None other than Gary Cohn, former COO of Goldman Sachs and now top White House economic adviser, has just warned on the growing threat of a new systemic risk. Cohn is very concerned about the growth and risk of clearinghouses, which have expanded thanks to their new role clearing swaps. Cohn remarks that as “we get less transparency, we get less liquid assets in the clearinghouse, it does start to resonate to me to be a new systemic problem in the system”. Cohn, who warned on clearinghouses while at Goldman, joins BlackRock and JP Morgan in warning on their risk. However, he has more sway on directing change now that he is in the White House. FINSUM: Cohn knows more about finance than anyone in his position in recent memory, so this is a risk to take seriously.