WTF? Trump Names Former Goldman Partner, Soros Money Manager As Finance Chairman

[link to www.bloomberg.com]

Quoted in part:

Like Trump, Mnuchin has given money to Democrats, including about $7,000 to Hillary Clinton for her U.S. Senate bids and her previous presidential campaign. He has also given a substantial amount to Republicans, including $20,000 to the Republican National Committee. But the Democratic donations outweighed the ones to Republicans, according to records on opensecrets.org.

In 2003, the new finance director started a hedge fund with $1 billion from George Soros, the liberal New York financier who has spent more than $13 million to support Hillary Clinton and other Democrats this election cycle.
Mnuchin spent 17 years at Goldman Sachs Group Inc., working his way up to partner and becoming head of the mortgage department before joining Hank Paulson in the executive suite, becoming the firm’s chief information officer in 1999.

At Dune, he purchased the remains of IndyMac Bank, the Pasadena, California-based mortgage lender that collapsed in 2008. Notoriously press-shy, the executive endured 2011 protests on the lawn of his Bel Air mansion by foreclosed homeowners angered at his lender's handling of soured mortgages.

Mnuchin cashed in on the firm's initial public offering and then left Goldman in 2002 to join Lampert's ESL Investments hedge fund as vice chairman. A year later he started the fund with Soros's money. And in 2004, with two other ex-Goldman Sachs partners, he formed hedge fund Dune Capital Management, which led a group that raised $1.55 billion to acquire IndyMac from the FDIC in 2009.
Starting his career in the early 1980s as a trainee at Salomon Brothers before moving to Goldman Sachs in 1985, Mnuchin was front and center for the advent of instruments like collateralized debt obligations and credit default swaps. He has called securitization “an extremely positive development in terms of being able to finance different parts of the economy and different businesses efficiently.” The pitfalls of the financing method came later, he's said.

Mnuchin's father, Robert Mnuchin, was a partner at Goldman Sachs in the 1960s. The second-youngest of five siblings, Steven attended the prestigious Riverdale Country School and then Yale University, where his roommate was Edward Lampert, who would go on to become a hedge-fund manager and owner of Sears.