While WaPo has the nation scurrying around in search of Russian propogandizers President elect Donald Trump appointed yet another PEU for Treasury Chief. Dune Capital's Donald Mnuchin rode a substantial FDIC subsidy to hundreds of millions in profits on IndyMac Bank, which Dune renamed OneWest Bank.
OneWest foreclosed on more than 36,000 homeowners under Mnuchin. During that time, the FDIC made payments to OneWest totaling more $1 billion.
Dealbook reported
They later sold OneWest to CIT. Mnuchin currently holds nearly 2 million shares of CIT and just resigned from the board. His CIT stock is currently worth over $80 million.The sale of IndyMac was unusual because it was one of the first transactions involving lightly regulated private equity firms acquiring a bank holding company.IndyMac collapsed after defaults mounted on mortgages and panicked customers withdrew more than $1.3 billion of deposits over 11 business days.
Some Trump voters were foreclosed upon by OneWest Chairman Mnuchin, who got his hand slapped in 2011 for shoddy foreclosure practices. Trump "change" voters got PEUd.
Update 1-4-17: The non-prosecuting Blue political team turned its eye away from shady behavior by foreclosure king Mnuchin, who got his FDIC subsidy from the very same Blues. Atlanta homeowners find the PEU boys fast to evict and foreclose. Mnuchin knows the game and he'll soon steer America's financial course on behalf of his PEU peers.
Update 1-8-16: The Blue California Attorney General who decided not to prosecute Mnuchin won a seat in the United States Senate. Mnuchin donated to her campaign, the only Democrat on his list.
Update 1-25-17: I'm not sure how Sears board member Mnuchin can be on both sides of a deal, as was Sears CEO Eddie Lambert when the company sold real estate assets to raise cash or pledged key real estate as security for loan deals. Hedge fund ESL Investments holds a chunk of Sears real estate and is run by Sears CEO Eddie Lambert. Board member Mnuchin has a $26 million investment in ESL.
Update 4-1-17: A bankruptcy judge fined Bank of America $46 million for abusive and cruel actions in foreclosing on a homeowner after the financial crisis.
Update 8-2-17: The Blue team prosecutor who let Mnuchin skate is being promoted as the next Hillary, i.e. Presidential material. She's perfect for out one party system that caters to big money.
Update 3-31-19: Sears, now owned by ESL Investments, will end life insurance benefits for 90,000 retirees after paying over $25 million in executive bonuses. Average age of retirees is 80 and life insurance is their last remaining benefit from the company they dedicated their life's work. The greed and leverage boys have no shame.
Update 4-18-19: Sears sued CEO Eddie Lambert and board member Steve Mnuchin for looting the company to benefit their hedge fund ESL Investments
