This from Hedge fund manager Whitney Tilson... "I can take glee in that - I think Donald Trump conned them... I worried that he was going to do crazy things that would blow the system up. So the fact that he's appointing people from within the system is a good thing".
|Wall Street Wins Again As Trump Chooses Bankers and Billionaires: After Donald Trump ridiculed Wall Street on the campaign trail, the President-elect tapped former Goldman Sachs Group Inc. executive Steven Mnuchin to be his Treasury secretary and billionaire investor Wilbur Ross to lead the Commerce Department. (11/30/2016).|
BTW, Tilson (who, according to the article voted for HRC) also said "I'm a fan of Dodd-Frank, I think banking should be boring... I worry about Wall Street returning to being a casino".
Uh... OK. Maybe HRC voters can also take glee that Steven Mnuchin is Trump's choice for Treasury Secretary?
|Mnuchin is a former Goldman Sachs Group Inc. partner and movie financier with no government experience who spent the past six months working as Donald Trump's chief fundraiser. ... The part of his background that's likely to get the most scrutiny is the six years he spent running OneWest Bank, a Southern CA lender.|
In 2009, during the depths of the financial crisis, Mnuchin joined with a group of former Goldman Sachs colleagues and billionaires to buy the remnants of IndyMac, which had collapsed after bingeing on reckless home loans during the frenzy of CA's subprime-mortgage boom. They changed the name to OneWest, turned it around and sold the bank for a big gain last year. Mnuchin may have personally gotten more than $200 million in proceeds from the sale...
The bank carried out more than 36,000 foreclosures during Mnuchin's reign, according to the CA Reinvestment Coalition, a San Francisco-based nonprofit whose deputy director, Kevin Stein, dubbed the bank a "foreclosure machine". The group has accused OneWest of shoddy foreclosure practices and avoiding business in minority neighborhoods... (11/21/2016 Bloomberg article by Zachary Mider).
"Steve Mnuchin is the Forrest Gump of the financial crisis" according to Senator (and president?) Elizabeth Warren. In that he "spent two decades at Goldman Sachs helping the bank peddle the same kind of mortgage products that blew up the economy and sucked down billions in taxpayer bailout money". By which she means Mnuchin got rich despite not knowing what he's doing. Except how to game the system. Something (The fictional character) Forrest Gump didn't do. Forrest Gump might have been dumb, but he wasn't a dishonest thief (see video below).
Apparently for Whitney Tilson it's a case of "meet the new boss, same as the old boss"... and for that reason he is filled with glee. I'm not filled with glee. This was one of the reasons I voted for Bernie Sanders in the primary. He would be appointing people who we could be assured would be taking Wall Street to task.
Will the #TrumpDupes care? Some of them might. But I think the majority won't. Because they are stupid. By the way, while I did vote for Bernie Sanders in the primary, I did vote for Hillary Clinton in the General. Because she would have been a lot better than Trump. A LOT better. Even on the issue of reining in Wall Street. Not as good as Bernie Sanders, but LEAGUES better than Trump.
I knew Trump was lying about "draining the swamp". Now he's confirming that he lied with these Wall Street Picks. He is FILLING the swamp. As LOLGOP writes (in a satirical Facebook post) "Trump to appoint dingo to watch baby".
Video: Democracy Now's Amy Goodman reports that banksters Wilbur Ross and Steve Mnuchin join Trump's cabinet as Treasury & Commerce Secretaries. Amy interviews David Dayen of The Nation (author of the article Profiteers of the Great Foreclosure Machine Go to Washington) who says "Mnuchin and Ross led companies that committed fraud to foreclose on millions of homeowners" (5:22).