ABSTRACT

Hearing to Consider the Anticipated Nomination of Steven Terner Mnuchin to be Secretary of the Treasury, Before the Committee on Finance, United States Senate, One Hundred Fifteenth Congress, First Session, January 19, 2017   [open pdf - 948KB]

This is a testimony compilation of the January 19, 2017 "Hearing to Consider the Anticipated Nomination of Steven Terner Mnuchin to be Secretary of the Treasury" held before the Senate Committee on Finance. From the opening statement of Steven Terner Mnuchin: "Since I was first nominated to serve as Treasury Secretary, I have been maligned as taking advantage of others' hardships in order to earn a buck. Nothing could be further from the truth. During the summer of 2008, I saw the devastation that was caused by the housing crisis when I watched people line up to get their life savings out of IndyMac Bank. It was the middle of the financial crisis and despite the global panic, I saw a way to save the bank. I applied for a banking charter and submitted a bid to the FDIC for IndyMac. On December 31, just before midnight, we signed a binding agreement with the FDIC. They later confirmed that our bid was almost $1 billion dollars higher than the next best bid. We were willing to invest $1.6B into the costliest bank failure ever to the FDIC. We did this because we believed in our ability to rebuild and create a successful regional bank. We believed in recovery for the American economy. Let me be clear: my group had nothing to do with the creation of the risky loans in the IndyMac loan portfolios. When we bought the bank, we assumed these bad loans which had been originated by previous management. Some of those individuals had to answer to federal authorities for their bad lending decisions." Statements, letters, and materials submitted for the record include those of the following: Orrin G. Hatch, Ron Wyden, and Steven Terner Mnuchin.

Publisher:
Date:
2017-01-19
Copyright:
Public Domain
Retrieved From:
Senate Committee on Finance: https://www.finance.senate.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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