Gary Cohn (businessman)

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Gary Cohn
Gary Cohn at Regional Media Day (cropped).png
11th Director of the National Economic Council
In office
January 20, 2017 – April 2, 2018
PresidentDonald Trump
Preceded byJeffrey Zients
Succeeded byLarry Kudlow
Personal details
Born
Gary David Cohn

(1960-08-27) August 27, 1960 (age 59)
Cleveland, Ohio, U.S.
Political partyDemocratic
Spouse(s)Lisa Pevaroff
Children3
EducationAmerican University (BS)

Gary David Cohn (born August 27, 1960) is an American economist, philanthropist, and venture capital investor who served as the 11th Director of the National Economic Council and chief economic advisor to President Donald Trump from 2017 to 2018.[1][2][3] He managed the administration’s economic policy agenda and led the effort to grow the U.S. economy through historic tax and regulatory reform, leading the administration's successful effort to pass the Tax Cuts and Jobs Act of 2017. Before serving in the White House, Cohn was President and Chief Operating Officer of Goldman Sachs, where he worked for more than 25 years.[4]

Following his White House service, Cohn became an advisor and venture capital investor for companies operating in the cybersecurity, blockchain, and mobile payments space. He currently serves on the Board of Advisors for Hoyos Integrity, a startup company employing biometric blockchain technology for secure communications and mobile payments.[5]

Cohn also served as a Visiting Fellow at the Institute of Politics at the Harvard Kennedy School[6] where he taught a seminar alongside U.S. Senator Heidi Heitkamp on economic, demographic, and national security policy.[7]

Early life[edit]

Gary Cohn was born to an Eastern European Jewish family,[8][9] the son of Victor and Ellen Cohn,[10] and was raised in Shaker Heights, Ohio. His father was an electrician who later became a real estate developer.[11] Cohn was diagnosed with dyslexia at a young age, and attended four schools by the time he reached the sixth grade.[12] Cohn's childhood experiences with dyslexia were a featured case study in David and Goliath by Malcolm Gladwell.[13] Cohn studied at Gilmour Academy, and attended American University's Kogod School of Business between Fall 1979 and Spring 1982, where he majored in Finance, Real Estate, and Urban Development, and graduated on 16 May 1982 with a Bachelor of Science in Business Administration.

Career[edit]

Cohn at the World Economic Forum Annual Meeting in 2010

Cohn started his career at the U.S. Steel home products division in Cleveland, Ohio.[14] After a few months, he left U.S. Steel and became an options dealer in the New York Mercantile Exchange.[14] He taught himself the basics of options by reading about it in the days between meeting the hiring manager and joining the New York Mercantile Exchange.[15]

Cohn was recruited by Goldman Sachs in 1990.[16] In 1996, he was named head of the commodities department, and in 2002, he was named the head of the Fixed Income, Currency and Commodities (FICC) division. In 2003, he was named co-head of Equities, and in January 2004, Cohn was named the co-head of global securities businesses.[17] He became President and Co-Chief Operating Officer, and director in June 2006.[18] While at Goldman Sachs, Cohn was also a member of the firm's Board of Directors and Chairman of the Firmwide Client and Business Standards Committee. [3]

In late 2009, Cohn led a delegation from Goldman Sachs to meetings with the government of Greece, which included unadopted proposals to push debt due dates far into the future, "much as when strapped homeowners take out second mortgages to pay off their credit cards".[19]

In 2010, Cohn testified to Congress on the role of Goldman Sachs in the financial crisis of 2007–2008.[20] Cohn testified: "During the two years of the financial crisis, Goldman Sachs lost $1.2 billion in its residential mortgage-related business. We did not 'bet against our clients', and the numbers underscore this fact."[21]

National Economic Council Director[edit]

