Steven Terner Mnuchin is an American politician, investment banker and film producer. He is serving as the 77th United States Secretary of the Treasury as part of the Cabinet of Donald Trump. He graduated from Yale University in 1985 with a bachelor’s degree in economics. His father was a partner at Goldman Sachs and his great-grandfather was a Russian-born diamond dealer.
About Steven Mnuchin in brief
Steven Terner Mnuchin is an American politician, investment banker and film producer. He is serving as the 77th United States Secretary of the Treasury as part of the Cabinet of Donald Trump. Previously, Mnuchin had been a hedge fund manager and investor. He graduated from Yale University in 1985 with a bachelor’s degree in economics. Mnuchin joined Trump’s presidential campaign in 2016, and was named National Finance Chairman for the campaign. On February 13, 2017, he was confirmed to be President Donald Trump’s Secretary of Treasury by a 53–47 vote in the U.S. Senate. His father was a partner at Goldman Sachs and his great-grandfather was a Russian-born diamond dealer who later resided in Belgium, emigrated to the United States in 1916. His family is Jewish and he is the second-youngest son in his family. He has been criticized for his use of offshore entities for investment purposes as a hedge-fund manager, which is a common practice in the industry. In 2009, a group led by Mnuchin bought a portfolio of mortgage-backed securities, which was sold by Merrill Lynch during the financial crisis, for USD 6.7billion. The group was led by Lone Star Funds, which Mnuchin has said he did not use in any way to avoid U. S. taxes. He was a member of Sears Holdings’s Board of Directors from 2005 until December 2016. Prior to this, he served on Kmart’s board of directors. After Sears went bankrupt, the company that formerly owned it sued Mnuchin and ex-CEO Edward Lampert for ‘asset stripping’ during their tenure.
During his time as OneWest CEO and Chairman, the bank became embroiled in several lawsuits over questionable foreclosures. He changed the name to OneWest Bank and rebuilt the bank, then sold it to CIT Group in 2015. He also owns an art gallery in New York City, the Mnuchin Gallery, and is the founder of a film production company, The Tribute to Steve Mnuchin, which he founded with his former Yale roommate Edward Lampert. He previously worked for and founded several hedge funds, including Dune Capital Management, named for a spot near his house in The Hamptons, in 2004 with two former Goldman partners. After he left Goldman Sachs in 2002, he briefly worked as vice-chairman of hedge fund ESL Investments, owned by his Yale roommateEdward Lampert. From 2003 to 2004 he worked as Chief Executive Officer at SFM Capital management, a fund backed by George Soros. In 2004, he invested in at least two Donald Trump projects, the Trump International Hotel and Tower in Honolulu and its namesake in Chicago. In 2005, he and other Dune managers were sued by Trump before a settlement was reached. In 2008, Dune was outbid by a group of lenders on Chicago skyscraper loans. In 2010, he bought failed residential lender IndyMac, which had been in receivership by the FDIC and owned by FDIC.
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