No one rich and famous on Wall Street ever goes to Washington, D.C. to make money. They go to help make history, or so their flacks assure us.
Banker and industrialist Andrew Mellon, America’s third-richest man a century ago, moved to Washington in 1921. As treasury secretary and the top economic adviser to three consecutive Republican presidents, Mellon made his history cutting taxes.
Gary Cohn came to Washington last year as Donald Trump’s top economic adviser. Cohn, a former number two at Goldman Sachs (GS, +1.36%), set out to make his own tax-cutting history. Just like Mellon, he reached his goal.
Both Mellon and Cohn won tax cuts that amazed and delighted the GOP donor class. In the process, they both failed America.