The banker running to be NYC mayor
Citi’s Ray McGuire has definitely left the building.
The road from Wall Street to Washington is a very well-trodden one, as many ‘Government Sachs’ alumni will attest.
From Sidney Weinberg during the Second World War through to the rather less respected Steve Bannon in the early days of the Trump administration, Goldman has been on the CV of numerous government officials.
Hank Paulson, Gary Cohn, Steve Mnuchin and William Dudley at the Federal Reserve. Gary Gensler at the Commodity Futures Trading Commission and the European Central Bank’s very own ex-supremo, Mario Draghi.
Indeed, the UK now has its very own Mini-Me version in Chancellor of the Exchequer Rishi Sunak, who worked at Goldman from 2001 to 2004. He subsequently joined the hedge fund industry, working at, among others, the Children’s Investment Fund.
Perhaps it is time for other US banks to get in on the act. Step forward Ray McGuire, ex-vice chairman at Citi, who launched his campaign to become New York Mayor on December 2, having left Citi just six weeks previously.