior White House counselor. Bannon began his investment banking career at Goldman Sachs and left the firm in 1990, eventually going on to run Breitbart News, a platform for white nationalist views. Trump surrogate Anthony Scaramucci, an omnipresent financial industry booster and hedge fund salesman, gamely tried to spin the latest appointment as unifying. “The cabal against the bankers is over,” he said. Stocking the Cabinet with Goldman Sachs bankers would help “bring country together,” he said. A Goldman Sachs spokesman had no comment. This is a developing story and will be updated. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

05 декабря, 18:52

How Trump, Grifter for the Elite, Grabbed Government for the 0.01 Percent

Our country's privileged few used to exert their control through political surrogates. Now, thanks to Donald Trump, they're taking a more hands-on approach. If it weren't for his appeals to hate, it would be easy to understand why so many voters were taken in by Trump. It's not just that the middle class is dying, or that wages have flatlined and inequality has soared. It's that there is real fear behind those numbers. Millions of Americans, of all races, genders, religions, and national origin, are living in economic fear and distress. Two-thirds of us would have trouble meeting a $1,000 emergency. That kind of economy is a breeding ground for grift. Studies like those conducted by Boston College's Center for Retirement Research confirm what professional con artists have always known: people in financial distress are easier marks. And make no mistake about it: Donald Trump is a con artist. Trump voters have been taken in by a grift so shameless he might as well have pretended to be calling from the IRS. Trump was always a Trojan horse for the 0.01 percent. And now he's forming a government of, by, and for the very elites he campaigned against. Rule of the Ultra-Elite We already live in the most unjust and unequal economy in modern American history. A new report from Deutsche Bank shows that the top 0.1 percent of Americans now holds as much wealth as the bottom 90 percent. In other words, if the United States were 1,000 people in a room, just one of them would be as wealthy as 900 of the others. That particular statistic hasn't been this bad since the 1930s. Trump's administration is already the wealthiest in history. Its members are heavily drawn from the tiny group of 16,000 people in this country who own as much wealth as 80 percent of the population -- some 256,000,000 Americans. His cabinet picks include two confirmed billionaires (so far - he's not done yet). They come from an even more elite group: the 536 Americans whose combined wealth exceeds $2.6 trillion. For context, the median wealth of an American adult is roughly $34,316. It's not just their wealth that distinguishes Trump's team from the vast majority of Americans. It's their class exclusivity. Trump has largely drawn from people who, like him, were born into wealth and privilege. This insularity, combined with the heartlessness of the policies they espouse, makes it even less likely that they will empathize with -- or even understand -- the problems of ordinary people. Most of them have never experienced hard times. And judging from their policy positions, they can be counted on to have about as much empathy for working people as Leona Helmsley's dog. By the way: that dog, who was rich enough to join Trump's cabinet, was named "Trouble." Goldman Sachs Bait-and-Switch Here's Trump last February, speaking about his primary opponent Ted Cruz: "I know the guys at Goldman Sachs. They have total, total control over (Cruz). Just like they have total control over Hillary Clinton." Here's a Trump campaign ad showing images of Goldman Sachs CEO Lloyd Blankfein, as the narrator speaks of "a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth and put that money into the pockets of a handful of large corporations and political entities." And here's a headline from last week: "Goldman Sachs poised for return to power in Trump White House." Goldman made a good foil for Trump. The firm committed serial fraud, and nobody went to jail. Bill and Hillary Clinton's dealings with the firm, including Hillary's highly-paid private speeches, were a major campaign weakness. It was made worse by pictures like this one, of Hillary Clinton laughing and hugging Goldman COO Gary Cohn. Trump made the most of that weakness. Democrats were vulnerable to Goldman-themed, anti-elitist attacks, and Trump was more than happy to use the firm as an example of everything that's wrong with our political and financial system. What a difference a few weeks make. Key Trump picks from Goldman Sachs include Steve Mnuchin, Trump's pick for Treasury Secretary; his political czar, Steve Bannon; his transition advisor Anthony Scaramucci; and even Cohn, who is seen as a possible top hire. Predators on Parade Mnuchin was a mortgage predator whose used his California bank, OneWest, to enrich himself through foreclosure fraud. A report from the California Reinvestment Coalition showed that the outfit he ran, OneWest, preyed on vulnerable seniors and became a specialist in the "foreclosure of widows." His bank reportedly foreclosed on a 90-year-old woman over a 27-cent error. There's no delicate way to say this: That's monstrous. Will Mnuchin exploit the federal government for his personal benefit? He already has. The California Reinvestment Coalition estimated that OneWest was collecting $2.4 billion in federal funds, aka corporate welfare, despite its history of fraudulent foreclosures and predatory lending. (More information here.) Then there's Wilbur Ross, Trump's reputed choice for Commerce Secretary. He was born into comfort, and became a billionaire through a series of predatory investments. Ross, whose art collection is valued at $150 million, specialized in purchasing distressed companies so that he could fire their employees and sell off their assets. "We have actually been bankers," Mnuchin said this week of himself and Ross. They have actually been predators, too. Mnuchin says he wants to cut back on the Dodd-Frank bill, a measure that took some first steps toward reining in Wall Street's greed and recklessness. Assuming he succeeds - a good bet, since Republicans hold both houses of Congress - he and his fellow bankers will soon have a freer hand to rip off customers and endanger the economy. During the campaign, Trump called hedge funders "guys that shift paper around and get lucky." They're about to get even luckier. Wealth and Human Disservices Tom Price, Trump's choice for Secretary of Health and Human Services, is 'only' worth a reported $13.6 million, making him a virtual plebeian in the Fabergé-egg Trump cabinet. But he's gone to bat for the aristocracy. Not content to attack the Affordable Care Act, Price is also intent on privatizing Medicare. That's a good deal for the ultrawealthy, who will pay less in taxes, but a disaster for everyone else. Betsy DeVos, Trump's billionaire pick for Education Secretary, is unremittingly hostile to public education as we know it. As Jeff Bryant explains, her political extremism is matched only by her determination to continue the policies of a small but determined group of education privatizers that educator Diane Ravitch calls "the Billionaire Boys' Club." As the daughter-in-law of Amway founder Richard DeVos, Betsy DeVos belongs to a family whose net worth is more than $5 billion. But it couldn't have been a difficult adjustment, since she's also the daughter of a wealthy Michigan industrialist. Ben Carson, who will lead Housing and Urban Development, grew up outside the typical Trump appointee's bubble of wealth and privilege. But with a reported net worth of $26 million, Carson can afford the price of admission. What's more, his willingness to blur the line between a presidential campaign and personal enrichment proves that he'll fit right in. Carson's department was created to address historical biases and injustices in housing. These injustices can warp communities, and the nation, for generations to come. And affordable housing is a human right. But when it comes to architecture, Carson's greatest claim to fame is his belief that the Egyptian pyramids were used to store grain. There's no sign that he understands HUD's intended purpose, either. The Ruthless Few And now we learn that the CEO of Exxon Mobil is being considered for Secretary of State. It's becoming clear that Trump plans to give direct control of the government to the people who have indirectly ruled us for decades, thanks to an over-financialized economy and a government whose policies are guided by the desires of oligarchs. Trump used vulnerable swing-state voters to take the government for the 0.01 percent, and he did it coldly as Steve Mnuchin used a 27-cent mistake to take that woman's house. Voters who were eager to trust him forgot that most fundamental of psychological principles: Grifters gotta grift. Environmentalist Bill McKibben recently quoted author Jonathan Schell as saying, "Nonviolence is a means by which the active many can overcome the ruthless few." Let's hope so, because the ruthless few are about to assume command. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

