The news of Gary Cohn’s resignation from his post as chief economic adviser to President Donald Trump has spelt bad news for the moderates in politics and the stock market. The stock market tanked after Cohn decided to leave following his reported disagreement with Trump about his decision to impose tariffs on steel and aluminium imports. With assets valued anywhere between $252.0 and $611.0 million, Cohn can pretty much choose what he intends to do after leaving the White House.
Alarm bells are ringing in establishment circles in Washington and on Wall Street after the news that Gary Cohn, the chief economic adviser to President Donald Trump, will be resigning on from his post. Cohn’s impending resignation was announced by the White House on Tuesday, March 6, 2018, and has caused turmoil in the administration.
The exact reason for Cohn’s decision to leave his position has not yet been given. However, many people and political observers believe that he is resigning due to his disagreement with Trump’s recent decision to impose tariffs on steel and aluminum imports.
Now, people are keen to know about Cohn’s financial details, as he was a major corporate figure before he gave it all up to join the Trump administration.
Multi-Million Dollars in Assets
- While once source claims that Gary Cohn’s net worth in 2018 is estimated at $350.0 million, this exact amount cannot be confirmed. However, with the reported value of his assets, it may not be far off.
- Cohn currently has assets valued between $252.0 and $611.0 million, according to The New York Times.
- This is not surprising, as Gary Cohn was Goldman Sachs’ president and chief operating officer from 2006 to 2017 before he joined Trump’s team at the White House.
A Highly Paid Executive
- In 2016, reports say Gary Cohn earned more than $40.0 million from Goldman Sachs in the form of his salary, bonuses, restricted stock, options, and dividends.
- Cohn reportedly received $22.0 million and $21.0 million in compensation from Goldman Sachs for the years 2014 and 2015, respectively.
- According to CNN Money, Cohn had received “at least $123.0 million in total compensation” from Goldman Sachs as of December 2016 ever since he took over the helm of the company.
An Outrageous Severance Package
- When Cohn left Goldman Sachs to join President Trump’s administration in 2016, he was reportedly paid an estimated $285.0 million as a severance pay package!
Stock Market Dips Sharply
- The American stock market has reacted negatively to the news of Gary Cohn’s resignation from his post as the chief economic adviser to Trump.
- S&P 500 Futures immediately dropped by 1.1% after the news, which implies a loss of around $230.0 billion in the market value of the U.S. stock market.
- The Dow Jones Industrial Average Futures dropped by 1.3% or 340 points; the dollar immediately lost 0.6% of its value against the Japanese Yen after the news of Cohn’s resignation.
Voice of Moderation Gone
Cohn was considered a moderate man and was expected to balance out Trump’s hawkish and protectionist advisers, who wouldn’t let anybody come in the “America First” policy no matter what. He clashed with Trump over his decision to impose tariffs on steel and aluminum imports because he believed that such a step would risk destroying American jobs and spark a trade war.
It is not known at this time what Gary Cohn will do in the future after leaving the Trump administration. But we’re pretty sure that the man with the Midas touch will be a player again.