WaitingFor2020
Gold Member
- Banned
- #1
Even the conservative editorial board of the Wall Street Journal agrees with Elizabeth Warren, this is a horrible pick for Sec'ty of Treasury. Just another corporate welfare parasite.
Steven Mnuchin’s Defining Moment: Seizing Opportunity From the Financial Crisis
Donald Trump’s nominee for Treasury secretary made millions buying failed IndyMac and has résumé at odds with president-elect’s campaign rhetoric
Dec. 1, 2016 1:08 a.m. ET
On a muggy morning in July 2008, hundreds of customers stood outside IndyMac Bank branches in Southern California, trying to pull their savings from the lender, which was doomed by losses on risky mortgages.
Steven Mnuchin didn’t know much about IndyMac as he watched the scenes on CNBC from his Midtown Manhattan office. But he immediately saw an opportunity and began figuring out how to buy the bank.
Regulators seized IndyMac, foreshadowing a vicious banking crisis. Six months later, Mr. Mnuchin and his investment partners acquired IndyMac with a helping hand from the U.S. government. The deal eventually earned him hundreds of millions of dollars in personal profits.
The former Goldman Sachs Group Inc. partner, Hollywood financier and hedge-fund manager now is President-elect Donald Trump’s choice for Treasury secretary. Like other Trump cabinet picks, Mr. Mnuchin has a résumé that is at odds with much of the president-elect’s populist rhetoric on the campaign trail.""""
Steven Mnuchin’s Defining Moment: Seizing Opportunity From the Financial Crisis
Donald Trump’s nominee for Treasury secretary made millions buying failed IndyMac and has résumé at odds with president-elect’s campaign rhetoric
Dec. 1, 2016 1:08 a.m. ET
On a muggy morning in July 2008, hundreds of customers stood outside IndyMac Bank branches in Southern California, trying to pull their savings from the lender, which was doomed by losses on risky mortgages.
Steven Mnuchin didn’t know much about IndyMac as he watched the scenes on CNBC from his Midtown Manhattan office. But he immediately saw an opportunity and began figuring out how to buy the bank.
Regulators seized IndyMac, foreshadowing a vicious banking crisis. Six months later, Mr. Mnuchin and his investment partners acquired IndyMac with a helping hand from the U.S. government. The deal eventually earned him hundreds of millions of dollars in personal profits.
The former Goldman Sachs Group Inc. partner, Hollywood financier and hedge-fund manager now is President-elect Donald Trump’s choice for Treasury secretary. Like other Trump cabinet picks, Mr. Mnuchin has a résumé that is at odds with much of the president-elect’s populist rhetoric on the campaign trail.""""