02 декабря, 06:50

Trump's Treasury Secretary Pick Is A Lucky Man... Very Lucky

Authored by Jesse Eisinger, originally posted at ProPublica.org, Steven Mnuchin has made a career out of being lucky. The former Goldman Sachs banker nominated to become Donald Trump’s treasury secretary had the perspicacity to purchase a collapsed subprime mortgage lender soon after the financial crisis, getting a sweet deal from the Federal Deposit Insurance Corporation. Now, if he’s confirmed, he will likely be able to take advantage of a tax perk given to government officials. Mnuchin was born into a family of Wall Street royalty. His father was an investment banker at Goldman Sachs for 30 years, serving in top management. He and his brother landed at the powerful firm, too. After making millions in mortgage trading, Mnuchin struck out on his own, creating a hedge fund and building a record of smart and well-timed investment moves. He dodged disaster when he inherited his mother’s portfolio. She was a longtime investor with Bernie Madoff, the largest Ponzi schemer in American history. After she died in early 2005, Mnuchin and his brother quickly liquidated her investments, making $3.2 million. The Madoff trustee, Irving Picard, sued to retrieve the money from the Mnuchins, as he did from other Ponzi scheme winners, contending that they were fake gains. A court ruled that Picard could only claw back money from those who had cashed out within two years before the collapse. The Mnuchins, having pulled out roughly three years before, got to keep their Madoff money. That something was dodgy about Madoff was an open secret on Wall Street. After the financial crisis, the FDIC seized IndyMac, whose irresponsible mortgage loans failed as the housing bubble burst. Desperate to offload the bank, the FDIC subsidized the takeover by sheltering Mnuchin and his team of investors, including hedge fund managers John Paulson and George Soros, from losses. The investors injected $1.55 billion into the bank in 2009. They changed the name to OneWest and five years later, sold it to lender CIT for more than $3 billion, doubling their investment. Mnuchin also benefited from what may have been a nice fluke a little later. He served as the co-chair of Relativity Media, a film and entertainment company, for about eight months until May 2015. Relativity filed for Chapter 11 bankruptcy in July 2015. Just before it collapsed, Relativity paid off a $50 million loan to Mnuchin’s bank, OneWest, in full. Paying off one creditor in full just before filing for bankruptcy looks questionable, especially when there is the appearance that such a deal isn’t at arm’s length. One Relativity investor cried fraud and sued in 2015, contending that Relativity used its loans for improper purposes, including to make payments to OneWest. Mnuchin’s lawyer called the claims preposterous and the suit was initially thrown out. A lawyer for the investor, a film financing company, told the Los Angeles Times that it planned to refile. Mnuchin was blessed again when the Obama administration did not crack down harder on foreclosure abuses. OneWest got a reputation among activists and borrowers as one of the more feckless banks, accused of throwing borrowers out of their homes, denying mortgage modifications, and targeting the elderly with reverse mortgages. The Office of the Comptroller of the Currency settled with OneWest, and over a dozen other banks and mortgage servicers, over its robosigning practices in 2011. That regulatory settlement, called the Independent Foreclosure Review, was an utter debacle, as ProPublica has detailed. Regulators set up a process for consultants to review how the servicers had handled modification reviews, which meant in effect that the banks were monitoring themselves. The regulators did not punish any top financial executives over foreclosure mistreatment. In a happy circumstance for Mnuchin, the Department of Justice and state attorneys general did not include OneWest in their subsequent and more punitive settlement over foreclosure bad behavior. Mnuchin was fortunate once more to pick the right candidate, Trump, early; most of Wall Street assumed that Hillary Clinton would win and bet accordingly with its political donations. What good happenstance, then, that Trump didn’t mean what he said about Wall Street on the campaign trail. On the stump, Trump said, “We will never be able to fix a rigged system by counting on the people who rigged it in the first place.” He attacked Goldman Sachs by name, saying that the bank “owns” Ted Cruz, whose wife worked at the firm. “I know the guys at Goldman Sachs,” he said, “They have total, total control over [Cruz]. Just like they have total control over Hillary Clinton.” Trump put an image of Goldman CEO and chairman Lloyd Blankfein, along with other Jewish figures in finance like George Soros and Janet Yellen, in a commercial late in the campaign that was widely decried as anti-Semitic. Trump did not feel such a strong antipathy for Goldman that he passed over a firm veteran to be his treasury secretary. Mnuchin still owned $97 million of CIT stock as of last February. The Treasury Department will likely require him to sell those shares, since it poses a conflict of interest for the treasury secretary to own a stake in a financial institution. But therein lies a final good break for Mnuchin: According to a provision of the tax code, he can defer taxes, as long as he complies with certain conditions. That benefit, available to all officials who are required to sell investments upon taking a government job, could be worth millions to Mnuchin.

01 декабря, 18:56

Questions resurface about who would succeed longtime Goldman CEO

(Reuters) - Goldman Sachs Group Inc is again facing questions about who would succeed longtime Chief Executive Officer Lloyd Blankfein when he eventually steps down.

01 декабря, 18:42

The next treasury secretary: You’re hired

Print section Print Rubric:  Three main challenges await the next treasury secretary Print Headline:  You’re hired Print Fly Title:  The next treasury secretary UK Only Article:  standard article Issue:  Why a strengthening dollar is bad for the world economy Fly Title:  The next treasury secretary Location:  WASHINGTON, DC Main image:  Steve Mnuchin: gold-man hired Steve Mnuchin: gold-man hired IN SOME respects, Steve Mnuchin is a typical nominee for the post of treasury secretary. Like two of his last seven predecessors—and his father and brother—he climbed the ranks at Goldman Sachs, a bank. In the 2000s he briefly worked for George Soros, an investor. (On the eve of the election, Mr Soros featured alongside Lloyd Blankfein, Goldman’s CEO, as a target of a Donald Trump attack on the “global ...

01 декабря, 15:24

HAPPY DECEMBER -- The man who SAID NO to Trump -- RACE TODAY to be one of the most powerful men in D.C. -- Digging in on Mnuchin -- IVANKA to focus on climate -- B’DAY: Jen Psaki

