Talk about a fox guarding the hen house! Donald Trump is set to name billionaire hedge fund manager Steve Mnuchin as our next Treasury Secretary. Keep reading why this selection is so controversial.
President-Elect Donald Trump, 70, is continuing to load his cabinet with cronies who helped launch him into power, and is poised reward pal Steve Mnuchin, 53, with the position of Treasury Secretary. Steve worked on Donald’s campaign as the national finance director since April, and it looks like his efforts are being well compensated. While he has no experience in government, he has huge connections to big banks and Wall Street, which has many people concerned that he’s way too inside the financial industry to have the backs of working class Americans.
It was that voting block that helped propel Donald into power, and he even used the current chief executive of Goldman Sachs in one of his campaign ads as the prime example of the global elite that “robbed our working class.” Well, Steve spent 17 years at Goldman Sachs, reaching the ranks of partner before leaving to start his own hedge fund Dune Capital Management. He began investing in the movie business and has Executive Producer credits on films like X-Men, Suicide Squad and Batman Vs. Superman: Dawn of Justice.
Steve also led a group of investors to buy out failed California bank IndyMac from the government in 2009. He renamed it OneWest bank and became its chairman and CEO before selling it for $1.5 billion – twice what they paid for it – in 2015. OneWest foreclosed on more than 36,000 homeowners under Steve’s tenure, and there were rampant allegations that the bank had improperly foreclosed on some borrowers. The company was labeled a “foreclosure machine” by housing advocacy groups.
The Democratic National Committee responded to the news with the following statement: “So much for draining the swamp. Nominating Steve Mnuchin to be Treasury Secretary – a billionaire hedge fund manager and Goldman Sachs alumnus who preyed on homeowners struggling during the recession – is a slap in the face to voters who hoped he would shake up Washington. Trump is already heading into office as the most corrupt, conflicted, and unpopular president-elect in history, and now he’s breaking his signature promise to the voters who elected him.”
As head of the Treasury Department, Steve would oversee banking regulations, financial markets and the IRS. He’d also play a huge role in shaping Donald’s economic and tax policies once he’s in office.
HollywoodLifers, do you think Donald is going back on campaign promises to working families by considering billionaire banker Steve to be his Treasury Secretary?