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On Goldman alums in government, Blankfein says he worries about how it might look

  • Goldman Sachs Chairman and CEO Lloyd Blankfein said he's cautious in government dealings because so many officials are former Goldman bankers
  • Former Goldman president and Gary Cohn joined the White House to head the National Economic Council
  • Blankfein says he is proud that President Donald Trump tapped so many people from the firm

The head of Goldman Sachs said having so many of the firm's former bankers in the government "generates a lot of inconvenience."

I'm "a little apprehensive about it because for fear of how it might look," Lloyd Blankfein, chairman and CEO of Goldman Sachs, said on CNBC's "Power Lunch."

The Wall Street giant's former president and chief operating officer Gary Cohn joined the Trump administration as head of the National Economic Council. Former Goldman employees also fill several other top government positions.

Gary Cohn, director of the U.S. National Economic Council.
Mary Catherine Wellons | CNBC
Gary Cohn, director of the U.S. National Economic Council.

Blankfein has been head of Goldman for more than a decade and said he "would normally be regularly engaged with the principle economic advisors and maybe the Treasury secretary in the administration."

But now that Treasury Secretary Steven Mnuchin used to work at Goldman, "it creates issues for us that otherwise wouldn't be there," Blankfein said.

Still, Blankfein is proud that President Donald Trump chose so many former Goldman bankers for his administration despite criticizing the Wall Street firm during the campaign.

"My blink reaction is a sense of pride that again another person who wasn't necessarily friendly to our institution in his campaign recognized the talent of these people," Blankfein said.

Goldman bankers have a history of connections with the White House. Former executive Hank Paulson left the firm to become Treasury secretary just ahead of the financial crisis.