Listen to Playbook in 90 Seconds http://bit.ly/2gOrKUX ... Subscribe on iTunes http://apple.co/2eX6EayGood Thursday morning and welcome to December! NEWS -- THANKS BUT NO THANKS -- Rep. Jeb Hensarling of Texas -- the powerful House Financial Services chairman -- turned down President-elect Donald Trump’s offer to head the Office of Management and Budget, several sources told us. Hensarling was in the mix for Treasury secretary, a job that later went to Steve Mnuchin. The OMB job is a massive opportunity. It’s the largest operation in the White House, and is charged with the president’s budget and the mechanics of the federal government. Trump is now considering Gary Cohn, the president of Goldman Sachs, for that job. Neither side seemed eager to discuss the situation. IN THE ROOM WHERE IT HAPPENS -- Vice President-elect Mike Pence and incoming WH Chief of Staff Reince Priebus visited Speaker Paul Ryan in his Capitol office Wednesday. (Pic: http://bit.ly/2gJljGv). Priebus had a well-organized white binder, and clutched what looked like a red Sharpie. Make no mistake: This, along with Senate Majority Leader Mitch McConnell (R-Ky.), is the power circle. Ryan and Priebus have known each other for years. And Pence and the speaker served in Congress together. Pence and Ryan know how to work the Capitol. Priebus is close with Trump.DONALD TRUMP and MIKE PENCE go to Indiana today to celebrate Carrier keeping nearly 1,000 jobs from moving to Mexico. Trump has a 7 p.m. rally in Cincinnati -- part of the new administration’s “thank you” tour. Fox News’s Sean Hannity will interview Trump and Pence from Cincinnati.-- @SeanHannity yesterday: “1000 jobs saved today! Awesome start! … 1000 Families will have a better Christmas & future because @realDonaldTrump cared enough to fight for them.”WHAT THE WHITE HOUSE IS READING -- @HerbieZiskend: “The media is giving trump more credit for 1000 jobs saved at Carrier than they gave Obama for 3.5 million jobs saved/created through ARRA.”WHAT WILL GREET THEM -- INDIANAPOLIS STAR: “Federal access likely biggest factor in Carrier deal,” by Tony Cook and James Briggs: “Carrier Corp.'s decision to keep hundreds of jobs in Indianapolis had more to do with access to the federal government than state incentives, sources familiar with the deal told IndyStar. Carrier is maintaining its Indianapolis operations largely because of the business interests of its parent company, United Technologies Corp., said John Mutz, an Indiana Economic Development Corp. board member. The IEDC awards state incentives, primarily training grants and tax credits. Mutz, who was briefed on the state’s offer to Carrier, said United Technologies ‘wants to make sure they maintain a favorable relationship’ with the incoming Trump administration. ‘This is an enormous company with all kinds of subsidiaries that do government work, and I am sure they want to keep it,’ Mutz said.“[V]ice President-elect Mike Pence, who is still governor of Indiana, and his state commerce secretary, Victor Smith, had been in discussions with Carrier for weeks. In what the source described as a ‘carrot and stick’ approach, Trump entered the negotiations later to discuss the company’s relationship with the federal government.” http://indy.st/2gaAtRL -- DEPT. OF YA CAN’T MAKE IT UP: @joshgerstein: “Guess who reps Carrier, which just cut jobs deal with Trump/Pence? Teneo. Really. I think God is toying with us. Where’s Ashton Kutcher?” http://bit.ly/2fUxgrC PLAYBOOK NOTE: Teneo is the company founded by longtime Clinton aide Doug Band. UP FOR GRABS -- House Republicans on Thursday will select the new chairman of the Energy and Commerce Committee, a panel that will have outsized influence in all of Republican Washington. The panel’s longtime chairman, retired Democratic Rep. John Dingell of Michigan, once was asked to describe the committee’s jurisdiction, and he pointed to a globe and said, “If it moves it’s energy, if it doesn’t, it’s commerce.”That’s why Oregon Rep. Greg Walden and Illinois Rep. John Shimkus are fighting so hard to lock up the votes of the several dozen steering committee members. Walden is the odds on favorite, at this point. He’s served four terms in top slots at the National Republican Congressional Committee, and is widely popular among members of the panel. His steering committee allies say they have it all but locked up. It would be a coup of sorts for Walden. Shimkus is more senior, and is close to House Majority Whip Steve Scalise -- the pair have bunked together on Capitol Hill. Right now it looks like Walden will win. But it all comes down to Paul Ryan. If the speaker weighs in behind closed doors -- and many believe he will -- he has the power to sway the election.--Important to remember: Ohio Rep. Pat Tiberi had the House Ways and Means Committee gavel all but locked up until Ryan backed the more senior Texas Rep. Kevin Brady in one of his first moves as speaker. Brady is now the chairman of the powerful tax writing panel.PELOSI WATCH -- “Pelosi agrees to changes in Democratic leadership structure,” by John Bresnahan and Heather Caygle: “Just hours after fending off the first real challenge to her control in years, House Minority Leader Nancy Pelosi has decided to support changes to the leadership that will loosen - somewhat - her grip on the Democratic hierarchy. Pelosi will back the election of the chair of [the DCCC], according to a letter she sent to her colleagues Wednesday night. The California Democrat will also throw her weight behind plans to add five new leadership spots, including two for junior members, the letter states. And Pelosi will back the creation of ‘vice chairs’ or ‘vice ranking members’ within the committee structure, a move designed to give junior members more say on what happens within panels.” http://politi.co/2gOi9h0-- THESE MOVES might quell the boiling frustration among rank-and-file lawmakers in the near term, but it will be harder to tamp down the growing sense in the House Democratic Caucus and more broadly among Democratic operatives that a post-Pelosi succession plan needs to be put in place. And quickly.WHAT ELIZABETH WARREN IS READING -- “Mnuchin foundation donated to groups that vouched for his bank: Trump’s Treasury pick earned millions of dollars from the sale of a bank accused of wrongful foreclosures,” by Isaac Arnsdorf and Ken Vogel: “Donald Trump’s choice for treasury secretary, Steven Mnuchin, earned tens of millions of dollars from a 2015 bank sale that got a boost from an array of nonprofit groups that had one thing in common -- they had received tens of thousands of dollars each from the bank’s foundation, which was run by Mnuchin. The sale of OneWest, a bank that Mnuchin co-founded and chaired, to CIT Group for $3.4 billion drew significant opposition from public interest groups because OneWest had been accused of wrongful foreclosures and racial discrimination in its mortgages and small-business loans.” http://politi.co/2gY2mjJ -- WSJ: “Steven Mnuchin’s Defining Moment: Seizing Opportunity From the Financial Crisis: Donald Trump’s nominee for Treasury secretary made millions buying failed IndyMac and has résumé at odds with president-elect’s campaign rhetoric,” by Rachel Louise Ensign, Anupreeta Das and Rebecca Ballhaus: “On a muggy morning in July 2008, hundreds of customers stood outside IndyMac Bank branches in Southern California, trying to pull their savings from the lender, which was doomed by losses on risky mortgages. Steven Mnuchin didn’t know much about IndyMac as he watched the scenes on CNBC from his Midtown Manhattan office. But he immediately saw an opportunity and began figuring out how to buy the bank.“Regulators seized IndyMac, foreshadowing a vicious banking crisis. Six months later, Mr. Mnuchin and his investment partners acquired IndyMac with a helping hand from the U.S. government. The deal eventually earned him hundreds of millions of dollars in personal profits. The former Goldman Sachs Group Inc. partner, Hollywood financier and hedge-fund manager now is President-elect Donald Trump’s choice for Treasury secretary. Like other Trump cabinet picks, Mr. Mnuchin has a résumé that is at odds with much of the president-elect’s populist rhetoric on the campaign trail.” http://on.wsj.com/2gJakNv -- OUR TAKE: Mnuchin will likely be confirmed, but Democrats are going to jump all over this guy for his private-sector career. Massachusetts Sen. Elizabeth Warren has already called him the “Forrest Gump” of the financial crisis. Expect fireworks at his confirmation hearing. -- @gdebenedetti: “How you know Dems are spoiling for a fight on Mnuchin: a rare (first-ever?) joint statement from Sanders and Warren”: http://bit.ly/2gY34xrTHINK OF THIS: Mnuchin, billionaire Commerce Secretary nominee Wilbur Ross and billionaire Education Secretary nominee Betsy DeVos are all going to have to fill out financial disclosure forms before going in front of the Senate for confirmation. Those should be a fascinating read.RNC WATCH -- “Trump’s allies jockeying over RNC control,” by Ken Vogel, Alex Isenstadt, and Eliana Johnson: “Donald Trump’s closest allies are jockeying over control of the [RNC] in a power struggle that could shape the direction of the GOP in the Trump era. At the center of the struggle are Trump’s incoming White House chief of staff Reince Priebus, who is the current RNC chairman and the president-elect’s lead liaison to the party establishment, and a pair of Trump confidants who have pushed him toward his populist base — chief strategist Steve Bannon and top donor Rebekah Mercer.