Consider just this very partial list: Henry Fowler, Robert Rubin, and Hank Paulson, former US Treasury secretaries. Mark Carney, governor of the Bank of England. Mario Draghi, European Central Bank president. Malcolm Turnbull, prime minister of Australia. Bill Dudley, president of the New York Federal Reserve bank. Romano Prodi, former Italian prime minister. Josh Bolten, former White House chief of staff. Robert Zoellick, former president of the World Bank.
Before or after these men had their turn with the levers of power, they worked for Goldman Sachs. No other company can boast such an alumni network with anywhere near this level of influence on world affairs. It seems the pattern will be not be broken under a Trump administration. The president-elect has tapped Steven Mnuchin, a former partner at the investment bank, to be his Treasury secretary.
Put aside, for a moment, the political implications of Mr Trump’s choice. There are good reasons why Goldman has the network it does, and there are reasons to be glad a Goldmanite will be in the cabinet. It is very hard to succeed at Goldman. Those who do tend to be hard working and competent, and to have a good understanding of financial markets.