Donald Trump spent a lot of time during the campaign claiming that he was going to “drain the swamp” and have an administration that was full of outsiders. By appointing Steve Mnuchin as Secretary of the Treasury, he appears to be breaking that promise.
I say this because Mnuchin spent almost twenty years at Goldman Sachs before becoming the head of a hedge fund. He’s become so wealthy as a result, that some have speculated he might be yet another billionaire joining Donald Trump’s administration.
According to the LA Times, Sen. Elizabeth Warren said Mnuchin is “the Forrest Gump of the financial crisis” since he “managed to participate in all the worst practices on Wall Street” during his lengthy career.
“His selection as Treasury secretary should send shivers down the spine of every American who got hit hard by the financial crisis, and is the latest sign that Donald Trump has no intention of draining the swamp and every intention of running Washington to benefit himself and his rich buddies,” the Senator was quoted as warning.
While there will obviously be some who are quick to dismiss Warren’s comments because she’s the darling of the left, but I think they should carry some extra weight. The Senator got involved as an activist with no political aspirations, after all, so that she could fight the abuses that she saw Wall Street making. She even made an academic career out of studying these consumer protection issues and those that impact Wall Street.
It should also be noted that much of how Mnuchin became wealthy was through derivatives trading — the practice that did so well for many big wigs on Wall Street but eventually lead to the financial crisis that we still haven’t fully recovered from.
In other words, Trump’s nominee for Treasury Secretary helped cause the financial crisis, is the type of insider Trump’s supporters wanted to avoid, and has received the criticism of a leading consumer advocate.