Robbing Hood - Part 2: The Foreclosure King

The Steve Mnuchin Story

Interview | Description | Timestamps | Show Notes

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“They did it using tactics that were on the edge of, or completely skirting the law in order to make these foreclosures happen.”
— 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" in the aftermath of the 2008 financial crisis. 

OneWest practices were both immoral and illegal, including:

  • Changing the locks on Leslie Parks's Minneapolis house, during a blizzard.

  • Refusing to negotiate with Greg Horoski and his wife, when the couple fell behind on payments due to Horoski falling ill

  • Reportedly foreclosing on a 90-year-old woman, Ossie Lofton, who owed the bank 30 cents but accidentally sent a check for just 3 cents.

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 2 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

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