TRUMPERNOMICS: "The collection of billionaires, bankers, CEOs, generals and social arch-reactionaries that will comprise his cabinet and White House inner circle is pledged to remove all constraints on the ability of the rich to plunder American society for their own personal gain and profit."
Tuesday, November 29, 2016
MNUCHIN??? - TRUMP VOWS TO KEEP OBAMA'S CRONY BANKSTERS HAPPY AND LOOTING
Kevin Stein, deputy director of a housing advocacy group
called the California Reinvestment Coalition, told NPR that
under Mnuchin, OneWest continued to be a “foreclosure
As Trump said, investors bought the bank cheap and sold at a
profit. But Stein said the bank foreclosed on 36,000 homes
under Mnuchin. The FDIC paid OneWest $1 billion, which
Stein said went to “billionaire investors … to cover the
close of foreclosing on working class, everyday American
Trump expected to name former Goldman banker Mnuchin for Treasury: source
WASHINGTON (Reuters) - President-elect Donald Trump is expected to name former Goldman Sachs partner and Hollywood financier Steven Mnuchin as his nominee for Treasury secretary, a source said on Tuesday, putting a Wall Street veteran in the top U.S. economic Cabinet post for the first time in eight years.
Mnuchin, who was Trump's presidential campaign finance chairman, could be named as early as Wednesday, said a Republican source close to the decision.
Mnuchin was chosen over several high-profile candidates, including JPMorgan Chase Chairman Jamie Dimon and Republican Representative Jeb Hensarling, chairman of the powerful House Financial Services Committee.
Mnuchin is the first person with Wall Street experience to head the Treasury since his former boss, Henry Paulson, the former Goldman Sachs CEO who served under President George W. Bush and steered Treasury through the chaotic initial stages of the 2008-2009 financial crisis.
The selection of Mnuchin was first reported by The New York Times.
A relatively little-known but successful private equity investor and hedge fund manager, Mnuchin spent 17 years at Goldman Sachs before leaving in 2002, when he launched Dune Capital Management.
With Dune, Mnuchin has invested in movies produced by Rupert Murdoch's 20th Century Fox and Time Warner Inc's Warner Bros, including blockbusters "Avatar," "Mad Max: Fury Road" and "Suicide Squad.”
ACQUIRED FAILED BANK
The son of a Goldman Sachs partner who became an art dealer, Mnuchin worked hard to step outside his father's shadow and make a name for himself, former colleagues said, rising to become the firm's chief information officer in 1999.
"He wanted to prove that he was there on the merits," said a former Goldman colleague, who spoke on condition of anonymity.
Mnuchin's experience running Goldman's mortgage-backed bond trading desk would later prove valuable when an opportunity arose in 2009 to buy the deeply discounted assets of failed California mortgage lender IndyMac Bank from the Federal Deposit Insurance Corporation during the financial crisis.
He assembled an investor group that included hedge fund manager John Paulson to buy the assets for $1.55 billion, and moved to Los Angeles.
After rebranding the operation OneWest Bank, Mnuchin built it with other assets and professional sports team sponsorships into Southern California's largest bank, with 73 branches and $23 billion in assets. His group sold OneWest to CIT Group Inc last year for $3.4 billion.
But the bank came under fire for its foreclosure practices as housing advocacy groups accused it of being too quick to foreclose on struggling homeowners. In 2011, dozens of demonstrators descended on Mnuchin's $26.5 million home in the wealthy Bel Air neighborhood to protest OneWest's eviction tactics, according to the Los Angeles Times.
This month, two housing groups filed a complaint asking the U.S. Department of Housing and Urban Development to investigate complaints that OneWest engaged in discriminatory "redlining" practices against black and Latino communities.
Although Mnuchin has a reputation for being a behind-the-scenes player in Hollywood, he does appear on screen in the 2016 film "Rules Don't Apply," according to the IMDB movie database. The drama, opening in theaters Nov. 23, stars Warren Beatty, who also wrote and directed the film.
