Donald Trump Names Goldman Sachs Alum As His New Finance Chair

McMullan/Sipa USA

Donald Trump, the presumptive GOP nominee who has made criticism of politicians’ cozy relationship with Wall Street a hallmark of his campaign, has named Steven Mnuchin his finance chair. Mnunch spent 17 years working for Goldman Sachs before launching his own hedge fund, according to a Variety story about his involvement in a bankruptcy mess at a Hollywood studio.

“Steven is a professional at the highest level with an extensive and very successful financial background. He brings unprecedented experience and expertise to a fundraising operation that will benefit the Republican Party and ultimately defeat Hillary Clinton,” Trump said in a statement announcing Mnunch’s position on the campaign.

Trump has attacked his likely general election rival Hillary Clinton for being “crooked,” and pitched himself as a candidate not beholden to special interests. He also targeted Ted Cruz’s wife for her career at Goldman Sachs and has also dissed hedge fund managers while on the trail, arguing that, “The hedge fund guys are getting away with murder.”

Last year, Variety reported Mnuchin quietly left his seat on the board of Relativity Media, a Beverly Hills studio his firm invested in, prompting some controversy:

With Relativity’s Chapter 11 bankruptcy filing last week, those high hopes have been dashed, and Mnuchin has been left in a particularly uncomfortable position. The money-man and fellow investors in a Dune Capital fund are said to have lost as much as $80 million — equity that is almost certain to be lost for good, said two sources familiar with the situation. And disgruntled Relativity investors privately are questioning how a bank Mnuchin once headed –OneWest Bank of Pasadena – was allowed by Relativity to drain $50 million from the studio just weeks prior to the July 30 insolvency filing.

According to Buzzfeed, Mnuchin also worked for George Soros, a hedge fund manager and major donor to left-leaving politicians and causes.

ABOUT THE AUTHOR

Tierney Sneed is a reporter for Talking Points Memo. She previously worked for U.S. News and World Report. She grew up in Florida and attended Georgetown University.
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