Donald Trump Works For Wall Street, Not Russia

Donald Trump Works For Wall Street, Not Russia by Michael Kreiger

The evidence is overwhelming and indisputable at this point. Donald Trump is a phony, who has given his administration over to Wall Street crooks even more enthusiastically than his predecessors, and his predecessors were very enthusiastic.

I’ve written about this many times, and I warned throughout the campaign that my biggest fear was Trump is far too cozy with the finance industry, fake populist statements aside. His latest hire for the number two position at the Treasury Department once again proves the point.

As David Dayen reports in his excellent article at The Intercept, Donald Trump Isn’t Even Pretending to Oppose Goldman Sachs Anymore:

The continuity of Wall Street’s dominant role in American politics — regardless of what party sits in power or how reviled the financial industry finds itself across the country — was perhaps never more evident than when Jake Siewert, now a Goldman Sachs spokesperson, on Tuesday praised the selection of Jim Donovan, a Goldman Sachs managing director, for the No. 2 position in the Treasury Department under Steve Mnuchin, himself a former Goldman Sachs partner.

America will never recover until this is dealt with, and Trump has made it perfectly clear he will not deal with it.

“Jim is smart, extraordinarily versatile, and as hard-working as they come,” Siewert gushed. “He’ll be an invaluable addition to the economic team.”

The punch line? Siewert was counselor at the Treasury Department to Timothy Geithner, as well as a White House press secretary under Bill Clinton.

The ubiquity of Goldman Sachs veterans across numerous presidencies throughout history, both Republican and Democratic, has been well documented. But Donald Trump sold himself as something different, an economic nationalist determined to rankle Wall Street. He even ran campaign ads savaging bankers like Goldman CEO Lloyd Blankfein for their role in a “global power structure.”

That populist smokescreen is long gone now.

Mnuchin and Donovan are just two of five Goldman expats in high-level positions on Trump’s team. Steve Bannon spent a limited time at Goldman Sachs, but White House assistant Dina Powell, who headed the bank’s philanthropic efforts, and National Economic Council director Gary Cohn, Goldman’s former president, had higher-ranking positions for a longer period. Jay Clayton, Trump’s nominee for the Securities and Exchange Commission, was a partner for Goldman’s main law firm, Sullivan and Cromwell.

White House Chief of Staff Reince Priebus reportedly blocked Donovan from Treasury initially, amid fears of an image problem with too many “Goldman guys.” But Donovan got the post anyway.

You know it’s bad when Reince thinks there are too many Goldman baby squids around.

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Michael Krieger

As far as my academic and professional background, I attended college at Duke University where I earned a double major in Economics and Spanish. After completing my studies in 2000, I took a job at Lehman Brothers where I worked with the Oil analyst in the Equity Research Department. In 2005, I joined Sanford C. Bernstein where I served as the Commodities Analyst on the trading floor. About halfway through my time there, I started to branch out and write opinions on bigger picture “macro” topics that no one else at the firm was covering. These opinion pieces were extremely popular throughout the global investment community, and I traveled extensively providing advice to some of the largest mutual funds, pension funds and hedge funds in the world. I loved my job, but as time passed I started to educate myself about how the monetary and financial system functions and what I discovered disgusted me. I no longer felt satisfied working within the industry, and I resigned in January 2010. At that point, I started a family investment office and continued to write macro pieces on economic, social and geopolitical topics. That summer, I drove cross country for six weeks and ultimately decided to leave the crowded streets of Manhattan for the open spaces of Boulder, Colorado, where I currently reside.