Despite having made several promises throughout his campaign to “drain the swamp”, President-elect Trump has managed to completely eradicate this notion within only weeks of getting elected by appointing numerous wealthy elites and Washington insiders to his impending cabinet.
The president-elect appointed Steve Bannon, former Goldman Sachs investment banker, to the position of White House Chief Strategist. Prior to election night, Bannon served as CEO of Trump’s presidential campaign. However, he is perhaps more well-known as the former executive of Breitbart, a news website notorious for its alt-right views.
Steven Mnuchin is another veteran advocate of the president-elect, having served as Trump's finance chairman throughout his campaign. The former executive and partner of Goldman Sachs is also the founder of Dune Capital Management, a private hedge fund, which largely manages real estate. Mnuchin and his associates acquired the failing Indymac, later renamed OneWest. The bank’s inefficiencies and aggressive payment demands resulted in the foreclosures of countless of their clients’ homes. OneWest has since been sold to CIT Group and is currently under investigation by the Department of Housing and Urban Development.
The president-elect has also chosen Wilbur Ross as his secretary of commerce. Ross, a longtime and loyal donor to Mr. Trump’s businesses and entrepreneurial endeavors, is a private equity investor, with an estimated net worth or $2.9 billion. Ross has made his fortune through resurrecting struggling companies through massive layoffs and budget cuts. Ross is the founder and chairman of the private equity firm, WL Ross & Co, and is the creator of the International Steel Group, a company composed of several economically underperforming steel companies, which was later sold to a prominent steel corporation in the Netherlands.