Hedge fund manager takes "glee" in Trump conning voters with anti-Wall Street message. https://t.co/Mq5ufhSRt8 pic.twitter.com/4yJGo1IEpM
— Pete Schroeder (@peteschroeder) November 30, 2016
No mark so doomed as the mark who thinks he’s in on the long con. From the Bloomberg article [warning: autoplay]:
… Mnuchin, 53, the son of a Goldman Sachs partner, thrived at the institutions Trump mocked during the campaign. He was tapped into the Skull and Bones secret society at Yale, joined the bank and became a top executive, ran a hedge fund and invested in Hollywood blockbusters. When he saw TV news shots of customers lined up outside a branch of California bank IndyMac trying to pull their money in 2008, he spotted an opportunity.
“I’ve seen this game before,” he recalled saying in an interview earlier this year. “This bank is going to end up failing, and we need to figure out how to buy it.”
Mnuchin gathered billionaires including George Soros and John Paulson and assembled a $1.6 billion bid to buy IndyMac. They rebranded it OneWest and sold the bank in August 2015 for $3.4 billion. It carried out more than 36,000 foreclosures during Mnuchin’s reign, according to the nonprofit California Reinvestment Coalition, which accused OneWest of shoddy foreclosure practices and avoiding business in largely black or Latino neighborhoods, claims the bank has denied.
Former Minnesota Governor Tim Pawlenty, a Republican who leads the Financial Services Roundtable, a bank lobbying group, thinks any rage over Mnuchin’s pedigree will fade if he does his job well. “If those results are really good for everyday Americans, it will be ‘mission accomplished,” Pawlenty said. “The public’s focus will soon shift.”…
Another former Goldman Sachs banker, SkyBridge Capital founder Anthony Scaramucci, is said by analysts to be under consideration for a job as a top Treasury deputy. He’s well known for once asking President Barack Obama when he’d stop bashing Wall Street. Stephen Bannon, Trump’s chief strategist, worked at Goldman Sachs, too…
Trump’s throwing open the gates to the worst of the predators, and the Wall Street herd is too busy making fun of ‘blue-collar workers’ to remember that those predators will chew up their tidy little portfolios, too.
At least the guy quoted in the top tweet has the excuse of being a Hillary voter:
… Tilson, who was relieved Trump picked an industry veteran instead of a wildcard, still has concerns, especially because Trump promised to dismantle the Dodd-Frank Act, enacted after the financial crisis almost toppled the global economy.
“I’m a fan of Dodd-Frank, I think banking should be boring,” said Tilson, who voted for Hillary Clinton. “I worry about Wall Street returning to being a casino.”…
Because, yeah, TRUMP IS A YUUUGE FAILURE WHEN IT COMES TO RUNNING CASINOS, banksters!
At least my senior Senator didn’t waste the last two years on a crusade to appeal to the Alt-Left purity ponies, so she’s got her place on the barricades prepped…
Massachusetts Senator Elizabeth Warren is worried, too. “Mnuchin is the Forrest Gump of the financial crisis — he managed to participate in all the worst practices on Wall Street,” the Democrat said in a statement. “His selection as Treasury secretary should send shivers down the spine of every American who got hit hard by the financial crisis.”
Late Night Open Thread: Trump’s Conned the Banksters, TooPost + Comments (40)