“Bannon and Mercer have encouraged consideration of Mercedes Schlapp, a veteran party strategist who was an official in the George W. Bush White House but who emerged as a staunch Trump booster during the campaign ... Priebus, on the other hand, prefers one of several contenders more associated with the party’s establishment, including Michigan Republican Party chairwoman Ronna Romney McDaniel and RNC official Matt Pinnell. Adding to the intrigue, Vice President-elect Mike Pence’s political team is pushing another candidate: Nick Ayers, a Georgia-based operative who advised Pence during the presidential campaign and has been assisting with the transition.” http://politi.co/2gBKo3qHAPPENING TONIGHT -- GOP LEADERSHIP FETE -- The Congressional Leadership Fund, the leadership backed House Republican super PAC, is hosting a reception at the Capitol Hill Club honoring GOP leadership and the newly elected Republican lawmakers they helped bring to D.C. Slated to show up: Speaker Paul Ryan, House Majority Leader Kevin McCarthy and the rest of their leadership team. CLF and American Action Network spent $48 million on 32 House races in 2016, and they won 29. Invite http://politi.co/2fIctZL FIRST DAUGHTER -- “Ivanka Trump, climate czar? The first daughter aims to use the first lady’s lectern to champion liberal causes,” by Annie Karni: “Ivanka, 35, Trump’s avatar among the moneyed left-wing elite, is now poised to be the first ‘first daughter’ in modern history to play a larger public role than the first lady. And she’s positioning herself … as a bridge to moderates and liberals disgusted and depressed with the tone and tenor of the new leader of the free world. And the ambitious daughter, who once plotted her career around international brand domination, is planning to take on an even heavier lift. Ivanka wants to make climate change — which her father has called a hoax perpetuated by the Chinese — one of her signature issues, a source close to her told Politico. The source said Ivanka is in the early stages of exploring how to use her spotlight to speak out on the issue. If she can pull it off, her advocacy could come as a bit of solace to fearful Americans.” http://politi.co/2goLKk8 THE BEST READOUT EVER – “Pakistan’s surprisingly candid readout of Trump’s phone call with prime minister,” by WaPo’s Max Bearak: “‘Prime Minister Muhammad Nawaz Sharif called President-elect USA Donald Trump and felicitated him on his victory. President Trump said Prime Minister Nawaz Sharif you have a very good reputation. You are a terrific guy. You are doing amazing work which is visible in every way. I am looking forward to see you soon. As I am talking to you Prime Minister, I feel I am talking to a person I have known for long. Your country is amazing with tremendous opportunities. Pakistanis are one of the most intelligent people. I am ready and willing to play any role that you want me to play to address and find solutions to the outstanding problems. It will be an honor and I will personally do it. “Feel free to call me any time even before 20th January that is before I assume my office. On being invited to visit Pakistan by the prime minister, Mr. Trump said that he would love to come to a fantastic country, fantastic place of fantastic people. Please convey to the Pakistani people that they are amazing and all Pakistanis I have known are exceptional people, said Mr. Donald Trump.’ Trump’s transition team did not respond to immediate requests for comment or corroboration.” http://wapo.st/2fOmEr8WALL STREET MEMO -- “Goldman Sachs poised for return to power in Trump White House,” by Morning Money’s Ben White in New York: “Government Sachs is returning to Washington. After a decade in the wilderness, Wall Street’s most powerful firm, Goldman Sachs, is dominating the early days of the incoming Trump administration. The newly picked Treasury Secretary, Steven Mnuchin, spent 17 years at Goldman. Trump’s top incoming White House adviser, Steve Bannon, spent his early career at the bank. So did Anthony Scaramucci, one of Trump’s top transition advisers.“Goldman’s president, Gary Cohn, spent an hour schmoozing with President-elect Donald Trump on Tuesday and could be up for an administration job, possibly as director of the Office of Management and Budget, people close to Cohn and the transition said. Cohn, a long-time commodities trader, is friendly with Trump’s powerful son-in-law, Jared Kushner. It’s a stunning reversal of fortune for Goldman, a long-time Washington power that fell out of favor following the financial crisis. CEO Lloyd Blankfein got hauled before Congress along with other Wall Street executives to account for their behavior. And Trump, who ran as a populist and bashed Wall Street on the campaign trail, featured Blankfein as a shady and dangerous character in his final campaign ad.” http://politi.co/2gO6cIa WHAT TRUMP TOWER IS READING – “Trump Outpaces All Recent Presidents-Elect on Cabinet Picks,” by Rob Bluey and Rachel del Guidice: “A Daily Signal analysis of Cabinet nominations dating back 40 years reveals that President-elect Donald Trump is outpacing all of his predecessors, including George H.W. Bush, who was a sitting vice president at the time of his election.” http://dailysign.al/2ge2VFt-- Political Memo by NYT’s Alex Burns, “Trump, a Free-Form Leader, Experiments and Invites Drama”: “While Mr. Trump’s focus appeared to careen unpredictably from hour to hour [Tuesday and Wednesday], the larger pattern he followed was a familiar one. As a candidate, Mr. Trump operated largely on gut instinct, with publicity-seeking provocation as his chief tactic. Trusting few people outside a circle of intimates, Mr. Trump thrived in a daily cycle of controversy and cultivated an atmosphere of often-public drama and division within his campaign.” http://nyti.ms/2gOtXzR -- “Wrestling exec Linda McMahon a top choice for Trump’s small business chief,” by Megan Cassella: “Linda McMahon, a professional wrestling executive and former Republican contender for Connecticut’s U.S. Senate seats, is among the top contenders to lead Trump’s Small Business Administration.” http://politi.co/2goN4DD -- “Trump considering Dan Coats for intel director,” by Alex Isenstadt: “Coats, a member of the Senate Intelligence Committee, met with President-elect Donald Trump on Wednesday at Trump Tower. Speaking to reporters afterward, he was coy about his intentions.” http://politi.co/2gBLOe9ON THE AIR -- “Trump runs ads promoting ‘thank you’ tour,” by Steve Shepard: “Trump’s campaign apparatus is spending $2,300 on an oldies station in Cincinnati to promote his 7 p.m. event Thursday night at U.S. Bank Arena, a downtown venue that’s also home to a minor-league hockey team. The money for the ad is coming from Trump’s presidential campaign, according to a source tracking media buys — not the presidential transition.” http://politi.co/2gOgfNwSHOT -- FOR POLITICS AND PINTS ONE DAY -- @steveweinstein: “Clinton now over 65 million votes. No candidate except Obama ever did that. Not even the great Trump! Clinton 65,001,074 Trump 62,578,111”.CHASER -- NEW ON HILLARYCLINTON.COM -- “Help with the Michigan recount: Let us know if you want to get involved”: http://hrc.io/2gLs20jFUTURE OF NEWS -- NYT Business Day front, “While We Weren’t Looking, Snapchat Revolutionized Social Networks,” by Farhad Manjoo: “Snap has quietly become one of the world’s most innovative and influential consumer technology companies. ... [P]erhaps most important, its model for entertainment and journalism values human editing and curation over stories selected by personalization algorithms — and thus represents a departure from the filtered, viral feeds that dominate much of the rest of the online news environment.” http://nyti.ms/2gOfJiGVALLEY TALK -- “Sheryl Sandberg is donating more than $100 million in Facebook stock to charity,” by Re/code’s Kurt Wagner: “The stock, 880,000 shares, was transferred into what is known as a donor advised fund, which is controlled in this case by Fidelity, but gives Sandberg the chance to steer the money where she wants it. That includes women’s empowerment groups like Lean In (which Sandberg founded), anti-poverty organizations like Second Harvest Food Bank, and grief organizations like Kara, according to people familiar with Sandberg’s plans.” http://on.recode.net/2gJaioL FOR YOUR RADAR -- “Mayors look to tackle climate change at city level,” by FT’s Ed Crooks in New York: “The mayors of Atlanta, Cape Town, Paris and Vancouver have pledged to lead a 7,000-city push to combat the threat of climate change, even as Donald Trump’s election as US president dims hopes for co-ordinated national action. The cities, along with