Full out war between Democrats and the White House broke out today when Senate Democrats on Tuesday refused to attend a committee vote on two President Trump’s more controversial nominees, effectively delaying their consideration. Democrats on the Senate Finance Committee boycotted votes to advance Tom Price, Trump’s pick to head the Department of Health and Human Services, and Steven Mnuchin, his selection to head the Treasury Department.
Since at least one democrat must be on present for the vote to be held, the move will effectively delay and potentially prevent the confirmation votes on Mnuchin and Price. The duo is among some of the more contentious selections to join Trump’s Cabinet.
“You were a Director at Sears for 12 years where you had oversight over the administration and investment in the pension fund.”
That Sears Holdings will file for bankruptcy appeared to be taken for granted in the confirmation hearings before the US Senate on Thursday. And when it does file, it’s going to get very complicated for Steven Mnuchin, the Trump administration’s appointment for Treasury Secretary. But the most fascinating part, for us as a non-political site, is the dissection of the whole Sears deal.
Senator Bob Menendez (D-NJ), as he proceeds with his questioning, lays out how Sears Holding’s CEO “Eddie” Lampert, his hedge fund ESL, and some other entities have worked hard to get their hands on the real estate when Sears Holdings goes through bankruptcy, while the pension fund left behind is a sinkhole that taxpayers might be shanghaied into filling.
Earlier this morning we predicted a fiery confirmation hearing for Trump’s Treasury Secretary pick, Steven Mnuchin. And right on cue, the confirmation had barely begun when it was promptly derailed after Senator Pat Roberts of Kansas suggested that his colleague, Senator Ron Wyden (D-OR), should pop a valium before the next round of questioning.
“Sen. Wyden, I’ve got a Valium pill here that you might want to take before the second round….just a suggestion, sir.”
Of course, the comment didn’t go over well with Democrats on the Senate Finance Committee as Senator Sherrod Brown (D-OH) pounced on the remarks sending the hearing into a moment of pure chaos with Finance Committee Chairman Orrin Hatch (R-Utah) struggling to regain control.
Wednesday’s post, Donald Trump Has an Enormous and Very Dangerous Wall Street Blind Spot, highlighted the fact that the bank run by Trump’s Treasury Secretary nominee, Steven Mnuchin, was given a pass by California attorney general Kamala Harris, despite the discovery of over a thousand legal violations. Kamala Harris has since been (s)elected to the U.S. Senate.
The confirmation of former Goldman Sachs Partner Steven Munchin, who is Trump’s pick for Treasury Secretary, may have gotten just a little more problematic today, after Mnuchin declined to answer questions from Democratic senator Sherrod Brown of Ohio about his views on financial regulations, sanctions and his time as head of a bank accused of unfair foreclosure practices.
Brown, the top Democratic on the senate banking committee sent a letter on Dec. 21 asking Mnuchin to detail his position by Jan. 6 on issues that are under the committee’s purview, including fair lending laws and foreclosure-prevention programs. As Bloomberg reports, Mnuchin doesn’t plan to respond to the senator in writing, though several weeks ago he requested a meeting with Brown, who hasn’t yet accepted, according to Mnuchin’s spokeswoman Tara Bradshaw.
“Mnuchin will work with Senator Brown within the protocol of the finance committee – and will not be providing written answers in advance of a deadline yet to be established by the finance committee,” Bradshaw told Bloomberg on Tuesday in an e-mailed reply to questions.
To conclude, this article is primarily written for all my readers who are either Trump supporters, or who reluctantly voted for him. My message to you is that we need to hold this man’s feet to the fire. The election is over, and you got your desired outcome. Now is not the time to be a cheerleader. Now is not the time to behave exactly like Obama zombies did after he became an obvious betrayal. What allowed Obama to do all the bad things he did, was the fact that his supporters made endless excuses for him. Don’t make excuses for Trump. If you do, your life will get a lot worse and this country will decay far more into an authoritarian oligarchy than it already has. It is up to you to make sure he doesn’t become the Wall Street puppet I always feared he would be.
Barely having confirmed he will be Donald Trump’s nominee for Treasury Secretary, Steven Mnuchin proceeded to roil the bond market when the former Goldman banker told CNBC he would look at extending the maturity of future Treasury issuance, hinting at 50 and 100 Year bonds, which promptly sent long-term US bond yields surging by the most since the turmoil following Trump’s election victory.
Following yesterday’s press reports that Steve Mnuchin and Wilbur Ross would be selected for two of the top economic posts in Donald Trump’s administration, earlier today the two confirmed their nominations to lead the U.S. Treasury and Commerce Department, respectively. Mnuchin and Ross spoke on CNBC’s “Squawk Box.”
Steven Mnuchin made his comments on “Squawk Box,” as his selection was being announced. He said he believes the U.S. economy can grow at a sustained rate of 3 percent to 4 percent. Fair trade will also help boost the economy, Mnuchin said — sentiments echoed on CNBC by Trump’s choice for commerce secretary, Wilbur Ross. Mnuchin said tax reform is going to be a major driver of that growth, and added that the Trump administration is going to bring a lot of money back into the U.S. by cutting the corporate rate to 15 percent.
While it has yet to be officially confirmed by the Trump transition team, moments ago the NYT reported that – in what had previously been leaked on several occasions on various other outlets most notably the WSJ – former Goldman banker and Soros employee, Steven Mnuchin “a financier with deep roots on Wall Street and in Hollywood but no government experience” is expected to be named Donald J. Trump’s Treasury secretary as soon as Wednesday.
The WSJ has confirmed as much, reporting that “President-elect Donald Trump will name longtime banker and former Goldman Sachs executive Steven Mnuchin as Treasury secretary, turning to a campaign loyalist and fundraiser for the incoming administration’s top economic cabinet post, a transition official said Tuesday.”
Steven Terner Mnuchin at Trump Tower in Manhattan this month
Months after Christie, having lost his presidential primary to Donald Trump, had ambitions for becoming Trump’s vice presidential candidate, Christie just suffered another dramatic fall from grace after President-elect Donald Trump shuffled his transition team three days after his surprising victory, and increased the influence of Alabama Sen. Jeff Sessions, one of Washington’s most vocal critics of illegal immigration, while diluting that of Christie.
According to the WSJ, Chris Christie was removed as Trump campaign transition chairman on Friday, a position that will now be filled by Vice President-elect Mike Pence, the transition team confirmed. Christie will remain on the transition team’s executive committee as a vice chairman, along with Ben Carson, both largely figured positions; they will be also joined by retired Lt. Gen. Michael Flynn, former New York Mayor Rudy Giuliani and Mr. Sessions.
“I’m a big fan of Israel and frankly a strong Prime Minister is a strong Israel, and you truly have a great Prime Minister in Benjamin Netanyahu. There’s nobody like him, he’s a winner, he’s highly respected, he’s highly thought of by all,” Trump says. “Vote for Benjamin: terrific guy, terrific leader, great for Israel.”
Six months ago, Steven Mnuchin became finance chair for the Trump campaign. Having succesfully helped to raise 10s of millions of dollars for the campaign, the former Goldman Sachs partner and Soros Fund management employee is now positioned for something much larger as Donald Trump reportedly told his aides today that he wants Mnuchin to serve as his Treasury Secretary.
Ironically, Trump has often criticized Clinton (and his former competitor Ted Cruz) for their links to the big banks:
“I know the guys at Goldman Sachs. They have total, total control over him. Just like they have total control over Hillary Clinton,” Trump said in one debate.