Steven Mnuchin
| Steven Mnuchin | |
|---|---|
| Personal details | |
| Born |
Steven Terner Mnuchin December 21, 1962 New York City, New York, U.S. |
| Political party | Republican |
| Spouse(s) | Heather deForest Crosby (m. 1999; div. 2014) |
| Domestic partner | Louise Linton (engaged) |
| Children | 3 |
| Parents |
Robert E. Mnuchin Elaine Terner |
| Alma mater | Yale University (BA) |
Steven Terner Mnuchin (mah-NEW-chin, /məˈnuːtʃin/;[1] born December 21, 1962) is a former investment banker and hedge fund investor. In 2016, he served as the finance chairman for the presidential campaign of Donald J. Trump.
On November 30, 2016, it was announced that Mnuchin would be nominated as Secretary of the Treasury in the coming administration of President-elect Donald Trump.[2]
Early life
Steven Mnuchin was born on December 21, 1962 in New York City, to a Jewish family.[3][4][5] He is the son of Elaine Terner Cooper, of New York, and Robert E. Mnuchin, of Washington, Connecticut.[6] His father was a banker, a partner at Goldman Sachs, in charge of equity trading and a member of the management committee, and the founder of the Mnuchin Gallery at 45 East 78th Street, New York.[6][7] Steve Mnuchin graduated from Yale University.[6] He has been characterized by the media as someone "who drove a Porsche in college".[8] Mnuchin was publisher of The Yale Daily News.[9]
Career
Finance and banking
After graduation, Mnuchin started working for Goldman Sachs, where his father had worked for three decades. Mnuchin became a partner at Goldman in 1994.[10] During his 17 years there, he accrued net worth estimated about $40 million.[11][12]
In 2002, Mnuchin left Goldman and worked briefly for his Yale roommate Edward Lampert, chief executive of Sears Holdings.
In 2004, he founded a hedge fund, Dune Capital Management, named for a spot near his house in the Hamptons. The firm invested in at least two Donald Trump projects and, in one of them, was sued by Trump before a settlement was reached. Then, in partnership with George Soros, hedge fund manager John Paulson and others, Mnuchin bought the failed housing lender IndyMac in 2009 for $1.6 billion.[13] The bank, purchased out of bankruptcy from the FDIC, was renamed OneWest, with Mnuchin as chair. According to The New York Times, OneWest "was involved in a string of lawsuits over questionable foreclosures, and settled several cases for millions of dollars". OneWest was sold to CIT Group in 2015[11] for $3.4 billion.[13]
The California Reinvestment Coalition, which opposed CIT Group's acquisition of OneWest, submitted a FOIA request to United States Department of Housing and Urban Development (HUD) to learn more about OneWest's reverse mortgage subsidiary, Financial Freedom. According to the HUD's response, Financial Freedom foreclosed on 16,220 federally insured reverse mortgages from April 2009 to April 2016. This represents about 39% of all federally insured reverse mortgage foreclosures during that time. The figure was criticized by CRC, who estimated that Financial Freedom only serviced about 17% of the market and thus was foreclosing more than twice often than its competitors.[14][15] CIT Group disclosed to investors that it had received subpoenas from HUD's Office of the Inspector General in the third and fourth quarters of 2015.[16] In November 2016, two nonprofits filed a complaint with the Department of Housing and Urban Development, alleging redlining by OneWest Bank.[17]
Bloomberg suggests that Mnuchin owns $97 million in CIT stock, as of August 2016.[18]
Motion pictures
In 2004, he founded RatPac-Dune Entertainment, which produced a number of notable films, including the X-Men film franchise and Avatar.[12]
In Hollywood, Mnuchin, along with film producer Brett Ratner and financier James Packer, working with RatPac-Dune Entertainment, produced American Sniper and Mad Max: Fury Road. Mnuchin was co-chairman of the trio's movie company, Relativity Media, but left before it went bankrupt.[11] A source close to the company said that he had resigned because of the potential for a conflict of interest between his duties at Relativity and OneWest.[12]
Trump campaign
In late April 2016, Mnuchin was named finance chair of the Donald Trump 2016 presidential campaign. He had been an early supporter of the candidate and attended the victory party after the New York Republican primary victory on April 19. The next day, he accepted Trump's invitation to be finance chair.[19] Mnuchin worked with RNC counterpart Lew Eisenberg on a late-developing joint operation for the committee and the Trump campaign. The late-summer fundraising goal was half a billion dollars.[13]
In November 2016, Mnuchin was reported to be President-elect Trump's choice to be U.S. Secretary of the Treasury. He would be "the third Goldman alumnus to serve in the job, after Henry M. Paulson Jr., under President George W. Bush; and Robert E. Rubin, under President Bill Clinton" in the 2000s and 1990s, respectively.[19]
Personal life
In 1999, Mnuchin married Heather deForest Crosby,[6] who was his second wife,[20] and they had three children together.[21] They divorced in 2014. He is engaged to the actress Louise Linton, and they live in a $26.5 million house that he owns in Bel Air, California.[20][21]
References
- ↑ "Trump expected to name financier Steve Mnuchin to Treasury". The Washington Post. Ylan Q. Mui and Philip Rucker. November 29, 2016. Retrieved December 1, 2016.
