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Donald Trumps chief economic adviser, Gary Cohn, pocketed somewhere between $47 million and $235 million by selling his Goldman Sachs stock earlier this year.

The sum was massively fattened as a result of the Goldman Sachs GS, -0.55% stock boom that has followed Trumps election victory.

And it also included somewhere between $4.5 million and $22.5 million that Cohn, the investment banks former president, saved by cashing out just before Goldmans recent stumble.

You can file this under Swamp, Draining of.

Oh, yeah, and Cohn also saved millions more, thanks to a massive tax break, courtesy of his new job at the Trump administration.

Thats Donald Trump for you. Making America Great Again, one Wall Street millionaire at a time.

Government documents

Documents provided to MarketWatch by the federal governments Office of Government Ethics show that Cohn sold his stock between January and March of this year, in a series of transactions, at an estimated average price of $240.

That represented a huge gain in the stock price since Trumps election victory. Early last November, when the stock market expected Hillary Clinton to win, Goldman traded for just $180.

Read: Should Wall Street fear a government shutdown? Heres how stocks fared during past closures

By amazing good fortune, Cohn also managed to cash out just before Goldmans recent stumble, which has taken the shares down to $218.

Nice work.

We dont know the exact figures, incidentally, because the government documents provide only ranges for the value of each transaction.

Lucky man

Cohn is presumably the beneficiary of good fortune, and not of anything nefarious. He sold because he was required to when he joined the administration. The transactions would presumably have been handled by his brokers.

But, as they like to say, its better to be lucky than to be good.

And if you think this is the end to Cohns luck, think again.

Joining the Trump administration is turning into some of the smartest financial planning in history.

When Cohn took the job, the Goldman Sachs board gave him a big, fat, sloppy golden goodbye on the way out the door, and accelerated his future stock and option awards.

And when he sold the stock, he got a wonderful, glorious tax break on his capital gains.

An ordinary schmuck cashing out his company stock would have to hand over 20% of the long-term gains, and up to 43.6% on any short-term.

Cohn? Er ... zero percent.

No kidding.

Tax break for the rich

A special break, available to rich people picked to join the government, lets them cash out and defer their capital gains taxes ... well, possibly forever. All they have to do is sell their stock to avoid conflicts of interest and then invest the proceeds in diversified funds.

In other words, it lets them convert a risky, concentrated portfolio into a more stable, diversified one without having to pay any of those icky taxes first.

Those, as we all know, are for the little people.

Yes, Cohn has to pay income taxes on those parts of his rewards deemed income. And he, or his heirs, will eventually have to pay taxes on capital gains when, or if, these diversified funds are sold.

Taxes will also be owed when their kids and grandkids inherit the fortune unless the Republican Party succeeds in abolishing inheritance tax, as it says it wants to.

Deja vu

Wall Street tycoons, incidentally, have begun a sly misinformation campaign to persuade you that this tax deferral is really no break at all, because taxes have to be paid eventually. Sure. Try telling the IRS you dont want to pay your taxes until some distant day in the future, possibly after youre dead, and see what they say.

Gary Cohns windfall recalls a previous Goldman honcho. Hank Paulson was able to cash out his entire stake in the bank just before the financial crisis when he joined the Bush administration as Treasury secretary. Once in office, by an amazing coincidence, his actions just happened to help the bank.

Some people say history doesnt repeat itself, it rhymes. Phooey. When it comes to money and politics, I say it repeats itself. Tell me Im wrong.

Here is the original post:
Opinion: A rich Gary Cohn got even richer by working for Donald Trump - MarketWatch

"I call it political chemotherapy. One of my friends who I always thought was very smart said, Mark, I voted for politicians my entire life. He's in his 50s. Do you know what the definition of insanity is? Doing the same thing over and over expecting (sic) the same results. So I voted for Donald Trump. Is he poisonous in a lot of respects? Yeah. He's our chemotherapy. We hope he's going to change the political system."

"Political chemotherapy." That is a brilliant way to think about Trump.

