加里•科恩:給高盛幫倒忙的“高盛系”官員

When Robert Rubin resigned as co-head of Goldman Sachs to join Bill Clinton’s White House in 1993, he found “a sort of rugby scrum to get up close to the president” in the Oval Office. Mr Rubin sat at a discreet distance: “I always liked to be away from the centre,” he wrote in his autobiography.

1993年，當羅伯特?魯賓(Robert Rubin)辭去高盛(Goldman Sachs)聯合首席執行官的職位，加盟比爾?克林頓(Bill Clinton)領導的白宮時，他發現在白宮總統辦公室“人們都爭先恐後地試圖接近總統”。魯賓坐在不顯眼的遠處：“我總是想遠離中心，”他在自傳中寫道。

Gary Cohn, who has made the same move from Goldman to become director of Donald Trump’s National Economic Council, has no such reticence. He stood at Mr Trump’s shoulder as the president declared his determination to scythe back financial regulation and stimulate more lending by banks.

同樣告別高盛、出任唐納德?特朗普(Donald Trump)的國家經濟委員會(National Economic Council)主席的加里?科恩(Gary Cohn)，卻沒有這麼含蓄。在特朗普宣告決心砍掉金融監管，刺激銀行擴大放貸時，他肩並肩站在特朗普身邊。

The stock market loved their promise to ditch the “over-regulation” of the Dodd-Frank Act. In case the message was not clear, Mr Cohn contested a supportive suggestion by Maria Bartiromo, the Fox Business presenter, that it was chiefly aimed at small banks. “Maria, I’m saying all banks have been shackled by these rules. Big banks, small banks, medium-sized banks.”

股市喜歡他們承諾的廢止《多德-弗蘭克法》(Dodd-Frank Act)的“過度監管”。生怕話說得不夠明白，科恩對福克斯商業頻道(Fox Business)主持人瑪麗亞?巴蒂羅姆(Maria Bartiromo)作出的支持性表示（稱其主要針對小銀行）提出異議。“瑪麗亞，我說的是所有銀行都受到了這些規則的束縛。大銀行、小銀行，中型銀行。”

Goldman’s shares have risen by 37 per cent since Mr Trump’s election, reaching a record high this week. Investors expect it and other banks to return billions in capital to shareholders after the rollback — Morgan Stanley estimates that Goldman has $14bn in “excess capital”. But Mr Cohn has done nothing for Goldman’s reputation.

自特朗普當選以來，高盛股價已累計上漲37%，上週達到創紀錄高點。投資者預測，在逆轉監管改革後，高盛以及其他銀行將把鉅額資本返還股東；摩根士丹利(Morgan Stanley)估計，高盛擁有140億美元的“過剩資本”。但科恩對高盛的聲譽沒有做出積極貢獻。

There is a long tradition of Goldman executives moving into government after earning their fortunes. Steven Mnuchin, a former Goldman partner, became US Treasury secretary this week, joining alumni such as Mr Rubin and Hank Paulson. Not for nothing is the investment bank sometimes known as “Government Sachs”.

高盛高管在獲得鉅額財富後進入政府任職，堪稱一個長期傳統。高盛前合夥人史蒂芬?姆努欽(Steven Mnuchin)上週成爲美國財長，加入高盛系前輩魯賓和漢克?保爾森(Hank Paulson)等人的行列。這家投行有時被稱爲“高盛政府”是不無道理的。

The principle is supposed to be that they are wealthy enough to put aside worldly things and dedicate themselves to public service. The idea is not for them to transfer from making money to making it easier for Goldman to make money. That is not how it should work, nor how it should look.

其中的原則理應是：這些人足夠富有了，他們會拋開俗念，獻身公職。其構想並不是讓他們從賺錢變成讓高盛更容易賺錢。這個傳統不應該這樣運作，也不應該給人以這樣的印象。

In many ways, I hope that Mr Trump sticks with Mr Cohn since he is one of the least threatening figures in the administration. He is a pragmatic globalist who could temper the president’s inclination towards protectionism and conflict. I would take him in a heartbeat over Steve Bannon, the Goldman alumnus who is the president’s chief strategist and provocateur.

從很多方面來講，我希望特朗普堅持重用科恩，因爲他是特朗普政府內危害最小的人物之一。他是一位務實的全球主義者，有望緩和總統的保護主義和衝突傾向。我毫不猶豫地認爲，他至少比另一位高盛系人士、總統的首席策略師和“煽動者”斯蒂夫?班農(Steve Bannon)更有水平。

Mr Cohn honestly believes in regulatory reform and was the most senior economic figure in place before Mr Mnuchin’s confirmation (although that only reinforces Goldman’s presence). His sin is tactlessness, not corruption: unlike Mr Rubin, he is relentless, restless and happiest at the front.

