Friday, December 2, 2016
Trump's Treasury Secretary Pick Is A Lucky Man... Very Lucky
At Zero Hedge by Tyler Darden --
Authored by Jesse Eisinger, originally posted at ProPublica.org,
Steven Mnuchin has made a career out of being lucky.
The former Goldman Sachs banker nominated to become Donald Trump’s treasury secretary had the perspicacity to purchase a collapsed subprime mortgage lender soon after the financial crisis, getting a sweet deal from the Federal Deposit Insurance Corporation. Now, if he’s confirmed, he will likely be able to take advantage of a tax perk given to government officials.
Mnuchin was born into a family of Wall Street royalty. His father was an investment banker at Goldman Sachs for 30 years, serving in top management. He and his brother landed at the powerful firm, too. After making millions in mortgage trading, Mnuchin struck out on his own, creating a hedge fund and building a record of smart and well-timed investment moves.