ByElise Jost, writer at
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Elise Jost

You might be wondering why you're getting news about the US President through a site like Movie Pilot, but we like to cover anything related to Hollywood — so when the head of state decides to pick his collaborators within the movie industry, of course we're curious to see what could possibly be going on.

Maybe he's missing the days of reality TV, because Donald Trump has picked Steve Mnuchin for the post of Treasury Secretary. Along with the Secretary of State, the Attorney General and the Secretary of Defense, Mr. Mnuchin will be one of the most important cabinet officials, and the fifth person in the presidential line of succession.

Mr. Mnuchin doesn't have any government experience. In fact, he was involved until recently as executive producer on plenty of Hollywood blockbusters, including Suicide Squad, Batman v Superman and The LEGO Movie. Though they're not all box office letdowns, one can only hope he'll do a better job managing the public debt than he did picking viable cinematographic projects. At least he doesn't have to worry about dropping out of The LEGO Ninjago Movie, since it's not like members of the Trump administration have to do anything about their previous professional affiliations.

But what's even more concerning than the fact that Trump himself once sued Mr. Mnuchin's hedge fund are the man's activities as a banker at Goldman Sachs — that's right, the very institution that Mr. Trump said had "robbed our working class" — and at OneWest Bank, the former Independent National Mortgage Corporation whose assets he bought and rebranded during the financial crisis.

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As Jon Green, a spokesman for the Take on Wall Street campaign, tells the New York Times in a statement:

He purchased a bailed-out bank for pennies on the dollar and then aggressively foreclosed on tens of thousands of families. Anyone concerned about Wall Street billionaires rigging the economy should be terrified by the prospect of a Treasury Secretary Mnuchin.

For those not familiar with the burst of the housing bubble that led to the financial crisis of 2008, foreclosure is essentially a process that allows the mortgage lender for a house to put said house up for sale if the borrower isn't able to pay back the loan. It's apparently profited Mr. Mnuchin, since he was able to sell OneWest at a profit in 2014 — but not before making about $200 million himself. Always thinking of the little people, aren't we?

Does it bother you to see a former banker and executive producer join the president's cabinet?


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