Mnuchin won't rejoin Trump administration, but has advice on sanctions, debt

[BumRushDaShow]

Source: Aol/Reuters

November 10, 2024 at 6:15 AM


WASHINGTON (Reuters) - Donald Trump's former Treasury secretary, Steven Mnuchin, said he will not seek to join the president-elect's new administration but is ready to offer advice to his successor, including on how to strengthen sanctions on Iran and Russia and contain the growth of U.S. debt.

In an interview, Mnuchin told Reuters it was important for the Treasury to work towards strengthening U.S. trade policy. This includes holding Beijing to its U.S. goods purchase commitments in Trump's January 2020 Phase One deal to rebalance U.S.-China trade, which he said "they're not living up to."

Serving as Treasury chief during Trump's first term "was the experience of a lifetime, and I'm happy to advise on the outside," Mnuchin said on Friday. "I'm sure they'll have a lot of great choices."

He declined to name any favorites. Reuters reported on Friday that two prominent hedge fund investors, Scott Bessent, founder of Key Square Group, and John Paulson had emerged as the top contenders for Treasury secretary, and that Bessent had met with Trump.

Read more: https://www.aol.com/news/mnuchin-wont-rejoin-trump-administration-111530590.html?guccounter=1

[mdbl]

1. I thought he was going to put Barron over the treasury

and turn it all in to bitcoin.

[Tanuki]

2. "Foreclosure King"

Coverage from his previous Trump appointment: https://www.google.com/amp/s/amp.theguardian.com/us-news/2016/dec/02/steve-mnuchin-profile-donald-trump-treasury

..."It’s elder financial abuse’
Mnuchin, who is also a Hollywood movie producer, earned the nickname “foreclosure king” after he purchased distressed mortgages during the financial crisis and evicted thousands of homeowners.

The former Goldman Sachs banker, worth an estimated $40m, has no government experience, and critics worry that, as Treasury secretary, his policies could benefit the wealthiest people and roll back critical bank regulations.

One controversial source of OneWest foreclosures is the corporation’s reverse mortgages, which are loans to elderly homeowners that enable them to borrow against their home equity. These types of mortgages have been aggressively marketed to seniors as a way to help them stay in their homes, but some don’t understand the risks and can’t afford associated fees.

In 2006, Montes-Pack’s grandparents bought a reverse mortgage from IndyMac Bank, the predecessor to OneWest, which he said took advantage of his grandfather, who suffered from dementia.

After his grandparents died in 2012, Montes-Pack moved in, but the corporation – by then OneWest and run by Mnuchin – quickly began foreclosure proceedings.

The bank’s case, he said, relied on a document signed with the name “Bryan Bly”, who has been widely reported in numerous investigations as a so-called “robo-signer”. Robo-signers are individuals whose signatures are wrongfully used to automatically authenticate thousands of mortgage documents that they haven’t read and are in some cases falsely notarized."...(more)

[markodochartaigh]

6. He is one of the few officials

who made it all the way through Trump's administration. The bankruptcy king, Wilbur Ross, was another. He was the Secretary of Commerce.

[cab67]

3. advice on sanctions?

When the rest of the developed world puts sanctions against the US, we should work toward a resolution and offer concessions.

Or was he thinking of sanctions against other countries? As though the Trump administration would have the moral authority to issue them?

[Freethinker65]

4. Sanctions on Russia? Hahahahahaha

[karin_sj]

5. I was just coming here to say that

I highly doubt that they will do anything of the sort

[skypilot]

7. Exactly the point where...

...I stopped reading.

[Akakoji]

8. Did someone offer Mnuchin the post?

Highly unlikely.