Category: World Hits: 4
Steve Mnuchin is a perfect illustration of how Donald Trump values loyalty to Donald Trump over all other qualities. Is Mnuchin a finance star? No, not really. Does he have deep economic knowledge that can reshape policy? Definitely not. He’s a Wall Street finance guy who lined his own pockets while the ship was going down—one of the people who Trump supposedly campaigned against. He’s a bankster who bought up a subprime mortgage company and turned into a foreclosure engine. His only really qualification is that he jumped the Trump train early and worked on Trump’s campaign. Which makes decades at Goldman Sachs and a background in predatory lending completely okay by Trump.
But not everyone shares that opinion.
Sen. Elizabeth Warren (D-MA) called Steve Mnuchin “the Forrest Gump of the financial crisis” in a statement Tuesday, referencing Munchin’s two-decade-long tenure at Goldman Sachs, according to the Los Angeles Times.
It’s not just that Mnuchin was at Goldman Sachs. He was deeply involved in just the kind of derivatives trading that precipitated the financial crisis, and like many other Wall Street execs, Mnuchin walked away with a fat bank account while leaving ruin in his wake. And if you’re thinking there at least might be a rags to riches story in his background ... this was his father's company.
Mnuchin rose to partner and chief information officer at the legendary Wall Street investment bank, where his father also had been a partner.