Gary Cohn

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Cohn during the WEF 2010

Gary David Cohn (born August 27, 1960 in Shaker Heights , Ohio ) is an American investment banker , former COO of Goldman Sachs and director of the National Economic Council under President Trump from 2017 to 2018 . On March 6, 2018, he resigned as a result of Trump's decision regarding punitive tariffs on imports. After serving in the White House Cohn consultants and venture capital investor for companies in the areas was cyber security , block chain - infrastructure work and medical technology. He is currently a member of the advisory board of Hoyos Integrity , a start-up company that uses biometric blockchain technology for secure communication and digital payments. Cohn is also chairman of the advisory board of Pallas Advisors , a strategic security consultancy based in Washington, DC

Family and education

Gary Cohn with Jamie Dimon , Mary Callahan Erdoes and Dina Habib Powell (2013)

Cohn was born into an Eastern European Jewish family and grew up in Shaker Heights, Ohio . His father Viktor was first an electrician and later a real estate agent . Cohn graduated from Gilmore Academy in Gates Mills, Ohio. Between the fall of 1979 and the spring of 1982, he attended the Kogod School of Business in Washington, DC Major courses in finance, real estate, and urban development. Cohn graduated in May 1982 with a Bachelor of Science degree in Business Administration .

Gary Cohn lives in New York City and is married to Lisa Pevaroff-Cohn. The couple has three daughters. Cohn is registered as a member of the Democratic Party , but is also known for making large donations to Republican politicians.

Career in the investment business

His first professional position was US Steel in Cleveland, which he soon left to work as a freelance trader on the New York Mercantile Exchange (NYMEX). Cohn joined Goldman Sachs in 1990 . In 1994 he became a partner in the company. In 1996 he became head of the commodities department and in 2002 he became head of the Fixed Income , Currency and Commodities (FICC) department. He was named co-head of Equities in 2003 and co-head of global securities in January 2004. He also became President and Co-Chief Operating Officer and Director of the Company in June 2006. While at Goldman Sachs, Cohn also served on the board of directors and chaired the corporate committee on customer and business standards. At his hearing before the US Congress in 2010, he stressed that Goldman Sachs had lost $ 1.2 billion in the crisis. He was considered the designated successor for Lloyd Blankfein .

Adviser to President Trump

On January 20, 2017, Cohn took office as director of the National Economic Council (NEC) in President Donald Trump's administration , a position that did not require congressional approval. On February 11, 2017, the Wall Street Journal described Cohn as an "economic powerhouse" and the New York Times called him Trump's "key figure in jobs, the economy and growth." After Trump's candidate for Treasury Secretary Steven Mnuchin was confirmed on December 12, 2016, Cohn filled the "staff vacuum" and pushed ahead with "taxes, infrastructure, financial regulation and the replacement of health laws."

For the office of chairman of the National Economic Council , Cohn had to sever all ties to Goldman Sachs and therefore received his shares in the company paid out; whose total value amounted to 285 million dollars . Cohn also announced that it would sell its stake in the Industrial and Commercial Bank of China .

Under Cohn's aegis, and in collaboration with Treasury Secretary Steven Mnuchin (also formerly with Goldman Sachs), several major corporate tax cuts were worked out. The corporate tax has been reduced from 35 percent to 21 percent, resulting in a tax saving of around 1 billion US dollars to Goldman Sachs and 4 billion for JPMorgan Chase does. For US companies that have invested their profits in tax havens like the Cayman Islands and Bermuda , the even lower tax rate of 15.5 percent (a saving of USD 50 billion for about Apple , if the company transfers the $ 252 billion that was offshore at the end of 2017 to the United States ). The change to the taxation of the income of hedge fund managers originally announced by President Trump , who are not subject to income tax but to the lower capital gains tax, was no longer included in the tax reform drawn up by Cohn and Mnuchin and passed by Congress . In the banking and finance sector , he advocates deregulation and the withdrawal of large parts of the Dodd – Frank Act , which was passed under President Obama in 2010 in response to the 2007 financial crisis .

On March 6, 2018, it was announced that Cohn would resign within the next few weeks. The New York Times suspected that this decision was related to Trump's decision to impose high punitive tariffs on steel and aluminum imports from the EU, contrary to Cohn's opposition.

