Trump's Treasury pick has a $230 million blemish on his record
When Donald Trump announced his choice for Treasury secretary last month, he called Steven Mnuchin a “world-class financier,” citing business successes like his profitable turnaround of a California bank.
But soon after Mnuchin sold OneWest Bank last year, problems emerged that may tarnish his record there. The U.S. Department of Housing and Urban Development opened an investigation into foreclosure practices in a division that handles loans to senior citizens. Accountants determined the unit’s books were a mess. Eventually, the bank’s new owner, CIT Group Inc., discovered a shortfall of more than $230 million.
I want to express our disappointment,” CIT Chief Executive Officer Ellen Alemany told investors in July. “We have a new management team in place, and they’re making good progress in implementing practices to strengthen the controls and procedures.”
The old management team had included Mnuchin. He stepped down as CIT’s vice chairman in March. When he left, less than a year into a three-year employment contract, he received about $10.9 million in severance, according to public filings -- an amount consistent with what he would have been entitled to if he had been fired. He remained on the board until this month.
https://www.msn.com/en-us/money/markets/trumps-treasury-pick-has-a-dollar230-million-blemish-on-his-record/ar-AAlw8h3?li=BBnb7Kz&ocid=edgsp
= new reply since forum marked as read
