As President Trump pushes to sell off public assets to financial firms and eliminate financial regulations, former Goldman Sachs executive Nomi Prins says America is on the verge of another financial crisis. Prins, who is now a journalist and author of “All the President’s Bankers,” argues that lawmakers’ refusal to pass legislation breaking up the big banks is putting the global economy at risk. Prins discussed her concerns on a recent podcast with International Business Times reporter David Sirota.
Here is a lightly edited transcript of their discussion.
Sirota: When you worked at Goldman Sachs, you worked for Gary Cohn, who is now President Trump’s top economic advisor. He’s been in the news lately for being one of the people who is spearheading the president’s plan to try to privatize public assets, at a time when Goldman Sachs says it wants to move into buying up those assets. What should we glean from President Trump appointing Gary Cohn to such a powerful position in the White House?
Prins: Well, first, appointing someone like Gary Cohn or even [Treasury Secretary] Steve Mnuchin who came from Goldman Sachs as well through the hedge fund environment and basically pillaging the banks of individuals, is that the philosophy that these people have, and have held since their time on Wall Street, is such that it’s fair game to take over, to securitize, to act in non-transparent ways from a financial perspective at the expense of citizens; that it’s okay to make money at the expense of the stability of the economy, at the expense of the stability of the financial health of citizens and so forth.
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