Here's why: It was clear that even as Donald Trump swept to an electoral college victory on November 8, there were lots and lots of doubts about him even among those who voted for him.

How could Trump have possibly won given that people didn't like or trust him to be president? Again, the exit poll tells the story. Thirty nine percent of voters said the most important character trait for a candidate was that he or she "can bring change"; Trump won that group 82% to 14%.

People knew Trump wasn't ready for the job. That he might do the job poorly. And they didn't care. Or, more accurately, they cared more about sending someone different to Washington than they did about who that person was and what damage he might do.

To extrapolate from Cuban's metaphor: Voters believed that politics was so sick that the only treatment left to fix it was also one that had the potential to kill it.

What's not clear -- at least to me -- is how Trump's version of political chemotherapy is affecting the body politic. His approval ratings are lower than any modern president at this time in a presidential term. Our divisions seem more cemented, not less so. He continues to stretch the bounds of truth and political propriety.

It's possible of course that the patient will get sicker because of this treatment before he/she begins to recover. It's too soon to know that.

But what's for sure is that Trump's "political chemotherapy" is producing some very, very concerning results at the moment.

Originally posted here:
Mark Cuban just coined a brilliant term to describe Donald Trump - CNN

During his campaign, Trump repeatedly blasted China as the root of American economic problems. We cant continue to allow China to rape our country, he once said.

All of that is out the window now, as Trump has been trying desperately to enlist Chinese assistance in getting Kim to curtail his nuclear ambitions.

The latest episode of North Korean grandstanding involves its repeated attempts to test long-range missiles capable of delivering nuclear weapons and to develop said weapons for itself. The situation has essentially led President Donald Trump to reverse pretty much all of his tough rhetoric against the government of China, the only real ally of consequence that Kim has in the world.

China is very much the economic lifeline to North Korea so, while nothing is easy, if they want to solve the North Korean problem, they will, Trump tweeted on Friday, the second day that he has been hostingXi Jinping, the Chinese ruler at his Mar-a-Lago resort in Florida.

Getting China to put pressure on Kim has required Trump to go back on some of the things hed promised to do on the campaign trail. Among them was a vow to take steps against China for keeping its current too low in the international monetary market.

This month, Trump reversed himself and explicitly said that it was because he was trying to get China to get North Korea to back off:

Why would I call China a currency manipulator when they are working with us on the North Korean problem? he tweeted on April 16. We will see what happens!

Trumps softer tone toward China and North Korea is also a reversal of sorts. Earlier in the month, the administration has also issued vague threats that America would be willing to do something against North Korea on its own.

Well, if China is not going to solve North Korea, we will, Trump saidin an April 3interview with the Financial Times. He didnt specify just what that would entail.

Im not going to tell you, he said when asked about possible strategies.

You know, I am not the United States of the past where we tell you where we are going to hit in the Middle East. Where they say I used it in the speeches We will be attacking Mosul in four months. A month later, We will be attacking Mosul in three months, in two months, in one month. And why are they talking? There is no reason to talk.

Just a few days ago, Vice President Mike Pence was dispatched to the North/South Korean border to essentially challenge Kim. He echoed those sentiments in a Washington Post interview on Wednesday.

I think the path of negotiations with North Korea has been a colossal failure now for more than 25 years, Pence said.

Should some sort of hostilities break out, theres no doubt that the recent chorus of hawkish fans that Trump suddenly accrued when he launched missile strakes against Syria would almost certain approve.

I am like the happiest dude in America right now, Sen. Lindsey Graham proclaimed in an April 19 interview with Fox & Friends.

I am all in. Keep it up, Donald, Graham added. Im sure youre watching.

Read more here:
Donald Trump keeps changing his mind on who's responsible for dealing with North Korea - Salon

If Donald Trump and Tom Brady are really best friends , Trump has an awkward way of showing it.

During the Patriots' visit to the White House on Wednesday, Trump managed to completely snub Brady by not mentioning the quarterback's name a single time during his 10-minute congratulatory speech to the team.

