Trump officially picks Mnuchin for Treasury

by Ryan Smith30 Nov 2016
President-elect Donald Trump has officially picked his campaign finance chair, Steve Mnuchin, to serve as secretary of the Treasury, according to an NPR report.

Mnuchin, long thought to be the frontrunner for the job, confirmed his selection today on a CNBC interview. Mnuchin spent 17 years at Goldman Sachs, where he was a partner. He’s currently chief executive of the hedge fund Dune Capital, according to NPR.

Mnuchin joined Trump’s campaign in April, NPR reported. He was heavily involved in crafting Trump’s tax proposals, which could bring $6 trillion in tax cuts over the next decade, but which critics say will cause budget deficits to skyrocket.

Mnuchin has also financed blockbuster movies such as this summer’s Suicide Squad, and served as executive producer for American Sniper and Mad Max: Fury Road, NPR reported.

Mnuchin’s pick is not without controversy. In 2009 he put together a group of investors, including George Soros, to buy failed bank IndyMac. Mnuchin became chairman and CEO of the bank, renamed OneWest. Under his tenure, the bank was known to foreclose quickly on delinquent homeowners; OneWest foreclosed on more than 36,000 households under Mnuchin. In 2011, the number of foreclosures even sparked a protest outside his Bel Air mansion, according to NPR.

COMMENTS

  • by Not Impressed | 11/30/2016 1:05:20 PM

    Drain the swamp, and fill it with a Wall St. foreclosure Piranha

  • by Griff | 11/30/2016 4:16:49 PM

    It is pretty amazing what Drumpf found at the bottom of the swamp. Bet that is not exactly what his support group had in mind.

  • by NoSpnJustFacts | 11/30/2016 5:37:26 PM

    Sad Ryan Smith has created an article with spin and leaving out the facts. The IndyMac portfolio had a 30% default rate due to the "got a pulse get a mortgage" mortgages IndyMac was pushing at request of Barney Frank and his Washington DC bureaucrats. The majority of these folks had no means to own a home - they were destined to foreclosures. The propensity of the borrowers were to milk their free housing and not move out early through a short sale or deed in lieu.

    Ah the protest, of course these folks felt entitled to stay in a home for free as long as possible. Fortunately, instead of letting the houses rot and become public nuances that was all too common with the Big Banks, the homes were foreclosed upon and sold so families willing to pay for their homes could be housed and strengthen their neighborhoods.

    Sounds like Mr. Mnuchin is exactly what is missing from the Washington DC Bureaucrats, accountability to making the tough choices required to clean the swamp.

Poll

Should CFPB have more supervision over credit agencies?