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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, “

☆ Germany's Scholz backs Spain's Calvino for EIB presidency
▼ + stars: | 2023-11-11 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Susana Vera/ File Photo Acquire Licensing RightsFRANKFURT, Nov 11 (Reuters) - German Chancellor Olaf Scholz on Saturday backed the candidacy of Spanish acting Economy Minister Nadia Calvino for the post of president of the European Investment Bank (EIB). "I think she will be a very good president of the EIB," Scholz said in an address to a weekend congress of the Party of European Socialists (PES) in Malaga, Spain. He added that they had worked well together in the past when they headed their respective countries' finance ministries. The EIB is currently led by German Liberal Democratic Party (FDP) politician Werner Hoyer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Nadia Calvino, Susana Vera, Olaf Scholz, Scholz, Werner Hoyer, Andreas Rinke, Vera Eckert, Kirsten Donovan Organizations: Monetary, Financial, International Monetary Fund, World Bank, REUTERS, Rights, Saturday, European Investment Bank, Party of European Socialists, European Union, Berlin, German Liberal Democratic Party, Thomson, Reuters Locations: Marrakech, Morocco, Malaga, Spain, Germany, France

☆ IMF steering committee calls for new funds, share plan by June 2025
▼ + stars: | 2023-10-14 | by ( ) www.reuters.com time to read: +1 min

International Monetary and Financial Committee (IMFC) chair Nadia Calvino leaves after a press conference during the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 14, 2023. A statement issued by the Fund's steering committee chair, Spanish economy minister Nadia Calvino, also called for proposals to change the Fund's shareholding formula by June 2025. The statement did not specify any funding amounts but left the door open to a potential near-term funding increase without changes in near-term shareholding. "In order to maintain the Fund’s current resource envelope until a quota increase becomes effective, we call on the Executive Board to propose transitional arrangements," the statement said. Reporting by David Lawder; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Nadia Calvino, Susana Vera, David Lawder, Diane Craft Organizations: Monetary, Financial, International Monetary Fund, World Bank, REUTERS, Rights, Monetary Fund, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH

China, whose economy is now three times the size it was in 2010, continued to push for more IMF shares. IMFC members agreed to add a third IMF Executive Board chair to represent African countries, a key sweetener for the U.S. "equi-proportional quota plan. Pan said China supported this move but it was a separate issue from the shareholding formula. It also called for the IMF's Executive Board to propose options for changes to the shareholding formula by June 2025. This would accelerate the next five-year review of quotas and meet IMF Managing Director Kristalina Georgieva's call for a deadline on adjusting its shareholding to preserve its credibility.

Persons: Nadia Calvino, Kristalina Georgieva, Pan Gongsheng, Pan, Kristalina, Georgieva, David Lawder, Andrea Shalal, Sharon Singleton, Christina Fincher, Franklin Paul, Diane Craft Organizations: Monetary, Financial, International Monetary Fund, World Bank, Monetary Fund, IMF, Fund, The U.S . Treasury, People's Bank of China, Beijing, IMF's, U.S . Treasury, United Arab, Thomson Locations: Marrakech, Morocco, MARRAKECH, U.S, China, CHINA, The U.S, India, Ukraine, Israel, Gaza, United Arab Emirates

☆ Money now, shares later: more IMF countries voice support for pragmatic IMF funding boost
▼ + stars: | 2023-10-11 | by ( David Lawder | ) www.reuters.com time to read: +3 min

[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. IMF Managing Director Kristalina Georgieva said the extra resources were needed to ensure the IMF can respond to another large-scale crisis. But with anti-China sentiment running high in the U.S. Congress, any IMF funding increase that increases Beijing's influence would face stiff opposition. U.S. Treasury Secretary Janet Yellen proposed the money now, shares later plan as a way to sidestep the China issue and speed resources to the IMF. A 50% quota increase would be equivalent to about $312 billion at current exchange rates.

