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December 3, 2016 | Profiteers of the Great Foreclosure Machine—Key Roles in Trump’s White House

Danielle Park

Portfolio Manager and President of Venable Park Investment Counsel (www.venablepark.com) Ms Park is a financial analyst, attorney, finance author and regular guest on North American media. She is also the author of the best-selling myth-busting book "Juggling Dynamite: An insider's wisdom on money management, markets and wealth that lasts," and a popular daily financial blog: www.jugglingdynamite.com

We look at two of Donald Trump’s Cabinet picks: Steven Mnuchin for treasury secretary and Wilbur Ross for commerce secretary. Mnuchin has deep ties on Wall Street, including working as a partner for Goldman Sachs, and his hedge fund played a role in the housing crisis after it scooped up the failing California bank IndyMac in 2008. Trump’s commerce secretary pick, Wilbur Ross, is a billionaire private equity investor who specializes in flipping bankrupt companies for profit, often buying the U.S. companies at low prices and then selling them to overseas investors. He and his companies have sometimes shipped jobs and factories overseas—practices Donald Trump has railed against. We are joined by David Dayen, whose recent article for The Nation is “Wilbur Ross and Steve Mnuchin—Profiteers of the Great Foreclosure Machine—Go to Washington.”  Here is a direct video link.

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December 3rd, 2016

Posted In: Juggling Dynamite

One Comment

  • Avatar ASHA REEVES says:

    I’m glad organizations such as Democracy Now are monitoring key cabinet picks. It’s key to a strong democracy. I do believe that these picks (Mnuchin and Ross), however, could be beneficial since they know the financial system so well and won’t be naive to the complex financial transactions that take place in the markets. I’m hoping they use their knowledge for “good” at this point, rather than unethical behaviour. Maybe I’m being naive, but hope is good!

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