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“Sometimes you have commentators talking of America as a meritocracy, and I think the case of Steve Mnuchin lays that to rest.”

— David Dayen

SHOW DESCRIPTION

Treasury Secretary Steven Mnuchin is one of the most powerful financiers in the world. As Treasury Secretary of the US, he is the principal advisor to the President and the Cabinet on economic issues and is responsible for formulating and recommending domestic and international financial, economic, and tax policies.

So how did he get there?

Mnuchin followed in his father's footsteps by joining Goldman Sachs after graduating from Yale. He quickly ascended the ranks at the investment bank and following his departure in 2002 he built a reputation as someone who profited from the misery of others after his bank, OneWest, turned into a "foreclosure machine" following the 2008 financial crisis.

During this 4 part series, we will be looking into Steve Mnuchin and his journey to becoming Treasury Secretary of the United States.

In part 1 of Robbing Hood we look into his early life, time at Yale and role at Goldman Sachs.

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TIMESTAMPS

Coming soon…

SHOW NOTES

Connect with David:

Connect with William:

Mentioned in the show:

Wikipedia: October 2018 United States mail bombing attempts
CNBC: 'MAGA Bomber' Cesar Sayoc sentenced to 20 years in prison for trying to kill Trump critics, including Obama, Clinton, Biden, Booker, Harris
Treasury: The Secretary | US Department of the Treasury
Wikipedia: Steven Mnuchin
Wikipedia: Skull and Bones
Wikipedia: Constitution of the United States
Wikipedia: Goldman Sachs
New York Times: Goldman Sachs and the Financial Crisis
The Guardian: Goldman Sachs to pay $5bn for its role in the 2008 financial crisis
Wikipedia: Goldman Sachs controversies
New York Times: 8 Minutes and 46 Seconds: How George Floyd Was Killed in Police Custody
BBC: Five things you need to know about Steve Mnuchin
Business Insider: Treasury Secretary Mnuchin is angry about an unflattering nickname he wholeheartedly deserves
Fortune: Even Steve Mnuchin's High School Classmates Want Him to Resign
CNN: Steve Mnuchin's Yale classmates want him to resign: 'You are better than this'
Investopedia: Collateralized Debt Obligation (CDO) Definition
Wikipedia: Financial crisis of 2007–08
New Yorker: The Real Cost of the 2008 Financial Crisis
Business Insider: Mnuchin's OneWest bank has a long record of mortgage foreclosures
Vanity Fair: Foreclosing on a 90-Year-Old Woman over 27 Cents and Other Heartwarming Tales from Steven Mnuchin's Days at OneWest

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Robbing Hood - Part 1: Friends with benefits

The Steve Mnuhcin Story