Edition: United States  
One News Page
“Probably the fastest-access news portal in the world”
> >

Trump Picks Former Goldman Banker Steven Mnuchin As Treasury Secretary, CBS Reports

Zero Hedge Tuesday, 29 November 2016
Trump Picks Former Goldman Banker Steven Mnuchin As Treasury Secretary, CBS ReportsWhile it has not been officially confirmed by the Trump transition team, moments ago the NYT reported that - in what had previously been leaked on several occasions on various other outlets most notably the WSJ - former Goldman banker and Soros employee, Steven Mnuchin "a financier with deep roots on Wall Street and in Hollywood but no government experience" is expected to be named Donald J. Trump’s Treasury secretary as soon as Wednesday.Steven Terner Mnuchin at Trump Tower in Manhattan this month

From the NYT:



Mnuchin, 53, was the national finance chairman for Mr. Trump’s campaign. He began his career at Goldman Sachs, where he became a partner, before creating his own hedge fund, moving to the West Coast and entering the first rank of movie financiers by bankrolling hits like the “X-Men” franchise and “Avatar.”


As Treasury secretary, Mr. Mnuchin would play an important role in shaping the administration’s economic policies, including a package of promised tax cuts, increased spending on infrastructure and changes in the terms of foreign trade. He could also help lead any effort to roll back President Obama’s nuclear deal with Iran and opening to Cuba by reimposing sanctions on Tehran and Havana.



As the NYT adds, his selection fits uneasily with much of Mr. Trump’s campaign rhetoric attacking the financial industry. Mr. Trump, in a campaign ad intended as a closing argument, portrayed the chief executive of Goldman Sachs as the personification of a global elite that the ad said had “robbed our working class.” But, the NYT notes, Mnuchin has said that he agrees with Mr. Trump’s priorities, and he was an early supporter of a candidate who clearly prizes loyalty.

When Mr. Trump won New York’s Republican presidential primary in April, Mr. Mnuchin attended the victory party. The next day, he accepted Mr. Trump’s invitation to become the campaign’s national finance director. A number of Mr. Mnuchin’s friends made comments to various publications expressing shock at the decision. Mr. Mnuchin was unfazed. “Nobody’s going to be, like, ‘Well, why did he do this?’ if I end up in the administration,” he told Bloomberg Businessweek in August.

Some more details for those unfamiliar with Mnuchin:



Mr. Mnuchin, the son of a Goldman Sachs partner, joined the firm after graduating from Yale University. He worked there for 17 years, rising to oversee trading in government securities and mortgage bonds. After leaving Goldman in 2002, he founded Dune Capital Management, a hedge fund named after the dunes near his beach house in the Hamptons.


He also started investing in the movie business and bought a house in Bel-Air. He is engaged to the actress Louise Linton, who would be his third wife. He told The Times in May that he has focused in recent years on the “West Coast economy,” although he added that he was not turning his back on Wall Street.


Mr. Mnuchin was part of a group that bought the failed California mortgage lender IndyMac from the government in 2009. He became chairman of the company, renamed OneWest, which was ultimately sold to CIT, the nation’s largest small-business lender, in 2015 for more than twice the price the group had paid.


During his tenure, OneWest faced allegations that it had foreclosed improperly on some borrowers. Fair-housing groups also filed a complaint with the federal government, alleging that OneWest was not meeting its legal obligation to make loans in minority neighborhoods.


Mr. Mnuchin and Mr. Trump have known each other for years — not always under the best of circumstances. Mr. Mnuchin’s company helped to finance construction of a Trump project in Chicago. In 2008, Mr. Trump sued Dune and other lenders to extend the loan terms. The parties ultimately settled



* * *

Even though the nomination is still unofficial, moments ago CBS' reproter Charlie Keye tweeted that it can also confirm that "Trump has chosen financier Steven Mnuchin as his nominee for Treasury Secretary."



Just now. @CBS News has confirmed President-elect Trump has chosen financier Steven Mnuchin as his nominee for Treasury Secretary.

— Charlie Kaye (@CharlieKayeCBS) November 29, 2016



And just like that the swamp feels a little bit more full.
0
shares
Share on
Facebook
Share on
Twitter
Post on 
Reddit
Share by
Email
 
Source: CBS News - < > Embed

News video: Who are Trump's controversial picks for his White House team?

