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From 1985 to 2002, he worked at Goldman Sachs, one of the most storied — and criticized — investment banks on Wall Street. He famously swooped in to turn around the struggling IndyMac bank after its failure in the financial crisis of 2008. Earlier this month, Mnuchin jumped back into the headlines when his PE firm led a roughly $1 billion investment in embattled New York Community Bancorp. In 2009, OneWest Bank Group, where Mnuchin was chairman and CEO, bought the troubled IndyMac after federal regulators took over the bank. Mnuchin was Treasury secretary in 2020, when the Trump administration brokered a deal where Oracle and Walmart would take a large stake in TikTok.

Persons: Steven Mnuchin, Donald Trump’s, Goldman Sachs, Mnuchin, Max, Mnuchin's dealmaking, Robert Weissman, ” Weissman, Robert Rubin, Clinton, Weissman, couldn’t, NYCB, George Soros, John Paulson, OneWest, Kevin Kaiser, “, ” Kaiser, Maxine Waters, ”, Trump, doesn't, Chris Caulfield, ” Caulfield, ” ___ Rugaber Organizations: Trump, Public Citizen, Treasury, Treasury Department, Liberty Strategic Capital, Citizens, New York Community Bancorp, OneWest Bank Group, Federal, of Insurance Corp, FDIC, Wharton School, Oracle, Walmart, CNBC Locations: Wall, TikTok, Saudi Arabia, East, Washington, Congress, U.S, China, West Monroe, “

☆ Woman Could Have Prevented Great Recession; Ignored by Wall Street Men
▼ + stars: | 2024-03-04 | by ( Josie Cox | ) www.businessinsider.com time to read: +21 min

The story of Brooksley Born is not only the tale of a remarkable regulator whose Cassandra-like warnings — if heeded — could've prevented the great financial crisis from exploding into raging, ruinous enormity. Not long after she assumed chairmanship of the CFTC, Born started to feel a lingering unease with the rapidly expanding derivatives market. So to Rubin, Born was more of an inconvenience than anything, and she certainly wasn't in his club. Not long after, Treasury officials lobbied Congress to pass legislation preventing the CFTC from being able to regulate the OTC derivatives market. In the months and years that followed, it became increasingly hard to deny that the multi-trillion-dollar OTC derivatives market was the root cause of the great financial crisis.

Persons: Lehman Brothers, jolting, — could've, It's, Potter Stewart, Henry Edgerton, Porter, she'd, Bill Clinton, Clinton, Janet Reno, Brooksley, Michael Greenberger, Born, Gibson, weren't, Robert Rubin, Goldman Sachs, Rubin, Michael Hirsh, Alan Greenspan, Greenspan, Ayn Rand, Hirsh ., Hirsh, Greenspan didn't, braggadocian machismo, lauding Rubin, Lawrence Summers, Arthur Levitt, Josie Cox, Levitt, Summers, Jim Leach, Richard Lugar, —, Bethany McLean, Joe Nocera, Bob Rubin, Born's Cassandra, George W, Bush, Lauren Rivera, Christine Lagarde, Lehman, ABRAMS Organizations: Stanford University, Stanford Law School, Stanford, Appeals, District of Columbia Circuit, Arnold, Futures Trading Commission, American, CFTC, Bankers Trust, Procter, Gamble, Sumitomo, Federal Reserve, Fed, Securities and Exchange Commission, Financial Markets, Abrams, Term Capital Management, Enron, SEC, Born, Northwestern's Kellogg School of Management, Financial, International Monetary Fund, Lehman Brothers, Reuters, Street, The Washington Post, Guardian, Abrams Press Locations: California, Vietnam, United States, Washington, America, ABRAMS , New York

☆ Fitch US credit downgrade: Former Treasury secretaries react
▼ + stars: | 2023-08-06 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +4 min

CNN —The US economy is resilient, but policymakers need to take the long view on the country’s fiscal challenges, three former Treasury secretaries told CNN’s Fareed Zakaria on Sunday. “But it’s in some ways a very important wake-up call.”The downgrade came after a last-minute bipartisan deal in June that suspended the US debt ceiling until early 2025. I strongly disagree with Fitch’s decision, and I believe it is entirely unwarranted,” Treasury Secretary Janet Yellen said Wednesday. Meanwhile, the Biden administration is preparing new rules that could restrict investment in certain sectors in China, according to reports. When asked about US-imposed tariffs on China, Paulson said “we are working to close markets at the same time that China is doing business with more and more of the world.”“China is a major, major competitor,” he added.