Seoul, Quito and others, will join the board of the Global Covenant of Mayors, chaired by Michael Bloomberg, former mayor of New York, and Maroš Šefčovič, vice-president of the European Commission.” http://on.ft.com/2fI0TOt ... Release http://politi.co/2gaIG8sTHE NEW GILDED AGE -- “How to Hide $400 Million: When a wealthy businessman set out to divorce his wife, their fortune vanished. The quest to find it would reveal the depths of an offshore financial system bigger than the U.S. economy,” by NYT’s Nick Confessore: “[A] worldwide financial system catering exclusively to the very wealthy ... has become astonishingly effective at ‘offshoring’ wealth — detaching assets, through complex layers of ownership and legal planning, from their actual owners, often by hiding them in another country. Created by lawyers, accountants and private bankers and operating out of a global archipelago of European principalities, former British colonies and Asian city-states, the system has one main purpose: to make the richest people in the world appear to own as little as possible.” http://nyti.ms/2gLytAf MEDIAWATCH -- WSJ’s JOSH DAWSEY TO POLITICO -- Memo from Carrie Budoff Brown and John Harris: “John and I are thrilled to announce that Josh Dawsey, a New York City Hall reporter for The Wall Street Journal, will join our White House team later this month. He struck us immediately as a classic POLITICO reporter. He excels at breaking news, getting behind the scenes to show how decisions are made, and holding public officials to account. Josh has worked at The Journal since 2012, breaking a number of stories about federal investigations into City Hall, record lobbying in the city and the questionable ethical activities of the mayor's political non-profit and his outside advisers. He has written detailed portraits of the mayor's management style and character, taking readers deep inside City Hall, while chronicling Bill de Blasio’s attempts to become a leader in the Democratic Party and his intra-party feud with Gov. Andrew Cuomo. … He graduated from the University of South Carolina and is a proud Southerner.”-- “Breitbart News sees advertisers exit, calls Kellogg’s decision ‘un-American,’” by L.A. Times’ David Ng: “Breitbart News Network is seeing some of its advertisers head for the exit doors and is responding in typical Breitbart fashion: by going on the counteroffensive, labeling one of them as ‘un-American’ and calling it a war on conservatism … Breitbart is fighting back at one of the advertisers — the breakfast cereal maker Kellogg Co. — by launching a Twitter campaign #DumpKelloggs that encourages its readers to sign a petition and boycott the maker of such favorites as Froot Loops and Apple Jacks. On Wednesday, Breitbart placed an article about its #DumpKellogs campaign in the top slot of its homepage. By early afternoon, the article had drawn more than 6,000 reader comments, many in support of the boycott.” http://lat.ms/2gaMPJw … Breitbart’s story http://bit.ly/2gYgz0r -- “Reporter Sopan Deb Shifts From Chronicling Donald Trump To Covering Culture,” by HuffPost’s Michael Calderone: “In a memo to staff, [N.Y.] Times Culture Editor Danielle Mattoon said Deb will ‘cover a spectrum of news – cultural, political, race/gender/class, way-we-live-now – through arts and entertainment lenses in the Trump era.’ Deb, 28, joined CBS in 2014 as an associate producer following stints at NBC News, Al Jazeera Media Network, The Boston Globe and Major League Baseball.” http://huff.to/2gaMSVw-- HAPPENING TONIGHT: CNN’s Jake Tapper will moderate the headline panel of the Harvard Kennedy School’s Institute of Politics forum with Trump campaign manager Kellyanne Conway and Clinton campaign manager Robby Mook. The conversation, “War Stories: Inside Campaign 2016,” will air on CNN’s “State of the Union” on Sunday at 9 a.m. EST.-- Skipping the Harvard event, for unexplained reasons: HBS grad Steve Bannon http://bit.ly/2gH1tJz-- Longtime Iowa Caucus veteran journalist David Yepsen is returning to host “Iowa Press” on Iowa Public Television starting Jan. 20, 2017: http://bit.ly/2gOgBDH ... Des Moines Register story http://dmreg.co/2gLw1tzNEW TIME MAGAZINE -- This week’s TIME cover story reflects on Fidel Castro’s life, his complicated legacy, his brother and successor Raúl, and the future of renewed relations between Cuba and the United States. See the cover. http://bit.ly/2gHkX33SOUND FAMILIAR? WaPo yesterday, “Donald Trump is assembling the richest administration in modern American history,” by Jim Tankersley and Ana Swanson: http://wapo.st/2fHUHWP--Politico, last Saturday, “Trump’s team of gazillionaires: The self-styled champion of the working class assembles an administration that could be worth as much as $35 billion,” by Ben White and Matt Nussbaum: http://politi.co/2fdgOnO SPOTTED -- South Carolina Rep. Jeff Duncan greeting Texas Rep. Mike McCaul, a candidate for DHS secretary, by saying “Mr. Secretary” … Adrian Fenty, John Podesta and Steve Spinner on the redeye from SFO-IAD … Former Mississippi Sen. Trent Lott on a flight from Dulles to Heathrow … Mark Leibovich boarding an Amtrak train at NY Penn Station yesterday afternoon … Mass. Gov. Charlie Baker outside Union Station yesterday afternoon ... Newt and Callista Gingrich last night at Cafe MilanoREMEMBERING CLAUDE WYATT DICKERSON – John Dickerson posts on Instagram about his father: “He was a good man. Fought like hell ‘till the end. He always did. Thanks to the doctors and nurses at @DCVAMC”. Instapic of the two http://bit.ly/2gJsMWbJOEL BENENSON spoke to DAVID AXELROD at UChicago’s Institute of Politics on Tuesday night. Video of the full event is online and is a fascinating look inside the Clinton camp’s views as to why they lost the election. Video http://bit.ly/2gYd1LDOUT AND ABOUT -- The U.S. Chamber of Commerce’s Global Intellectual Property Center hosted the 4th annual IP Champions Awards on Wednesday evening. Fox News’ James Rosen emceed the event, which honored innovators across a broad spectrum of industries, including Sugar Ray lead singer Mark McGrath and Billy Idol guitarist Billy Morrison.SPOTTED: Sen. Orrin Hatch (R-Utah), Ben Jenkins, Oscar award-winning producer and director Bruce Cohen, David Hirschmann, Mark Elliot, Jared Parks, Bradley Hayes, Ray Kerins, Mitch Rose, David Green, Rep. Doug Collins (R-Ga.) who took the stage to toast awardees, Rich Bagger, Kathryn Lyons, Amos Snead, Grover Norquist, Benny Johnson, Ruth Vitale, Suhail Khan, Megan Wilson, Ashley Gold, Anissa Brennan, Rick Lane, Mike Castellano, Cameron Gilreath.PIC DU JOUR – The massive Christmas tree last night in the lobby of the Trump hotel in D.C. (it’s a fake tree). http://politi.co/2gaQBCIBIRTHDAY OF THE DAY: Jen Psaki, White House communications director, celebrating with her husband and daughter “and a big glass of wine” -- read her Playbook Plus Q&A: http://politi.co/2gBWqJN BIRTHDAYS: Natalie Wyeth Earnest (hubby tip: Josh) ... Karen Tumulty, the pride of San Antonio ... Florida Gov. Rick Scott is 64 … POLITICO Magazine’s Elizabeth Ralph, the pride of Radnor, Pennsylvania ... former CIA director Stansfield Turner is 93 … Joel Miller of Rep. Brett Guthrie’s office (h/t wife Megan Bel Miller) ... Charlie Anderson of the WH National Economic Council ... Kyle Lierman of the WH Office of Public Engagement ... Wayne Ting ... DNC alum Raul Alvillar ... Susan Stilts Collins, celebrating with breakfast with the 4 kids and dinner at Sushi Ogawa in DuPont with her husband (hubby tip: Rob) ... Sen. Gary Peters (D-Mich.) is 58 ... Jared Scott Small … Ani Toumajan, LA for Rep. Frank Pallone, Jr. (D-NJ) and the pride of Southfield, Mich. (h/t doting bro Mihran) ... Shin Inouye, press secretary for USCIS and former director for speciality media at the White House (h/t Ben Chang) ... Marylouise Oates, novelist and wife of Bob Shrum (h/t Tammy Haddad) ... Safra A. Catz, Israeli-born co-CEO and board member at Oracle, is 55 ... Natalie Ravitz, SVP of comms for the NFL after stints working for Rupert Murdoch, Mike Bloomberg and Sens. Barbara Boxer and Paul Wellstone (h/ts Jewish Insider) ...... Josh Kraushaar, politics editor at National Journal, is 35 ... Marty Chase is 76 ... Bush WH alum Jenny Lynn Buntin ... Bruce Kieloch is 51 ... Politico’s James Senkbeil ... NPR’s Carrie Johnson ... Yochi Dreazen, deputy managing editor and foreign editor at Vox ... JS Kim, I-banking analyst covering tech and media at Credit Suisse in Hong Kong ... Berry Kurland ... Jordan Lieberman, president of Audience Partners: Politics ... Mona Salama, a Breitbart News contributor, is 29 ... Brett Lieberman ... Jeri Henson Dies ... Reggie Smith ... Ryan Bell ... Hayley D’Antuono is 25 ... Terri New, founder and president of Capital Strategies ... Bruce Young ... Charlie Anderson (aka Uncanderson) ... Becky Weissman … Jake Kuitwaard … Terrie New … David Seldin, partner at Brunswick Group … Randy Bauer … Dan McGuire … Donnie Fowler ... Jamie Domini (h/ts Teresa Vilmain) … Stephanie Yousef … Woody Allen is 81 … Bette Midler is 71 … Sarah Silverman is 46 ... Zoe Kravitz is 28 ... pop singer Nico Sereba (Nico & Vinz) is 26 (h/ts AP)

