After Donald Trump ridiculed Wall Street on the campaign trail, the President-elect tapped former Goldman Sachs executive Steven Mnuchin to be his Treasury secretary and billionaire investor Wilbur Ross to lead the Commerce Department. Trump even met with Goldman Sachs President Gary Cohn inside Trump Tower.
Mnuchin gathered billionaires including George Soros and John Paulson and assembled a $US1.6 billion bid to buy IndyMac. They rebranded it OneWest and sold the bank in August 2015 for $US3.4 billion.
It carried out more than 36,000 foreclosures during Mnuchin’s reign, according to the nonprofit California Reinvestment Coalition, which accused OneWest of shoddy foreclosure practices and avoiding business in largely black or Latino neighbourhoods, claims the bank has denied.
So much for “draining the swamp”. More than half of Trump’s nine key appointments to date are considered to be accomplished insiders from Washington and Wall St.
So, if the people who voted for Donald Trump were amongst those who are affected by mortgage foreclosures and lost their houses and were angry at the bankers who tossed them out onto the street, the Trumpster has now appointed one of the people who benefited from their misfortune to his cabinet.
Because he is a neophyte politician, Donald Trump does not yet realise that many electors do expect person they voted for to keep the promises, no matter how outrageous or unachievable they may be.