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#2 – Steve Mnuchin

#2 – Steve Mnuchin published on No Comments on #2 – Steve Mnuchin

American investment banker; movie producer; and the 77th United States Secretary of the Treasury. Steve Mnuchin has done them all! Or rather, he’s currently doing the latter, serving as a member of Donald Trump’s Cabinet.

 

After graduating from Yale University in 1985, Mnuchin was employed by Goldman-Sachs for 17 years.1https://heavy.com/news/2016/11/steven-mnuchin-trump-treasury-secretary-rumored-bank-banker-goldman-sachs-financial-crisis-house-foreclose-lawsuit-film-producer/ Over the years, Steve managed to work his way up to become it’s Chief Information Officer. This wasn’t to last forever, though. In 2002, Mnuchin left the company and began managing hedge funds, and even founded some himself!

 

A couple years later, Mnuchin found himself a member of Sears Holdings Corporation’s Board of Directors; before that, he was on Kmart’s board of directors. After Sears went bankrupt, the company that formerly owned it sued Mnuchin and ex-CEO Edward Lampert for “asset stripping” during their tenure.2https://www.bloomberg.com/news/articles/2018-10-15/trump-says-sears-was-mismanaged-steven-mnuchin-was-on-its-board During the financial crisis of 2007–2008, Mnuchin bought failed residential lender IndyMac. He changed the name to OneWest Bank and rebuilt the bank, then sold it to CIT Group in 2015. During his time as OneWest CEO and chairman, the bank became embroiled in several lawsuits over questionable foreclosures.

 

In 2016, Mnuchin was named national finance chairman of Donald Trump’s presidential campaign. After Trump won the election, Mnuchin was later confirmed as his secretary of the treasury by the U.S. Senate in a 53–47 vote.3https://www.reuters.com/article/us-usa-congress-mnuchin-idUSKBN15S0H0 While being Secretary of the Treasury, Mnuchin has supported things such as the tax reform of 2017, and advocated for reducing corporate tax rates.

 

 

 

Sources

Morrow, Brendan. “Steven Mnuchin: 5 Fast Facts You Need to Know.” Heavy.com, 29 Nov. 2016, heavy.com/news/2016/11/steven-mnuchin-trump-treasury-secretary-rumored-bank-banker-goldman-sachs-financial-crisis-house-foreclose-lawsuit-film-producer/.
Wayne, Alex. “Trump Says Sears Was Mismanaged. Mnuchin Was on Its Board for Years Alex Wayne and Saleha Mohsin.” Bloomberg.com, Bloomberg, 15 Oct. 2018, 3:24PM CDT, www.bloomberg.com/news/articles/2018-10-15/trump-says-sears-was-mismanaged-steven-mnuchin-was-on-its-board.
Lawder, David. “Ex-Goldman Banker Mnuchin Installed as Treasury Secretary.” Reuters, Thomson Reuters, 14 Feb. 2017, www.reuters.com/article/us-usa-congress-mnuchin-idUSKBN15S0H0.

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