(Additional reporting by Steve Holland, Svea Herbst and Lisa Richwine; Editing by Alistair Bell, Mary Milliken and Jonathan Oatis)
FOLLOWING THE CRIMES OF BILL AND HILLARY CLINTON BECOMES AMERICA’S ROAD
Transcripts released by
WikiLeaks of Clinton speeches to Wall
Street bankers, for which she
received six-figure paychecks,
show her praising the recommendations
of the 2010 Simpson-
commission, which called for sweeping
cuts to Social Security,
Medicare and Medicaid; the elimination
of 200,000 federal jobs; a
tax on employees’
BARACK OBAMA AND THE GOLDEN AGE OF CRONY BANKSTER LOOTING…. And not one
went to prison!
FOR 8 YEARS BARACK OBAMA’S BANKSTER CRONIES AT CITIGROUP RULED
AMERICA’S ECONOMY AND LOOTED IT INTO A DEPRESSION
recommendations came just three days after then-President George W.
Bush signed into law the Troubled Asset Relief Program, which
allocated $700 billion in taxpayer money to rescue the largest
Wall Street banks. The single biggest beneficiary was Citigroup,
which was given $45 billion in cash in the form of a government
stock purchase, plus a $306 billion government guarantee to back up
its worthless mortgage-related assets.”
“As president, Obama not
only funneled trillions of dollars to the banks, he saw to it that not a
single leading Wall Street executive faced prosecution for
the orgy of speculation and
swindling that led to the financial collapse and Great Recession, and
he personally intervened to block legislation capping
executive pay at bailed-out
when Clinton was hobnobbing with Goldman Sachs CEO Blankfein in 2013,
while investigations of wrongdoing by Goldman and the other
Wall Street banks were still ongoing, she was consorting with a man
who belonged in prison.”
Mnuchin, the president-elect's choice to run the Treasury Department, arrives
Nov. 30 at Trump Tower in New York City. (Photo by Albin Lohr-Jones /ABACA
Though not a widely
known quantity in Washington, Steven Mnuchin, President-elect Donald Trump’s
choice for treasury secretary, has had a seasoned career in high finance, in
Hollywood, and, most recently, as finance chairman of the Trump campaign.
“I am honored to
have the opportunity to serve our great country in this important role,”
Mnuchin, 54, said in a formal statement. “I understand what needs to be done to
fix the economy. I look forward to helping President-elect Trump implement a
bold economic agenda that creates good-paying jobs and defends the American
If confirmed by the
Senate, Mnuchin, a former Goldman Sachs partner who has donated heavily to
Democrats in the past and once worked for liberal financier George Soros, will
play a significant role in much of Trump’s agenda regarding tax policy, trade
deals, and infrastructure ambitions, among other policies.
Bottom of Form
“Steve Mnuchin is a world-class financier, banker and
businessman,” @RealDonaldTrump says.
“Steve Mnuchin is a
world-class financier, banker, and businessman, and has played a key role in
developing our plan to build a dynamic, booming economy that will create
millions of jobs,” Trump said in a statement. “His expertise and pro-growth
ideas make him the ideal candidate to serve as secretary of the treasury.”
Here are five
major things to know about Mnuchin:
Second Generation at Goldman Sachs
His father, Robert
Mnuchin, was a top trader at Goldman Sachs, an investment banking, securities
and investment management firm. The elder Mnuchin later became an art dealer.
Like his father, Steven Mnuchin joined the
powerful financial firm at age 22, and stayed for 17 years. He left the firm in
At Goldman, the
younger Mnuchin oversaw trading in government securities, mortgages, money
markets, and municipal bonds. He rose to be the chief information officer.
Goldman Sachs is
widely known for its political influence in both parties. If confirmed, Mnuchin
would be the third secretary of the Treasury Department to have worked for the
firm. President Bill Clinton’s treasury secretary, Robert Rubin, and President
George W. Bush’s treasury secretary, Hank Paulson, were both former Goldman
presidential campaign, Trump occasionally threw verbal jabs at his opponents
for connections to Goldman Sachs, first at Texas Sen. Ted Cruz during the
Republican primary and later at former Secretary of State Hillary Clinton
during the general election.
