Trump Wants Former Goldman Partner And Soros Employee To Serve As Treasury Secretary

Tyler Durden's picture

Six months ago, Steven Mnuchin became finance chair for the Trump campaign. Having succesfully helped to raise 10s of millions of dollars for the campaign, the former Goldman Sachs partner and Soros Fund management employee is now positioned for something much larger as Donald Trump reportedly told his aides today that he wants Mnuchin to serve as his Treasury Secretary.

 

Ironically, Trump has often criticized Clinton (and his former competitor Ted Cruz) for their links to the big banks:

"I know the guys at Goldman Sachs. They have total, total control over him. Just like they have total control over Hillary Clinton,” Trump said in one debate.

But as we noted previously, he had no qualms, however, in hiring one of the most prominent Goldman alums to raise money for him.

In addition to Goldman, Mnuchin also worked at Soros Fund Management, whose founder, George Soros, has funded many left-leaning causes. Where it gets even more bizarre is that Mnuchin has donated frequently to Democrats, including to Clinton and Barack Obama.

 

As a hedge fund manager, Mnuchin is part of a group of businesspeople Trump has excoriated. In August, Trump said hedge fund managers were "getting away with murder" as he touted his proposal to end the so-called carried interest loophole, which gives private equity and hedge fund managers preferential tax treatment.

 

"The hedge fund guys didn't build this country," Trump said at the time on CBS' Face the Nation. "These are guys that shift paper around and they get lucky," he said. "They are energetic. They are very smart. But a lot of them—they are paper-pushers. They make a fortune. They pay no tax. It's ridiculous."

 

They apparently are also very good at raising money.

*  *  *

Some more on Mnuchin's background: starting his career in the early 1980s as a trainee at Salomon Brothers before moving to Goldman Sachs in 1985, Mnuchin was front and center for the advent of instruments like collateralized debt obligations and credit default swaps. He has called securitization “an extremely positive development in terms of being able to finance different parts of the economy and different businesses efficiently.” The pitfalls of the financing method came later, he's said.

Mnuchin's father, Robert Mnuchin, was a partner at Goldman Sachs in the 1960s. The second-youngest of five siblings, Steven attended the prestigious Riverdale Country School and then Yale University, where his roommate was Edward Lampert, who would go on to become a hedge-fund manager and owner of Sears.

More recently, in October 2014 Mnuchin became co-chairman of the board of the Hollywood studio Relativity Media due to Dune's fascination with movies. Dune has provided financing for batches of winning movies, like the “X-Men” franchise and “Avatar,” Hollywood’s all-time box-office champion.

Relativity Media filed for bankruptcy last summer, just a few months after Mnuchin's arrival. According to Variety, Dune was intimately involved in the studio's failure.

The money-man and fellow investors in a Dune Capital fund are said to have lost as much as $80 million — equity that is almost certain to be lost for good, said two sources familiar with the situation. And disgruntled Relativity investors privately are questioning how a bank Mnuchin once headed –OneWest Bank of Pasadena – was allowed by Relativity to drain $50 million from the studio just weeks prior to the July 30 insolvency filing.

 

Mnuchin had left Relativity just days before the company reached an agreement with OneWest to extend the loan deadline and allow the bank to claim that money.

*  *  *

To be sure, Hillary Clinton, who in turn has been attacked for her paid speeches to Goldman Sachs (and her public-private positioning for them), also has a high-ranking Goldman official in her ranks, former CFTC commissioner Gary Gensler, who is the former secretary of state’s chief financial officer and whom she is grooming for a potential Treasury Secretary.

But for Trump, a self-professed "anti-establishment" candidate, who has repeatedly stated he is not "for sale to special interest groups", his sudden call for the seemingly most "Wall Street" of Wall-Streeters to become Treasury Secretary may come as a big surprise to some and will leave many of his supporters demanding an explanation.

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Crash Overide's picture

Keep your enemies closer?

halcyon's picture

Are you daft? You honestly think they would let Trump win if they didn't control the policy and have somebody to whisper into his pea-brain?

 

Bumpo's picture

Keep your Enemies Closer? Gawd, I hope so. Crazy like a Fox, or a Madman?

Soul Glow's picture

C'mon he's a NYC businessman.  He parties and golf's with the Clintons.  You really thought he was going to change anything?  He spoke the rhetoric that would get him elected.  Now he will implement the same plan any other POTUS would.

