Former Goldman Sachs banker Steven Mnuchin has been confirmed as Donald Trump’s pick for Treasury Secretary.
Mnuchin, a 53-year-old former Goldman Sachs Group Inc. banker turned Hollywood financier…..who was also a one time Soros employee who has no government experience, confirmed he had been tapped to serve as the President-elects Treasury Secretary.
Is this a signal that Trump’s administration will be pro–Wall Street?…what happened about draining the swamp?
The appointment of Mnuchin certainly signifies yet another shift from the President-elect’s major campaign promises. During his campaign Trump said that Goldman Sachs had total control of Hillary Clinton and had ‘robbed our working class’.
US uncut reports:
President-elect Donald Trump continues to betray the populist, drain-the-swamp rhetoric that propelled him into office with each new cabinet appointment. Whoever runs the U.S. Department of the Treasury arguably has more sway over the United States — and even the global economy — than even the president himself. As Mnuchin’s cabinet appointment appears to be on track for an official announcement Wednesday, his record should be closely examined, particularly in comparison to the populist veneer Trump constructed for himself during the course of his presidential campaign.
In a 2-minute campaign ad released just before the election, Trump’s voice is heard blasting “the political establishment,” as images of stern-faced, blue-collar workers are shown alongside the faces of public figures like Hillary Clinton, and more notably, Goldman Sachs CEO Lloyd Blankfein. Shortly after the 1-minute mark of the ad, Blankfein is shown giving a speech at the Clinton Global Initiative, as Trump blasts the “handful of large corporations” benefiting from the largesse of the federal government:
Mnuchin is the epitome of Wall Street insider, having been raised as the son of a Goldman Sachs partner and working for the company between 1985 and 2002. Even in spite of Wall Street’s bad reputation with blue-collar America following the global financial crash of 2008, Mnuchin proudly embraces his colleagues in the financial sector.
“I wouldn’t in any way say I distanced myself from Wall Street,” Mnuchin told the New York Times. “I have very good friends on Wall Street.”
As a banker, Mnuchin’s record shows he has a rather crass attitude towards salt-of-the-earth Americans, having presided over banks that aggressively foreclosed on homeowners in the wake of the financial crisis and was caught discriminating against black and latino mortgage applicants. A lawsuit filed by two California housing advocacy groups named CIT Group, the company that recently bought Mnuchin’s OneWest bank, in which Mnuchin himself owns $100 million in stock, according to the Washington Post.
“The bank has no significant branch presence in communities of color,” stated Kevin Stein, who is the deputy director of the California Reinvestment Coalition. “Its home loans to borrowers and communities of color are low in absolute terms, low compared to its peer banks, and low when compared to what one would expect.”
When Mnuchin ran OneWest bank, he oversaw the foreclosure of 36,000 homeowners. One of those homeowners was Leslie Parks, who, in 2009, returned to her Minneapolis home in the midst of a blizzard to find that her locks had been changed in her absence. Stein referred to OneWest Bank as a “foreclosure machine.”
Mnuchin also made off with a $3.2 million windfall he secured as a result of Bernie Madoff’s infamous Ponzi scheme, which defrauded investors out of billions. Financial enforcers allowed Mnuchin to keep his ill-gotten gains, as he and his brother were able to pull out of the Ponzi scheme before it fell apart. Lawsuits by investors defrauded by Madoff to recoup that money were unsuccessful due to statute of limitation loopholes.