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Goldmanite's Public Service Career Tragically Cut Short By Sudden Attack Of Common Sense

Jim Donovan ceding his Treasury spot to someone with a more finely honed sense of masochism.
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Here's a sampling of recent headlines out of Capitol Hill:


It could be that the hopelessly biased liberal media is attempting to project an image of roiling incompetence onto what is in fact a smooth-sailing presidential operation. In the reality agreed-upon by fully sentient adults, however, it's pretty clear that the White House is sinking into a vortex of fearful backbiting and organizational chaos helmed by a captain whose monomaniacal quest for self-glorification endangers every person and institution in his flailing grasp.

It's not unusual to come across these kinds of headlines in the world of politics. But they're far less common in discussions of Goldman Sachs. So it doesn't take a lot of imagination to understand why former Goldman managing director and would-be Treasury appointee Jim Donovan has suddenly developed a newfound devotion to family life:

"I am deeply honored by President Trump's decision to nominate me as Deputy Secretary of the U.S. Department of the Treasury,” Donovan said in a statement. “However, at this time I want to focus on my family, and I can no longer accept it. I hope to be able to serve this administration in the future and fully support President Trump and Secretary Steven Mnuchin's ongoing work to reform the tax system and grow the U.S. economy.”

We could posit other theories for Donovan's sudden about-face. Maybe he had his heart set on being the man to enforce a Twenty-First Century Glass-Steagall, only to learn that what Steve Mnuchin et al meant by Twenty-First Century Glass-Steagall was Literally Anything Other Than Glass-Steagall. Or maybe he was just waiting until Trump was safely off of U.S. soil to announce his change of heart.

We wish Donovan and his family well, and look forward to learning how he'll pad his epitaph with non-Goldman info now that “went down with another man's ship” is no longer on the table.



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