Treasury Secretary Nominee Steve Mnuchin On Economic Growth | Squawk Box | CNBC Mnuchin is only one of several enormously wealthy financiers whom Trump has nominated to enact his policies.CreditILLUSTRATION BY MATT DORFMAN; SOURCE PHOTOGRAPH BY SPENCER PLATT / GETTY
If confirmed, Steven Mnuchin, the nominee to be Donald Trumps Treasury Secretary,will have a portfolio that touches on many critical issues, including tax policy, financial regulation, international trade, and the myriad conflicts posed by the next Presidents opaque business dealings. Also on the list is the matter of whether extremely wealthy investors will have the ability to avail themselves of offshore tax shelters in the future. That last responsibility became a central line of questioning at Mnuchins confirmation hearing on Thursday afterit was revealed, on the eve of his appearance, that Mnuchin, a hedge-fund manager, had failed to disclose to Congress his role as a director of an investment fund in an offshore tax haven. After a friendly introduction from Senator Orrin Hatch, of Utah, Senator Ron Wyden, of Oregon, the highest-ranking Democrat on the Finance Committee, began to speak. He started by criticizing the truly disgusting inequity and abuse of Americas tax laws in general, before turning to Mnuchins situation in particular.
There is no clearer example than Mr. Mnuchins hedge fund setting up outposts in Anguilla and the Cayman Islands, an action that can be explained only by the islands zero-per-cent tax rate, Wyden said. He then suggested that millions of dollars in profits from mnuchins various business ventures had been funnelled into an offshore web.
Mnuchin is only one of several enormously wealthy financiers whom Trump has nominated to enact his policies. A son of Wall Street through and through, Mnuchin spent seventeen years at Goldman Sachs, ran his own hedge fund, and bought out a mortgage lender that was on the edge of bankruptcy during the financial crisis. That company, OneWest, foreclosed on thousands of homes and was an extremely profitable investment for Mnuchin himself. (Bloomberg estimatedthat he made two hundred million dollars from the deal.) The disconnect between Mnuchin and the American middle class for whom Trump has claimed to be a savior and standard bearer was made even starker by Mnuchins additional revelation that hed neglected to disclose a hundred million dollars in real-estate assets to the Finance Committee.
In his opening statement, Wyden expressed outrage about this as well. Then he reminded those attending the hearing of an interview Mnuchin had given shortly after his nomination in which he said that there would be no net reduction in taxes for wealthy taxpayers under President Trumps future tax plan. Im going to start calling it the Mnuchin Rule, Wyden said, reiterating the pledge. No tax cut for the upper class.
Wydens list of charges against Mnuchin was so long that Senator Pat Roberts, a Republican from Kansas, addressed the ranking Democrat with what he called a pinprick of humor:Senator Wyden, Ive got a Valium pill that you might want to take before the second round.
Mnuchin, for his part, looked uncomfortable as the senators took turns subconsciously expressing their feelings, hostile or otherwise,by pronouncing his name in different ways. (Wyden called him Min-u-chin, with each syllable exaggerated, while Hatch started out with the friendlier-sounding Mun-chin.) Mnuchinsface looked weathered and reddish, and he squirmed and squinted, occasionally pursing his lips into a pout. I am committed to stimulating prosperity for all Americans, for economically empowering every citizen, he said, grasping for a theme that would help explain why someone like him was being put forth for the job. We will not rest in our mission until that is a reality.
He insisted that his failure to disclose the hundred million dollars in assets and the offshore funds had simply been a mistake, and that he was overwhelmed by the forms he had to fill out. Let me be clear, he said at one point. I did not use the Cayman Islands to avoid paying taxes myself. I paid taxes on all that income.
Wyden asked again about his investments in Anguilla. How many employees did you have in Anguilla? he said, adding later, Did you just have a post-office box?
Mnuchin acknowledged that there were no employees based in the tax havens, but he defended the choice to do business there. He was only satisfying the needs of his investorshe mentioned pension funds and nonprofits, although hedge-fund investors typically include wealthy individuals as wellwho wanted the option of an offshore fund.
