Public service often demands a sacrifice of those who choose to go into office. For instance, if you're one Donald Trump, you might have to wrench yourself from your vast business empire and place it in the disinterested hands of your biological offspring as you run the country.
If you're former Goldmanite, bank executive and hedge fund manager Steven Mnuchin, you're going to have to cash out on all the assets you've diligently accumulated over the years.
Now Mnuchin is finally ready to pull the plug. With his financial disclosure filed and confirmation hearings coming up, the Treasury secretary-to-be has announced his intentions to bid adieu to his positions in Goldman, Citigroup, Berkshire Hathaway a number of other blue chip stocks, Politico reports.
Mnuchin's timing could have been worse. In the two months since Donald Trump's election, the major stocks in his portfolio have gained an average 17.7 percent, adding between $10 million $15 million to his personal fortune. Thanks to the Trump rally, Mnuchin's big bet – latching himself onto the outsider campaign of a controversial reality TV billionaire – seems to have paid off nicely.
The stocks – which also include AT&T, Blackstone, Comcast, General Electric, IBM, Lehman Brothers, Microsoft, Verizon and the bank he once led, CIT Group – all posted gains since November 8. Mnuchin's CIT Group stock, amounting to well over $50 million, leapt 18 percent. Goldman has gained 34 percent.
It's less clear whether Mnuchin has seen any upside in his substantial art holdings, which include an multimillion-dollar interest in Willem de Kooning's “Untitled III,” a painting Christie's values at between $12 million and $18 million. No word on whether he'll divest himself of that asset, or remain in the pocket of Abstract Expressionism.