Venture capital

After leaving the White House, Cohn became a consultant and venture capitalist for companies in the cybersecurity, blockchain and digital payments sectors. He currently serves on the boards of Spring Labs , a start-up that uses blockchain technology to share consumer credit data, and Hoyos Integrity , a company that uses blockchain biometric technology for secure communications and mobile payments. Cohn is also a key advisor to Machine Zone and Abryx , a biomaterials science company.

At Hoyos Integrity , Cohn is heavily involved in the strategy and introduction of a next generation secure cell phone targeting government and corporate customers. The company also plans to introduce a digital wallet - nutzt- the more sophisticated biometric data, with consumer payments in a variety of funds, including Bitcoin , can make. The Cyberwallet will also be insured up to USD 1 million in case it should be hacked and will meet the strict KYC (Know Your Client) and AML (Anti Money Laundering ) regulations. In April 2020, Cohn was appointed to the Risk & Governance Advisory Board of Starling , a technology company specializing in applied behavioral science.

Harvard Kennedy School

In 2019, Cohn was a visiting fellow at the Institute of Politics at Harvard Kennedy School , where he led a seminar on economic, demographic and national security policy at the side of former US Senator Heidi Heitkamp . Cohn and Heitkamp focused on structural, economic, and demographic issues. The Institute's Spring 2019 scholarship recipients included Mayor Andrew Gillum , MP Carlos Curbelo, and Mayor Mitch Landrieu . While at Harvard , Cohn was the main sponsor of Road to 2092: Save Social Security , the first political hackathon organized by the Harvard Institute of Politics . Over 250 students from 28 universities took part in the competition; the winning team presented its policy letter in the US Capitol , the White House, and was also featured on MSNBC .

philanthropy

Cohn and his wife are founding board members of the New York University Child Study Center . In 1999, the couple funded the Pevaroff-Cohn Professorship in Child and Adolescent Psychiatry at New York University School of Medicine . Cohn also funded the Gary D. Cohn Endowed Goldman Sachs Chair in Finance and the Gary D. Cohn Scholarship, both at American University , his alma mater . In 2015, Cohn funded the Gary D. Cohn and Brother Robert LaVelle Endowed Scholarship in honor of Brother Robert LaVelle, who retired after 35 years as director of Gilmour Academy where Cohn attended high school. In 2009 the Hillel International building at Kent State University was renamed the Cohn Jewish Student Center in recognition of a gift from Cohn and his wife . It is the first Hillel building to be erected directly on the campus of a state university.

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

Positions

Cohn supports the separation of retail banking from investment banking under the Glass-Steagall Act . He advocates free trade and against protectionism .

