The Greatest Trick Steven Mnuchin Ever Pulled Was Making The World Believe He Couldn't Be Treasury Secretary

The Warlock has landed.
Author:
Publish date:
Updated on

We're not going to do yet another post enumerating the ways in which Steven Mnuchin spent his entire adult professional life ensuring that he would never be nominated for a cabinet position.

SecretaryMnuchin

And we won't drone on again about how a recap of his career reads like the text of "The Idiot's Guide To Not Passing Muster With The Senate Finance Committee."

All we're going to do today is tip our hats to the Warlock who would be Treasury Secretary...

The Senate confirmed Steven T. Mnuchin, a former Goldman Sachs banker and Hollywood film financier, to be Treasury secretary on Monday, putting in place a key lieutenant to President Trump who will help drive the administration’s plans to overhaul the tax code, renegotiate trade deals around the world and remake financial regulations.

The job once held by Alexander Hamilton will now be occupied by the man who executive produced "How To Be Single." And also there's also the whole "Foreclosure King" thing as well. Right, whiplashed Senate Democrats?

While Mr. Mnuchin’s financial acumen has been praised by Mr. Trump and Republicans in Congress, Democrats have argued forcefully that he is not up to the job. They have painted him as a symbol of everything that is wrong with corporate America...
There was also no shortage of name-calling. Senator Ron Wyden, Democrat of Oregon, referred to Mr. Mnuchin at the “foreclosure king.” Senator Tammy Duckworth, Democrat of Illinois, described him as “greedy” and “unethical” while arguing the case against him.
“Whether illegally foreclosing on thousands of families, skirting the law with offshore tax havens or helping design tactics that contributed to the 2008 financial crisis, Steve Mnuchin made a career — and millions of dollars — pioneering increasingly deceptive and predatory ways to rob hardworking Americans of their savings and homes,” Ms. Duckworth said.

You guys done?

“He was part of the cadre of corporate raiders that brought our economy to its knees,” Senator Robert Menendez, Democrat of New Jersey, said on the Senate floor on Monday.

Oh, speaking of cadres, Stevie Mnooks is already staffing up...

Senior Goldman Sachs banker Jim Donovan is under strong consideration for deputy Treasury secretary and could serve as Mnuchin’s No. 2 if confirmed by the Senate, people familiar with the matter said. Justin Muzinich, a former Morgan Stanley banker now at Muzinich, is likely to take a senior position possibly as undersecretary for domestic finance or counselor, the people said. The counselor position would not require Senate confirmation.

More Goldman and some sweet Morgan Stanley strange? At least Mnuchin is giving fake deference to the Trump populist "message" by not hiring his BFF Eddie Lampert for the gig of Co-Treasury Secretary/Czar of Better Ideas. Are people really going to feign shock that Mnuchin probably looks at the SALT Conference like a Treasury job fair?

But to be frank, Donovan and Muzininch (a corporate credit guy) are solid hires. Since we can finally do away with all the pretending about "swamps" and "drainage," it was obvious that Mnuchin was always going to staff tReasury with Wall Street guys, because he knows that they know what they're talking about, and Goldman and Morgan Stanley have more access to more information than most. At least Mnuchin isn't hiring anyone who worked at a failed institution and has proven himself to be spectacularly bad at, like, economics.

Economist David Malpass, a veteran of the Ronald Reagan and George H.W. Bush administrations, is expected to be nominated by President Donald Trump to serve as undersecretary for international affairs.

It's never too late to #DraftDimon...

Steven Mnuchin Is Confirmed as Treasury Secretary [NYT]
Mnuchin looks to Wall Street to fill key Treasury roles [Politico]

Related