Yale's Sonnenfeld: Cohn Exiting White House Would 'Crash the Markets'

If White House economic adviser Gary Cohn resigned his position, it would cause markets to crash, according to Yale School of Management expert Jeffrey Sonnenfeld.

Cohn leads the Trump administration's work on overhauling the tax code as director of the National Economic Council.

"I think if he steps away, it would crash the markets . . . I don't want to be an alarmist, but there is a lot of faith that he is going to help carry through the tax reform that people are looking for," Sonnenfeld said Thursday on CNBC's "Squawk Box."

Cohn will stay in his position, a White House official told Bloomberg.

Concern had arisen that Cohn would resign when the adviser, who is Jewish, was said to be "deeply upset" and "disgusted' over Trump's statements about the Charlottesville, Virginia violence in which the president said that "both sides" were to blame in the violence between neo-Nazis and other extremists and counter-protesters.

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