01 декабря, 12:02

Трамп собирает для себя команду из Goldman Sachs?

Избранный президент США Дональд Трамп рассматривает кандидатуру президента и главного операционного директора Goldman Sachs Гэри Кона на пост главы бюджетного управления или другую позицию в своей новой администрации, передает агентство Reuters.

01 декабря, 12:02

Трамп собирает для себя команду из Goldman Sachs?

Избранный президент США Дональд Трамп рассматривает кандидатуру президента и главного операционного директора Goldman Sachs Гэри Кону на пост главы бюджетного управления ил другую позицию в своей новой администрации, передает агентство Reuters.

30 ноября, 20:22

HMM: Trump considering Goldman Sachs president for top post. President-elect Donald Trump is cons…

HMM: Trump considering Goldman Sachs president for top post. President-elect Donald Trump is considering Goldman Sachs President Gary Cohn for a senior administration job, possibly as director of the Office of Management and Budget, several sources close to the situation said on Wednesday. People familiar with the matter say Cohn’s meeting with Trump on Tuesday […]

30 ноября, 20:04

Goldman Sachs poised for return to power in Trump White House

NEW YORK — Government Sachs is returning to Washington.After a decade in the wilderness, Wall Street’s most powerful firm, Goldman Sachs, is dominating the early days of the incoming Trump administration. The newly picked Treasury Secretary, Steven Mnuchin, spent 17 years at Goldman. Trump’s top incoming White House adviser, Steve Bannon, spent his early career at the bank. So did Anthony Scaramucci, one of Trump’s top transition advisers. Goldman’s president, Gary Cohn, spent an hour schmoozing with President-elect Donald Trump on Tuesday and could be up for an administration job, possibly as director of the Office of Management and Budget, people close to Cohn and the transition said. Cohn, a long-time commodities trader, is friendly with Trump’s powerful son-in-law, Jared Kushner. It’s a stunning reversal of fortune for Goldman, a long-time Washington power that fell out of favor following the financial crisis. CEO Lloyd Blankfein got hauled before Congress along with other Wall Street executives to account for their behavior. And Trump, who ran as a populist and bashed Wall Street on the campaign trail, featured Blankfein as a shady and dangerous character in his final campaign ad. Rolling Stone’s Matt Taibbi famously labeled Goldman the “great Vampire Squid” on the face of America. Had Hillary Clinton won the White House, Goldman faced a virtual lock-out from Washington with Sens. Elizabeth Warren and Bernie Sanders poised to block and major picks from the bank or any other firm on Wall Street. Now Goldman, whose proximity to the levers of power dates to the early 20th Century and the creation of the Federal Reserve, stands to return to a level of influence unmatched by any other company in America. And Warren and her allies are left throwing darts from the sidelines.“We are talking about a massive change in tone in literally just three weeks,” said William Cohan a former banker and author of “Money and Power: How Goldman Sachs Came to Run the World. “If this had gone as the cognoscenti thought it was going to go we would be hearing Elizabeth Warren with her megaphone saying no one with a Wall Street background is getting anywhere near a Washington job.” The rise of Goldman is also filled with ironies for Trump, even beyond his recent bashing of Blankfein.Like many Wall Street banks, Goldman stopped doing business with the real estate mogul years ago, scared off by his bankruptcy filings. Many of the firm’s top executives made it clear they preferred Clinton for president. Now Mnuchin, whose father was also a powerful Goldman banker, will be Trump’s top economic adviser, and he is already promising an agenda that thrills Wall Street and terrifies many Democrats. “Our number one priority will be tax reform. This will be the largest tax change since Reagan,” Mnuchin said on CNBC’s “Squawk Box” on Wednesday, flanked by Wilbur Ross, the billionaire investor tapped by Trump to serve as Commerce secretary. “We’re going to cut corporate taxes … we’re going to get to 15 percent,” said Mnuchin, who also argued for changing parts of the Dodd-Frank financial reform law that curtailed many of Wall Street’s swashbuckling ways. “The number one problem with Dodd-Frank is it’s way too complicated and it cuts back on lending,” Mnuchin said. “So we want to strip back parts of Dodd-Frank that prevent banks from lending. And that will be the number one priority on the regulatory side.” Those kinds of comments and the rise of Goldman and Wall Street influence in Trump’s Washington is sending progressive Democrats into a panic. Liberals fear an agenda that will slash tax rates for the wealthy and corporations and gut regulations while allowing Wall Street to go back to the kind of trading practices that helped fuel the financial crisis. Even many reform-minded conservatives wanted Trump to pick a different Treasury Secretary, someone like House Financial Services Chairman Jeb Hensarling or former BB&T CEO John Allison for the job. Both have strong views on increasing bank capital requirements and fighting so-called “Too Big to Fail” institutions. It’s much less clear that Mnuchin will do anything to make life difficult for large banks. Warren came out firing against Mnuchin on Tuesday night. And Democrats plan to hammer the Treasury nominee’s record as head of OneWest, a California bank derided as a “foreclosure machine” during the depths of the crisis. “Steve Mnuchin is the Forrest Gump of the financial crisis — he managed to participate in all the worst practices on Wall Street,” Warren said in a statement on Tuesday night. “He spent two decades at Goldman Sachs helping the bank peddle the same kind of mortgage products that blew up the economy and sucked down billions in taxpayer bailout money before he moved on to run a bank that was infamous for aggressively foreclosing on families.”Sen. Ron Wyden (D-Ore.), ranking Democrat on the Senate Finance Committee, which will consider Mnuchin’s nomination, promised thorough hearings including a focus on Mnuchin’s time at OneWest. The attacks may not be enough to derail Mnuchin, but they will add to a developing Democratic strategy of undercutting Trump’s blue-collar credentials by portraying him as a billionaire plutocrat governing with the interests of his rich friends in mind. “There are a number of serious problems raised by populating the most senior positions in government from a single bank and from a single industry,” said Dennis Kelleher, CEO of financial reform group Better Markets. “Whether it’s true or not, Goldman Sachs will be perceived as having privileged access and influence throughout the government. What we need most, and Candidate Trump seemed to understand this, is a view that prioritizes what’s good for Main Street and the real economy.” Goldman defenders say a negative focus on Mnuchin’s time at the bank is unfair and that he has the economic and markets expertise to help create faster economic growth that lifts wages across the board. “I commend President-elect Trump on his outstanding selection of Steven Mnuchin to be Secretary of the Treasury,” former Goldman CEO and George W. Bush Treasury Secretary Hank Paulson said in a statement on Wednesday. “Steven embodies the characteristics necessary to be a very good Treasury secretary. He is a doer with the analytic and political skills to get things done in a complex environment.” Goldman supporters also note that had Clinton won, the left would have pushed for Gary Gensler, former head of the CFTC and himself a long-time Goldman banker, to be Treasury secretary or take some other high-profile post. “Throughout its 147-year history, Goldman Sachs has encouraged its employees to give back to the community while they are working here and after they leave,” said Jake Siewert, communications director at Goldman. “We are proud that many have gone on to serve their country and their communities after they have left.”The return of Goldman to prominence in Washington restores a tradition that waned in recent years. The relationship dates to back at least to 1913 when one of the firm’s founding partners, Henry Goldman, helped create the Federal Reserve. The influence declined during the Depression only to rise again with Goldman head Sidney Weinberg’s close relationship with President Franklin Delano Roosevelt. More recently, Goldman held sway in President Bill Clinton’s White House with the elevation of former co-chairman Robert Rubin to Treasury secretary during a period that saw significant deregulation of the banking industry and the repeal of the Depression-era Glass-Steagall law separating the activities of retail and investment banking. And when the financial crisis hit in 2008, then-president Bush turned to Paulson to help design a Wall Street bailout package that pumped hundreds of millions of taxpayer dollars into the financial industry. Defenders of the bailout say it saved the economy from potential ruin and most banks including Goldman quickly paid back all federal funds. But Wall Street critics worry that the return of Goldman to such levels of power will ensure friendly treatment of the industry that could spark more crises in the future. “My real issue with Mnuchin is that it really is a start the countdown clock moment to the next crash,” said Kelleher. “That is the inevitability if the Wall Street view of the world once again becomes policy.”

