In the midst of a heavy mediation between the Trump administration and Congress over the unprecedented $ 2 trillion economic stimulus that was passed by the United States on Wednesday night, an unnamed leaders appeared on the Wall Street crowd: Steve Mnuchin, the much-neglected, and oft-disdained, financial secretary.
What is even more astonishing is that Mnuchin won plauits from the bankers whose political parties were on both sides of the road and who shared their disdain for President Trump. “Steve’s doing a great job,” said a former Republican leader on Wall Street. He specialized in Mnuchin’s ability to work with Nancy Pelosi, Speaker of the House. He said they were attracted to each other. And they seem to have formed a working relationship – unlike almost every member of the Trump administration – and that relationship will look like later this week when the House votes to the Senate. the purpose of finance.
A large-time Republican shared his support for the Republican Treasurer of the Republican administration during a financial crisis. But to my surprise, Wall Street Democrats also praised Mnuchin’s performance during this difficult time. A leader on Wall Street, who is also a Democrat, told me, “Steven Mnuchin does a great job.” “I mean, a good job. And it was not by the way that he spoke about working with the Fed. I thought so (Jerome) Powell and Randy Quarles”- the Fed’s president and deputy general manager -“ are doing a great job. But Mnuchin had a relationship with Nancy Pelosi who helped here. And that comes from other stuff, but that has value. ”
Another Wall Street leader, also a Democrat, is happy with what Mnuchin did recently. “Very pleased, to tell you the truth,” he said. “It’s going to be a level of talent and maturity and creativity. They have the right price. My concern, obviously, is it possible to build it? Is there enough people? ”
This is a reversal for Mnuchin, even though he is a stockpile of Wall Street and the scion of Goldman Sachs to be honest. His father, Robert, is a longtime Goldman partner, member of the board of directors, and director of business ethics. (He now has a painting on Manhattan’s Upper East Side.) His older brother, Alan, also worked at Goldman and then at Bear Stearns before launching his own Wall Street Advice. Mnuchin joins Goldman out of Yale, along with his partner Yale, a hedge fund manager Eddie Lampert, who afterward froze to the ground. (Mnuchin was a Sear board member before becoming treasurer.)
Mnuchin spent 17 years at Goldman, was in many different positions, and became Goldman’s partner in 1994, when some of the more than 40 business owners in the middle of Goldman suffered a business decline. serious. When Goldman went public in May 1999, Mnuchin made his first fortune – say approximately $ 100 million – from the Goldman IPO. He left Goldman three years later. He worked briefly for Lampert before starting his own private equity-equity and equity firm, Dune Capital Management, with wealth from George Soros. He invested in Hollywood films together Brett Ratner, his bad behavior after being featured in #MeToo movement, too James Packer, the Australian billionaire. They wrote the script in Hollywood. Mnuchin also founded the real estate industry of Dune, which has invested in two projects in Trump: Trump International Hotel Waikiki and Trump International Hotel & Tower in Chicago. In November 2008, a day before the $ 330 million payment was due to a $ 640 million Chicago-based multinational mortgage lender, Trump sued his lenders, including Dune Capital.
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