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‘When former Goldman Sachs president Gary Cohn decided to leave the investment bank to chair President Donald Trump’s National Economic Council, it meant he’d have to cash out the Goldman stock he accumulated during a 26-year career at the firm. This divestment is a way to avoid conflicts of interest while holding a powerful government office, but it also means Cohn’s stock awards will be converted to cash as the bank’s stock hovers near record highs.
On Tuesday evening, a filing released by Goldman Sachs showed Cohn will leave the firm with an over $100 million windfall as all of his outstanding stock grants are distributed. This trigger is hardwired into Goldman’s corporate bylaws to make room for executives pursuing government service and it will allow Cohn to abide by long-standing procedures in Washington to mitigate potential conflicts of interest.’