Thursday, December 1, 2016

Draining The Swamp? Trump Names A Goldman Sachs Banking, Hedge Fund Managing, Top Campaign Donor As Treasury Secretary

During his campaign one of Trump's multitude of promises to his rabidly loyal voters was that he was going to "drain the swamp" in Washington, D.C..

Trump went so far as to put out a press release proclaiming his newly announced campaign tag line.

Trump even cut a final campaign ad, that he narrated himself, in which he stated...

Our movement is about replacing a failed and corrupt political establishment with a new government controlled by you, the American people,”

Yeah, about that.

As of yesterday he has all but taken those who voted for him, as well as the rest of us, out of the swamp and thrown us into a cesspool!

Besides hiring Georgia Rep. Tom Price, a man who favors dismantling Obamacare and privatizing Medicare, to head Health and Human Services, Wilbur Ross, a 78 year old hedge fund billionaire who owned a coal mine where 12 people died, as commerce secretary Trump has now named Steve Mnuchin to lead his Treasury Department.

For those of you who are unfamiliar with Mnuchin he is a Goldman Sachs banker, hedge fund manager and, of course, a top Trump donor!

So what is in the sordid history of Trump's new pick to print all our currency, collects all the federal taxes and manages U.S. government debt instruments?

Since you asked, it seems that Mnuchin was directly involved in the 2008 housing market crash. He and his partners took over a troubled bank named IndyMac in 2008 when the economy was in the throes of the brutal 2008 recession. The bunch renamed the acquired bank "OneWest" and began ramping up home foreclosures to the tune of almost 40 thousand with a disproportionate focus on the reverse mortgages typically held by elderly Americans.

OneWest was so transparent in their racially profiled foreclosures that they were accused of redlining, or discriminating against minority neighborhoods and borrowers despite “laws ensuring equal access to credit for minority home buyers.”

It was so bad that civil rights groups openly accused the bank of racially discriminatory lending and business practices.

This is a chart that was included in the complaint compares the percentage of OneWest loans by demographic to the industry average and the percentage of those populations in Los Angeles.

Then when they had gotten rid of all the "bad assets" they then sold the bank for $3.4 billion in 2015.

In addition Mnuchin, who under Trump would oversee the very financial sector from which he profited handsomely, has promised to all but cripple the Dodd-Frank Wall Street reform law.

All this from Donald J. Trump, the man who ran as a champion of working Americans and blasted Hillary Clinton's Goldman Sachs speeches and then followed up the announcement with a campaign ad warning voters of the "corrupt political establishment."

Not only is Mnuchin's selection as Treasury Secretary a slap in the face of every American who was hit by the financial crisis it also signals that Donald Trump has no intention of draining the swamp and every intention of running Washington to benefit himself and his rich crony friends.

We can't say we weren't warned.

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