Steven Mnuchin

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Steven Mnuchin (2017)

Steven Terner "Steve" Mnuchin [ ˈstiːvn məˈnuːʃɪn ] (born December 21, 1962 in New York ) is an American investor and politician . The millionaire worked for the investment bank Goldman Sachs for 17 years , then ran a hedge fund and worked as a Hollywood producer and political fundraiser .

He was confirmed by the US Senate on February 13, 2017 with 53:47 votes as Secretary of the Treasury of the United States in the Trump administration and sworn in on the same day. He is the third US Treasury Secretary since the mid-1990s , after Robert Rubin and Henry Paulson , to previously work at Goldman Sachs.

Life

Mnuchin was 1962 in the Jewish family of Elaine Terner Cooper from New York and Robert E. Mnuchin of Washington in the US state of Connecticut born. Mnuchin's great-grandfather, the Russian- born diamond dealer Aaron Mnuchin, who later resided in Belgium , had emigrated to the United States in 1916. Steven Mnuchin's grandfather, Leon Mnuchin, worked as a lawyer and founded a yacht club in the posh Hamptons off New York. Mnuchin's father Robert, who was born in 1933, graduated from Yale University in 1955 and worked for Goldman Sachs for 30 years, ultimately as a partner. He then became an art dealer and founded a gallery in New York .

The family name Mnuchin is derived from the common Hebrew name Menachem or Menahem .

career

Like his father, Mnuchin studied at the elite Yale University, where he worked for the student newspaper Yale Daily News and was a member of the Skull & Bones fraternity. During his time at Yale, he lived with Edward Scott Lampert (* 1962) and Salem Tschalabi (* 1963), whose uncle Ahmad Tschalabi later founded the Iraqi National Congress (INC), in the elegant Taft Hotel in New Haven .

After graduating in 1985, he became an investment banker at Goldman Sachs, where he was responsible in particular for business with mortgage securities and credit insurance - both areas that played an important role in the global financial crisis that began in 2007. His mentor at Goldman Sachs at the time was Michael P. Mortara, who showed him how the investment bank could profit from the savings bank crisis in the US in the 1980s by buying up the shares of ailing savings banks cheaply. Mnuchin worked for Goldman Sachs for 17 years, and in 1994, like his father, became a Goldman Sachs partner. In 2002 Mnuchin left the investment bank and worked with fellow student Edward Scott Lampert, who had become chairman of Sears Holdings Corporation in 2004 . In 2004 he developed his own hedge fund Dune Capital Management . He moved to the west coast and together with his partner and major financier George Soros bought Mnuchin for 900 million dollars the rights to 59 films from the studio Dreamworks , which the media multinational Viacom had recently acquired for 1.6 billion dollars. Mnuchin worked for Soros' Fund Management . He then co-founded RatPac-Dune Entertainment with Brett Ratner and James Packer , which has produced a number of films including Wonder Woman , the X-Men film franchise and Avatar (2009). In the meantime (April 2017) Leonard Blavatniks Access Entertainment holds the majority share in the production company.

Mnuchin decided to return to banking in the middle of the great financial crisis and was at the helm of the real estate bank OneWest for several years, which was sold to the CIT Group in 2015 . Together with a group of investors - including the hedge fund giants Soros and Paulson, ex-Goldman board member and private equity financier Christopher Flowers and tech billionaire Michael Dell - Mnuchin took over the financial company under the name IndyMac Bank in 2009. Mnuchin has been investigated in several proceedings for unfair business practices. Critics nicknamed him "Mr. Foreclosure auction ”because, as head of the real estate bank OneWest, he sued delinquent property owners by exploiting the legal possibilities of their houses. In 2015, the group sold the financial services company again, with the stake more than doubling from $ 1.55 billion to a sales price of $ 3.4 billion.

Political commitment

In 2008 , Mnuchin donated to the Democratic candidates Barack Obama and Hillary Clinton , but in 2012 he supported Republican Mitt Romney in the campaign for the 2012 US presidential election. In May 2016 he became Chief Financial Officer of the Donald Trump campaign.

In December 2016, US President-elect Donald Trump nominated Mnuchin as US Treasury Secretary to his cabinet . Among other things, the fact that he was responsible for many foreclosures on homeowners at the head of OneWest caused criticism .

