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Is Anyone Left at Goldman Sachs? Trump Picks Another Alum for Treasury Deputy
Goldman Sachs, once described as 'a great vampire squid wrapped around the face of humanity,' is serving as fertile ground for Trump appointees
Mar 15, 2017
President Donald Trump has selected yet another Goldman Sachs executive to fill a senior role in his administration, naming the firm's current managing director, James Donovan, to serve as deputy Treasury secretary.
Donovan would be the sixth member of Trump's team with ties to Goldman, which was once described as "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money."
Donovan's now-boss, Treasury Secretary Steven Mnuchin, also worked at the investment bank. National Economic Council director Gary Cohn; White House senior counselor for economic initiatives Dina Powell; and chief strategist Steve Bannon also formerly held positions within the very institution that Trump pointed to on the campaign trail as a symbol of Wall Street corruption and greed. Jay Clayton, Trump's nominee to lead the Securities and Exchange Commission (SEC), was a Goldman Sachs attorney.
The hypocrisy didn't go unnoticed on social media:
Politico reported that "[t]he nomination will...come as something of a relief to Wall Street."
The Washington Post reports that Donovan, who "back[ed] Mitt Romney and later Jeb Bush as they sought the White House," will likely have "a broad portfolio, working with Congress, industry groups, and the Treasury Department's rank and file to advance the administration's agenda and to make sure operations are running properly."
The New York Times adds: "Mr. Mnuchin and Mr. Donovan will tackle not only changes to the corporate and individual tax codes but also the potential restructuring of the government-sponsored mortgage guarantors Fannie Mae and Freddie Mac."
Donovan must be confirmed by the U.S. Senate.
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This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
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Deirdre Fulton
Deirdre Fulton is a former Common Dreams senior editor and staff writer. Previously she worked as an editor and writer for the Portland Phoenix and the Boston Phoenix, where she was honored by the New England Press Association and the Association of Alternative Newsweeklies. A Boston University graduate, Deirdre is a co-founder of the Maine-based Lorem Ipsum Theater Collective and the PortFringe theater festival. She writes young adult fiction in her spare time.
President Donald Trump has selected yet another Goldman Sachs executive to fill a senior role in his administration, naming the firm's current managing director, James Donovan, to serve as deputy Treasury secretary.
Donovan would be the sixth member of Trump's team with ties to Goldman, which was once described as "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money."
Donovan's now-boss, Treasury Secretary Steven Mnuchin, also worked at the investment bank. National Economic Council director Gary Cohn; White House senior counselor for economic initiatives Dina Powell; and chief strategist Steve Bannon also formerly held positions within the very institution that Trump pointed to on the campaign trail as a symbol of Wall Street corruption and greed. Jay Clayton, Trump's nominee to lead the Securities and Exchange Commission (SEC), was a Goldman Sachs attorney.
The hypocrisy didn't go unnoticed on social media:
Politico reported that "[t]he nomination will...come as something of a relief to Wall Street."
The Washington Post reports that Donovan, who "back[ed] Mitt Romney and later Jeb Bush as they sought the White House," will likely have "a broad portfolio, working with Congress, industry groups, and the Treasury Department's rank and file to advance the administration's agenda and to make sure operations are running properly."
The New York Times adds: "Mr. Mnuchin and Mr. Donovan will tackle not only changes to the corporate and individual tax codes but also the potential restructuring of the government-sponsored mortgage guarantors Fannie Mae and Freddie Mac."
Donovan must be confirmed by the U.S. Senate.
Deirdre Fulton
Deirdre Fulton is a former Common Dreams senior editor and staff writer. Previously she worked as an editor and writer for the Portland Phoenix and the Boston Phoenix, where she was honored by the New England Press Association and the Association of Alternative Newsweeklies. A Boston University graduate, Deirdre is a co-founder of the Maine-based Lorem Ipsum Theater Collective and the PortFringe theater festival. She writes young adult fiction in her spare time.
President Donald Trump has selected yet another Goldman Sachs executive to fill a senior role in his administration, naming the firm's current managing director, James Donovan, to serve as deputy Treasury secretary.
Donovan would be the sixth member of Trump's team with ties to Goldman, which was once described as "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money."
Donovan's now-boss, Treasury Secretary Steven Mnuchin, also worked at the investment bank. National Economic Council director Gary Cohn; White House senior counselor for economic initiatives Dina Powell; and chief strategist Steve Bannon also formerly held positions within the very institution that Trump pointed to on the campaign trail as a symbol of Wall Street corruption and greed. Jay Clayton, Trump's nominee to lead the Securities and Exchange Commission (SEC), was a Goldman Sachs attorney.
The hypocrisy didn't go unnoticed on social media:
Politico reported that "[t]he nomination will...come as something of a relief to Wall Street."
The Washington Post reports that Donovan, who "back[ed] Mitt Romney and later Jeb Bush as they sought the White House," will likely have "a broad portfolio, working with Congress, industry groups, and the Treasury Department's rank and file to advance the administration's agenda and to make sure operations are running properly."
The New York Times adds: "Mr. Mnuchin and Mr. Donovan will tackle not only changes to the corporate and individual tax codes but also the potential restructuring of the government-sponsored mortgage guarantors Fannie Mae and Freddie Mac."
Donovan must be confirmed by the U.S. Senate.
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