Banking/Financial Institutions

Dems rip Trump adviser's Goldman Sachs payout

Two Democratic lawmakers on Thursday blasted President Trump's chief economic adviser for reportedly receiving more than $100 million from his former employer, Goldman Sachs.

Reports emerged Wednesday that Gary Cohn, who served as the investment bank's president and COO, would receive the payout via owed bonuses, stock awards and unlocked company shares.

"President Trump promised to 'drain the swamp' but his revolving door between Wall Street and Washington keeps spinning," Sen. Tammy Baldwin (D-Wis.) said in a statement.

"When Wall Street insiders move through the revolving door from the private sector to public service, they should not be rewarded with golden parachutes and tax breaks simply for joining the Trump administration."

Rep. Elijah Cummings (D-Md.), meanwhile, added the payout raises serious concerns about conflicts of interest between Goldman Sachs and Trump's administration.

"Golden parachutes into government are essentially legalized bribery, and Mr. Cohn will be beholden to Goldman Sachs in 58 million ways, even as he serves as chief economist in the Trump administration," said Cummings, the ranking member on the House Committee on Oversight and Government Reform, referencing Cohn's stocks and shares from Goldman Sachs.

CNN reported Wednesday that Goldman Sachs would pay Cohn $65 million in bonuses the former executive was owed.

Cohn will also purportedly receive $35 million in the sped-up delivery of stock awards and $23 million in company shares he will be capable of selling.

Goldman Sachs's maneuver is part of the process of separating Cohn from the business, as the economic adviser cannot have ties to the bank in his new White House role.

Cohn is one of several figures in Trump's White House with ties to Goldman Sachs, a fact critics of the investment bank have pounced on.

Treasury Secretary nominee Steven Mnuchin, chief strategist and senior counselor Steve Bannon and assistant to the president Anthony Scaramucci have also worked at the company in the past.

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