Goldman Sachs Has Been Very Good to Trump’s Top Economic Adviser

Gary Cohn’s personal financial disclosure form shows his mega-bonuses from Wall Street.

Pablo Martinez Monsivais/AP

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During the presidential campaign, Donald Trump the tycoon railed against big banks, claimed he cared passionately about the little guy, and vowed to make the economy work for struggling middle-class Americans. But after winning, he placed the American economy in the hands of Gary Cohn, the chief operating officer and president of Goldman Sachs. In January, Trump named Cohn chairman of the National Economic Council, the president’s top financial and economic whizzes. Cohn would be the highest authority on the economy within the White House. He quit his Goldman Sachs gig, but he left with an estimated $285 million severance package and agreed to sell a $16 million-stake in the Industrial and Commercial Bank of China.

Cohn certainly lives in a different economic reality than most Americans, and thanks to financial disclosure forms released on Friday night by the White House—which cover 180 of its officials and staffers and detail their finances when they arrived at the White House—the public can see just how different.

In 2015 and 2016, according to the form for Cohn, he earned between $39 million and $45 million from Goldman Sachs. This includes salary ($1.8 million last year), annual $5.4 million cash bonuses, and tens of millions of dollars in stock options, dividends, and interest. This doesn’t count what he brought in via various Goldman Sachs-operated retirement accounts. Nor does it take into account the money he pocketed from his sprawling brokerage accounts, which included Goldman Sachs investment funds. Cohn also had millions invested in hedge funds, real estate properties around the country, and numerous companies, including that Chinese bank, a high-end cosmetic retailer, and multiple medical technology firms. All told, it appears Cohn earned as much as $75 million last year.

Cohn is not the only Goldman alum to join the Trump administration. Steve Mnuchin, Trump’s Treasury secretary, worked at Goldman for years, and last month Trump hired another former Goldman Sachs top executive to be Mnuchin’s No. 2 at Treasury. The bank has been wildly successful over the last two decades, but it also has become a symbol of Wall Street’s excesses. It played a key role in the 2008 financial crash that led to a nationwide economic meltdown. During the campaign, Hillary Clinton was slammed repeatedly—by both her Democratic challenger Bernie Sanders and Trump—for giving paid speeches to Goldman executives. And before he wrapped up the GOP nomination, Trump attacked Republican rival Ted Cruz, pointing out that Cruz’s wife worked at Goldman Sachs and that he had received a loan from the firm.

Cohn’s full financial disclosure can be found below.

 

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

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Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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