LetThemEatRand's picture

Not your downvote and I agree with you that it is naive to think he's really going to change anything.  I'm giving him my vote because there's a small chance he will, not because I would bet on it.  Besides, his candidacy has seriously shaken up the status quo, so that's worth a lot by itself.

froze25's picture

It's possible that this man has the knowledge for the Treasury to eliminate the need for Goldman all together for US Treasury sales, ever think of that? If you have Trusted Trump all this time why stop now? Trump 2016

LetThemEatRand's picture

Anything's possible, but it requires some serious faith that I don't have to put your lipstick on this pig.   More likely, it is exactly what it appears to be.   

cowdiddly's picture

Well what banker would you chose for the Treasury? unavoidable, you have to have someone with experience,and connections and the pickins man they just suck all around. But you cant just install joe the plumber.

I don"t like it either but its a necassary evil sometimes.

Billy the Poet's picture

Having succesfully helped to raise 10s of millions of dollars for the campaign, the former Goldman Sachs partner and Soros Fund management employee is now positioned for something much larger

 

But the Trumpeteers told me that Donald is incorruptible because he's running on his own money and doesn't need donations!

Soul Glow's picture

what banker would you chose for the Treasury?

No banker, and how about William Black.

cowdiddly's picture

That's fine iof you want a prosecuter to handle a nations finance and bond issues which he knows nothing about.

But He would make my first choice for attorney general.

froze25's picture

All the major donors are listed with the FEC, why don't you look. Or be lazy and speculate and spread speculation with no facts to support it. http://www.fec.gov/disclosure.shtml

Herd Redirection Committee's picture

Lets ask Mr Mnuchin how he feels about... say... "Ending the Fed?"

 

yrad's picture

The Deep State.

So deep put that ass to sleep.

CrazyCatLady's picture

I got to say it was a good day

 

PrayingMantis's picture

 

...  perhaps, for the moment,  Trump needs a slow transition of the (((treasury head))) and possibly why he wanted an (((insider))) to smooth the changeover from an (((insider))) to another (((insider))) ...  he doesn't need to rock the boat's captain or (((treasury head))) for now probably until after he puts all clintonite criminals in jail (for reasons all ZHers are now familiar with) ... including the filing of libel and slander lawsuits against the bimbos who accused him of pussy grabbing ...

... for his first 100 days, Trump needs to worry about his promised jobs, the wall, economy, veterans and the military ... he doesn't need to worry much about the military intelligence (an oxymoron , I know) group because he has the backing of Havana, Cuban-born psychological warfare expert/spy guru (((Stephen Piczenik))) (or known in some hollyweird circles as Tom Clancy's 'Jack Ryan' alter-ego) ... as well as the full-backing of the soft-coup intelligentia anti-hiliary group overseen by Lt. Gen. Michael Flynn ...

... btw, as some of you might know, Trump is the grandson of Christ,  ... (Elisabeth Christ, that is  ;) ... so he really has nothing to worry about ... >>> https://en.wikipedia.org/wiki/Elizabeth_Christ_Trump ...

 

PTR's picture

Has everyone forgotten?  

 

https://www.washingtonpost.com/news/post-politics/wp/2016/05/16/donald-t...

 

I agree with Rand- hoping, but not surprised if he doesn't/isn't able to shake things up.  There's a lot of money and a lot of vested interests in the status quo. They're not going away quietly or without a fight.

Verloren's picture

We should not worry... If you say his last name three times he will go back to the 5th dimension.

Rumpelstiltskin, Rumpelstiltskin, Rumpelstiltskin!
Countrybunkererd's picture

I fully support Trump.  It must be done.  If he turns out to be, YET AGAIN, the other side of the coin we know to get the F out of the USSA...IMMEDIATELY.

The (shit)show must go on, until it doesn't...or some such.

poeg's picture

I wish more people knew how you hunt rats on a ship... You use a ferret broken to the task.

Scuba Steve's picture

Yes, but if that ferret was full of altruism as you claim ... #1 on the rats agenda is for the ferret to get nailgunned.

Just sayin.

Holy hand grenade of Antioch's picture
Holy hand grenade of Antioch (not verified) Soul Glow Nov 3, 2016 2:08 PM

"what banker would you chose for the Treasury?"

 

A: francis_sawyer

MsCreant's picture

~francis_sawyer~ ain't no banker.

Quit callin' him names!

Holy hand grenade of Antioch's picture
Holy hand grenade of Antioch (not verified) MsCreant Nov 3, 2016 3:00 PM

U never heard of the francis_sawyer NATIONAL BANK?

