Fill the Swamp: Former Goldman Sachs executive and “foreclosure expert”, confirmed as US Treasury Secretary

Editor’s Note:  The story below may induce your gag reflex.  Read at your own risk.

A bitterly divided Senate on Monday confirmed Steven Mnuchin as United States treasury secretary despite strong objections by Democrats that the former banker ran a “foreclosure machine” when he headed OneWest Bank. Republicans said Mnuchin’s long tenure in finance makes him qualified to run the department, which will play a major role in developing economic policy under President Donald Trump.

“He has experience managing large and complicated private-sector enterprises and in negotiating difficult compromises and making tough decisions — and being accountable for those decisions,” said Sen. Orrin Hatch, R-Utah, chairman of the Finance Committee.

After Mnuchin’s swearing-in ceremony in the Oval Office Monday night, Trump said Americans should know that “our nation’s financial system is truly in great hands.”

Votes on President Donald Trump’s Cabinet picks have exposed deep partisan divisions in the Republican-controlled Senate, with many of the nominees approved by mostly party-line votes. The vote on Mnuchin followed the same pattern. He was confirmed by a mostly party-line vote of 53-47. Democratic Sen. Joe Manchin of West Virginia joined the Republicans.

Like others in Trump’s Cabinet, Mnuchin is a wealthy businessman. He is a former top executive at Goldman Sachs and served as finance chairman for Trump’s presidential campaign.

As Treasury secretary, Mnuchin is expected to play a key role in Republican efforts to overhaul the nation’s tax code for the first time in three decades. Trump has promised to unveil a proposal in the coming weeks. Mnuchin will also be in charge of imposing economic sanctions on foreign governments and individuals, including Russia.

Senate Majority Leader Mitch McConnell, R-Ky., said Mnuchin “is smart, he’s capable, and he’s got impressive private-sector experience.”

Democrats complained that Mnuchin made much of his fortune by foreclosing on families during the financial crisis. In 2009, Mnuchin assembled a group of investors to buy the failed IndyMac bank, whose collapse the year before was the second biggest bank failure of the financial crisis. He renamed it OneWest and turned it around, selling it for a handsome profit in 2014.

“Mr. Mnuchin has made his career profiting from the misfortunes of working people,” said Sen. Debbie Stabenow, D-Mich. “OneWest was notorious for taking an especially aggressive role in foreclosing on struggling homeowners.”

9 Responses

  1. Outrageous the real court activism protecting banksters. Great post can use on another case. Let’s keep hitting them on all sides. We need an out of court, public policy strategy to shine the light on these crooked judges.

  2. Hammer … I’ll try to post some of the transcript from the hearings so that you can see for yourself how the Judge prosecuted the banks case for them …he ignored my attempts to raise the 20 days …he would spin and weave into something else whenever I mentioned the 20 days. Wells Fargo attorney sat back and watched the Judge take over her case …he was throwing everything he had to undermine the TILA Rescission … Tender …old case law …etc…etc.

  3. AnonNJ how was 20 day requirement, consummation, fraud handled. Sounds like hostile, corrupt court ignoring law.

  4. My Appeal was filed last week could take 6 months to 1 year before the Appellate Division decides my Appeal. The Trial Court granted the servicer Wells Fargo Summary Judgment , stating that my timely TILA Rescission did not mention that I was offering to pay Tender . the Plaintiff had never raised that argument, they simply stated that we did not have a right to rescind ..but they never produced any evidence such as the signed acknowledgments ..they said that after 3 years you can’t raise that you rescinded ..the court agreed …then I motioned for the Court to reconsider in light of Jesinoski …the court denied my motion and said I had never offered the tender in my Rescission letter.
    So my Appeal is filed …. But today the Sheriffs Sale date was placed on my front door … March 21, 2017
    I am allowed 2 statutory stays ..each stay is for 2 weeks
    What should I do next?
    If I motion for the trial court to stay pending appeal they will most likely deny the motion… Then I can ask the Appeal Court to stay ..but not sure if they would without me putting up money or bond ..
    Should we consider filing a Bankruptcy with adversarial pleading against Wells Fargo as an unsecured creditor?
    Hate to lose the house while my TILA Rescission is under appeal

  5. You can put lipstick on a pig, but it’s still a pig.

  6. While I have very strong objections to the appointment of Steven Mnuchin as Secretary of the Treasury since it seems to me like appointing the fox to run the henhouse, I will take note that it was James Madison who principally engineered that organic document of our Republic called “The Constitution” to contain the three branch competitive facility of “checks & balances” along with the facility of “advise & consent” which has in this current case resulted in Mnuchin’s contentious and controversial appointment – – – and thusly, we the people of this nation are left to contend with the constituent power of the duly elected President to live with Mnuchin and his many flaws or exercise the presidential prerogative of “your fired” – – – – and in the event of either case and in this procedure and in this time-honored manner leave the Trump imprimatur on the Presidential history of this nation. So, while I support the President on this point, I personally think it “just sucks . . . big time” – – – the hearings obviate Mnuchin’s qualification morally and ethically to direct the fiduciary functions rising from the office of the Treasury Department of the United States of America in the interest of “We the People”.

    TIME WILL TELL – – – –

  7. Can’t understand why they’re not in prison yet

  8. The guy LIED under oath! There will need to be criminal investigations of every swamp creature taking over out government.

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