In a joint statement, Bernie Sanders and Elizabeth Warren scorch Trump’s Treasury secretary as ‘hypocrisy at its worst’
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Daily Archives: November 30, 2016
[video] Treasury secretary nominee Steve Mnuchin: Undoing Dodd-Frank “top priority”
In an interview with CNBC (video below) on Wednesday that also included Commerce Secretary nominee Wilbur Ross, Mnuchin revealed his thoughts on the Dodd-Frank Wall Street Reform Act.
The act is already in the spotlight right now since shortly after Trump became president-elect, he released a plan to dismantle Dodd-Frank.
During the interview, Mnuchin said, “The No. 1 problem with Dodd-Frank is it is way too complicated and it cuts back lending.”
“We want to strip back parts of Dodd-Frank that prevent banks from lending and that will be the No. 1 priority on the regulatory side,” he told CNBC.
Trump’s Potential Treasury Secretary Headed A ‘Foreclosure Machine’
After campaigning with lots of populist and anti-Wall Street rhetoric, Donald Trump is seriously considering a veteran Wall Street financier, Steve Mnuchin, to be his Treasury secretary.
Mnuchin spent 17 years at Goldman Sachs, ultimately as a partner at the investment bank. More recently, he’s headed a privately owned hedge fund, Dune Capital Management. Last April he became Trump’s chief fundraiser, and he’s now a member of the president-elect’s transition team.
But Mnuchin’s resume also includes a stint as chairman and CEO of a California bank that’s been called a foreclosure machine.
During the depths of the financial crisis, Mnuchin was looking to make profits from the ruins of the housing bust. In 2009, he put together a group of billionaire investors and bought a failed California-based bank, IndyMac. It had been taken over by the Federal Deposit…
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Big Short II: Trump Picks Foreclosure King Mnuchin for Treasury Secretary
Mr. Barofsky, former SIGTARP, writes early on that “I had no idea that the U.S. government had been captured by the banks,” and at another point describes his strategy to use the press to get the attention of Congress, and by extension an obstreperous Treasury: “Our message was simple: Treasury’s desperate attempt to bail out Wall Street was setting the country up for potentially catastrophic losses.”””
Five years ago, foreclosed homeowners protested on the lawn of Steve Mnuchin’s Bel-Air mansion for his company’s ‘repulsive’ practices. Now he’ll be Trump’s secretary of the Treasury.
After an effort to purge lobbyists from his quickly arranged transition team, President-elect Donald Trump, who campaigned on a “drain the swamp” message, is set to promote another swamp-dweller to a high-ranking position in his administration.
Trump is set to announce that Steven Mnuchin will be his Treasury secretary, per a recommendation from his own transition team, the Associated Press reports.
Mnuchin served as Trump’s national finance chairman during the campaign after a long history in private investment banking and on Wall Street. Like Trump himself, Mnuchin was a donor to Hillary Clinton in prior campaigns. According to filings from the Federal Election Commission, he has contributed more than $8,000 to Clinton since 2000.
Prior to joining…
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Deadly Clear 