Persons: Yuri Gripas, Fernando Haddad, Kristalina Georgieva, Janet Yellen, Ernest Addison, David Lawder, Alex Richardson, Andrea Ricci Organizations: Monetary Fund, REUTERS, Rights, U.S, Monetary, IMF, U.S . Congress, Treasury, International Monetary, Financial Committee, Thomson Locations: Washington , U.S, Rights MARRAKECH, Morocco, France, Britain, Ghana, Switzerland, Finland, Belgium, China, Brazil, U.S, Algeria, Iran, Libya, Pakistan, Tunisia

☆ Singapore economic czar Tharman Shanmugaratnam to run for president
▼ + stars: | 2023-06-08 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Singapore's veteran economic policymaker Tharman Shanmugaratnam has signaled his intention to contest upcoming presidential elections in Singapore that must be held by September this year. Singapore's veteran economic policymaker Tharman Shanmugaratnam is planning to run in the upcoming presidential elections in Singapore that must be held by mid-September. The prime minister is the head of government in Singapore. Among his past global appointments, Shanmugaratnam was the first Asian chair of the International Monetary and Financial Committee, the IMF's key policy forum. He was also Singapore's deputy prime minister from 2011 to 2019, and previously served as finance minister and education minister.

Persons: Shanmugaratnam, Lee Hsien Loong, policymaker Organizations: International Monetary Fund, Party, Singapore Prime, Monetary Authority of, Global Commission, United Nations, International Monetary, Financial Locations: Singapore, Monetary Authority of Singapore

WASHINGTON, April 17 (Reuters) - Just a month after the biggest banking crisis in more than a decade, the world's top economic and financial policymakers gathered in Washington and said surprisingly little about financial system stability - at least publicly. Some officials conveyed a sense that banking system safety was further down the priority list of global economic problems. "But it's still something where we need to stay vigilant and address potential risks which may emerge in our financial system," Dombrovskis told reporters. He added that the European Union's banking system was stable, well capitalized with ample liquidity. But during the IMFC's closed meeting, the possible spillovers from financial stability risks were a main topic, Ukrainian Finance Minister Serhiy Marchenko told Reuters.

☆ IMF's Georgieva sees 'tangible progress' on debt issues, urges seeking help earlier
▼ + stars: | 2023-04-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, April 14 (Reuters) - International Monetary Fund chief Kristalina Georgieva said on Friday that debtors and creditors made "tangible progress" on debt restructuring issues this week, but urged countries facing mounting debt problems to seek help earlier in the process. A new sovereign debt roundtable was helping to accelerate work on debt restructurings, Georgieva told a news conference during the IMF and World Bank spring meetings in Washington. But countries nearing debt distress and their creditors should move forward on reprofiling debt levels before a full restructuring was needed, she said. Imagine a further tightening of financial conditions, that increases the burden on these countries," she added. Georgieva said the IMF would continue to work closely with the 20 African countries with heavy debt burdens to avoid getting to the point where restructurings were needed.

WASHINGTON, April 14 (Reuters) - The International Monetary Fund's steering committee on Friday said it would accelerate its discussions on quota reforms at the global lender with an eye to making "considerable progress" by its next meeting in October. "In this context, we support at least maintaining" the IMF’s current lending resources, Calvino said in a summary of the committee's work. "With regard to IMF resources, I continue to believe that overall resources remain adequate," Yellen said. "At the same time, the IMF needs to follow through on its commitment to a new quota formula that is both fair and simple and primarily reflects the economic size of its member countries." He called for a "pragmatic approach" to complete the review by December to increase IMF resources and to "strengthen the voice and representation of dynamic emerging market and developing economies."

REUTERS/Maxim ShemetovSummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Feb 27 (Reuters) - Russian banks and politicians have played down the latest foreign sanctions on Russian lenders, promising speedy solutions to any problems with clients' foreign currency dealings. Those sanctioned last week have responded in a largely relaxed manner, with some saying disruption will be limited and others restricting foreign currency transactions or suspending euro trading on brokerage accounts. Russia's major banks have rallied after an initial hit from last year's Western sanctions and now jostle for business from the state, particularly a burgeoning defence budget, and big corporate accounts. Sanctions have mostly hurt Russians wanting to travel abroad or hold foreign currency. Alexander Shokhin, Russia's top business lobby chief, was more cautious, saying the situation could change rapidly, and that Russian banks needed to act pre-emptively.

