Stephen Turner Mnuchin is the current U.S. Treasury Secretary in the Trump Administration. He was also a hedge fund manager, investment banker and film producer.
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Childhood and education
Stephen was born on the 21st. Born in New York on December 12, 1962 in a Jewish family of Robert E. Mnuchin and Elaine Turner Cooper. His father worked as a partner at Goldman Sachs; he was also a member of the board of directors and oversaw the stock market activities. Robert also founded the Mnuchin Gallery, an art gallery in New York.
Stephen attended the New York Landschool in Riverdale. He then went to Yale University and graduated in 1985.
Careers in banking and finance
Mnukhin began his career when he was still studying at Yale in the early 1980s as an intern at the investment bank of Salomon Brothers.
After Yale, Stephen joined Goldman Sachs and started working in the mortgage department. He gradually joined the ranks, became a partner in 1994 and was promoted to Director of Information Technology in 2001. After 17 years of working in Saxony, Mnuchin left the bank in 2002. He received more than $12 million in compensation and nearly $47 million in corporate shares.
After leaving Saxony, Stephen worked at ESL Investments for a period of time. In 2003 he founded SFM Capital Management and then the hedge fund Dune Capital Management, of which he was the CEO.
In 2009, Stephen bought IndyMac, a home loan company that went bankrupt due to the financial crisis of 2008. He renamed it OneWest Bank and became its president and chief executive officer. Later, OneWest acquired many other bankrupt banks, including La Jolla Bank and the First Federal Bank of California. After one year, OneWest Bank became profitable and had assets of more than $26 billion. It has also become the largest bank in Southern California. Mnukhin sold it to CIT for over $3 billion in 2015. Stephen also received nearly $100 million in shares of the CIT Group and became a member of the board of directors. Following his appointment as Minister of Finance, he resigned in December 2016. He also left the board of the Museum of Modern Art in Los Angeles.
Mnuchin founded Dune Entertainment in 2004. He has many successful films to his name, such as Avatar, the X-Men series, The Crazy Max : Furious Road, the Lego movie, an American sniper, and so on.
Mnukhin and politics
Stephen has donated to numerous candidates between 1995 and 2014, including the campaigns of John Kerry, Al Gore, Barack Obama, Mitt Romney and Hillary Clinton. In 2016, he donated money to Trump and Paul Ryan’s campaign.
Stephen was appointed National Financial Leader for the Trump Campaign in April 2016. Trump announced that Stephen will be appointed Secretary of the Treasury in November 2016. It was approved by the Senate in February 2017.
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Personal life and trivia
- Stephen’s been married three times. Her first marriage was to Katherine Lee McCarver; they were married in 1992 and divorced in 1999.
- He married Heather deForest Crosby in 1999. The couple moved into a 27 million square foot mansion in Bel Air, Los Angeles, California. They had three children and divorced in 2014.
- The 24th. In June 2017 Stephen married actress Louise Lynton. The ceremony was led by Vice President Mike Pence.
- Democrats in Congress have called Stephen the king of alienation. He doesn’t like it, so he asked the MPs/Members of Congress not to call him that.
- Stephen’s mother invested in Bernie Madoff for years. After his death in 2005, his investments were liquidated by Stephen and his brother. They got over $3 million out of him. Madoff’s administrator then sued them to get the money back, but the court ruled in favor of the Mnuchins.
- Stephen used government aircraft for personal use. There was an investigation.
- Early 2000 Dune Capital Management invested in two Donald Trump projects. Trump then sued the company and an extrajudicial settlement was reached.
- As hedge fund manager, Stephen has often used offshore companies for investment purposes. This practice has been widely criticised, although it is quite common in this sector. Mnukhin said he had never used offshore organizations to evade tax.
- As Secretary of the Treasury, Stephen advocated lower corporate tax rates and supported tax reforms. He also supported the partial termination of Dodd-Frank.
- After a voter registration survey in 2017 it was found that Stephen was registered to vote in New York and California.
Steven Mnuchin – Net salaries and charges
Mnukhin will receive an annual salary of $210,700 as a Level I employee. Its net value is estimated at about $300-400 million.
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