Remember President-elect Trump’s promise to drain the swamp? Well, the tricky part is that no one precisely identified which swamp was to be drained or how that was to occur. Many thought it meant Washington insiders, others guessed it meant Wall Street. But now we know.
Apparently, Trump specifically meant Goldman Sachs. And his method is to systematically extract key partners and install them in his administration. First was his Chief Strategist Steve Bannon, long-time managing partner of Goldman Sachs, though now presumably retired. Then his Treasury pick is Steve Mnuchin, a 17-year Goldman Sachs veteran. And now he is considering current President and COO Gary Cohn as Director of the Office of Management and Budget.
Is this a clever plan to attack Wall Street by decapitation? Not as far as the stock market is concerned. Shares of Goldman Sachs just reached a new 9 year high.
I have previously speculated that we are all unwitting actors in a sitcom, sort of like the movie The Truman Show. Now I am beginning to suspect that a resurrected Charles Lutwidge Dodgson is writing our script.