On January 20, 2017, Cohn took office as Director of the National Economic Council (NEC) in President Donald Trump's administration, a position which did not require Congressional confirmation. By February 11, 2017, The Wall Street Journal described Cohn as an "economic-policy powerhouse",[22][23] and The New York Times called him Trump's "go-to figure on matters related to jobs, business, and growth".[24] With the confirmation of Trump's December 12, 2016, nominee for Secretary of Treasury, Steven Mnuchin, held back by Congressional hearings, Cohn filled in the "personnel vacuum" and pushed "ahead on taxes, infrastructure, financial regulation, and replacing health-care law".[22] Had Cohn stayed at Goldman Sachs, some believed he would have become CEO when Lloyd Blankfein vacated that office.[22] In addition to his $285 million Goldman Sachs severance package,[25] Cohn also sold a stake in the Industrial and Commercial Bank of China, the world's largest bank (as of 2017), then valued at $16 million.[26]

Vice President Mike Pence, Gary Cohn, and Steve Mnuchin watch tax reform vote.[27]

Cohn supports reinstating the Glass-Steagall legislation, which would separate commercial and investment banking.[28][29]

Under the Trump administration, Cohn has been cited by the press as a supporter of globalism, and has been given nicknames such as "Globalist Gary" and "Carbon Tax Cohn".[30] Along with Jared Kushner, Ivanka Trump, and Dina Powell, they have been referred to by opponents as the "Wall Street-wing" of the Trump administration.[30] He was stated as being at odds with the populist faction that was led by Steve Bannon, when Bannon was White House Chief Strategist.[30][31]

Cohn led the Trump administration's efforts to pass the Tax Cuts and Jobs Act of 2017. In a 2019 article in The Wall Street Journal, Cohn pointed to an increase of $6,000 in real disposable personal income per household, as well as the creation of seven million jobs, as evidence of the success of tax reform. [32]

Cohn reportedly considered resigning from the National Economic Council after the 2017 Charlottesville rally and criticized the Trump administration's response to the rally, stating "I believe this administration can and must do better in consistently and unequivocally condemning," white supremacists.[33]

On March 6, 2018, Cohn announced his intention to resign; the announcement followed Trump's proposal to impose import tariffs on steel and aluminum, and Trump's cancellation of a meeting with end-users of steel and aluminum that Cohn had arranged in an attempt to dissuade the president from the planned tariffs.[34] He was replaced by Larry Kudlow[35] on April 2.[36] Cohn referred to Trump as "dumb as shit."[37][38] He further described him as, "Less a person than a collection of terrible traits," and "...an idiot surrounded by clowns."[38]

In August 2018, Bob Woodward published a book containing the allegation that Cohn removed a draft letter from President Trump's desk, so the President would not sign it[39]. The letter would have canceled a trade agreement with South Korea, in addition to unilateral withdrawals from the Canadian and Mexican trade agreements.[40]

Venture capital[edit]

Following his departure from the White House, Cohn became an advisor and venture capital investor for companies in the cybersecurity, blockchain, and mobile payments space. He currently serves on the Board of Spring Labs, a startup using blockchain technology to share consumer credit data,[41] and Hoyos Integrity, a company employing biometric blockchain technology for secure communications and mobile payments.[42]

Cohn discusses the future of blockchain communications and payments.[43]

At Hoyos Integrity, Cohn is deeply involved in the strategy and rollout of a next-generation secure mobile phone aimed at government and corporate customers. The company is also planning to launch a digital wallet — which employs more sophisticated biometrics — that consumers can use to make payments using a wide range of monetary assets, including bitcoin. The wallet will also be insured up to $1 million if hacked and will adhere to strict Know Your Client (KYC) and Anti Money Laundering (AML) regulations.[44] The underlying technology of Hoyos' digital wallet and FIPS was borne out of military-grade digital secure vault technologies. Unlike traditional digital wallets, it is designed to provide significant privacy protections to consumers as it does not mine their data, performs unique biometrics-based identity authentication on every transaction, and holds any digital fiat or cryptocurrency. The Hoyos wallet platform underwent stringent testing by U.S. government security contractors and in an international hackathon contest, and was not breached.[45]

Harvard Kennedy School[edit]

