Posted on 11/29/2016 2:41:20 PM PST by SeekAndFind
Steven Terner 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, sources close to the transition say.
Mr. 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.
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 Mr. 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
(Excerpt) Read more at nytimes.com ...
From Wikipedia:
https://en.wikipedia.org/wiki/Steven_Mnuchin
Steven Mnuchin was born to a Jewish family, circa 1963. He is the son of Elaine Terner Cooper, of New York, and Robert E. Mnuchin, of Washington, Connecticut.
His father was a banker, a partner at Goldman Sachs, in charge of equity trading and a member of the management committee, and the founder of the Mnuchin Gallery at 45 East 78th Street, New York. He graduated from Yale University.
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Mnuchin amassed a fortune estimated at over $40 million while working for Goldman Sachs for 17 years, where his father had worked for three decades and had also made a fortune.
In 2002, Mnuchin left Goldman and worked briefly for his Yale roommate Edward Lampert, chief executive of Sears. He also briefly worked for Soros Fund Management in their private equity division during the “Goldman” period with Jacob Goldfield and Mark Schwartz.
After this stint, he founded RatPac-Dune Entertainment, which produced a number of notable films, including the X-Men film franchise and Avatar.
Dune bought the failed housing lender IndyMac in 2009, buying it out of bankruptcy from the FDIC and renaming it OneWest with Mnuchin as chair. According to The New York Times, OneWest “was involved in a string of lawsuits over questionable foreclosures, and settled several cases for millions of dollars.” OneWest was sold to CIT Group in 2015.
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In Hollywood, Mnuchin, along with film producer Brett Ratner and financier James Packer, working with RatPac-Dune Entertainment, produced American Sniper and Mad Max: Fury Road. Mnuchin was co-chairman of the trio’s movie company, Relativity Media
You beat me going there.
I am happiest of all that I am not hearing the same old names as has been running things for decades
Hope he’s not a Starbucks customer. That’s a total fail in my book.
Great, he was the campaign treasurer and loyalty should be rewarded when the person in question is also highly qualified and experienced.
Wait, wasn’t Heidi Cruz evil because she worked at Goldman?
So hard to keep up.
In seriousness, looks like a good choice.
Clark Kent???
LOL good point.
He is as close to “one of us” as you will find in Hollywood. Good pick.
Love!!!
GS + CFR, bad combo
Am I too fussy to have a problem with his connection with Cameron’s “Avatar” in which the Marines were portrayed as wanton killers and cretins.
Just a tad incongruous for Trump, who professes to love our military and vets!
Please not!
Another Goldman-Sachs operative for treasury?
After Trump and his campaign (rightly!) ravaged Heidi Cruz and Hilliary for their Goldman-Sachs connections?
Trump even singled out Goldman-Sachs boss Blankfein as a chief globalist villain, for heavens sake!
I would be very dissapointed over this pick.
It was reported by the Wall Street Journal on January 2, 2009 that the group that bought IndyMac out of bankruptcy was led by George Soros.
Here’s a related article in the LA times: http://articles.latimes.com/2009/mar/20/business/fi-indymac20
She was evil because of the undisclosed loans, a violation, while on temporary from Goldman. Mnuchin has been out of the fold these 15 years.
Is there a mnemonic device that will help us know how to pronounce his name?
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