Mnuchin went on for a while about the needs and demands of investors and how it was normal for hedge funds to cater to them this way, until Wyden, who had apparently not taken a Valium, broke in:Im very troubled about this question of how youre going to unrig the system if youve got a record of taking advantage of tax shelters that in effect have a zero-per-cent tax rate.
Even Hatch, Mnuchins defender, felt obliged to warn the nominee, almost apologetically, Youre going to get questions like this, and what was legal at the time is still being criticized.
Other than offshore funds, the big theme of the hearing was confusion. The subjects on which Mnuchin seemed to diverge from congressional Republicans, as well as the next Commander-in-Chief, were numerous. Mnuchin clarified that he does not favor a privatization of Fannie Mae and Freddie Mac, the two giant government-owned housing-finance companies that are central to the functioning of the mortgage market, dashing the hopes of hedge-fund investors who are betting on the opposite (and perhaps some Republicans who have been demanding that they be shut down). He said that he did not believe that taxpayer-insured banks, which include every bank that serves retail customers, should be involved in proprietary tradingthat is, investing speculatively in the stock market with the banks money. (The prohibition on propriety trading was championed by Democrats.) He also made a surprising and vigorous plea on behalf of the Internal Revenue Service, which has been starved of resources by Republicans for years. Mnuchin even acknowledged at one point that the extent of debt owed by the Trump Organization to foreign entities was a piece of information that policymakers deserved to know about (although he fell short of pledging to personally wrest that information from the President-to-be himself). It all underscored the strange dissonance that accompanies the power changeover thats under way in Washington, and the unsettling sense that no one, not even those in the seats of influence, has any clue what President Trump really believes or is likely to do.
Isnt it true that a lot of his debt is held by foreign interests? Claire McCaskill, the Democrat from Missouri, asked, referring to Trumps business interests.
Uh, I dont know, Mnuchin said. Ive just read it in the papers.
Like Mnuchin, America, and the world, are in uncertain watersand all anyone can do is to guess what might happen next.
Trump taps Steven Mnuchin as treasury secretary; strikes deal with Carrier
Steven Mnuchin, a hedge fund manager and former Goldman Sachs executive, is President-elect Donald Trump"s choice for Treasury secretary, a source told USA TODAY. Here is what we know about the 53-year-old. USA TODAY NETWORK
Businessman Steven Mnuchin shown arriving at Trump Tower in New York City for meetings with President-elect Donald Trump on November 17, 2016.(Photo: EDUARDO MUNOZ ALVAREZ, AFP/Getty Images)
From buying a failed bank during the U.S. financial crisis to producing major movies and serving as national finance chairman for Donald Trump"s presidential campaign, Steven Mnuchin has a recordof winning risky bets.
Now the former Wall Streetbankeris poised for what could be his biggest challenge yet: Trump"s nominee for U.S. Treasury secretary.
Trump is expected to officially name Mnuchin, 53, as his choice for the nation"s top financialpolicy job as soon as Wednesday,a source close to Trump"s transition team told USA TODAY Tuesday. The person spoke on condition of anonymity because officials were not authorized to speak publicly about selections.
To associates and friends who were surprised when he accepted Trump"s invitation to serve as lead campaign fundraiser after the New York presidential primary, Mnuchin offered a potentially prescient explanation.
Nobodys going to be like, Well, why did he do this? if I end up in the administration," he told Bloomberg Businessweek in August.
The news that Mnuchin is Trump"s pick came as reports swirled that Trump would nominate billionaire Wilbur Ross, also considered a risk taker, to serve as Commerce secretary.Ross, 79, made a career out of buying ailing companies in sometimes troubled sectors on the cheap, restructuring them and then selling them for billions of dollars.Ross, too, could be announced as early as Wednesday, the source close to the transition team said.
Trump has praised Mnuchin, who with the Republican National Committee helped raise tens of millions of dollars for the billionaire businessman"s winning campaign over Hillary Clinton. However, they weren"t always the best of friends.
