Former Goldman Sachs President Gary Cohn reportedly believes that banks were more trustworthy in 2008 than social media companies are today.

"It's very interesting how the world turns," Cohn said Saturday, referring to social media's role in the spread of misinformation and fake news, according to Bloomberg News. "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."

Cohn's comments came at the Paddle & Party for Pink, a benefit for the Breast Cancer Research Foundation at Havens Beach in Sag Harbor, New York, an event led by his wife, Lisa Pevaroff-Cohn.