Now, you could try and argue that maybe Trump didn't do this on purpose, but you'll have a hard time winning that argument. When you're congratulating a team for pulling off the greatest comeback win in Super Bowl history, you almost have to go out of your way not to mention the man who threw for 466 yards, three touchdowns and eventually won the game's MVP award.

Everyone on Twitter seemed to think it was a little weird that Trump didn't mention Brady.

For the record, Trump mentioned players like Marcus Cannon, Malcolm Mitchell and Nate Ebner; however, there was no mention of Brady. If you're thinking that maybe Trump just decided to not mention any of the players who skipped out on the White House visit, that doesn't seem to be the case because Danny Amendola -- who wasn't in attendance -- got a shout-out during the speech.

If Trump did snub Brady on purpose, it's possible that the president was slightly upset at Brady's decision not to attend the White House ceremony . Just hours before the event on Wednesday, Brady announced that he wouldn't be going to the White House due to a "family matter."

Later in the day, Brady gave us clue of what that family matter might be: He shared a picture on Instagram in honor of his parents' 48th wedding anniversary.

Just as a refresher, the Patriots' Super Bowl win was the only game all season where Brady's mom, Galynn, was able to attend.

In the months leading up to the Super Bowl, Galynn had been undergoing chemotherapy and radiation .

It's also within the realm of possibility that Gisele just put her foot down. Back in November, Gisele went on Instagram and said Brady wouldn't be supporting Trump .

Whatever the reason for Brady's absence, Trump's snub might mean that their bromance is finally over.

Anyway, not everyone on the Patriots' roster backed out of the White House visit. For instance, Rob Gronkowski was in Washington D.C., and we know that because he crashed Sean Spicer's press briefing .

Patriots coach Bill Belichick and owner Robert Kraft seemed to have a good time at the event.

Here's Belichick and his girlfriend, Linda Holliday, posing in the oval office with Trump.

One person who definitely won't ever be skipping the White House ceremony is Belichick. The Patriots coach has shown up every year no matter who's in office. As a matter of fact, by meeting Trump, Belichick became the first NFL coach ever to visit with three different presidents following a Super Bowl win.

Belichick ended the ceremony by presenting Trump with his very own Patriots jersey.

That's a pretty nice gift for a guy who left his Super Bowl party early because he thought the Patriots were going to get blown out.

Anyway, Brady wasn't the only one who didn't make the trip to D.C. on Wednesday.

Pretty much half the Patriots' roster decided they had better things to do than meet Trump. If you're keeping score at home, here's a list of everyone who had something better to do:

In all, a total of 34 out of 68 invited players attended the ceremony on Wednesday.

It seems that the team was slightly more enthusiastic about their White House trip after the 2014 season, because a total of 50 players attended the D.C. ceremony while Barack Obama was president.

Link:
Donald Trump doesn't mention Tom Brady in speech during Patriots' White House visit - CBSSports.com

His executive order is full of loopholes designed to protect Wall Street and multinational corporationsat the expense of American workers.

Donald Trump speaks in Kenosha, Wisconsin, on April 18, 2017. (AP Photo / Susan Walsh, File)

There is a good argument to be made for so-called Buy American initiatives. Done rightas part of a national industrial policy that embraces smart regional development and fair-trade protectionsthey can play a real role in creating sustainable, long-term prosperity.

Unfortunately, Donald Trump is not doing it right. Hiscombination of crude nationalism and failed conservative economic calculations makes Buy American into a bumpersticker slogan on the back of a truck that is hurtling toward the economic low road.

During Tuesdaysswinginto the historic Midwestern manufacturing city of Kenosha, Wisconsin, Trump restated the promises of his 2016 campaign without really taking action. Itwas a full-on populist spectacle. The president even brought along White House strategist Steve Bannonthe master manipulator of messaging for the Trump campaign who, despite the palace intrigue gossip of the moment, remains the populist puppeteer in the Trump White House. The main act was Trumps signing of a much-heralded Buy American, Hire American executive order.

But itwas mostly theater. As with Trumps campaign promises, the executive order is full of loopholes that are designed to protect Wall Street interests and multinational corporationsat the expense of American workers and communities. The biggest of those loopholes involves the fact that dozens of countries currently get waivers that allow them to avoid following Buy American policies.