In a 2008 lawsuit, Trump targeted one of Mnuchin"s companies in a lawsuit that alleged Deutsche Bank and other investors improperly balked at extendingmultimillion-dollar construction loans on the Trump International Hotel and Tower in Chicago. The case was ultimately settled.
Mnuchin, a twice-married father of three, is a Yale College graduate who followed his father to renowned U.S. investment bank Goldman Sachs. He started at the financial powerhouse in the 1980s and spent 17 years there, amassing a fortuneand becoming an executive vice presidentof the New York City-based companybefore his2003 departure.
His next stop was ESL International, the hedge fund founded by Edward Lampert, one of Mnuchin"s Yale roommates and another Goldman alumnus who is now the CEO and chairman of Sears Holdings. Lampert tapped him for a board seat on Sears Holdings-owned retail chainKmart in 2003. However, Mnuchin left soon afterward to become chief executive of SFM Capital Managment, a fund backed byinternational financier and investor George Soros.
Mnuchin"s SFM tenurewas similarlybrief. In 2004, he co-founded private hedge fund Dune Capital Management with Daniel Neidich, another former Goldman executive. The fund invested in equities andreal estate including some Trump projects.
Additionally, the fund invested in the U.S. movie industry. Starting in 2006, Mnuchin reacheda three-year deal in which an entity called Dune Entertainment agreed toinvest $500 million in a string of 20th Century Fox movies, according to multiple media reports.
The transaction launched a deeper Mnuchin diveintoentertainment investments and co-producing that ultimately included the Hollywood blockbuster success Avatar, The X-Men franchise, American Sniper, Gravity and The Lego Movie. Those films scored box office wins. Yetother movies that involved Mnuchin, such as Our Brand is Crisis, a fictional account of American campaign strategists involved in a Bolivian election, flopped.
In 2013, Mnuchin,filmmaker Brett Ratner and Australian businessman James Packer joined in anentity called RatPac-Dune Entertainment that agreed to $300 million in co-financing for as many as 75 films by Warner Bros. Pictures, according to the movie company andmediareports.
The following year, Mnuchin partnered with Ryan Kavanaugh and an investment group to buy debt and an equity stake in Kavanaugh"s Relativity Media. He also took a seat on the Relativity board of directors, becoming the company"s non-executive chairman.
"Steven has been a trusted adviser for years, and I personally recruited him to join our board," Kavanaugh said in a statement at the time. "He brings an unrivaled perspective on the ever-increasing value of content in Hollywood and Wall Street."
The move also ended up snarlingMnuchin in controversy.
Five years before taking the Relativity post, heled an investor group thatbought California-based IndyMac Bank, which had collapsed in a more than $7 billion implosion during the financial crisis. The investor group, which paid the FDIC roughly $1.55 billion to take the bank off the FDIC"s hands, was backed by Soros, hedge fund managerJohn Paulson, computer manufacturerMichael Dell, private equity investorChristopher Flowersand others.
IndyMac became OneWest Bank, with Mnuchin as its chairman. The deal drew criticismbecause it was finalizedbefore FDIC Chair Sheila Bair managed to institute a change that would requireprivate equity buyers like the Mnuchin-led group to maintain a10% leverage ratio at newly-resurrected banks and hold the investments for at least three years.
Bair, now the president of Washington College, declined to comment for this story.However, recounting the IndyMac collapse and sale in Bull By the Horns, her 2012 book about her FDIC tenure, Bair characterized the regulator as boxed in.
"The reality is that those who are brave enough to buy distressed companies in a down market whether banks or any other type of company expect to make a return commensurate with the risks they are taking," wrote Bair."The FDIC, as seller, had no good options."
File photo taken in 2009 shows a New York City building bearing the logo of the CIT Group.(Photo: Seth Wenig, AP)
New criticism and lawsuits came after Relativity Media sought federal bankruptcy court protection in July 2015. By then, Mnuchin had left the movie company"s board. And he was weeks away from selling OneWest Bank to CIT Group ata price that produceda hefty profit for himand fellow investors$3.4 billion in cash and stock, more than doublingtheirinvestment.
One of Relativity Media"s creditors, RKA Film Financing, took a cynical view of Mnuchin"s dual involvement with the movie company and the bank which was also owed millionsby Relativity.