科恩真誠地相信監管改革，並且是姆努欽獲得確認之前最高級的經濟官員（儘管這只是強化了高盛的影響力）。他的罪過是不老練，而非腐敗：與魯賓不同，他衝在前面，堅持不懈、鬥志昂揚而且樂此不彼。

It shows, though, how hard it is getting for Goldman to straddle the boundary between Wall Street and the White House. When Mr Rubin made the move, few people outside finance had heard of the bank, and he could remain obscure with relative ease. His first task as NEC director was to persuade Mr Clinton to reduce the fiscal deficit, not to curb financial regulation.

然而，這表明高盛要跨越華爾街和白宮之間的界限有多難。在魯賓進入政府任職的那個年代，在金融界以外幾乎無人聽說過這家銀行，他可以相對容易地躲在幕後。他擔任國家經濟委員會主席的首個任務是說服克林頓削減財政赤字，而不是限制金融監管。

There were signs then of how changes in finance would alter politics. “Many people might have been surprised to see a group of Democrats sitting around a table in Arkansas talking about the international bond market,” Mr Rubin wrote. Capital markets were taking the place of bank lending and Wall Street was moving to centre stage.

當時有跡象表明，金融行業的變革將改變政治格局。魯賓寫道：“很多人可能會感到意外的一幕是，一羣民主黨人圍坐在阿肯色州的桌旁討論國際債券市場。”那時，資本市場正取代銀行放貸，華爾街正走向舞臺中央。

Wall Street became Mr Paulson’s main challenge 15 years later: he was confronted by the 2008 crisis and found himself having to prop up investment banks. He was forced to gain a waiver from an ethics agreement he had signed on becoming Treasury secretary not to get involved in any transaction “particular to Goldman Sachs”.

15年後，華爾街成爲保爾森的主要挑戰：他遭遇2008年金融危機，發現自己必須支撐多家投行。他被迫從自己在出任財長時簽署的一份道德協議獲得豁免，該協議規定他不參與“與高盛有關”的任何交易。

The smooth functioning of capital markets is now vital and having someone at hand who knows them is crucial in the the world passed on by Mr Rubin, Mr Paulson and the presidents they served. This, as much as personality, led to Mr Cohn’s prominence.

如今，在這個由魯賓、保爾森和他們所效力的總統留下的世界裏，資本市場的平穩運行至關重要，具備一位瞭解資本市場的人極爲關鍵。這一點，再加上個性，讓科恩嶄露頭角。

Presidents have good reason to call on Goldman. They can get the boss — or second-in-command in Mr Cohn’s case — of a global financial institution to turn politics into economics. Mr Cohn holds sway because he was a tough, effective leader at Goldman: he is versed in what to do and how to get it done.

美國總統延攬高盛系人士是有很好理由的。他們可以得到一家全球金融機構的一把手（科恩是二把手），由其把政治問題轉化爲經濟課題。科恩舉足輕重的原因是他在高盛是一位堅韌高效的領導人：他深諳該做什麼，以及怎麼做。

But it is becoming awkward for Goldman. Having former executives in governments and central banks around the world is useful, as is the prospect of looser regulation. Being visible at the helm is embarrassing, especially when executive power is clearly being used to Wall Street’s benefit.

但這對高盛來說正變得難堪。有前任高管在政府和全球央行任職是有好處的，放鬆監管的前景也是好事。引人注目的“掌舵”位置則令人尷尬，特別是在行政權顯然正被用來造福於華爾街的時候。

Mr Trump exploited Goldman as a target for populist resentment in his campaign, railing that Hillary Clinton’s speeches for the bank showed the need to “drain the swamp” in Washington. He forgot it when elected, but the complaint worked and his conduct since lends it even sharper potential.

特朗普曾在競選期間把高盛當作民粹主義泄怒的對象，振振有詞地說，希拉里?克林頓(Hillary Clinton)應邀爲高盛發表演講證明，有必要在華盛頓“抽乾沼澤”。他在當選後忘記了這件事，但他的抱怨起到了作用，而他當選以來的所作所爲使這個問題更加突出。

Goldman’s tradition of public service is not illusory: many former partners have governed impartially and some, including Gary Gensler, former chairman of the Commodity Futures Trading Commission, have been notably tough regulators. But appearances matter and Mr Cohn’s place by Mr Trump’s side did his old firm no favours.

高盛高管擔任公職的傳統並非虛幻：很多前合夥人在政府任職期間公正不阿，一些人（包括美國商品期貨交易委員會(CFTC)前主席加里?詹斯勒(Gary Gensler)）成爲了特別強硬的監管者。但形象很重要，科恩與特朗普肩並肩對他的老東家沒有任何幫助。