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Trump economic adviser gets $100M payout from Goldman Sachs: report

Trump economic adviser gets $100M payout from Goldman Sachs: report
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President TrumpDonald TrumpVeteran accused in alleged border wall scheme faces new charges Arizona Republicans to brush off DOJ concern about election audit FEC drops investigation into Trump hush money payments MORE’s chief economic adviser is set to receive more than $100 million from his former employer, Goldman Sachs, CNN reported Wednesday.

 

The investment bank is paying former president and COO Gary CohnGary David CohnOn The Money: Wall Street zeros in on Georgia runoffs | Seven states sue regulator over 'true lender' rule on interest rates | 2021 deficit on track to reach .3 trillion Former Trump economic aide Gary Cohn joins IBM The Hill's Morning Report - Presented by the UAE Embassy in Washington, DC - Trump OKs transition; Biden taps Treasury, State experience MORE $65 million for bonuses he was owed, as well as sped up delivery of $35 million in stock awards and another $23 million in locked-up company shares, allowing Cohn to sell them.

 

In his new White House job, Cohn cannot have ties to Goldman Sachs. The massive payout is part of the process of separating Cohn from the business.

 

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Cohn is part of a contingent of former Goldman Sachs employees in Trump’s White House. Treasury secretary nominee Steve Mnuchin is a former partner in the company, and chief strategist Stephen Bannon and assistant Anthony Scaramucci also worked at the investment bank.

Trump has stocked his Cabinet with multi-millionaires and billionaires, including a number of business leaders. Secretary of State nominee Rex Tillerson received a payout of about $180 million after leaving the CEO job at Exxon Mobil Corp.