Steven Mnuchin, national finance chairman of President-elect Donald Trump's campaign, arrives at Trump Tower, Monday, Nov. 21, 2016 in New York, to meet with President-elect Donald Trump. (AP Photo/Carolyn Kaster)

Steve Mnuchin as Treasury Secretary Would Ratify the Failed Status Quo

I applaud Donald Trump’s conviction to go with Jeff Sessions as Attorney General. And if it is true he is looking at Mitt Romney as Secretary of State and Rick Perry as either Defense or Agriculture Secretary, Trump is headed in the right direction.

But Steve Mnuchin as Treasury Secretary would be as bad, if not worse, than Barack Obama appointing Timmy Geithner as Treasury Secretary.

Mnuchin collaborated with George Soros to buy IndyMac from the FDIC in 2008 for $1.5 billion. They then rebranded IndyMac as OneWest and structured the deal to receive reimbursements when they foreclosed on people who had loans with IndyMac. There are a lot of people who seem to think this incentivized foreclosures.

In one case, in 2009, a judge went so far as to reprimand OneWest for being unwilling to work out a deal with a homeowner. The judge called OneWest’s conduct “inequitable, unconscionable, vexatious and opprobrious.”

Right now the bank is under a HUD inspector general investigation.

This is only the beginning of Mnuchin’s record and more will come out. Nominating him as Secretary of Treasury would be rewarding the Wall Street fat cats who made a mint off the backs of middle America. It would be ratifying the very deals Trump attacked on the campaign trail.

About the author

Erick Erickson

View all posts