Joshua Roberts/Reuters. — -- Steven Mnuchin, President-elect Donald Trump’s pick for treasury secretary, found himself on the defensivefor failing to disclose $100 million in real estate ...
Jan 19, 2017 · In closing, Sen. Ron Wyden, D-Ore., hit Mnuchin again for failing to disclose almost $100 million in Cayman Islands real estate funds. “This was …
Jan 19, 2017 · During five hours of contentious questioning, Democrats on the Senate Finance Committee pressed Mr. Mnuchin to explain how he could fail to disclose $95 million of real estate assets, including property in New York, Los Angeles and Mexico, on his initial committee ethics questionnaire.
Jun 12, 2020 · WASHINGTON (AP) — Building ramparts of secrecy around a $600 billion-plus coronavirus aid program for small businesses, Treasury Secretary Steven Mnuchin has moved from delay to denial in ...
Jan 19, 2017 · Mnuchin, 45, also omitted nearly $1 million in artwork owned by his children. Mnuchin's failure to initially disclose that he is the director of Dune Capital International, an investment fund ...
Net worth. $300 million. Steven Terner Mnuchin ( / məˈnuːʃɪn / mə-NOO-shin; born December 21, 1962) is an American investment banker and film producer who served as the 77th United States secretary of the treasury as part of the Cabinet of Donald Trump from 2017 to 2021. Previously, Mnuchin had been a hedge fund manager and investor.
After he left Goldman Sachs in 2002, Mnuchin briefly worked as vice-chairman of hedge fund ESL Investments , which is owned by his Yale roommate Edward Lampert. From 2003 to 2004 he worked as Chief Executive Officer at SFM Capital Management, a fund backed by George Soros. Mnuchin founded a hedge fund called Dune Capital Management, named for a spot near his house in The Hamptons, in 2004 with two former Goldman partners. After its founding, Mnuchin served as the CEO of the company. The firm invested in at least two Donald Trump projects, the Trump International Hotel and Tower in Honolulu and its namesake in Chicago. Dune Capital Management and other lenders to the skyscraper in Chicago were sued by Trump before a settlement was reached.
OneWest was criticized for aggressively foreclosing on homeowners. In the five years following Mnuchin's acquisition of OneWest, the bank foreclosed on 36,000 homes in California, leading local activists to begin calling Mnuchin "the foreclosure king." The high foreclosure rate might have been a result of the loss sharing agreement with the FDIC, whereby the FDIC had to reimburse OneWest for losses. According to The New York Times, OneWest "was involved in a string of lawsuits over questionable foreclosures, and settled several cases for millions of dollars". Because of these foreclosures, around 100 protesters of Occupy Los Angeles gathered outside Mnuchin's home in October 2011 and held signs that read "Make Banks Pay". Two California fair-housing groups filed complaints to the federal government alleging that OneWest had violated the Fair Housing Act by not lending money to African Americans, Hispanics, and Asians.
As Secretary of the Treasury, Mnuchin supported the Trump tax cuts and the tax reform of 2017 and advocated reducing corporate tax rates. In regard to regulatory policy, Mnuchin supported President Trump’s partial repeal of the Dodd–Frank Act, citing the complexity of the legislation.
Between 1995 and 2014, he donated over $120,000 to political organizations, PACs, politicians, and political parties.
He graduated from Yale University in 1985 with a bachelor's degree in economics. At Yale, Mnuchin was publisher of the Yale Daily News, and was also initiated into Skull and Bones in 1985. While a student at Yale, Mnuchin drove a Porsche and lived at New Haven's Taft Hotel.
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.