Trump taps Hollywood financier Steven Mnuchin as Treasury Secretary

Miami /
Dec.December 01, 2016 08:45 AM

Updated, Wednesday, November 30th, 1:00 p.m.: From the Los Angeles website: It’s official: Hollywood financier Steven Mnuchin has been tapped Treasury Secretary by President-elect Donald Trump.

The Goldman Sachs exec-turned-movie producer was the national finance chairman for Trump’s campaign. Mnuchin confirmed his position in the cabinet on Wednesday, according to the BBC.

After two decades on Wall Street — he spent 17 years at Goldman Sachs before starting his own hedge fund, Dune Capital Management, in 2002 — Mnuchin moved out West and bankrolled several Hollywood blockbusters, including the “X-Men” film franchise, “Mad Max: Fury Road,” and “Avatar.” Meanwhile, he founded OneWest Bank and served as its chief executive before it sold to CIT Group for $3.4 billion, according to the L.A. Business Journal.

The Bel Air resident was also co-chairman of content production and distribution firm Relativity Media before it went bankrupt in 2015.

During his tenure at OneWest, the bank was accused of improperly administering foreclosures and redlining. Earlier this month, two housing advocacy groups urged the Department of Housing and Urban Development to investigate whether OneWest violated federal discrimination laws, alleging that the bank excluded minority homeowners in its mortgage lending business.

Mnuchin is also a defendant in a lawsuit filed by Relativity investor RKA Film Financing, which alleges that some of its money was improperly used to pay off a OneWest Bank loan. [LABJ] [BBC]Cathaleen Chen


Related Articles

arrow_forward_ios
Eric and Lara Trump with 502 Bald Eagle Drive in Jupiter (Getty, Google Maps)
Trump town: Eric and Lara buy home near Don Jr. in Jupiter
Trump town: Eric and Lara buy home near Don Jr. in Jupiter
Fontainebleau Miami Beach, Jeffrey Soffer and former President Donald Trump (Ebyabe/Wikipedia, Getty, iStock)
Gambling portability a no-go in Florida this year for Jeffrey Soffer, Trump
Gambling portability a no-go in Florida this year for Jeffrey Soffer, Trump
Gil Dezer (Photos by Sonya Revell)
The Closing: Gil Dezer
The Closing: Gil Dezer
Brad Parscale and 2319 Desota Drive (Getty, Google Maps)
Brad Parscale, ex-Trump campaign manager, sells Fort Lauderdale home
Brad Parscale, ex-Trump campaign manager, sells Fort Lauderdale home
Donald Trump with sons Eric and Don Jr. and 1125 South Ocean Boulevard (Getty, Google Maps/Illustration by Alexis Manrodt for The Real Deal)
Trump lists beachfront mansion next to Mar-a-Lago for $49M
Trump lists beachfront mansion next to Mar-a-Lago for $49M
Photo illustration of Donald Trump at Mar-a-Lago (iStock, Getty/Illustration by Kevin Rebong for TRD)
Trump argues to live in Mar-a-Lago — as an employee
Trump argues to live in Mar-a-Lago — as an employee
535 North County Road and Mark Pulte with former President Donald Trump (Google Maps; Pulte Family Foundation; Getty)
Spec home built on Trump’s former Palm Beach property under contract for $140M
Spec home built on Trump’s former Palm Beach property under contract for $140M
Trump Plaza’s condo board votes to remove ex-president’s name from West Palm towers
Trump Plaza’s condo board votes to remove ex-president’s name from West Palm towers
Trump Plaza’s condo board votes to remove ex-president’s name from West Palm towers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...