hehehehe.........In
an attempt to rebut reports that he is governing ineffectively and
beholden to a small group of fringe right-wing aides, President Donald Trump is reportedly considering yet another White House staff shakeup just 11 weeks into his presidency.
Axios and The Wall Street Journal
reported on Thursday that Trump is thinking of dismissing or demoting
his current chief of staff, Reince Priebus, and his key adviser, Steve
Bannon. Both outlets reported that former Goldman Sachs President Gary
Cohn ― who currently serves as Trump’s top economic adviser ― is a key
contender to replace Priebus.
“Gary Cohn would be the top pick for chief of staff,” if Priebus is fired, a White House official told The Huffington Post.
In
an internal struggle for Trump’s good graces, Cohn has a strong hand:
He’s rich, close to the Trump family and has ex-employees who now work
for the Trump family in the White House. Perhaps most importantly, his
promotion could salve Trump’s ego, which has been bruised by his relatively small inauguration crowd and
a series of political failures that began with his attempt to ban
Muslims from traveling to the United States and continued through his
catastrophic attempt to repeal Obamacare.
Cohn
“speaks the language of ‘business,’ which is what Trump understands,”
the White House official noted. The language of business is money: Cohn
walked away with $285 million when he left Goldman Sachs for the Trump
administration, and is in many ways a stand-in for the kind of New York
businessmen who have shunned Trump for years. After years of being spurned by the American banking elite ― Trump famously had to turn to Deutsche Bank for cash after burning his creditors in bankruptcy ― he appears to enjoy being part of the club.
The
White House denied the reports of a staff shakeup, writing in a
statement that “the only thing we are shaking up is the way Washington
operates as we push the President’s aggressive agenda forward.”
Cohn
is personally close to Jared Kushner, Trump’s son-in-law and adviser,
and Trump’s daughter and aide Ivanka, the White House official notes.
Cohn’s status in the White House is also bolstered by Goldman Sachs
veteran Dina Powell, who was effectively hired as an aid to and proxy
for Ivanka and now serves on the National Security Council.
“Dina
Powell is going to be a big, big person in the White House” the
official said. “She can boost Cohn, and Cohn can do the same for her.”
After
spending a decade as the president and COO of Goldman Sachs, Cohn also
has the boardroom skills to use those connections to his advantage.
Bannon’s most recent managerial efforts focused on leading the
relatively small newsroom at Breitbart, a website popular with white
nationalists.
Everyone
who works on Wall Street does it for the same reason: the money. But
high finance attracts a host of different personality types (like Cohn,
Bannon is a Goldman alum).
For
the last half of the 20th century, big banks were a socially acceptable
career choice for people with strong appetites for personal financial
gain who were also interested in deploying their fortunes to support
liberal causes. Banking summoned Democrats from the ether the way the
oil and gas industry drew Republicans. There are still some Democrats on
Wall Street today, but many of them changed teams after the financial
crisis, including Cohn.
During
the presidencies of Bill Clinton and George W. Bush, Cohn was a
heavyweight Democrat, offering up over $136,000 to official party organs
while supporting individual candidates, including stalwart liberal
Sens. Sherrod Brown (D-Ohio) and Paul Wellstone (D-Minn.). His only
donation to a Republican prior to the financial crisis, according to
data from the Center for Responsive Politics, was a $2,000 check to Sen.
Mike Crapo (R-Idaho) in 2004.
But
in December of 2009, Cohn’s donations took a dramatic turn. He started
giving to right-wing darlings like Sen. Marco Rubio (R-Fla.), former
Rep. Eric Cantor (R-Va.) and Sen. Tom Cotton (R-Ark.), while pouring
tens of thousands of dollars a cycle into the National Republican
Senatorial Committee, the National Republican Congressional Committee
and the Every Republican is Crucial PAC.
Though
Cohn is often described as a political moderate, and his opponents in
the Trump White House even deride him as a “Democrat,” his partisan
transformation occurred as Republicans were making a dramatic shift to
the right.
Cohn’s
pattern of contributions doesn’t fit that of an opportunist looking to
buy access to winning candidates. Prior to December 2009, he gave to
Democrats whether the party’s political fortunes appeared good or bad.
But that month, the House of Representatives passed its version of what
would become known as the Dodd-Frank Act, and did so without the support
of a single House Republican.
Since
then, Cohn has not flexed any particularly impressive liberal
ideological muscles. During his tenure in the Trump administration, his
work has included efforts on a health care bill that would have
rescinded coverage from 24 million Americans ― not exactly the Wellstone-ian ideal.
Cohn
didn’t suffer any meaningful personal financial consequences from
Dodd-Frank ($285 million, the amount he left Goldman Sachs with, is more
than 5,100 times the median household income). But many on Wall Street
felt attacked by the regulatory restructuring, which shifted some
political and economic power away from the private sector and into the
hands of federal authorities.
“One
of the major things people want from politicians is psychic income,”
former House Financial Services Committee Chairman Barney Frank
(D-Mass.) told HuffPost in 2014.
“They want to be told that they are wonderful people, that their jobs
are important for the human race, that they contribute greatly. Lloyd
Blankfein was not really kidding when he said that, ‘We are doing God’s work.’
That’s his inner feeling. I don’t think that the [Dodd-Frank]
legislation really hurt them much …. But we really hurt their feelings
mightily.”
Wall
Street had, of course, caused millions of foreclosures and created vast
human suffering by throwing the global economy into the most severe
economic calamity since the Great Depression. Many families have yet to
recover, but Cohn and other top bankers survived with padded pockets
thanks to federal support.
Cohn’s
appointment as White House Chief of staff wouldn’t just be a boon for
bank lobbyists seeking lucrative new loopholes. It would be a
restoration of finance to the center of American politics.
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