Aug 6, 2018 - Technology

Gary Cohn calls Facebook worse than pre-crisis big banks

Photo credit should read Saul Loeb/AFP/Getty Images

Gary Cohn, the former Goldman Sachs president who later served as President Trump's first national economic advisor, believes social media companies like Facebook are a larger societal danger than were banks before the financial crisis, due to their dissemination of misinformation.

“In ’08 Facebook was one of those companies that was a big platform to criticize banks, they were very out front of criticizing banks for not being responsible citizens. I think banks were more responsible citizens in ’08 than some of the social media companies are today. And it affects everyone in the world. The banks have never had that much pull.”
— Gary Cohn to Bloomberg
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