30 ноября, 18:25

Trump considering Goldman Sachs president for top post

Trump is considering Goldman Sachs President Gary Cohn for a senior administration job.

30 ноября, 01:59

Trump Picks Former Goldman Banker Steven Mnuchin As Treasury Secretary

While it has yet to be officially confirmed by the Trump transition team, moments ago the NYT reported that - in what had previously been leaked on several occasions on various other outlets most notably the WSJ - former Goldman banker and Soros employee, Steven Mnuchin "a financier with deep roots on Wall Street and in Hollywood but no government experience" is expected to be named Donald J. Trump’s Treasury secretary as soon as Wednesday. The WSJ has confirmed as much, reporting that "President-elect Donald Trump will name longtime banker and former Goldman Sachs executive Steven Mnuchin as Treasury secretary, turning to a campaign loyalist and fundraiser for the incoming administration’s top economic cabinet post, a transition official said Tuesday." Steven Terner Mnuchin at Trump Tower in Manhattan this month From the NYT: Mnuchin, 53, was the national finance chairman for Mr. Trump’s campaign. He began his career at Goldman Sachs, where he became a partner, before creating his own hedge fund, moving to the West Coast and entering the first rank of movie financiers by bankrolling hits like the “X-Men” franchise and “Avatar.”   As Treasury secretary, Mr. Mnuchin would play an important role in shaping the administration’s economic policies, including a package of promised tax cuts, increased spending on infrastructure and changes in the terms of foreign trade. He could also help lead any effort to roll back President Obama’s nuclear deal with Iran and opening to Cuba by reimposing sanctions on Tehran and Havana. As the NYT adds, his selection fits uneasily with much of Mr. Trump’s campaign rhetoric attacking the financial industry. Mr. Trump, in a campaign ad intended as a closing argument, portrayed the chief executive of Goldman Sachs as the personification of a global elite that the ad said had “robbed our working class.” But, the NYT notes, Mnuchin has said that he agrees with Mr. Trump’s priorities, and he was an early supporter of a candidate who clearly prizes loyalty. When Mr. Trump won New York’s Republican presidential primary in April, Mr. Mnuchin attended the victory party. The next day, he accepted Mr. Trump’s invitation to become the campaign’s national finance director. A number of Mr. Mnuchin’s friends made comments to various publications expressing shock at the decision. Mr. Mnuchin was unfazed. “Nobody’s going to be, like, ‘Well, why did he do this?’ if I end up in the administration,” he told Bloomberg Businessweek in August. As the WSJ adds, "Mr. Mnuchin’s Wall Street pedigree presents a contrast with the populist themes Mr. Trump struck in his campaign, railing against big banks and vowing to close tax loopholes that benefit hedge funds. Mr. Trump also repeatedly attacked his rivals in the primary and general elections for their Wall Street ties, especially those connected to Goldman Sachs." If confirmed by the Senate as Treasury secretary, Mr. Mnuchin will join a list of prominent bankers who made similar moves from Wall Street to Washington, including two of his former bosses at Goldman, Henry Paulson and Robert Rubin, who were both top Goldman executives before running Treasury. * * * For those who have missed our previous piece on the career banker, here are some more details on Mnuchin's background from the WSJ: Despite his successful Wall Street career, Mr. Mnuchin has no experience running a massive organization—the Treasury Department has 86,000 employees—or in economic or financial policy-making. The biggest entity Mr. Mnuchin has run was the technology division of Goldman, which had over 5,000 employees.   Mr. Mnuchin’s acquaintances describe him as smart, with several people calling him “nerdy.” He regularly attends New York philanthropic galas. He has long held high-profile positions on charity boards and is a former director of the Whitney Museum of American Art. At an event for New York charity City Harvest in 2006, Mr. Mnuchin and his ex-wife were photographed with Mr. Trump. Mr. Mnuchin is now engaged to Scottish actress Louise Linton.   Mr. Mnuchin joined Goldman in 1985. He worked in the fixed-income department, eventually overseeing trading in mortgages, U.S. government, money market and municipal bonds. He made partner in 1994. Mr. Mnuchin later became the firm’s chief information officer.   When Goldman converted into a publicly traded company in 1999, Mr. Mnuchin, like other partners, made millions. He later bought a 6,500-square-foot apartment in 740 Park Avenue, a storied Manhattan co-op built by Jackie Kennedy’s grandfather that is known as the “billionaires’ building.”   At a recent conference, Goldman CEO Lloyd Blankfein called Mr. Mnuchin a “highflier, a partner at a young age. He did very well. He is a smart, smart guy.”   In 2002, Mr. Mnuchin left Goldman and later was hired to run a credit fund set up by billionaire George Soros.   In 2004, Mr. Mnuchin and two former Goldman colleagues founded hedge fund Dune Capital Management LP with financial backing from Mr. Soros. Dune soon expanded into the entertainment business, striking up a film-financing deal with a unit of 21st Century Fox. Among the films Dune financed was “Avatar,” one of the all-time box office hits.   21st Century Fox and News Corp, parent company of The Wall Street Journal, share common ownership.   In 2008, IndyMac Bank in Pasadena, Calif., collapsed in one of the largest bank failures in U.S. history. Mr. Mnuchin led a group of investors, including funds run by Mr. Soros and other hedge-fund and private-equity titans, who bought it from the government for about $1.5 billion. The Federal Deposit Insurance Corporation agreed to cover a portion of any future loan losses, a lucrative arrangement for Mr. Mnuchin and his partners. Regulators who negotiated with Mr. Mnuchin found him to be the kind of detail-oriented person who would “know the cost of every pencil,” according to a person familiar with their thinking.   Mr. Mnuchin, who became chairman of the renamed OneWest Bank and CEO of its parent company, relocated to Los Angeles and bought a mansion in the Bel Air neighborhood.   The deal soon became controversial. In 2011, community activists descended on Mr. Mnuchin’s Bel Air home to protest over the possible eviction of a homeowner who was behind on her mortgage payments to OneWest.   In 2014, OneWest was sold to CIT Group Inc., earning Mr. Mnuchin and Dune hundreds of millions of dollars in profits, according to a person familiar with the matter. He later pocketed $10.9 million in severance payouts when he left the company.   Despite the huge profits, OneWest’s legacy continues to trail Mr. Mnuchin, who now sits on CIT’s board and owns more than 1% of its shares.   A portion of OneWest’s mortgage business is under investigation by the Department of Housing and Urban Development. Last July, CIT said it was forced to take a $230 million charge as it cleaned up accounting problems at OneWest. And two California housing groups this month accused OneWest of discriminating against minorities by not putting branches in their communities.   Meanwhile, 14 years after leaving Goldman, Mr. Mnuchin remains in the firm’s orbit, showing up at alumni events and involving other ex-Goldman executives in his finance deals.   He has continued to work those angles as Mr. Trump’s finance chairman, a post he assumed in May. Mr. Mnuchin negotiated a joint fundraising agreement with the Republican National Committee, easing the way for major donors to give both to the party and to Mr. Trump. The committee’s chairman, Lewis Eisenberg, is a Goldman veteran and contemporary of Mr. Mnuchin’s father. * * * Even though the nomination is still unofficial, moments ago CBS' reproter Charlie Keye tweeted that it can also confirm that "Trump has chosen financier Steven Mnuchin as his nominee for Treasury Secretary." Just now. @CBS News has confirmed President-elect Trump has chosen financier Steven Mnuchin as his nominee for Treasury Secretary. — Charlie Kaye (@CharlieKayeCBS) November 29, 2016 And just like that the swamp feels a little bit more full.

24 ноября, 20:54

Trump's team of gazillionaires

The self-styled champion of the working class assembles an administration that could be worth as much as $35 billion.

19 ноября, 22:10

Why Are Goldman Insiders Dumping Stock At The Fastest Rate In 5 Years?

