SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
To donate by check, phone, or other method, see our More Ways to Give page.
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
If confirmed, James Donovan would be the sixth member of President Donald Trump's administration with ties to Goldman Sachs. (Photo: Reuters)
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:
\u201cGoldman Sachs alum who is Trump's Treasury sec'y picks Goldman exec to be his deputy. So much populism, it's tiring. https://t.co/e9o2L8qIKo\u201d— Alec MacGillis (@Alec MacGillis) 1489586328
\u201c2017: Trump just nominated a FIFTH Goldman Sachs official. \n2016:\u201d— Ciaran Jenkins (@Ciaran Jenkins) 1489586342
\u201cYou can pretty much go back and read every campaign attack by Trump as pure projection now. \n\nhttps://t.co/Yrz79e2epO\u201d— RSchooley@socel.net (@RSchooley@socel.net) 1489555799
\u201cCan we skip a step and just have the White House do a merger with Goldman Sachs? https://t.co/oZKz4FAusz\u201d— Amy Siskind \ud83c\udff3\ufe0f\u200d\ud83c\udf08 (@Amy Siskind \ud83c\udff3\ufe0f\u200d\ud83c\udf08) 1489545243
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.
Dear Common Dreams reader, The U.S. is on a fast track to authoritarianism like nothing I've ever seen. Meanwhile, corporate news outlets are utterly capitulating to Trump, twisting their coverage to avoid drawing his ire while lining up to stuff cash in his pockets. That's why I believe that Common Dreams is doing the best and most consequential reporting that we've ever done. Our small but mighty team is a progressive reporting powerhouse, covering the news every day that the corporate media never will. Our mission has always been simple: To inform. To inspire. And to ignite change for the common good. Now here's the key piece that I want all our readers to understand: None of this would be possible without your financial support. That's not just some fundraising cliche. It's the absolute and literal truth. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. Will you donate now to help power the nonprofit, independent reporting of Common Dreams? Thank you for being a vital member of our community. Together, we can keep independent journalism alive when it’s needed most. - Craig Brown, Co-founder |
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:
\u201cGoldman Sachs alum who is Trump's Treasury sec'y picks Goldman exec to be his deputy. So much populism, it's tiring. https://t.co/e9o2L8qIKo\u201d— Alec MacGillis (@Alec MacGillis) 1489586328
\u201c2017: Trump just nominated a FIFTH Goldman Sachs official. \n2016:\u201d— Ciaran Jenkins (@Ciaran Jenkins) 1489586342
\u201cYou can pretty much go back and read every campaign attack by Trump as pure projection now. \n\nhttps://t.co/Yrz79e2epO\u201d— RSchooley@socel.net (@RSchooley@socel.net) 1489555799
\u201cCan we skip a step and just have the White House do a merger with Goldman Sachs? https://t.co/oZKz4FAusz\u201d— Amy Siskind \ud83c\udff3\ufe0f\u200d\ud83c\udf08 (@Amy Siskind \ud83c\udff3\ufe0f\u200d\ud83c\udf08) 1489545243
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.
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:
\u201cGoldman Sachs alum who is Trump's Treasury sec'y picks Goldman exec to be his deputy. So much populism, it's tiring. https://t.co/e9o2L8qIKo\u201d— Alec MacGillis (@Alec MacGillis) 1489586328
\u201c2017: Trump just nominated a FIFTH Goldman Sachs official. \n2016:\u201d— Ciaran Jenkins (@Ciaran Jenkins) 1489586342
\u201cYou can pretty much go back and read every campaign attack by Trump as pure projection now. \n\nhttps://t.co/Yrz79e2epO\u201d— RSchooley@socel.net (@RSchooley@socel.net) 1489555799
\u201cCan we skip a step and just have the White House do a merger with Goldman Sachs? https://t.co/oZKz4FAusz\u201d— Amy Siskind \ud83c\udff3\ufe0f\u200d\ud83c\udf08 (@Amy Siskind \ud83c\udff3\ufe0f\u200d\ud83c\udf08) 1489545243
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.