shawn helton 21st century wirepresident-elect donald trump continue fill key position white house process already controversial cabinet selections week trump transition team name former goldman sachs partner ex-soros fund management employee turn hollywood financier steve mnuchin us treasury secretary.the mnuchin pick arrive simultaneously long time billionaire pal trump wilbur ross former head rothschild inc bankruptcy advisory business become commerce secretary.while trump cabinet nominees white house yet set stone two selections mention represent type financial syndicate see washington swamp many years big fail photo illustration shawn helton 21wire financial crisis goldman sachs april 2016 mnuchin task finance chairman trump 2016 presidential campaign pave way another wall street insider head white house.in early november source close cnbc float idea formerly scandal plague jp morgan chase ceo jamie dimon also consideration us treasury secretary mnuchin long time acquaintance trump officially named.the mnuchin selection appear odds trump anti-wall street campaign rhetoric well drain swamp mantra echo towards tail end presidential run.in fact optics mnuchin appointment seem strike heart sub-prime mortgage-backed security lend lead 2007-2008 bank crisis.during economic crash extremely high risk subprime mortgage-backed securities craft bundle loan large amount type mortgage adjustable rate mortgage interest rat would fix certain number years eventually sky rocket astronomical increase subsequently put burrower water bank continue sell loan investors critical aspect lead directly foreclosure crisis sweep across nation aftermath 2008.according article feature money section website stuff work remind devastate effect 2007-2008 crash month august 2008 one every 416 households unite state new foreclosure file source realtytrac borrowers stop make payments mortgage mbss mortgage-backed security begin perform poorly average collateralize debt obligation cdo lose half value 2006 2008 source american life since risky high return cdos comprise subprime mortgage become worthless nationwide increase loan default begin continue article outline hedge-fund wall street casino make fortune package mortgage bond sell investors mbss hit financial market reshape wide variety financial instrument different amount risk interest-only derivatives divide interest payments make mortgage among investors interest rat rise return good rat fall homeowners refinance security lose value bold controversial move president-elect administration way mnuchin look derail dodd-frank act put place 2010 moderate buff restrict type bank lend lead recent financial crash 2008. however naysayers protective act say much soft wall street need tough restrictions new deregulation could see attempt increase coffers large investment banks.in passage new american expand idea revelations release ny time accord text 2010 dodd-frank wall street reform consumer protection act law suppose promote financial stability unite state improve accountability transparency financial system end big fail protect american taxpayer end bailouts however usually case federal laws dodd-frank precisely opposite fact report new york time gretchen morgenson dodd-frank actually widen federal safety net big institutions law eight giants grant right tap federal reserve fund next crisis hit time eight may avoid dodd-frank measure govern suppose wind institutions get trouble money man ex-partner goldman sachs steve mnuchin nominate head us treasury image source mgtvwten.files.wordpress.com although mnuchin cite need restructure dodd-frank act would bring economic growth regional bank potentially open lend small businesses still fear may revolve door central bank profit well.zerohedge provide additional background detail regard munchin career bank mnuchin background start career early 1980s trainee salomon brothers move goldman sachs 1985 mnuchin front center advent instrument like collateralize debt obligations credit default swap call securitization extremely positive development term able finance different part economy different businesses efficiently pitfalls finance method come late said.mnuchin father robert mnuchin partner goldman sachs 1960s second-youngest five siblings steven attend prestigious riverdale country school yale university roommate edward lampert would go become hedge-fund manager owner sear addition goldman mnuchin also work soros fund management whose founder george soros fund many left-leaning cause get even bizarre mnuchin donate frequently democrats include clinton barack obama hedge fund manager mnuchin part group business people trump excoriate august trump say hedge fund managers get away murder tout proposal end so-called carry interest loophole give private equity hedge fund managers preferential tax treatment hedge fund guy build country trump say time cbs face nation guy shift paper around get lucky say energetic smart lot paper-pushers make fortune pay tax ridiculous trump disdain wall street campaign run soon forget supporters president-elect antithetical bank rhetoric magnify bring mnuchin along bank hedge fund past fold.mnuchin confirmation could contentious affair show due money make purchase california indymac follow financial crisis bloomberg recently state follow concern mnuchin role aftermath bank house meltdown 2009 depths financial crisis mnuchin join group former goldman sachs colleagues billionaires buy remnants indymac collapse binge reckless home loan frenzy california subprime-mortgage boom change name onewest turn around sell bank big gain last year continue bloomberg outline mnuchin may seize financial opportunity stop short condemn us treasury nominee unclear whether onewest practice bad bank financial crisis much blame mnuchin deserve problems financial institution trouble buy it.mnuchin decline comment spokesman former onewest vice chairman david fawer say statement bank inherit loan indymac extraordinarily high delinquency rat work tirelessly modify thousands loan help homeowners financial crisis bank point positive review foreclosure loan-modification practice obama treasury department federal deposit insurance corp. office comptroller currency interestingly nation report mnuchin purchase fail indymac agreement reimburse cost associate foreclosures finance company mnuchin group pay fdic 1.5 billion bank far less value indymac assets fdic desperate unload indymac mnuchin colleagues able obtain part purchase deal so-called