Political attitudes

Before his inauguration, Steven Mnuchin announced massive tax cuts for companies and individuals in order to make American companies "the most competitive in the world". He wants to implement infrastructure measures worth billions of dollars.

According to a December 2017 article in the New York Times, Mnuchin was considered one of the key voices in favor of preserving a profit-sharing tax loophole for fund managers that President Trump wanted to close.

Private life

Mnuchin is third married to the Scottish actress Louise Linton ; the couple live in Bel Air, California . He has three children from his second marriage. His personal wealth is estimated at $ 500 million.

Web links

Individual evidence

  1. FAZ.net January 20, 2017: Trump's future finance minister withholds assets - initially
  2. Steven Mnuchin confirmed as Secretary of the Treasury
  3. www.washingtontimes.com
  4. Alexander Armbruster: Steven Mnuchin: This is Donald Trump's finance minister . Frankfurter Allgemeine Zeitung , November 30, 2016, accessed on November 30, 2016 .
  5. a b WEDDINGS; Heather Crosby, Steven Mnuchin . In: The New York Times . September 26, 1999 ( http://www.nytimes.com/1999/09/26/style/weddings-heather-crosby-steven-mnuchin.html nytimes.com [accessed November 30, 2016]).
  6. ^ A b Elon Gilad: How Steven Mnuchin Got His Unusual Name . Haaretz. January 9, 2017.
  7. ^ A b c Max Abelson, Zachary Mider: Trump's Top Fundraiser Eyes the Deal of a Lifetime. Steven Mnuchin might have a shot at Treasury secretary, but his Wall Street pedigree makes him the type Donald Trump fans love to hate. In: Bloomberg. Retrieved November 30, 2016 .
  8. Michael P. Mortara, 51, a Developer of Mortgage-Backed Securities. In: The New York Times. Retrieved November 30, 2016 .
  9. Who is Steven Mnuchin? Donald Trump's choice for Treasury Secretary. In: Haaretz . Retrieved November 30, 2016 .
  10. Hans-Jürgen Jakobs: George Soros - A speculator goes to Hollywood. In: Sueddeutsche.de. December 4, 2008, accessed November 30, 2016 .
  11. ^ Trump Names Jewish Financier, Fixer to Major Campaign Positions. In: The Forward . November 11, 2016, accessed November 30, 2016 .
  12. James Rainey: Relativity Co-Chairman Steven Mnuchin Quietly Exited Just Before Big Losses (EXCLUSIVE) . In: Variety . August 5, 2015 ( variety.com [accessed November 30, 2016]).
  13. ^ Georg Szalai: Len Blavatnik's Access Entertainment Buys James Packer's Stake in RatPac . The Hollywood Reporter . April 18, 2017.
  14. Economy: Goldman Sachs and Donald Trump: How Much Power Does the Investment Bank Have? , Article in the NZZ from January 18, 2017
  15. ^ Matt Turner: There's a long list of reasons people might not like Trump's pick for Treasury secretary. In: Business Insider Germany. November 30, 2016, accessed November 30, 2016 .
  16. ^ A b Andrew Ross Sorkin: Unlikely Fund-Raiser for Trump and Party . In: The New York Times . May 10, 2016, p. B1 (English, online [accessed November 30, 2016]).
  17. Trump's finance minister wants to follow in Reagan's footsteps. In: NZZ.ch. November 30, 2016, accessed November 30, 2016 .
  18. Stefan Beutelsbacher: Trump's Finance Minister: Betrayed to the King of Foreclosures. In: WELT.de. December 14, 2016, accessed December 21, 2016 .
  19. Trump's planned cabinet: From “Mad Dog” to Islamophobia. In: tagesschau.de. January 4, 2017, accessed January 13, 2017 .
  20. Alan Rappeport: "Trump Promised to Kill Carried Interest Lobbyists Kept it alive.." New York Times December 22, 2017
  21. Trump joins A-list crowd at Treasury Secretary Steven Mnuchin's wedding .
  22. Jen Wieczner: Trump Treasury Pick Mnuchin Is Much Richer Than Most People Thought . Fortune. January 11, 2017.