Following his departure from the White House, Cohn became a Visiting Fellow at the Institute of Politics at the Harvard Kennedy School.[6] He taught alongside US Senator Heidi Heitkamp, focusing on structural economic and demographic issues.[7] Spring 2019 Fellows at the Institute included Mayor Andrew Gillum, Rep. Carlos Curbelo, and Mayor Mitch Landrieu.[46]

While at Harvard, Cohn was the lead sponsor for the Road to 2092: Save Social Security, the first policy hackathon organized by the Harvard Institute of Politics. [47] The competition featured over 250 students from 28 universities; the winning team presented their policy brief at the U.S. Capitol, the White House, and was also featured on MSNBC. [48]

Personal life[edit]

Cohn is married to Lisa Pevaroff-Cohn.[49][50][51] They have three daughters, and reside in New York City.[10][14]

Philanthropy[edit]

Cohn and his wife are founding board members of the New York University Child Study Center. The couple funded the Pevaroff Cohn Professorship in Child and Adolescent Psychiatry at the New York University School of Medicine in 1999. He financed the Gary D. Cohn Endowed Research Professorship in Finance at American University, his alma mater.[52]

In 2009, the Hillel International building at Kent State University was named the Cohn Jewish Student Center in recognition of a gift from Cohn and his wife.[53] It is the first Hillel building built directly on the campus of a state university.[54]

Cohn has been a supporter of Reviving Baseball in Inner Cities, and has supported the nonprofit youth development organization Harlem RBI (now called DREAM) since 2011. At that time, Harlem RBI was given the chance to build its own charter school. Mark Teixeira of the New York Yankees and Harlem RBI director Rich Berlin asked Cohn if he could help them raise the capital they needed to build the school.[55] On June 17, 2013, Cohn was honored at the annual "Bids for Kids" gala in order to raise funds for Harlem RBI. Cohn said in an interview that Harlem RBI is a project that is "very near and dear to his heart".[55] In 2015, Cohn won $360,000 for Harlem RBI as winner of Bloomberg's Brackets for a Cause competition. [56]

Memberships[edit]

Cohn is a member of the Jewish Federation of Palm Beach County.[57] In 2010, the Hospital for Joint Diseases at NYU Langone Medical Center named Cohn the chairman of the HJD Advisory Board.[58] Cohn is active as a trustee of American University and Gilmour Academy.

Cohn is a member of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association.[59]

References[edit]

