[Marxism] Fwd: Tomgram: Nomi Prins, You, Sir, Are No Alexander Hamilton | TomDispatch

Louis Proyect lnp3 at panix.com
Wed Nov 8 07:13:52 MST 2017

Steven Mnuchin, Foreclosure King of America
Secretary of the Treasury for the .01%
By Nomi Prins

Treasury Secretary Steven Mnuchin doesn’t exactly come across as the guy 
you’d want in your corner in a playground tussle. In the Trump 
administration, he’s been more like the kid trying to cop favor with the 
school bully. That, at least, is the role he seems to have taken in the 
Trump White House. When he isn’t circling the Sunday shows stooging for 
the president, he regularly plays the willing fall guy for tax policies 
guaranteed to stoke further inequality in America and for legislation 
that will remove just about any consumer protections against Wall Street.

Mnuchin, a former Goldman Sachs partner, arrived in Washington with a 
distinct reputation.  Back in 2009, he had corralled a bundle of rich 
financiers to take over California’s IndyMac bank, shut down amid the 
2008 foreclosure crisis by the Federal Deposit Insurance Corporation 
(FDIC).  Bought for $13.9 billion (but only $1.3 billion in actual 
cash), Mnuchin turned it into a genuine foreclosure machine, in the 
process sealing his own fate when it came to his future reputation. At 
the time, he didn’t appear concerned about public approval. Something 
far more valuable was at stake: the $200 million that, according to 
Bloomberg News, he raked in personally, thanks to the deal.


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