There Will Be Swamp – Steve Mnuchin Confirms Treasury Secretary Nod

There Will Be Swamp – Steve Mnuchin Confirms Treasury Secretary Nod

While I’m not a Dodd-Frank fan, it’s not because it was too harsh, but because it didn’t really do much of anything. It was the typical neoliberal bait and switch, designed to look tough for public consumption, while merely making tweaks around the edges of a financial system that requires systemic, paradigm level change.

Trump’s support of repealing Dodd-Frank tells you all you need to know. A Trump Presidency will see Wall Street felons who should be in prison, running as wild and free as ever.

He will be the same thing to distressed working class whites that Obama was to the black community. A fake messiah and a shyster.

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– From May’s post: Donald Trump’s True Colors Emerge as He Snuggles up to Wall Street

The fact that Steve Mnuchin was a Goldman Sachs partner is the least of my concerns when it comes to the man. Indeed, if someone wanted to create a playing card deck of sleazy Wall Street financial crisis opportunists, it’d be hard not to include Steve Mnuchin.

What exactly am I talking about? Specifically, I’m referring to the collapse of IndyMac (renamed One West), and the generous helping of government welfare Mnuchin and his partners received upon purchasing the failed banking institution. This is a financial crisis saga that is unknown to most, despite having received some extensive coverage over the past year. One of the best articles on the topic was written by David Dayen in his piece, Donald Trump’s Finance Chair Is the Anti-Populist From Hell. Here are a few excerpts:

Donald Trump’s first major staff selection since securing the Republican nomination, national finance chairman Steven Mnuchin, co-founded and manages the hedge fund Dune Capital. Not only did he make partner at Goldman Sachs, so did his father in the 1960s. With over 30 years of experience at the top levels of finance, Mnuchin was present for every recent major banking innovation, including those that brought the country to the brink of economic collapse.

Mnuchin’s presence in the campaign reveals how the qualities Trump loyalists projected on their hero don’t measure up to the truth. They have venerated him throughout the Republican primary for rejecting the dirty business of pay-to-play politics, and for populist vows to protect the ordinary worker. But in selecting Mnuchin, not only has Trump submitted to the realities of presidential campaign finance; he’s chosen one of the most notorious bankers in America to carry it out.

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Michael Krieger

As far as my academic and professional background, I attended college at Duke University where I earned a double major in Economics and Spanish. After completing my studies in 2000, I took a job at Lehman Brothers where I worked with the Oil analyst in the Equity Research Department. In 2005, I joined Sanford C. Bernstein where I served as the Commodities Analyst on the trading floor. About halfway through my time there, I started to branch out and write opinions on bigger picture “macro” topics that no one else at the firm was covering. These opinion pieces were extremely popular throughout the global investment community, and I traveled extensively providing advice to some of the largest mutual funds, pension funds and hedge funds in the world. I loved my job, but as time passed I started to educate myself about how the monetary and financial system functions and what I discovered disgusted me. I no longer felt satisfied working within the industry, and I resigned in January 2010. At that point, I started a family investment office and continued to write macro pieces on economic, social and geopolitical topics. That summer, I drove cross country for six weeks and ultimately decided to leave the crowded streets of Manhattan for the open spaces of Boulder, Colorado, where I currently reside.