Who are Trump's controversial picks for his White House team? 03:14

President-elect Donald Trump is expected to announce his Cabinet appointments next week. Former New York City mayor Rudolph Giuliani is the leading candidate for secretary of state. Former Goldman Sachs executive Steve Mnuchin will be tapped for treasury secretary, and the new commerce secretary will...

Recent related news

'A direct impact on our national security': Democratic Senator grills Treasury Secretary nominee over Trump's debt to foreign countries

'A direct impact on our national security': Democratic Senator grills Treasury Secretary nominee over Trump's debt to foreign countries
Steven Mnuchin, President-elect Donald Trump's nominee for the secretary of the Treasury, was grilled by Democratic Senator Claire McCaskill over Trump's debts...
Business Insider - BusinessAlso reported by •FOXNews.comRaw Story

Trump's Treasury pick facing criticism over foreclosures

Mnuchin, who served as Trump's finance chairman during the campaign, has defended his role in the purchase of the failed bank, whose collapse in 2008 was the...
SeattlePI.com - BusinessAlso reported by •Raw StoryHuffington PostL.A. Times

Senator to Mnuchin: Tell us about Trump's foreign debts

A Democratic senator is demanding that Treasury secretary nominee Steven Mnuchin look into President-elect Donald Trump's foreign business ties.
CNNMoney - BusinessAlso reported by •Raw Story

Trump to name former Gov. Sonny Perdue agriculture secretary

President-elect Donald Trump picked another Georgian to fill his last open Cabinet position. Former Georgia Gov. Sonny Perdue is expected to head up the...
bizjournals - BusinessAlso reported by •FOXNews.com

Live Stream: Steven Mnuchin Testifies As Democrats Go On The Offensive

Live Stream: Steven Mnuchin Testifies As Democrats Go On The Offensive
In what is sure to be one of the fieriest confirmation hearings to date, Steven Mnuchin, Trump's pick for Treasury Secretary, is set to take questions from the...
Zero Hedge - MarketsAlso reported by •L.A. Times

Mnuchin had deeper ties to nonprofits that praised his bank in lucrative merger

Steven Mnuchin's family foundation donated to, and Mnuchin himself sat on the boards of, two nonprofits that wrote supportive letters to the Fed when his bank...
Huffington Post - Politics

WATCH LIVE: Treasury Secretary Confirmation Hearing for Trump Nominee Steven Mnuchin

Former Goldman Sachs senior manager and hedge fund investor *Steve Mnuchin* will appear before the Senate Finance Committee for a hearing about his nomination to...
Mediaite - EntertainmentAlso reported by •bizjournals

You Might Like


Other recent news in Markets

Schiller Warns US STOCK MARKET 'Trump Effect' "Is Based On Illusion"Sean SPICER Gives First Official White House Press Conference - Live Feed
As Dollar SLIDES, Equity Generalists "Are Increasingly Uncomfortable" With Reflation TradesArtist's Impression Of PRESIDENT TRUMP's First Day
TRUMP SIGNS 3 Executive Orders: Withdraws From TPP, Freezes Federal Hiring, Limits Overseas Abortion FundingTrading floor urmoil as LONDON Metal Exchange boss quits
CARL ICAHN Praises Trump Speech: "Our Dangerous Slide Towards Socialism Is Over"Apple Takes a Bite Out of QUALCOMM
HALLIBURTON's Rebound Isn't Good EnoughWhy Nordic American Tankers, Banc of California, and RITE AID Slumped Today

Twitter

pic

mailingvengeance @ubipages seems Trump and Soros aren't all that opposed to each other. https://t.co/9rAPpQTDw0 4 days ago

pic

Paul Neocon Watson RT @ChrisRulon: Trump Picks Former Goldman Partner And Soros Employee As Finance Chairman https://t.co/w6ZvzfNTz2 1 week ago

pic

Zeus @dragonian3333 Trump hired Mnuchin to sell favors to donors. wake up #Pay4Play https://t.co/iOU7ZdA2f7 @pricklypear12 @ChuckNellis @Trenaway 1 week ago

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2017 One News Page Ltd. All Rights Reserved.  |  About us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Privacy Policy  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  Help  |  Contact us  |  DMCA / Content Removal
How are we doing? Send us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter   FIND us on Google+