Blankfein: I try out to be straightforward about these points. I didn’t assistance Trump — I was having pictures at him — so I never feel this way personally, but I believe as a group, this is what was happening: For Wall Street, it was reduce taxes, considerably less regulation. He was providing what “we” required. We set a clothespin on our nose. We weren’t ignorant of the variety of risks we have been having. We repressed them.
So you imagine the hazards have been very well understood?
There was nobody who ever got to the presidency who was much more transparent and greater comprehended than him. In the minutes right before he bought elected, all those NBC tapes arrived out. Did folks not consider the 20 ladies who arrived forward? Do individuals feel he paid out his taxes all that time? And surely for the next election — what was there left to know about him?
So folks did know what they were being carrying out. They did it simply because of their self-fascination. Assume of an additional historical illustration: How about these plutocrats in early 1930s Germany who favored the point that Hitler was rearming and industrializing, investing funds and acquiring them out of recession and driving the financial system ahead by way of his stimulus expending on war content? I really do not want to go much too significantly with that, but just to exhibit you how I’m imagining about it.
So, certainly, they supported him. And I believe that assistance is not undone by some just one-moment-to-midnight deathbed confession that, “Oh my God, this was also significantly for me.”
How do you experience about people today who went to perform in the Trump administration? Quite a few of them were being Goldman alumni, which includes Treasury Secretary Steven Mnuchin and Gary Cohn, who was a top economic adviser.
I didn’t vote for him, but early in the administration I experienced hopes and anticipations that it would crack to the significant aspect, as most people do when they get into that office and sit powering that desk. So I don’t fault any one for going in early, like my Goldman good friends.
And after in, I never definitely fault individuals for keeping, mainly because when you are in, I’d alternatively have them there than not there. I really don’t assume we would have been better off had Mnuchin resigned.