Memberships

Web links

Commons : Gary Cohn  - collection of pictures, videos and audio files

Footnotes

  1. ↑ https://www.whitehouse.gov/briefings-statements/white-house-national-economic-council-director-announces-senior-staff-appointments/
  2. ^ Gary Cohn is investing with a biometrics company to build a secure smartphone. In: cnbc.com. November 19, 2019, accessed August 5, 2020 .
  3. ↑ Meet the Team. In: pallasadvisors.com. Retrieved August 5, 2020 .
  4. ↑ hillel.org: Hillel at Kent State Dedicates New Cohn Jewish Student Center of 15 September 2009, called on February 1 2017
  5. ↑ 20 Things You Didn't Know About Gary Cohn. In: moneyinc.com. Retrieved August 5, 2020 .
  6. ^ Renowned alumnus Gary Cohn Drives Impact with Investments in AU. In: american.edu. April 20, 2020, accessed August 5, 2020 .
  7. ↑ heavy.com: Gary Cohn: 5 Fast Facts You Need to Know, November 30, 2016, accessed February 1, 2017
  8. ^ Gary D. Cohn President and Chief Operating Officer. In: goldmansachs.com. Archived from the original on June 22, 2012 ; accessed on August 11, 2020 .
  9. ↑ Gary Cohn. In: iop.harvard.edu. 2019, accessed August 11, 2020 .
  10. ↑ http://blogs.wsj.com/deals/2010/06/30/gary-cohn-testimony-goldman-didnt-bet-against-clients/
  11. ↑ a b https://www.bloomberg.com/news/articles/2017-04-01/gary-cohn-lists-at-least-254-million-in-assets-in-ethics-filing
  12. ^ A b Gary Cohn Has Emerged as an Economic-Policy Powerhouse in Trump Administration. In: wsj.com. February 11, 2017, accessed August 13, 2020 .
  13. ^ Gary Cohn Is Leaving Goldman Sachs To Chair Donald Trump's National Economic Council. In: forbes.com. December 12, 2016, accessed August 13, 2020 .
  14. ^ Trump's Economic Cabinet. In: nytimes.com. February 11, 2017, accessed August 13, 2020 .
  15. ↑ Der Spiegel: Goldman Sachs says goodbye to Gary Cohn - Trump's top advisor raked in $ 285 million on February 1, 2017, accessed February 1, 2017
  16. ↑ FAZ: Banker moves to the White House - Gigantic farewell gift from January 26, 2017, accessed on February 1, 2017
  17. ↑ Gary Rivlin in The Intercept : Gary Cohn: Mission Accomplished , March 7, 2017
  18. ↑ a b Kate Kelly, Maggie Haberman, Peter Baker: Gary Cohn to Resign as Trump's Top Economic Adviser. In: The New York Times , March 6, 2018.
  19. ↑ Gary Cohn Joins Blockchain Startup Spring Labs as Adviser. In: bloomberg.com. Retrieved August 19, 2020 .
  20. ^ Gary Cohn investing with a biometrics company to build a secure smartphone. In: hoyosintegrity.com. November 19, 2019, accessed August 19, 2020 .
  21. ^ Gary Cohn Joins MZ Board of Directors. In: businesswire.com. January 3, 2019, accessed August 19, 2020 .
  22. ^ "To Cohn's Claim, I Would Say, 'Give Me a Break'": Gary Cohn Tries — and Fails — to Defend the Trump Tax cut. In: vanityfair.com. December 13, 2019, accessed August 19, 2020 .
  23. ^ Former Trump economic adviser Gary Cohn's next move: investing in a phone secure enough for the president. In: vox.com. October 24, 2019, accessed August 20, 2020 .
  24. ↑ Inside Trump World. In: axios.com. January 19, 2017, accessed August 20, 2020 .
  25. ↑ Starling has announced the appointment of Gary D. Cohn to its Risk & Governance Advisory Board. In: starlingtrust.com. January 19, 2017, accessed August 20, 2020 .
  26. ↑ As they head to Harvard, Gary Cohn and Heidi Heitkamp criticize shutdown. In: bostonglobe.com. January 17, 2019, accessed August 24, 2020 .
  27. ^ The Real State of the Union. In: iop.harvard.edu. 2019, accessed August 24, 2020 .
  28. ↑ Fall 2019 Resident Fellows. In: iop.harvard.edu. 2019, accessed August 24, 2020 .
  29. ^ Road to 2092: Save Social Security. In: iop.harvard.edu. Retrieved August 24, 2020 .
  30. ^ Professor Jeffrey Harris Becomes First Gary D. Cohn Goldman Sachs Chair. In: american.edu. September 30, 2013, accessed August 26, 2020 .
  31. ^ Trump to name Goldman Sachs veteran Gary Cohn to head National Economic Council. In: washingtonpost.com. December 9, 2016, accessed August 26, 2020 .
  32. ↑ Gilmour Academy received $ 750,000 donation for scholar chips. In: wkyc.com. May 20, 2015, accessed August 26, 2020 .
  33. ^ Hillel at Kent State Dedicates New Cohn Jewish Student Center. In: hillel.org. September 15, 2009, accessed August 26, 2020 .
  34. ^ Dedication of the New Cohn Jewish Student Center. In: einside.kent.edu. October 12, 2009, accessed August 30, 2020 .
  35. ↑ Bloomberg's Brackets for a Cause. In: bloomberg.com. Accessed August 30, 2020 .
  36. ↑ https://www.bloomberg.com/news/articles/2017-04-06/cohn-said-to-back-wall-street-split-of-lending-investment-banks
  37. ↑ American banks think they are over-regulated . In: The Economist , May 4, 2017. 
  38. ↑ on 'Trump's comments on Charlottesville' see right-wing extremist demonstrations in Charlottesville 2017 # Third Trump statement
personal data
SURNAME Cohn, Gary
ALTERNATIVE NAMES Cohn, Gary David (full name)
BRIEF DESCRIPTION American investment banker, CEO of Goldman Sachs
DATE OF BIRTH August 27, 1960
PLACE OF BIRTH Shaker Heights , Ohio