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How Goldman Sachs Still Holds Sway at SEC

Summary:
With the departures of Gary Cohn, Steve Bannon, and Dina Powell from the White House, has Goldman Sachs’ initial influence on the Trump Administration dwindled? CNN asked that question this spring, noting that “one by one, almost all the high-profile Goldman Sachs alums have left the White House.” But as CNN, to its credit, also ...

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With the departures of Gary Cohn, Steve Bannon, and Dina Powell from the White House, has Goldman Sachs’ initial influence on the Trump Administration dwindled?

CNN asked that question this spring, noting that “one by one, almost all the high-profile Goldman Sachs alums have left the White House.” But as CNN, to its credit, also noted that while who is up and who is down in the Trump White House changes, leadership at the Securities and Exchange Commission (SEC) has been more stable — and Goldman Sachs’ former lawyer, Chairman Jay Clayton, runs that key agency.

But Jay Clayton, Goldman Sachs’ past and likely future lawyer, is not alone in the Trump-Goldman axis at the SEC. To better understand how corporations consistently manage to maneuver ostensibly independent agencies in their interest, it is instructive to consider one of Clayon’s “Senior Policy Advisors,” Alan Cohen.

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