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Goldman Alumni in Washington May Shun Firm – David Solomon

February 16, 2017

Goldman Sachs executives who leave the firm to work in government are more likely to shun old colleagues for fear of damaging their reputations, rather than show favoritism in their policy decisions, co-President David Solomon said.


“It’s almost the opposite. These people have their own reputations and they want to, in any way they can, prove that they are doing the right thing for the country. They want to serve, and so to a degree they are almost more careful the other way.”  - - Solomon, in a Bloomberg Television interview..


Solomon’s comments echo those of CEO Lloyd Blankfein and show one way the firm has sought to defend itself against accusations it wields too much power in the White House.


Democratic Senators Elizabeth Warren and Tammy Baldwin called on Cohn this month to withdraw from matters that may have “a significant indirect impact on Goldman” for as long as he serves in the administration. Trump signed an executive order on Jan. 28 requiring appointees such as Cohn to recuse themselves from decisions “directly and substantially related” to their former employers for 2 years.


Solomon was named co-president with Harvey Schwartz to replace Cohn in December. Prior to his current role, Solomon helped run Goldman Sachs’s investment-banking division. He joined the firm from Bear Stearns in 1999 to build up the leveraged-finance business.