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Another Fine Choice By Trump

Discussion in 'Business & Economics' started by Old_Trapper70, Dec 16, 2016.

  1. Old_Trapper70

    Old_Trapper70 Well-Known Member

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    And here you thought he was going to "drain the swamp", and take on Wall Street. But hey, Trump does own a lot of hedge fund stocks, and he did say he hoped for a housing crisis to make money off from.

    http://www.npr.org/2016/11/29/50375...easury-secretary-headed-a-foreclosure-machine

    "After campaigning with lots of populist and anti-Wall Street rhetoric, Donald Trump is seriously considering a veteran Wall Street financier, Steve Mnuchin, to be his Treasury secretary.

    Mnuchin spent 17 years at Goldman Sachs, ultimately as a partner at the investment bank. More recently, he's headed a privately owned hedge fund, Dune Capital Management. Last April he became Trump's chief fundraiser, and he's now a member of the president-elect's transition team.

    But Mnuchin's resume also includes a stint as chairman and CEO of a California bank that's been called a foreclosure machine.

    During the depths of the financial crisis, Mnuchin was looking to make profits from the ruins of the housing bust. In 2009, he put together a group of billionaire investors and bought a failed California-based bank, IndyMac. It had been taken over by the Federal Deposit Insurance Corp. after its sketchy mortgage loans went bad."
     
  2. grumpy

    grumpy Active Member

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    Take a look at the other sorry excuses for human beings who were a part of this... all great business people, and all but one Democrates
    In the fall of 2008 very few institutions or individuals were looking to go long on mortgages and mortgage-backed debt. Mnuchin was one. He soon persuaded others, including John Paulson, George Soros, and Chris Flowers. Together they purchased IndyMac, whose primary assets were $23.5 billion in commercial loans, mortgages, and mortgage-backed securities. How risky was the investment? When the FDIC was looking to sell IndyMac, Mnuchin was the only bidder for all of the bank’s assets. He’s since turned OneWest into Southern California’s largest bank, with more than 79 branches and $27 billion in assets. His bet on IndyMac’s portfolio of troubled loans has proved to be a hugely profitable one, as the mortgage market has stabilized. It’s a success story he’s proud of, yet reticent about celebrating too excessively lest those protestors march back up to Bel Air.
     
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