What are the prospects for encouraging job growth?
I think that there's a tremendous focus now
on what can we do in California to create jobs and lower the unemployment rate.
So I think that's really our biggest issue.
Okay, so what were the answers?
What can we do?
We did a lot of talking about it as you know.
I-I-I think there's like a—there's a hundred answers to that.
That's Steve Mnuchin.
The Wall Street executive-turned film producer-turned U.S. Secretary of Treasury.
It's Steven, not Steve.
Steven Terner Mnuchin is a child of Wall Street.
His dad worked at Goldman Sachs for 33 years.
Upon graduating from Yale,
Steve followed in his father's footsteps.
He became Chief Information Officer and spent 17 years at Goldman Sachs
where he reportedly made $46 million for his time with the bank.
In 2002, Mnuchin left Goldman Sachs and started a hedge fund,
which he named 'Dune Capital Management'.
The firm invested in at least two Donald Trump projects
and later formed 'RatPac-Dune Entertainment,' which has produced over 90 movies.
In the midst of his film career, Mnuchin donated to Democrats.
But then he decided to toss some money in a different direction.
During the 2008 housing collapse, he and a few buddies bought the failing bank,
IndyMac, and renamed it 'OneWest'.
It was the largest bank in Southern California with assets worth up to $27 billion.
The objective from day one was to take IndyMac, rebrand it, and use it as a platform to grow in California, on the west coast.
The company foreclosed on an estimated 36,000 homes.
OneWest specialized in making predatory loans to the elderly through reverse mortgages.
The most notable example was when Mnuchin and company reportedly foreclosed on a 90 year-old woman's home in Florida
for a 27-cent payment error with her insurance.
The group also had a penchant for refusing to issue mortgage loans to minorities.
68% of the foreclosures led by OneWest occurred in minority-majority communities.
This is going to be a question that I know is going to get asked over and over again.
Sure, well, let me tell you one of the most proud aspects of my career was buying IndyMac during the financial crisis.
Now, one aspect of that is, we bought the worst mortgage portfolio in the history of time.
So, all the loans that we unfortunately had to foreclose on—we didn't originate those, those were IndyMac loans.
After 6 years with the firm, Mnuchin sold OneWest to CIT group where he became a board member.
He ultimately resigned from the board when he was tapped for Secretary of Treasury.
During his confirmation hearing, Mnuchin was criticized for using offshore entities to evade U.S. taxes while at the hedge fund.
Isn't it true that what you did here, is take these companies, put them offshore, so you could help your clients—who you were making money from,
avoid U.S. taxation?
No, that's not true at all.
That's—then why would you—that's that's not true, Senator.
These are very complicated issues—
Well, I appreciate that, but—
let me make the complication simple.
One does not go and create offshore entities at the end of the day,
other than to avoid in some form or fashion, the tax laws of the United States, that's pretty simple.
Nevertheless, he was confirmed by a vote of 53-47.
Senator Elizabeth Warren released a statement in response to his confirmation:
Following his confirmation, Mnuchin had 120 days to say goodbye to show business and divest himself from RatPac-Dune and 41 other companies to avoid any conflict of interest.
But...
It seems that art imitated life for the cameo star of 'Rules Don't Apply'.
By March 2017, Mnuchin committed an ethics violation by promoting 'Lego Batman,' one of the films he had a hand in producing.
Well, I'm not allowed to promote anything that I'm involved in, so I just want to have the legal disclosure, you've asked me the question and I am not promoting any product.
But you should send all your kids to Lego Batman.
He acknowledged the violation in a letter,
I thought I was being sarcastic.
120 days later, Mnuchin finally sold his stake with RatPac-Dune,
which was valued at $25 million.
The newly minted Secretary of Treasury is already making his mark.
Mnuchin's signature appears on the bottom right of all new bills.
And like movie scripts, his signature had to go through several drafts before making its debut.
I've been practicing it so it will be nice and neat on the money.
That is a much improved signature.
Mnuchin will play a big role in shaping the government's financial policies—
which could be a challenge, considering this is Mnuchin's first job in government.
I am committed to using the full powers of this office
to create more jobs, to combat terrorist activities and financing,
and to make America great again.
For more infomation >> Who is Margaret Clunie ? ( Harriet, Duchess of Sutherland ) - Duration: 2:00. 
For more infomation >> Volvo V60 D6 AWD Plug-In Hybrid Summum. /7%/ Prijs is ex. BTW - Duration: 0:56. 
Không có nhận xét nào:
Đăng nhận xét