When he claims to be making major moves but instead tinkers around the edges, Trump deceives voters who trusted him.

The administration cannot have a policy of Buy American, Hire American and simultaneously authorize American taxpayer funds to be offshored to buy goods made by workers in the 59 countries that currently receive Buy American waivers under our trade agreements,explains Lori Wallach, the director Public Citizens Global Trade Watch project. If President Trump is serious about strengthening Buy American and delivering on his pledges to create more American manufacturing jobs, he could immediately withdraw with 60 days written notice from World Trade Organization procurement rules with no penalty and invoke his executive authority to reverse all 59 trade pact Buy American waivers.

Wisconsin Senator Tammy Baldwin and Oregon Senator Jeff Merkley have been urging the president to focus on exactly those issues. In a March letter to Trump, which highlighted a new Government Accountability Office (GAO) study of the WTOs Agreement on Government Procurement, the Democratic senators wrote: This report finds that our government allows foreign firms more opportunities to bid on US taxpayer-financed procurement than American firms receive in return from trade partner countries.

Baldwin and Merkley asked the Trump administration to suspend waivers that allow foreign firms to get around Buy American requirements until fairer procurement agreements are negotiated.

You promised the American people a Buy American, Hire American, trade policy. This report makes clear that our manufacturers are losing out in our trade deals. We are calling on you to honor your commitment by suspending Buy American waivers for foreign firms until government procurement chapters in our trade agreements are renegotiated. Absent such action, every government contract your administration signs risks sending hardworking Americans tax dollars abroad. Removing such terms from agreements such as the North American Free Trade Agreement (NAFTA) is an important step to trying to reverse our large trade deficits and provide more demand for US made manufactured goods, the senators wrote in March.

Trump could have reviewed the Baldwin-Merkley letter and incorporated its proposals into his agenda before signing his executive order. He could have sat down with Baldwin, whose home state he was visitingand who since 1999 has been one of the most engaged members of Congress when it comes to debates on trade and manufacturing policy. The president clearly understands that Baldwin is a key advocate on trade and procurement issues; indeed, he suggested in a Tuesday interview that he agrees with the concept of legislation proposed by Baldwin that would require American iron and steel products to be used in water infrastructure projects. (Speaker Ryan and House Republican allies stripped similar language from a major waterways bill last year.)

Despite such talk, however, Trump appeared in Kenosha surrounded by Republican operatives and officials, a number of whom have for years sided with multinational corporations rather than workers in trade debates.

Trumps Buy American executive order is full of loopholes that are designed to protect Wall Street interests.

Wheres the disconnect here? Thats easy to explain. Trump has never been serious about the trade and procurementpolicies that he made central to his campaign. He has never tried to familiarize himself with the basic steps that could be taken to make good on his campaign promises. The ineptness with which most media outlets cover debates about trade and industry has allowed Trump to avoid scrutiny during the campaignas did the excuse of ignorance. But the campaign is over; Trump is president. At this point, when he claims to be making major moves but instead tinkers around the edges of the issues involved, Trump deliberately deceives voters who trusted him.

Thats frustrating for people who are serious about trade, manufacturing, and jobs. While todaysexecutive order is a step forward, Wisconsin workers cant wait for studies and reportswe need real action now,said Baldwin, who on Tuesday announced that: I am renewing my call for President Trump to suspend all Buy American waivers for foreign firms. The promises that have been made to our workers must be kept.

Trade and procurement policies should be reformednot with the purpose of isolating the United States but with an eye toward forging agreements that benefit workers, the environment, and human rights in all countries. Industrial policy and planning should be embraced so that haphazard development policies do not leave American communities and whole regions behindand so that the United States can finally begin to prepare for the future without resorting to the crude xenophobia, crony capitalist corporatism, and political gamesmanship that continues to characterize Donald Trumps approach to vital questions of how the United States will engage with a changing and challenging world.

Originally posted here:
Donald Trump's 'Buy American' Initiative Is a Lie - The Nation.