  1. ^ Ruben, Greg. "Inside Trump World". Axios.
  2. ^ "Trump to name Goldman Sachs veteran, Gary Cohn, to head National Economic Council". The Washington Post. December 9, 2016.
  3. ^ a b "Gary Cohn". Harvard Institute of Politics.
  4. ^ "Gary Cohn | The Harry Walker Agency". Harry Walker Agency. Retrieved 2019-12-24.
  5. ^ Mody, Seema (2019-11-19). "Gary Cohn is investing with a biometrics company to build a secure smartphone". CNBC. Retrieved 2019-12-24.
  6. ^ a b Reporter, Michael Levenson-. "As they head to Harvard, Gary Cohn and Heidi Heitkamp criticize shutdown - The Boston Globe". BostonGlobe.com. Retrieved 2019-04-10.
  7. ^ a b "The Real State of the Union". The Institute of Politics at Harvard University. Retrieved 2019-04-10.
  8. ^ "Watch: Goldman Sachs CEO Gary Cohn Says Mark Cuban Is Wrong On Bursting Tech Bubble, But Is He?". Jewish Business News. March 12, 2015.
  9. ^ "Hillel at Kent State Dedicates New Cohn Jewish Student Center". Hillel International. September 15, 2009. Retrieved March 4, 2016.
  10. ^ a b Hillel News (November 15, 2010). "Goldman Sachs Pres. Cohn Addresses Capital Friends of Hillel". Hillel International. Retrieved December 1, 2015.
  11. ^ Abelson, Max Abelson & Harper, Christine (July 28, 2011). "Why Gary Cohn May Not Be Goldman's Next CEO". Bloomberg. Retrieved July 16, 2012.CS1 maint: uses authors parameter (link)
  12. ^ La Roche, Julia (June 1, 2015). "Goldman Sachs' 2nd-most-powerful executive pulled an audacious move to get his 1st job on Wall Street". Business Insider.
  13. ^ "Gary Cohn's teacher once told his parents he'd be lucky to be a truck driver — and now the Trump adviser and Goldman boss is worth $266 million". Business Insider. August 18, 2017. Retrieved December 24, 2019.
  14. ^ a b c "Gary Cohn, Kogod School of Business Commencement Speaker". American University.
  15. ^ David and Goliath
  16. ^ Abelson, Max & Harper, Christine (July 24, 2011). "Succeeding Blankfein at Goldman May Be Hurdle Too High for Cohn". Bloomberg. Retrieved August 7, 2011.CS1 maint: uses authors parameter (link)
  17. ^ "Gary Cohn". Wall Street Journal. Retrieved March 24, 2015.
  18. ^ "Gary D. Cohn". GoldmanSachs.com. June 22, 2012.
  19. ^ Story, Louise & Landon, Thomas Jr. & Schwartz, Nelson D. (February 13, 2010). "Wall St. Helped to Mask Debt Fueling Europe's Crisis". The New York Times.CS1 maint: uses authors parameter (link)
  20. ^ Craig, Susanne (June 30, 2010). "Goldman's Cohn Is Next on Hot Seat". Wall Street Journal.
  21. ^ Michael Corkery (June 30, 2010). "Gary Cohn Testimony: Goldman Didn't Bet Against Clients". Wall Street Journal.
  22. ^ a b c Paletta, Damian & Bender, Mike & Timiraos, Nick (February 11, 2017). "Gary Cohn Has Emerged as an Economic-Policy Powerhouse in Trump Administration". The Wall Street Journal. Washington, DC. Retrieved February 12, 2017.CS1 maint: uses authors parameter (link)
  23. ^ "Gary Cohn Is Leaving Goldman Sachs to Chair Donald Trump's National Economic Council". Forbes. December 12, 2016. Retrieved February 12, 2017.
  24. ^ Kelly, Kate (February 11, 2017). "Trump's Economic Cabinet Is Mostly Bare. This Man Fills the Void". The New York Times. Retrieved February 12, 2017. With crucial posts still vacant, Gary Cohn, a long-time Goldman Sachs executive, has become the president's go-to figure on matters related to jobs, business, and growth.
  25. ^ Egan, Matt (January 27, 2017). "Trump adviser Gary Cohn's $285 million Goldman Sachs exit raises eyebrows". CNN Money. Retrieved January 27, 2017.
  26. ^ Kelly, Kate & and Eder, Steve (March 16, 2017). "Trump Adviser Gary Cohn to Sell Stake in Chinese Bank Giant". The New York Times.CS1 maint: uses authors parameter (link)
  27. ^ Limited, Alamy. "Stock Photo - Vice President Mike Pence, U.S. Treasury Secretary Steven Mnuchin, and Director of the National Economic Council Gary Cohn watch the U.S. Senate vote on the Tax Reform Bill". Alamy. Retrieved 2019-04-10.
  28. ^ "Cohn said to back Wall Street split of lending and investment bank". Bloomberg. April 6, 2017.