In a 2016 New York Supreme Court lawsuit, RKA said Relativity"s collapse "amounted to a classic Ponzi scheme," and labeled its CEO Kavanaugh "a con man."
Mnuchin had held "a unique position," the lawsuit alleged, "affording him knowledge of both Relativity"s precarious financial position and the ability to ensure certain creditors namely OneWest Bank were able to siphon away funds that had been commingled" with RKA"s investments.
The lawsuit also charged that OneWest swept approximately $50 million from Relativity"s bank accounts before the collapse.
A bankruptcy court declaration by Timothy Coleman, a Blackstone expert who worked with Relativity on restructuring plans, said the OneWest transfers "further strained" the movie company"s "already problematic liquidity situation," and also forced postponement of some film projects.
The movies included Masterminds, which featuresZach Galifianakis, Kristen Wiig and other actors in a comedy based on an actual bank robbery. The film ultimately opened on Sept. 30 this year.
A Mnuchin court filing called his inclusion in RKA"s lawsuit"not just baseless, but sanctionable." He moved to throw out the case, as did Kavanaugh.Manhattan Supreme Court Justice Charles Ramos dismissed the lawsuit in an October decision that left the door open for the complaint to be updatedand refiled.
Benjamin Naftalis, an attorney for RKA, said the company "plans to file an amended complaint that will continue to include Mr. Mnuchin."
Though Mnuchin is best known publicly for his business dealings, he and his family also became known as some of the thousands ofinvestors caught up in the aftermath of Bernard Madoff"s notoriousPonzi scheme.
More than $3 million that Mnuchin and his brotherinherited from their deceased mother"s estate represented fictitious profits from Madoff"s estimated $20 billionscam, court-appointed trustee Irving Picard alleged in a 2010 bankruptcy court filing. But a court decision said the family"s withdrawals, and similar Madoff payouts to otherinvestors,had occurred more than two years before the scheme collapsed.
As a result, the moneycould not legally be recovered to help repay the disgraced financier"s less fortunate customers, the court ruled.
Although Mnuchin so far has emerged relatively unscathed from several court challenges, a new federal complaint filed after Trump"s win potentially could become a factor in Senate confirmation hearings for the Treasury post.
OneWest was criticized bysome housing advocates over a wave of foreclosures filed amidthe financial crisis.
Additionally, the bank, its successor, CIT Bank, and CIT Group were targeted this month with a new federal complaint that alleged they engaged in redlining and other discrimination against minorities. Two groups that advocate for fair housing and equal access to credit filed the complaint with the U.S. Department of Housing and Urban Development.
"Our analysis of OneWest suggests the bank has no significant branch presence in communities of color, and not surprisingly, its home loans to borrowers and communities of color are low in absolute terms, low compared to its peer banks, and low when compared to what one would expect given the size of theAsian-American, African-American and Latino populations in California," said Kevin Stein, a deputy director forthe California Reinvestment Coalition, one of the groups that filed the complaint.
In response, CIT Group said it is"committed to fair lending and works hard to meet the credit needs of all communities and neighborhoods we serve."
Mnuchin did not respond to USA TODAY interview requests submitted to a company spokesman. However, Trump"s presidential transition staff provided a statement in which former OneWest chief executive Joseph Otting said the bank "remained committed to fair lending and meeting the credit needs of all borrowers in its communities, including those in distress."
Steinsaid the allegations submitted to HUD should be examined during Mnuchin"s expected confirmation hearings.
"It was not our intent in filing the case. But it should be considered," said Stein. "The American people would want a Treasury secretary who understands the lives of ordinary people and how they interact with major financial institutions."
Contributing: Ray Locker and Paul Davidson
Follow USA TODAY reporter Kevin McCoy on Twitter: @kmccoynyc
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OneWest"s Mnuchin Sees `No Rush" to Take Bank Public
Updated 4:11am, Wednesday, November 30, 2016
NEW YORK (AP) Steven Mnuchin, Trump"s campaign finance director, confirms he"s been chosen to head Treasury.
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