Donald Trump wasn’t the only person to see opportunity in the 2008 housing collapse. As the economy recovered from the rubble of failed banks, foreclosed homes and government bailouts, Steven Mnuchin emerged a winner.
That success is coming back to haunt the hedge fund manager and Hollywood producer who is Trump’s choice for Treasury secretary. OneWest, a bank Mnuchin and his partners established during the collapse, has taken steady fire from regulators and consumer advocates for myriad failures ever since.
In Florida, the company foreclosed on a 90-year-old woman after a 27-cent payment error. New York Gov. Andrew Cuomo singled out the lender for squeezing superstorm Sandy victims. This month, the company’s successor, CIT Bank, was accused of discriminating against minority borrowers.
“We’re just coming out of a foreclosure crisis and a serious economic downturn. It’s not the time to appoint someone who sided with corporate America over real people,” said Alys Cohen, an attorney with the National Consumer Law Center. “Mr. Mnuchin comes from Wall Street and has served monied interests over homeowners.”
NYC Prayer March for #StandingRock: Indigenous people and allies marched throughout the streets of Manhattan to show their support and solidarity with the Standing Rock Sioux Nation. #NoDAPL #StandwithStandingRock #NativeLivesMatter
#VerizonStrike #StandUpToVerizon: Thousands of Verizon workers have gone on strike after failing to reach a new labor agreement with the CWA Union. The union members argue that Verizon has outsourced thousands of jobs and continue to cut costs, while executives reward themselves with big bonuses and payouts. Strikes are happening all over the City of New York – these photos were taken in Financial District outside 100 Wall Street.
We must rapidly begin the shift from a “thing-oriented” society to a “person-oriented” society. When machines and computers, profit motives and property rights are considered more important than people, the giant triplets racism, materialism, and militarism are incapable of being conquered.