Trump picks former mortgage company head, Goldman banker for Treasury -- report

by Ryan Smith19 Jul 2016
Presumptive Republican nominee Donald Trump has said he wants former Goldman Sachs banker and IndyMac owner Steve Mnuchin to serve as Treasury secretary in his administration, according to a Bloomberg report.

Mnuchin, currently the chairman and CEO of hedge fund Dune Capital Management, was appointed as the Trump campaign’s national finance chairman in May -- despite past donations to the campaigns of Hillary Clinton and Barack Obama.

Mnuchin amassed an estimated $40 million fortune while working at Goldman Sachs, according to the New York Times. After leaving Goldman in 2002, he founded RatPac-Dune Entertainment, which produced films including the X-Men franchise and Avatar. Mnuchin founded the company with financing that included $1 billion from George Soros, a prominent Democratic donor, Bloomberg reported.

In 2009, Dune bought failed housing lender IndyMac, changing its name to OneWest and installing Mnuchin as chair. According to the New York Times, the company was involved in “a string of lawsuits” over questionable foreclosures, and settled several suits for “millions of dollars.” OneWest was sold to CIT Group in 2015.

Trump has also considered financiers Jack Welch, Carl Icahn and Henry Kravis for the Treasury post, Bloomberg reported.


Should CFPB have more supervision over credit agencies?