☆ SBF thinks one of his biggest mistakes at FTX was slashing his workday from 18 hours to 13 hours a day, his planned testimony shows
▼ + stars: | 2022-12-15 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Disgraced FTX CEO Sam Bankman-Fried said he used to work 18 hours a day, per his planned testimony. In his 7,000-word draft, Bankman-Fried wrote that he was "less grounded in operational details" in the months leading up to his exchange's downfall. "I also prided myself on having a strong work ethic; I began FTX routinely working 18 hour days. In the planned testimony, he blamed himself for making a "number of significant mistakes" but said he didn't know about risky investments executed by FTX. Bankman-Fried's spokesperson, Mark Botnick, told Insider he had no further comment on Bankman-Fried's testimony draft.

☆ Washington Commanders accused of cheating ticket holders in DC attorney general lawsuit
▼ + stars: | 2022-11-17 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +5 min

It is the second lawsuit brought forth by D.C. Attorney General Karl Racine in the past week. In Thursday's filing, Racine alleged that since 1996, the Commanders sold premium seating tickets to D.C. fans, some of which required a security deposit. "In 2014, as part of a comprehensive review, Team management was instructed to send notices to over 1,400 customers with deposits and return all security deposits requested." Although the Commanders had returned some of the money to ticket holders, they still held nearly $200,000 in unreturned security deposits as of March 2022, he added. The lawsuit also alleges the Commanders forfeited thousands of dollars from D.C. residents' security deposits and converted the funds into revenue for the team.

☆ IMF countries call for end to war in Ukraine; Russia blocks communique
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Oct 14 (Reuters) - International Monetary Fund member countries on Friday issued a near-unanimous call for Russia to end its war in Ukraine, the IMF's steering committee chair said, calling the conflict the single biggest factor fueling inflation and slowing the global economy. But Nadia Calvino, Spain's economy minister, told a news conference that Russia again blocked issuance of a joint communique during a meeting of the International Monetary and Financial Committee. Register now for FREE unlimited access to Reuters.com RegisterReporting by David Lawder and Andrea Shalal; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Guedes says IMF overlooked inflation surge, praises Brazil for 'acting early'
▼ + stars: | 2022-10-11 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

BRASILIA, Oct 11 (Reuters) - Brazilian Economy Minister Paulo Guedes criticized the International Monetary Fund for failing to spot surging inflation, saying it led to "misguided" advice, in contrast to early action in Brazil that he said has put the country ahead of the curve in controlling rising prices. "Unfortunately, IMF bilateral and multilateral surveillance have overlooked the nature, magnitude, and extension of the inflation surge that started during 2021. As a result, Fund policy advice was misguided in several instances," Guedes said. Register now for FREE unlimited access to Reuters.com RegisterAt the same time, Guedes praised the performance of the Brazilian economy, saying that the country is "positively surprising skeptics, including the IMF." Register now for FREE unlimited access to Reuters.com RegisterReporting by Marcela Ayres; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ EU preliminarily approves Italy's request for 21 bln euro disbursement
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA flag of Italy and a flag of European Union flutter ahead of the virtual G20 summit on the global health crisis at Villa Pamphilj in Rome, Italy, May 21, 2021. REUTERS/Yara NardiBRUSSELS, Sept 27 (Reuters) - The European Commission has approved a positive preliminary assessment of Italy's request for a disbursement of 21 billion euros under the recovery fund on Monday. "The Commission found that Italy has achieved all 45 milestones entirely related to this request," an EU spokesperson told reporters. "The commissioner will then adopt a final decision after which the disbursement can take place." Register now for FREE unlimited access to Reuters.com RegisterReporting by Charlotte Van Campenhout, Marine StraussOur Standards: The Thomson Reuters Trust Principles.

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