‘The Politics of hiring Wall Street people is bad’: Biden has kept bankers and traders at bay, but will it last?

Trump surrounded himself with Goldman alums, as past administrations also plucked Wall Street execs for plum economic posts. Biden Treasury secretary isn’t happening, but with thousands of other openings, says one banker, “plenty of people who worked on Wall Street” will land in government.

Vanity Fair: As President-Elect Joe Biden rolls out his picks for the top Cabinet and White House economic positions, the main question ricocheting among finance types these days is: Where are all the Wall Street guys? For the first time in a generation, Wall Street bankers and traders are in the process of being all but shut out from the top economic jobs in the incoming Biden administration.

And that’s despite Wall Street collectively donating nearly $80 million to Biden’s election effort and, by my informal count, voting overwhelmingly for him. But “the politics of hiring Wall Street people is bad,” says Jeff Hauser, the executive director of the Revolving Door Project, a watchdog for political appointees in Washington.

Donald Trump, of course, surrounded himself with Wall Street brass, including from firms that never wanted a thing to do with him in his prepresidential days, when his behavior as a notorious grifter made every Wall Street bank but Deutsche Bank extremely wary of him. Once in the Oval Office, though, boom! It was his way of trying to obtain instant credibility in the financial markets.

He had his quintet of former Goldman Sachs executives, Gary Cohn (national economic adviser), Steve Mnuchin (Treasury secretary), Dina Powell (deputy national security adviser), Steve Bannon (chief strategist), and Anthony Scaramucci (director of communications).

Trump nominated another longtime Goldman banker, Jim Donovan, to be Mnuchin’s deputy but Donovan withdrew his name from consideration. Trump also had Wilbur Ross, a private-equity mogul and former restructuring banker at Rothschild, as Commerce secretary. Larry Kudlow, his current national economic adviser, was the chief economist at Bear Stearns before heading off to CNBC as a television host. As chairman of the Securities and Exchange Commission…read more



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  1. If the Civil War with the likes of Carnegie is any guide, the Debenture Finance for the “Entrepreneurs” (Gates is a typical example, shoulder tapped by then dominant IBM for Billionairehood, with Monopolistic Practices ignored by the AIPAC Captured Congressional Complex – probably with Carnegie like Equity Claw back to funnel money into “Charities” to further The Program) The old Wall Street to Main Street has become International Space/Ether Street to Façade Wall Street, Communism by stealth. We saw from Russia and now USA, with China to follow, that after some decades the “Communist” system (Totalitarian Collective by whatever name), agglomerates wealth and that is eventually concentrated in the

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