George Soros Connection
Goldman, Mnuchin went to work for
SFM Capital Management, a firm backed by billionaire George Soros, known for
bankrolling liberal causes and candidates. Mnuchin later worked directly for Soros Fund Management.
During the 2016 campaign season, Soros donated heavily to Priorities USA
Action, a pro-Hillary Clinton super PAC.
It is not clear
from news reports how close Mnuchin and Soros were, if at all.
In 2004, Mnuchin
departed to start his own hedge fund, Dune Capital Management. Bloomberg News
reported that Dune “got hundreds of millions of dollars from Soros.” Dune
invested in at least two Trump projects, one in Waikiki, Hawaii, and another in
Chicago, according to Bloomberg News.
thousands of dollars to the presidential campaigns of both Hillary Clinton and
Barack Obama in the 2008 election cycle, to John Kerry’s presidential campaign
in 2004, and to Al Gore’s 2000 presidential campaign, as well as to numerous
congressional Democrats, according to the Center for Responsive Politics, which
tracks political donations.
He also gave to
several Republican candidates, including Mitt Romney’s presidential campaign in
2012. But prior to 2012, donations to Democrats far outweighed those to
Mnuchin told Bloomberg News the
Democratic donations were mostly favors to friends who were Democratic
$1,000 to Clinton’s U.S. Senate campaign in New York in 2000. He also
donated $1,000 to the presidential campaigns of Democrats Gore and Bill
Bradley, who were competing against one another in the party’s primary that
year. That same year, he also contributed $1,000 to Republican Steve Forbes’
$2,000 to Obama’s U.S. Senate campaign in Illinois in 2004, when he also gave
$500 to Kerry’s presidential campaign.
Also in 2004, he
contributed $10,000 to the Democratic Senatorial Campaign Committee.
In 2007, leading up
to the 2008 Democratic presidential primary, Mnuchin contributed $2,300 to
Obama’s campaign and another $2,300 to Clinton’s campaign.
But he also gave
the maximum $2,300 to Romney’s campaign in the 2008 Republican presidential
During the 2012
cycle, Mnuchin mostly contributed to Republicans. He donated $2,500 to Romney’s
primary campaign and another $2,500 to his general election campaign. He
donated $12,500 to the Republican National Committee in 2012, according to the
Center for Responsive Politics.
In the 2016 cycle,
though Mnuchin gave $2,000 to the U.S. Senate campaign of Democrat Kamala
Harris in California, he also gave $100,000 to the Republican National
Committee. He gave $2,700 to Trump’s presidential campaign.
Mnuchin teamed with
filmmaker Brett Ratner and businessman James Packer to form RatPac-Dune Entertainment.
He first founded Dune Entertainment, which merged with Ratner and Packer’s
produced successful films such as “Avatar,” which grossed $2.8 billion
worldwide, “American Sniper,” “Max Max: Fury Road,” and the “X-Men” series of
OneWest Bank Controversy
Trump praised what
might end up being a target for Democrats during Mnuchin’s confirmation
IndyMac Bank for $1.6 billion and ran it very professionally, selling it for
$3.4 billion plus a return of capital,” Trump said of Mnuchin in his statement.
“That’s the kind of people I want in my administration representing our
partners, bought IndyMac Bank in 2009 and renamed it OneWest Bank Group. He
served as its CEO. The bank had some clashes with California housing advocates.
Mnuchin and other investors sold OneWest to CIT Group in 2015.
IndyMac Bank had
been taken over by the Federal Deposit Insurance Corp. over allegedly sketchy
mortgage practices during the housing crisis, according to National Public
Kevin Stein, deputy
director of a housing advocacy group called the California Reinvestment
Coalition, told NPR that
under Mnuchin, OneWest continued to be a “foreclosure machine.”
As Trump said,
investors bought the bank cheap and sold at a profit. But Stein said the bank
foreclosed on 36,000 homes under Mnuchin. The FDIC paid OneWest $1 billion,
which Stein said went to “billionaire investors … to cover the close of
foreclosing on working class, everyday American folks.”
Such rhetoric from
Stein could likely be picked by Senate Democrats during the confirmation
The Mexican Invasion & Occupation