Persons: CNN’s Fareed Zakaria, ” “, ”, Henry Paulson, George W, Bush, Janet Yellen, Paulson, “, ” Timothy Geithner, Geithner, ’, ” Robert Rubin, Bill Clinton, Zakaria, Biden, –, Jennifer Hansler, Gan, Juliana Liu Organizations: CNN, Fitch, AAA, Treasury Department, Capitol, Poor’s Locations: United States, China

☆ The Book That Changed Robert Rubin’s Thinking About Poverty
▼ + stars: | 2023-06-15 | by ( ) www.nytimes.com time to read: +2 min

In addition to the subject’s fascinating life — among much else, she was Virginia Woolf’s muse and longtime lover — I always enjoy books about that era. What’s the most interesting thing you learned from a book recently? I recently finished a book called “1215: The Year of Magna Carta,” by Danny Danziger and John Gillingham. Our political system and government. You’ll find more recent examples of the genre — especially those by David Baldacci and Daniel Silva — on my shelves, too.

Persons: Victoria Glendinning, ”, Vita, —, Danny Danziger, John Gillingham, I’d, Roger Lowenstein, who’s, Federal Reserve —, haven’t, Chris Whipple’s, Coffin, Dimitrios, Eric Ambler, Helen MacInnes, You’ll, David Baldacci, Daniel Silva — Organizations: Bloomsbury Group, Magna Carta, Wall Street, The Times, Federal Reserve, Scottish Locations: Vita Sackville, West, England, Virginia, Scottish American

☆ ‘Progressives’ Want to Go Back to the 1950s
▼ + stars: | 2023-05-03 | by ( Walter Russell Mead | ) www.wsj.com time to read: +1 min

Journal Editorial Report: The week's best and worst from Kim Strassel, Kyle Peterson and Dan Henninger. Images: AFP/Getty Images/CNP/Zuma Press Composite: Mark KellyThe Biden administration plans a fundamental transformation of American economic policy at home and abroad. That’s the takeaway from national security adviser Jake Sullivan ’s speech at the Brookings Institution last week. This was a big speech about major policy changes, and those who want to understand the direction of American policy in a second Biden term would be unwise to overlook it. The break with post-Cold War Democratic trade and economic policy is radical.

☆ Biden taps Fed's Brainard, Bernstein for top economic jobs as part of White House reshuffle
▼ + stars: | 2023-02-14 | by ( Emma Kinery | ) www.cnbc.com time to read: +4 min

In recent weeks, Jeff Zients has replaced Ron Klain as White House chief of staff. Kate Bedingfield, White House communications director, said she plans to leave at the end of the month. The pair will have tremendous influence over economic policy at a tricky time for the United States. As NEC director, Brainard will be tasked with crafting the president's economic agenda and coordinating economic responses between various agencies. "He is an expert on worker empowerment and a worker-centric economic policy, which has long been the heart of my economic vision."

The White House will likely appoint Federal Reserve Vice Chair Lael Brainard to run the National Economic Council and Jared Bernstein to lead the Council of Economic Advisers, sources familiar with the matter tell CNBC. The appointments are expected to be announced after incoming White House Chief of Staff Jeff Zients assumes his role, as soon as next week. Bernstein is a member of the board he is expected to head, the White House Council of Economic Advisers. The White House is holding a ceremony on Wednesday to thank outgoing White House Chief of Staff Ron Klain and welcome Zients to the position. Current White House NEC Director Brian Deese is expected to depart imminently, sources said.

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