President-elect Donald Trump continues to fill posts in his administration with current former Goldman Sachs Group Inc. employees, who will fill at least five top jobs in his administration.
The move to tap Goldman's talent pool comes after Trump derided Wall Street and singled out the firm as a symbol of greed during his campaign.
However, Trump has tapped a number of its alumni to help lead the government, Bloomberg reported.
Highlighting Trump's cherry-picking of Goldman veterans:
- Steven Mnuchin, a former partner at the bank, has been picked to be Treasury secretary.
- Goldman Sachs President Gary Cohn has been tapped for a top White House economic post.
- Stephen Bannon, another alumnus of the firm, has been named chief strategist.
- Goldman partner Dina Powell has been selected to become a White House economic adviser.
- Jay Clayton, a Wall Street lawyer picked to head the Security and Exchange Commission, represented Goldman in private practice.
“The Goldman and Wall Street takeover of government raises incredibly serious concerns,” Dennis Kelleher of Better Markets, which backs tougher financial regulation, told the Financial Times.
“They’re not evil people. The problem is their whole life — their thinking and net worth and measure of success — is invested in the mentality that what’s good for Wall Street is good for America.”
However, on the presidential campaign trail, Trump accused primary rival Ted Cruz of being controlled by Goldman Sachs because his wife, Heidi, previously worked for the Wall Street giant. He slammed Hillary Clinton for receiving speaking fees from the bank.
"I know the guys at Goldman Sachs. They have total, total control over him," Trump said of Cruz during the campaign. "Just like they have total control over Hillary Clinton."
Activists also have criticized Goldman’s role in the U.S. housing crisis and the long history of its former executives taking senior posts in government, Bloomberg has reported.
Goldman Sachs stock has surged more than 30 percent since Trump's election.
Trump repeatedly warned that Clinton's Wall Street ties — the Democrat gave paid speeches to Goldman and other banks — meant she would never reform the financial industry. He promised that he would "drain the swamp" in Washington, a city he painted as beholden to financial and political special interests. And he cast himself as a champion for working-class people who watched the big banks grow wealthier after a government bailout, but haven't seen the effects of an improving economy in their own lives.
One of the most respected economic gurus of our time not only applauded Trump's Goldman appointment, but also said Trump would be wise to appoint a supporting cast of free-market conservatives to his administration, Forbes Media CEO Steve Forbes tells Newsmax TV.
In Forbes' mind, Trump has made just the right selections in Cohn and Mnuchin, Forbes told Newsmax TV.
"They've got to get some of these people in because the president can do so much but you got to have a supporting cast or at least some players in there who can push this agenda," Forbes told "Newsmax Prime" host J.D. Hayworth on Wednesday.
Among his picks, Forbes touted Newsmax Finance Insiders Larry Kudlow and Stephen Moore for possible positions in Trump's administration.
"I hope Larry Kudlow gets in perhaps as the head of the Council of Economic Advisers. Perfect post for him," said Forbes, author of "Reviving America."
"Stephen Moore, whether it's in the White House or with Vice President-elect Pence. Very critical to have his voice in there," said Forbes.
(Newsmax wire services AP and Bloomberg contributed to this report).
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