- ↑ "Former US banker Steve Mnuchin confirms he will be US treasury secretary". BBC News. November 30, 2016. Retrieved November 30, 2016.
- ↑ http://abcnews.go.com/Politics/steve-mnuchin/story?id=43858317
- ↑ "Steven Terner Mnuchin". Bloomberg News. Retrieved November 10, 2016.
- ↑ Guttman, Nathan (May 7, 2016). "Trump Names Jewish Financier, Fixer to Major Campaign Positions". Jewish Daily Forward. Retrieved November 17, 2016.
- 1 2 3 4 "WEDDINGS; Heather Crosby, Steven Mnuchin". The New York Times. September 26, 1999. Retrieved May 10, 2016.
- ↑ "Robert Mnuchin: Founder". Mnuchin Gallery. Retrieved November 10, 2016.
- ↑ "Trump's reported pick for treasury secretary is a former Goldman Sachs partner who drove a Porsche in college". theweek.com. 29 November 2016. Retrieved 2 December 2016.
- ↑ Yale Daily News, by line Jacob Stern, Dec 2, 2016
- ↑ Zuckerman, Laurence (16 October 1994). "The Good Life After Goldman". The New York Times. New York Times. Retrieved 3 December 2016.
- 1 2 3 Sorkin, Andrew Ross (May 10, 2016). "Unlikely Fund-Raiser for Trump and Party (hardcopy)". The New York Times. Retrieved May 10, 2016.
- 1 2 3 Rainey, James (August 5, 2015). "Relativity Co-Chairman Steven Mnuchin Quietly Exited Just Before Big Losses". Variety. Retrieved May 11, 2016.
- 1 2 3 Abelson, Max, and Zachary Mider, "Trump’s Top Fundraiser Eyes the Deal of a Lifetime", Bloomberg Businessweek, August 31, 2016. Retrieved November 29, 2016.
- ↑ Woellert, Lorraine. "Trump Treasury pick made millions after his bank foreclosed on homeowners". Politico. Retrieved December 5, 2016.
- ↑ "Is Something Amiss in the Reverse Mortgage Industry?". DSNews. November 13, 2016. Retrieved November 17, 2016.
- ↑ Dreier, Peter (May 10, 2016). "The Worst of Wall Street: Meet Donald Trump's Finance Chairman". The Nation. Retrieved November 17, 2016.
- ↑ "Bank tied to Trump adviser accused of discrimination". Usatoday.com. September 27, 2016. Retrieved November 17, 2016.
- ↑ "Mnuchin Said to Be Top Treasury Pick Among Trump's Advisers - Bloomberg Politics". Bloomberg.com. August 31, 2016. Retrieved November 17, 2016.
- 1 2 Appelbaum, Binyamin, and Maggie Haberman, "Steven Mnuchin Is Donald Trump’s Expected Choice for Treasury Secretary", New York Times, November 29, 2016. Retrieved November 29, 2016.
- 1 2 "Steven Mnuchin Businessweek Profile - Bloomberg Politics". Bloomberg.com. August 31, 2016. Retrieved November 12, 2016.
- 1 2 "Film financier and Wall Street executive Steven Mnuchin a leading candidate for Treasury secretary". Los Angeles Times. November 9, 2016. Retrieved November 12, 2016.