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| Trump's New Finance Chair Led a Bank That Made Millions Off Taxpayer Bailouts; Steven Mnuchin's bank was targeted by regulators for predatory loan practices | |
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| Tweet Topic Started: May 6 2016, 10:33 AM (280 Views) | |
| Dem4life | May 6 2016, 10:33 AM Post #1 |
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http://www.motherjones.com/politics/2016/05/trumps-new-top-money-man-led-bank-profited-bailouts |
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| Dem4life | May 6 2016, 10:34 AM Post #2 |
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Donald Trump has slammed Washington insiders, lobbyists, and Wall Street as he has tapped populist anger to snag the Republican presidential nomination. Yet when it came time to pick the top money man for his campaign, he turned to a hedge-funder best known for running a bank that made billions off taxpayer bailouts and, by one account, cost the federal government $13 billion. On Thursday, Trump named Steven Mnuchin, a former Goldman Sachs partner and a hedge-fund boss from Los Angeles, as his national campaign finance chairman. Mnuchin has worked with many of Wall Street's biggest firms, but he is perhaps best known for his leadership in organizing the takeover of IndyMac's failed subprime mortgage business in 2009. Mnuchin organized a team of billionaires to buy the California-based bank's assets from the FDIC after the government insurance fund had taken over the bank. Mnuchin's group paid roughly $1.55 billion and received a promise from the FDIC to cover a portion of the losses on bad loans within the IndyMac pool. The FDIC's losses on these assets have since ballooned to an estimated $13 billion. |
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| Robert Stout | May 6 2016, 10:57 AM Post #3 |
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No problem....Jeb Bush and Kasich once were an employee of a Wall Street bank when it collapsed.................
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| Jesus can raise the dead, but he can't fix stupid | |
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| Arlette | May 6 2016, 01:38 PM Post #4 |
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so no self-funding, huh I guess the only position Trump isn't gonna change is the spot where he parts his comb over |
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8:40 PM Jul 10