By Jeff Guo
Steven Mnuchin, the Trump campaign’s finance director, arrives at President-elect Donald Trump’s Trump Tower in New York City on Nov. 29. (Mike Segar/Reuters)
Throughout the presidential election, Donald Trump’s relationship with Wall Street ran hot and cold. On the podium, he sounded a populist battle cry — heaping disdain on elites and tarring his opponents by their associations with Wall Street. But behind the scenes, Trump assembled a gang of financiers, bankers and ex-bankers to advise his campaign.
Now, he is drawing on that same set of highflying, high-net-worth individuals to captain his new administration. There was Betsy DeVos, a billionaire investor and a heavyweight political donor, whom Trump nominated as his education secretary. There was Wilbur Ross, also a billionaire investor, said to be Trump’s pick to become commerce secretary.
On Wednesday, Trump named another member of America’s wealthy capitalists for a position in his Cabinet.
Steve Mnuchin, a hedge fund chairman and 17-year Goldman Sachs alum, is Trump’s pick for treasury secretary. If he is confirmed, Mnuchin would be at the helm of any future decisions on bank bailouts or economic stimulus. Previously, Mnuchin was the finance chairman on Trump’s campaign, where he was in charge of soliciting political donations.
Many voters found Trump’s anti-elite message genuine despite this dissonance of a self-styled billionaire claiming to be a champion of the common man. He cast himself as a former “ultimate insider” who knew how the system was broken. Now, after Trump ran a rancorous campaign that reserved its keenest barbs for hedge funders and bankers, the question is whether Americans will also embrace Trump’s new Cabinet of financiers, who are members of the same moneyed class that Trump profited from insulting.
Below, we’ve collected five of Trump’s most famous statements about Wall Street and big banks.
“I’m …read more