Rekenthaler Report

The National Economic Council: Let Investors Eat Junk!

John Rekenthaler

Investment Calories
Technically, Gary Cohn was no longer president and chief operating officer of Goldman Sachs when he made his statement, having resigned his duties in January to become director of the National Economic Council. Thus, despite my fervent desire, I couldn't entitle this column: "Goldman Sachs: We Sell Junk."

Ah, well. It's still a doozy of a quote. Arguing against the Department of Labor's fiduciary rule, which was passed in 2016 and scheduled to be enacted in 2017, Cohn said, "This is like putting only healthy food on the menu, because unhealthy food tastes good but you still shouldn't eat it because you might die younger."