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Trump Picks Wall Street Financier With Close Ties to Hollywood as His Treasury Secretary

Nov 30, 2016  •  Post A Comment

President-elect Donald Trump has picked a man with a history in Hollywood to be his Treasury secretary. NPR reports that Trump selected Steve Mnuchin for the post.

“The Wall Street banker spent 17 years at Goldman Sachs, where he was a partner, and is now chief executive of Dune Capital Management, a privately owned hedge fund,” NPR reports. “Mnuchin confirmed his selection Wednesday during a joint CNBC interview with billionaire investor Wilbur Ross Jr., who has been tapped for commerce secretary.”

Mnuchin, 53, served as national finance chairman on Trump’s presidential campaign.

In a statement, Trump said: “Steve Mnuchin is a world-class financier, banker and businessman, and has played a key role in developing our plan to build a dynamic, booming economy that will create millions of jobs.”

“Over the years, Mnuchin has contributed to both Republican and Democratic candidates, including Hillary Clinton and Barack Obama,” NPR notes. “He has also been a financier of high-profile movies, including this past summer’s ‘Suicide Squad,’ a big financial success. He also was an executive producer of the movies ‘American Sniper’ and ‘Mad Max: Fury Road.'”

Mnuchin has also reportedly helped finance the movies “Avatar,” “Life of Pi,” “Gravity” and “The LEGO Movie,” among others.

“Mnuchin, 53, joined the Trump campaign in April when the organization’s fundraising campaign barely existed,” NPR notes. “He also was involved deeply in developing the president-elect’s tax proposals, which could deliver as much as $6 trillion in tax reductions over 10 years, but might also contribute to much larger budget deficits. As Treasury secretary he would take a lead role in developing policies aimed at boosting the country’s economic growth.”

Deadline.com reports: “Mnuchin was also part of a number of investors who put money into Relativity Media before the company went into bankruptcy; he even had a co-chairmanship title before he shut down the bank account taking $50M, thereby putting Relativity in a precarious position financially. Mnuchin was a vocal dissenter of Relativity CEO Ryan Kavanaugh’s spending.”

Mnuchin said in a statement: “I understand what needs to be done to fix the economy,” adding that he plans to help implement “a bold economic agenda.”

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