Dune Capital CEO Mnuchin Floated as Potential Trump Treasury Secretary

Jul 19 2016 | 10:55pm ET

Republican presidential nominee Donald Trump has hinted that Dune Capital Management CEO Steven Mnuchin, who was named his finance chairman in May, would be his choice for U.S. Treasury Secretary if elected in November. 

The news was first reported by Fortune, citing comments made by Skybridge Capital CEO Anthony Scaramucci, who is helping raise funds for Trump’s campaign. 

Mnuchin spent 17 years at Goldman Sachs before founding hedge fund management firm Dune in 2004. He and Trump have done business together in the past, although details are hard to come by; Bloomberg has reported that Dune Capital was among a group of lenders sued by Trump in 2008 to extend the term of a construction loan for one of Trump's Chicago towers. 

Trump became the official nominee of the Republican party on Tuesday following a raucous roll call vote that was somewhat overshadowed by allegations his wife Melania lifted parts of her convention speech Monday night from Michele Obama’s 2008 address to Democrats. 

Choosing Mnuchin could cause some controversy, given Trump’s populist stances against Wall Street and Mnuchin’s ties to Goldman, the hedge fund industry and his involvement with OneWest, a bank that bought the remains of Indymac’s bankrupt subprime mortgage business in 2009 for $1.55 billion and sold it to CIT for $3.4 billion last year.

In the past, Trump has also suggested renowned activist investor Carl Icahn for Treasury Secretary, an idea Icahn rejected. Notably, Icahn was reportedly not in Cleveland for the convention this week.  

Trump has also floated former GE CEO Jack Welch and KKR chief Henry Kravis as possible Treasury Secretary nominees should he win in November. 


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