Wednesday, November 30, 2016

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Trump forms a Wall Street government to attack health care and workers’ rights

What to Know About Steven Mnuchin,
Trump’s Pick for Treasury
/ @FredLucasWH / November 30, 2016 / comments

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
Mnuchin reportedly
has a net worth of $40 million.
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.

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“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
Sachs executives.
During the
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
After departing
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.
Democratic Donor
Mnuchin contributed
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
He contributed
$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’
presidential campaign.
Mnuchin contributed
$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.
Blockbuster Films
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
RatPAC Entertainment.
The company
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
“He purchased
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
Mnuchin, with
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

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