Trump’s Treasury Secretary Pick is a Lucky Man. Very Lucky.

Steven Mnuchin has a long history of coming out ahead, even in questionable deals.

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Media Outlet: Pro Publica

Jesse Eisinger wrote for Propublica

https://www.propublica.org/article/trumps-treasury-secretary-pick-steven-mnuchin-is-a-lucky-man

about Trump's Treasury Pick:

Steven Mnuchin has made a career out of being lucky.
The former Goldman Sachs banker nominated to become Donald Trump’s treasury secretary had the perspicacity to purchase a collapsed subprime mortgage lender soon after the financial crisis, getting a sweet deal from the Federal Deposit Insurance Corporation. Now, if he’s confirmed, he will likely be able to take advantage of a tax perk given to government officials.
Mnuchin was born into a family of Wall Street royalty. His father was an investment banker at Goldman Sachs for 30 years, serving in top management. He and his brother landed at the powerful firm, too. After making millions in mortgage trading, Mnuchin struck out on his own, creating a hedge fund and building a record of smart and well-timed investment moves.
He dodged disaster when he inherited his mother’s portfolio. She was a longtime investor with Bernie Madoff, the largest Ponzi schemer in American history. After she died in early 2005, Mnuchin and his brother quickly liquidated her investments, making $3.2 million. The Madoff trustee, Irving Picard, sued to retrieve the money from the Mnuchins, as he did from other Ponzi scheme winners, contending that they were fake gains. A court ruled that Picard could only claw back money from those who had cashed out within two years before the collapse. The Mnuchins, having pulled out roughly three years before, got to keep their Madoff money. That something was dodgy about Madoff was an open secret on Wall Street.

Author:

Jesse Eisinger was a Class of 2016 & 2017 New America Fellow, and is the author of The Chickenshit Club—an inside reference to prosecutors who were too scared of failure and too daunted by legal impediments to do their jobs. He is a senior reporter at ProPublica and writes a regular column for the New York Times’ Dealbook section.