share loss agreement fdic reimburse billionaires much cost foreclose people unlucky enough mortgage indymac.within year group los angeles time call billionaires club private financier pay dividends 1.57 billion word fdic take much risk subsidize bank trouble assets mnuchin colleagues pocket profit prior consider mnuchin trump say consider former ceo bb john allison apparently harsh critic federal reserve bank system follow report business insider november 28th trump meet john allison former ceo bank bb libertarian think tank cato institute report allison consider treasury secretary trump campaign trail question future federal reserve political independence allison take rhetoric step run cato institute allison write paper support abolish feed cabinet pick president-elect donald trump fellow billionaire investor wilbur ross vice-president-elect mike pence image source mediad.publicbroadcasting insiders white housejust mnuchin financial behaviour watch hold true newly tap commerce secretary position fill billionaire investor wilbur ross.a brief rundown controversial aspects ross past recently publish forbes get mba harvard spend two decades head rothschild inc bankruptcy advisory business represent investors trump fail taj mahal casino early 1990s ross carl icahn convince bondholders strike deal trump investors want push allow trump retain control property continue article describe ross invest distress coal company addition bank opportunities recession ross target another struggle industry bank invest trouble bank england greece cyprus also part group investors acquire 35 stake bank ireland height europe 2011 debt crisis sell last stake 2014 nearly triple initial investment ross also reportedly bet hundreds millions dollars downtrodden oil gas firm since price oil begin slide two years ago incidentally ross maintain tough public position so-called free trade deal like nafta soon-to-be defunct trans pacific partnership tpp real question still remain financial acquisitions distress time risk take business visionary financial vulture ross deny business liquidator profit state work rebuild fail businesses.whatever case may mnuchin ross tout big corporate tax relief large tax cut middle class us however public wary deal wall street new reform legislation aim deregulation.banking deregulation reform direct wall street one ilk treat great suspicion history lesson another look passage report comply prior election entitle partner crime goldman sachs clintons wall street one significant financial rule modern era clinton presidency give big bank like goldman sachs skeleton key kingdom deregulate investment bank system almost entirely.the clinton/goldman sachs/wall street partnership fully forge removal glass-steagall act bank luminaries cynically name financial service modernization act 1999 officially title gramm-leach-bliley act original glass-steagall depression-age four-part provision bank act 1933 strictly prohibit securities activities could harmful investors sort rogue speculate paper fiat fraud trigger great depression 1929-1941 fact gramm-leach-bliley act repeal glass-steagall open door shadow bank realm outside regulatory oversight lead much high trade risk bank become interlinked.simply put clinton repeal glass-steagell remove firewall speculative investment bank regular high street retail consumer bank expose everyone toxic subprime ponzi scheme fake paper products push around globe bank elite ultimately cause global economy crash 2008. lay feet one william jefferson clinton hillary still claim husband well economy really cross-posted article feature huffington post nomi prins underscore complicit nature wall street washington removal tight bank regulations clinton administration 1990 grasp dangers big six bank jpmorgan chase citigroup bank america well fargo goldman sachs morgan stanley presently pose financial stability nation world need understand history washington start clinton years 1990s alliances establish exclusively democrats since bankers bipartisan nature enable firm become politically powerful today exert power unprecedented amount capital rest assure one thing past present ceos prove critical back hillary clinton presidency enable husband years office prins former manage director goldman sachs senior manage director bear stearns well work senior strategist defunct investment bank firm lehman brothers follow financial crash 2007-2008 prins blow whistle bank world book entitle take pillage behind bonuses bailouts backroom deal washington wall street prins become advocate reinstatement glass-steagall act since depart investment bank world.the media outlet common dream describe merger citicorp travelers group become citigroup dub citi-travelers act capitol hill conglomeration go hand hand clinton administration influence bank deregulation mark repeal glass-steagall 1998 act corporate civil disobedience citicorp travelers group announce merge combination bank insurance company illegal bank hold company act excuse due loophole provide two-year review period propose mergers merger premise expectation glass-steagall would repeal citigroup co-chairs sandy weill john reed lead swarm industry executives lobbyists trammel halls congress make sure deal cut time large financial merger even though technically illegal state former bankers america ceo kenneth guenther 1999 12 attempt 25 years congress pass financial service modernization act lead repeal glass-steagall trump finance pick arrive familiar baggage witness within beltway swamp mnuchin ross questionable pasts accept wholesale difficult imagine insiders pedigree turn new leaf everyday man follow screen shoot statement release former goldman ceo former treasury secretary hank paulson regard mnuchin pick reminder paulson preside financial crisis us treasury secretary 2006-2009 2008 amid flurry backlash authorize 700 million dollar trouble asset relief program tarp bank bailout mask derivatives scam pull wall street top brass 2010 cbs news catalog long relationship goldman sachs government reveal least four dozen former employees lobbyists advisers high reach power washington around world also worth note white house adviser steve bannon adviser anthony scaramucci also work bank behemoth goldman sachs.will washington see wall street friendly policies trump read election news 21st century wire 2016 filessupport 21wire subscribe become member 21wire.tv inside ex-goldman sachs partner tap us treasury join rothschild link commerce secretary pick