  29. ^ "American banks think they are over-regulated". The Economist. May 4, 2017. Retrieved May 11, 2017.
  30. ^ a b c Nathan-Kazis, Josh (April 17, 2017). "How Gary Cohn Became The Hated Jewish 'Globalist' In Trump's Cabinet". Forward. Retrieved April 17, 2017.
  31. ^ Blake, Aaron (April 17, 2017). "The derogatory internal nicknames of the Trump White House, ranked". Washington Post. Retrieved April 17, 2017.
  32. ^ "Tax Reform Has Delivered for Workers". Wall Street Journal. December 22, 2017.
  33. ^ "Trump adviser Gary Cohn reportedly considered quitting following Charlottesville". Jewish Journal. August 25, 2017.
  34. ^ Mangan, Dan; Pramuk, Jacob (March 6, 2018). "Gary Cohn resigns as Trump's top economic advisor". CNBC. Retrieved 6 March 2018.
  35. ^ Haberman, Maggie; Kelly, Kate; Tankersley, Jim (2018-03-14). "Trump Picks CNBC's Larry Kudlow as Top Economic Adviser". The New York Times. ISSN 0362-4331. Retrieved 2018-04-09.
  36. ^ Fabian, Jordan (2018-04-06). "Kudlow jokes he's 'gotta beat' Scaramucci's White House tenure". The Hill. Retrieved 2018-04-09.
  37. ^ Michael Wolff's explosive book on Trump: the key revelations, The Guardian, Martin Pengelly, January 5, 2018. Retrieved January 4, 2019.
  38. ^ a b All the ways Trump’s closest confidants insult his intelligence, Quartz, Annalisa Merelli & Max de Haldevang. May 2, 2018. Retrieved January 5, 2020.
  39. ^ Woodward, Bob (2018). Fear. Simon & Schuster. p. 158. ISBN 978-1-4711-8129-0.
  40. ^ Marshall Cohen and Jamie Gangel (September 5, 2018). "Read the stolen letter from Trump's desk reported in Bob Woodward's book". CNN. Turner Broadcasting System. Retrieved September 6, 2018.
  41. ^ "Bloomberg - Are you a robot?". www.bloomberg.com. Retrieved 2019-12-24.
  42. ^ "Gary Cohn is investing with a biometrics company to build a secure smartphone". Hoyos. 2019-11-19. Retrieved 2019-12-24.
  43. ^ Mody, Seema (2019-11-19). "Gary Cohn is investing with a biometrics company to build a secure smartphone". CNBC. Retrieved 2019-12-24.
  44. ^ Swisher, Kara (2019-10-24). "Former Trump economic adviser Gary Cohn's next move: investing in a phone secure enough for the president". Vox. Retrieved 2019-12-24.
  45. ^ Corporation, Hoyos Integrity. "Gary Cohn, Former Director of the U.S. National Economic Council, Joins Hoyos". www.prnewswire.com. Retrieved 2019-12-24.
  46. ^ "Spring 2019 Resident Fellows". The Institute of Politics at Harvard University. Retrieved 2019-04-10.
  47. ^ "Road to 2092: Save Social Security". The Institute of Politics at Harvard University. Retrieved 2019-12-24.
  48. ^ "Kennedy School Students Named Winners of Social Security Policy Challenge". The Harvard Crimson. Retrieved 2019-12-24.
  49. ^ Emily Smith and Carlos Greer (August 8, 2016). "Bethenny hurls her drink when she can't see Coldplay". Page Six.
  50. ^ Cleveland Jewish News: "Sanford Pevaroff" August 2, 2010
  51. ^ Cleveland Jewish News: "Pevaroffs celebrate 60th wedding anniversary" January 29, 2010
  52. ^ Professor Jeffrey Harris Becomes First Gary D. Cohn Goldman Sachs Chair
  53. ^ "Hillel at Kent State Dedicates New Cohn Jewish Student Center". Hillel International. September 15, 2009. Retrieved December 1, 2015.
  54. ^ Kent State University News: "Dedication of the New Cohn Jewish Student Center" October 12, 2009
  55. ^ a b La Roche, Julia (June 17, 2013). "What Goldman's COO Gary Cohn Is Doing About Our 'Unfair' World". Business Insider. Retrieved April 5, 2015.
  56. ^ "Bloomberg's Brackets for a Cause". Bloomberg News]. Retrieved December 24, 2019.
  57. ^ Jewish Federation of Palm Beach County Annual Report 2013
  58. ^ "2010 Hospital for Joint Diseases' Founders Gala Raises over $1.7 Million". NYU School of Medicine. November 10, 2010. Retrieved March 24, 2015.
  59. ^ "Goldman Sachs Group Inc-Bdr-Gary D Cohn". Bloomberg L.P. Retrieved April 5, 2015.

External links[edit]

Political offices
Preceded by
Jeffrey Zients
Director of the National Economic Council
2017–2018
Succeeded by
Larry Kudlow