 

Shame on u! ~ lol

 

fockewulf190's picture

Number 1 priority is to become your own central bank.  Hard assets, supplies, and Phyzz...as much as you can, as fast as you can.  It´s your only way to hedge your future security against forces you have next to no control over.  You´ll also sleep a hell of a lot better.

walküre's picture

I think we're going back to that. Maybe a good circle of friends who will stash together and own part of the country they actually live in. The trend is definitely more regional than global everywhere. When you're dealing with a tribal enemy from as far as Africa, then you have to start thinking about building your own tribe.

fockewulf190's picture

It´s a good idea, but "owning a part of the country" is currently a bit difficult in Germany, unless your living in a real rural area or in a small dorf somewhere with like-minded people.  I hear you about African tribes being on the march (Garmisch-Partenkirchen!). You can really see that most people are not happy with what is currently going on with the refugee crisis.  Just wait until the Great Reset begins though.  Sentiment will move in a big way in favor of preservation.

X_in_Sweden's picture
X_in_Sweden (not verified) Soul Glow Nov 3, 2016 2:20 PM

PCR-Paul Craig Roberts with David Stockman(he's a good guy)....

There are many non-GS/Rothschilds who are competent & not a memeber of the cabal.

UselessEater's picture

Catherine Austin Fitts could make a recommendation or two. She should be consulted!!

MsCreant's picture

You said that wrong. Hired, she should be hired.

jakesdad's picture

clark howard?  (not that he'd take the job)

Paul E. Math's picture

William K Black is a very good choice.  David M Walker is another one.

sarz's picture

If you want to end the Fed, then Ellen Brown. 

http://www.webofdebt.com

cowdiddly's picture

Don't be such a naive child.

I never said you could ever get elected in this country without raising large sums of money as it currently stands. I live in the real world It takes a 1/2 billion dollars of not assets but free cash flow min. Hardly anybody has that kind of cash laying around.

You better stay home and let the adults handle this.

Billy the Poet's picture

So I am a naive child because I recall what Trump supporters said here just a few months ago? Fuck you.

cowdiddly's picture

 Well since we are going go there fuck you too. get back to your basement kid and stick to poetry.

Billy the Poet's picture

I'm 53 years old. Old enough to know that begging a billionaire reality TV star to make my life better is beyond foolish.

cowdiddly's picture

well vote for hillary or stay home. Thats your 2 remaining choices,

I happen to think that almost anyone can make my counrty better than what Obama/Hillary has done.

Me? Im going to NY to the election party. To each his own. 

 

 

Billy the Poet's picture

You lack intelligence and imagination. My options are not limited to voting for Hillary or staying home. I could go out and chop some firewood for example. There are any number of things I can do other than demand that one oligarch or another ream my ass.

cowdiddly's picture

thats staying at home and chopping wood is not imagination, and your choice. Have fun.

I will let you in on another little top secret. Oligarchs rule over your ass and always have and will  from the beginning of history.  Your Utopia does not exist and never will. Remember me when you fill out the 1040 or pay your property tax and Obamacare. All you can hope for is stay out of their way.

Billy the Poet's picture

You continue to be rather dense. I can leave my property to chop wood.

I will let you in on something that may have escaped you despite not being secret at all. The oligarchs hunt us all but unlike you I don't drop my pants and spread my cheeks for them. I formerly earned six figures and now live below poverty level specifically so I don't contribute to the criminals whom you hold in such high esteem. Yet I'm always warm and well fed by my own hand.

Holy hand grenade of Antioch's picture
Holy hand grenade of Antioch (not verified) Billy the Poet Nov 3, 2016 2:58 PM

"I'm 53 years old. Old enough to know"

 

Whilst I agree with you 100%, I'll also stipulate that I wouldn't go so far as to presume that most people around here are begging for a billionaire TV star to make their lives better.

 

I think that is ancillary to the idea that defeating a lifelong, corrupt, liar, (who, it appears, is actively engaged in treason, racketeering, and other crimes ranging all the way to pedophilia), will, by DEFAULT, at least start to make their lives better (even if it ends up to only be a 'feel good' thing that lasts for a few months).

 

OK with that Crockett?

Billy the Poet's picture

Why would I be OK with the idea that the fellow who ran for President in 2000 on a liberal platform including universal healthcare and firearms bans is now the supposed voice of liberty?

Bear's picture

We are in trouble ... Either way

Holy hand grenade of Antioch's picture
Holy hand grenade of Antioch (not verified) Billy the Poet Nov 3, 2016 4:40 PM

Don't ask me, I was an 'ex-pat' back then & 'DOMENICA IN' didn't really cover the topic much.

trgfunds's picture

Apparently 90% of your fellow ZHers are not, ummm, 53 yet?