Steven Mnuchin Gets Trump Nod
Ex-Goldman Sachs Group Inc (NYSE:GS) partner Steven Mnuchin—a man who raised tens of millions of dollars for the Trump campaign—is reportedly Donald Trump’s ideal candidate for Treasury Secretary.
Not only was he a senior executive at Goldman Sachs (and Salomon Brothers before that), but Mnuchin went on to run a hedge fund called Dune Capital Management LP. (Source: “Trump Wants Former Goldman Partner And Soros Employee To Serve As Treasury Secretary,” Zero Hedge, November 3, 2016.)
Advertisement
Mnuchin is a well-known figure in financial circles, which is probably why Trump brought him on to the campaign as the head of finance. Mnuchin offers a big rolodex that he can tap into for fundraising drives, making him a crucial factor in the survival of Trump’s campaign.
The Republican National Committee withdrew their financial support as Trump racked up scandals of increasing vulgarity. Many observers thought his campaign would go broke before the end of the election season, but Mnuchin helped turn that situation around.
As a Goldman Sachs partner and former hedge fund chief, he has plenty of experience asking others for money. According to Fox Business News, Trump appreciated these skills so much that he wants Mnuchin to serve on in a (hypothetical) Trump Administration. The sources say that if the GOP presidential candidate actually does win the election, he will elevate Mnuchin to Treasury Secretary.
Intuitively it seems to make sense that a banker should run the nation’s finances, yet there are some who worry about Mnuchin’s close ties to Wall Street. In the past, Trump has criticized Hillary Clinton and Ted Cruz for being too cozy with Goldman Sachs.
Clinton famously gave paid speeches at the investment bank, for which she earned around $650,000, and Cruz’s wife is an executive there. Trump attacked them both during the primary and general elections for being in the pocket of Wall Street. “I know the guys at Goldman Sachs,” Trump said in a GOP primary debate. “They have total, total control over [Cruz]. Just like they have total control over Hillary Clinton.”
So in light of his past comments, Trump’s appointment of a former partner at Goldman Sachs could paint him as a hypocrite and expose him to ridicule.
