Edition: Global  
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 Barack ObamaBarack ObamaDonald TrumpDonald Trump
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: Wochit News - < > Embed

News video: Trump Taps Wall Street Treasury Secretary

Trump Taps Wall Street Treasury Secretary 00:37

After an effort to purge lobbyists from his quickly arranged transition team, President-elect Donald Trump, who campaigned on a “drain the swamp” message, is set to promote another swamp-dweller to a high-ranking position in his administration. Trump is set to announce that Steven Mnuchin will be...

You Might Like


Recent related news

Donald Trump expected to name former Goldman banker Mnuchin for Treasury: Source

Mnuchin was chosen over several high-profile candidates such as JP Morgan Chase Chairman Jamie Dimon and Republican US Representative Jeb Hensarling.
DNA - World

Schwarzman, Dimon, Fink Will Advise Trump How To Create Jobs

Schwarzman, Dimon, Fink Will Advise Trump How To Create Jobs
Shortly after Donald Trump picked former Goldman partner Steven Mnuchin as Treasury Secretary, he was rumored to be considering another Goldmanite, current...
Zero Hedge - Markets

Donald Trump to name ex-Goldman Sachs banker Steven Mnuchin as Treasury Secretary

He served as finance chairman for the Trump campaign – and also produced a number of Hollywood blockbusters
Independent - World

Wall Street wins again as Trump picks bankers, billionaires

If Mnuchin becomes Treasury secretary, he'll be the third Goldman Sachs alum in three decades to get the job as the President-elect surrounds himself with...
The Age - Front Page

Steven Mnuchin Roils Bond Markets With Suggestion Of 100 Year Treasury Bond

Steven Mnuchin Roils Bond Markets With Suggestion Of 100 Year Treasury Bond
Barely having confirmed he will be Donald Trump's nominee for Treasury Secretary, Steven Mnuchin proceeded to roil the bond market when the former Goldman banker...
Zero Hedge - MarketsAlso reported by •L.A. Times

Trump to nominate Steven Mnuchin for Treasury Secretary, sources say

President-elect Donald Trump will nominate former Goldman Sachs banker Steven Mnuchin to be his Treasury Secretary, two sources close to the transition told Fox...
FOXNews.com - Politics

Trump taps ex-Goldman banker Mnuchin for Treasury post

President-elect Donald Trump has tapped Steven Mnuchin, a former Goldman Sachs banker who profited from the housing meltdown, as his Treasury secretary,...
CNNMoney - Business

Trump eyes ex-Goldman banker Steve Mnuchin for Treasury

Trump eyes ex-Goldman banker Steve Mnuchin for Treasury
Donald Trump will reportedly pick former Goldman Sachs bank executive Steve Mnuchin as US treasury secretary.
BBC News - Business


Other recent news in Markets

ISIS Victim's Family Sues Twitter, FACEBOOK For Profiting From TerrorismIn Sunday's "Day Of Reckoning", Austria Braces For Historic PRESIDENTIAL ELECTION Result
After ISIS Machete Attack, Ohio STUDENTS Still Unable To Say The Word "Terrorist"DONALD TRUMP doubles down on 35% tax for businesses that ship jobs out of U.S.
Miss These MEDICARE Enrollment Deadlines and You'll Probably Regret ItMICROSOFT CORPORATION: Is This a Tipping Point for MSFT Stock?
24 Confirmed Dead In OAKLAND FIRESPACEX Plans a Return to Flight Next Week
UNITED Settles Charges In Case Of Flight Route To Benefit Public OfficialAnimals Don CHRISTMAS Jumpers to Help Some of Africa's Poorest Farmers This CHRISTMAS

Twitter

pic

The Periled Sea Trump Picks Former Goldman Sachs Banker for Treasury Secretary https://t.co/fZfjgwrVck 2 hours ago

pic

Gabriel RT @RWTQuotes: The swamp is getting swampier. Donald Trump picks former Goldman Sachs, Steven Mnuchin, as Treasury Secretary. https://t.co/… 3 hours ago

pic

Chuck Fox “Teena Colebrook knew she had made a terrible error in judgment after Donald Trump picked former Goldman Sachs... https://t.co/zthArBKZ0P 4 hours ago

pic

Wanda Rufin Former Obama Adviser Blasts Trump's Goldman Sachs Pick, But There's a Huge Problem with That https://t.co/C221HNQ67G 10 hours ago

pic

just me RT @RWTQuotes: The swamp is getting swampier. Donald Trump picks former Goldman Sachs, Steven Mnuchin, as Treasury Secretary. https://t.co/… 11 hours ago

pic

Barbara Brown RT @RWTQuotes: The swamp is getting swampier. Donald Trump picks former Goldman Sachs, Steven Mnuchin, as Treasury Secretary. https://t.co/… 11 hours ago

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2016 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+