Former Goldman Sachs executive and hedge fund CEO Steve Mnuchin was confirmed as the new Secretary of the Treasury Monday by a 53-47 margin. Mnuchin previously served as President Trump's finance chairman during his campaign. Over the years, Mnuchin has been a Hollywood producer and a Democratic
Steven Mnuchin, President-elect Donald Trump’s pick for Treasury secretary, faced tough questioning at his confirmation hearing today, as members of the Senate Finance Committee grilled him on his role in IndyMac, the failed bank that was seized by the U.S. government, and his stance on sanctions.
Critics are gearing up for a confirmation fight today over Steven Mnuchin -- Donald Trump ’s pick for treasury secretary -- who previously ran a bank that has faced criticism over its foreclosure record. Mnuchin, a Goldman Sachs veteran and former Hollywood producer, and a group of investors bought
The first week of Senate confirmation hearings for President-elect Donald Trump ’s nominees for various positions led to several splits in terms of policy between the would-be department heads and their boss. Eight more Cabinet-level nominees are slated to have their hearings in the final days
While Donald Trump's cabinet selection process is far from finished -- there are still eight spots that have not been announced -- nearly all of the picks that have been announced are wealthy individuals, in addition to himself. By comparison, when then-President George W. Bush assembled his
Morning Money Memo: ABC News’ John Kapetaneas reports: McDonald’s and Coca-Cola both missed analysts estimates this quarter, with McDonald’s posting a 1 percent drop in profits while Coke saw a nearly 3 percent decline in revenues. The fast-food and soda maker stood in contrast with...
Q: Is the recent downturn in the economy and stock market putting more companies at risk of going bankrupt? A: Following the financial crisis of 2008, investors got a harrowing lesson on how even big companies can, indeed, fail. The collapse of Lehman Brothers, Washington Mutual and IndyMac Bancorp
If you think American homeowners have nothing to be grateful for this year, think again. The $527,437 mortgage of a couple in Long Island, N.Y., has been canceled by a judge who criticized their lender's "unconscionable" lack of good will in refusing to help them avoid foreclosure . Thanks to the
In the latest sign of the lasting effects of the financial crisis, federal regulators today closed down the 100th bank this year. The Office of Thrift Supervision Friday afternoon shut down Partners Bank of Naples, Florida. The Federal Deposit Insurance Corporation was appointed as the bank's
Real estate lender Colonial BancGroup Inc. has been shut down by federal officials in the biggest U.S. bank failure this year. The Federal Deposit Insurance Corp., which was appointed receiver of the Montgomery, Ala.-based Colonial and its about $25 billion in assets, said the failed bank's 346