While the 'deplorable' half of America was greatly relieved when Donald Trump pulled off his establishment-upsetting victory, there is another group of Americans that may be even more pleased. Goldman Sachs' top executives had over 1 million stock option grants due to expire worthless next week, but thanks to an unprecedented spike in the stock since the election, Bloomberg reports Lloyd Blankfein and friends have cashed out, selling hundreds of millions in stock in the last week. As Bloomberg details, just last week, it looked like more than 1 million stock options granted toGoldman Sachs Group Inc.’s top executives and directors would expire out of the money. The awards, granted with strike prices of $199.84 at the end of 2006, a solid year for bank stocks, were set to expire on Thanksgiving eve. But on Nov. 7, the night before Americans voted, they closed at $181.48, meaning it wouldn’t make sense for executives to exercise them.   Then Trump pulled off an upset victory and Goldman Sachs surged 16 percent through Thursday, allowing executives to exercise the options and sell shares to lock in gains. The stock closed at $209.63 on Thursday and traded for as much as $212.07 this week, the highest since July 2015. Phew... that was lucky!!   So while the mainstream media proclaims the surge in bank stocks as heralding a new dawn in everything-is-awesome-ness for America, we note that insiders at Goldman Sachs sold $205 million of stock since Nov. 8, company filings show. That’s three times more than the group has sold in any month for at least five years, data compiled by Bloomberg show. Not a bad week for Cohn, Blankfein, and Viniar...   For a sense of how 'odd' this massive surge in Goldman stock is, we note that the credit markets were entirely unimpressed...   So what happens at the end of next week, when these options mature and the magical bid holding Goldman stock above $199.84 disappears? (see credit chart above...)

18 ноября, 19:14

Larry Summers's Perspective, by David Henderson

In a post yesterday, Tyler Cowen writes, "Here is perspective from Larry Summers." Not here is a perspective from Larry Summers. Not here is Larry Summers's perspective. The implication is that Larry Summers has a good perspective. The issue? Trump. So let's consider Larry's perspective. I'll lead by saying that there is much about Trump to criticize. Larry nails much of it. There is much I agree with. But he also repeats a falsehood. And falsehoods don't become true with repetition. He writes: He [Trump] has invoked standard anti-Semitic tropes in his political advertising. Here's the ad that WaPost writer Dana Milbank and Larry Summers found anti-Semitic. Bob Murphy does a nice analysis, writing: The only other commentary I will make is to note the points in the video where Trump identifies enemies, in order to get people to vote for him. I will identify people according to their official demographics, for a purpose that will be clear at the bottom. 0:05 Hillary Clinton (white Christian woman) 0:21 George Soros (Jewish man) 0:22 Janet Yellen (Jewish woman) 0:24 A whole group [20+ people] of financial ministers and central bankers, with all kinds of colors, men and women. 0:33 Obama walking with Prime Minister Abe (I think?) (black Christian man, Japanese man) 0:36 Bill Clinton (white Christian man) 0:44 Hillary Clinton shaking hands with Tony Blair (I think?) (white Christian woman, white Christian man) 0:48 Bill and Hillary Clinton representing "the political establishment" (white Christian man and woman) 0:59 - 1:04 More coverage of "global power structure" with 10+ foreign elites, both sexes and many colors 1:14 Lloyd Blankfein walking to podium at Clinton Global Initiative (Jewish man) 1:15 - 2:00 Video doesn't show any more enemies, but instead shows the average Americans who will save the day. My friend David Bernstein, a law professor at George Mason University, and not someone who is oblivious to anti-Semitism, writes an even better analysis of the ad, in, as it happens, the Washington Post. The whole thing is worth reading. Here's a slice: First, and in contrast to almost every article I've read about the ad, suggesting that Jews were somehow featured, the Jews in the ad only appear for a total of about four seconds in a two-minute ad. Second, only Yellen and Soros are identified by name. I doubt 1 in 20 voters even knows who Yellen is, much less her ethnic background. Moreover, neither has a recognizably Jewish name -- if you were going for the anti-Semitic vote, why not use Clinton supporters far more well-known and identifiably Jewish, such as Steven Spielberg, Joe Lieberman, or even Sarah Silverman? I didn't know Yellen is Jewish. Third, Lloyd Blankfein is pictured, but not identified by name. How many voters would recognize Blankfein? I didn't. And how many of those know he's Jewish? Again, I didn't. And: Even more puzzling, why would you attack Jewish bankers to appeal to the best-informed segment of white supremacist extremists the same weekend you float the name of a Jewish banker, Steven Mnuchin, formerly of Blankfein's Goldman Sachs, as a possible Treasury secretary? Are the white supremacists supposed to be smart enough recognize Blankfein as a Jew, but not smart enough to know Mnuchin is a Jewish name, or to Google him? There's so much to criticize about Trump and, in the next few weeks, I'll be doing so. I've held off since his election because I've wanted to see his picks for various Cabinet positions. It's becoming clear that some are as bad as I feared. But that makes it all the more important not to make phony accusations. It really shouldn't surprise us much, though, that Larry comes at this the way he does. He's an insider. And, if Elizabeth Warren is to be believed, here's a telling recounting by her of a conversation she had with Larry early in her time in Washington: After dinner, "Larry leaned back in his chair and offered me some advice," Ms. Warren writes. "I had a choice. I could be an insider or I could be an outsider. Outsiders can say whatever they want. But people on the inside don't listen to them. Insiders, however, get lots of access and a chance to push their ideas. People -- powerful people -- listen to what they have to say. But insiders also understand one unbreakable rule: They don't criticize other insiders. Someone who won't criticize other insiders is also someone who is unlikely to be fair in his criticism of outsiders or of competing insiders in the other camp. (13 COMMENTS)

17 ноября, 13:03

Bankers celebrate dawn of Trump era

A populist candidate who railed against shady financial interests on the trail is putting together an administration that looks like an investment banker's dream.

15 ноября, 01:00

Why Wall Street Is Suddenly in Love with Trump

It’s not just the return of ‘Government Sachs’ in the person of new White House strategist Steve Bannon. Traders are thinking Trump’s policies might actually work—at least for them.

03 октября 2013, 11:50

Черная метка

Пока основное внимание средств массовой (дез)информации сосредоточено на перетягивании каната республиканцами и демократами в американском конгрессе, вчера в США состоялось не менее значимое, но гораздо менее заметное для широкой публики событие. Пятнадцать ведущих американских банкиров, среди посетителей были руководители банков GoldmanSachs, JPMorgan и так далее, 02 октября посетили президента США и доступным для понимания языком постарались объяснить ему, чем может закончиться технический дефолт американских казначейских облигаций. Несмотря на то, что среди посетителей были руководители гораздо более крупных банков, чем GoldmanSachs, именно его руководитель Ллойд Бланкфейн высказал общую позицию банкиров по этому вопросу. Вкратце это выглядело следующим образом: «Вы можете спорить по политическим вопросам или даже выносить их для публичного обсуждения, но не надо использовать в качестве дубины угрозу отказа США погашать долг по своим обязательствам. Прецеденты с остановкой правительства были, прецедентов с дефолтом пока не было. Мы такого раньше не видели, и я не горю желанием оказаться свидетелем этого процесса.» Поскольку банкиры вполне ясно представляют себе, во что может вылиться отказ США расплачиваться по своим обязательствам, в том числе и для них лично, то они донесли до президента США всю серьезность происходящего, предварительно выслушав его позицию. Каких-либо дебатов о том, что США всерьез решат не оплачивать долги, не было. Этот визит был довольно показательным с разных точек зрения. Фактически представители истинных хозяев или, иными словами, совет директоров ООО «Соединенные Штаты Америки» посетил единоличный исполнительный орган данной лавочки и публично вручил ему черную метку. Вряд ли президент США рискнет ослушаться такой рекомендации. На мой взгляд, это может случиться лишь в одном единственном случае: если хозяевами Америки было принято политическое решение полностью сменить правила игры, и ответственными за надвигающийся крах было решено назначить Федеральный резерв и приближенные к нему банки. Хотя это и выглядит крайне маловероятным, но богатые люди – это особые люди, и полностью исключать такого развития событий все-таки не стоит.