ML-Implode News - Mnuchin Said to Be Top Treasury Pick Among Trump's Advisers

``Before joining Trump, Mnuchin rose through the kind of elite institutions the president-elect spent his campaign vilifying. Mnuchin was tapped into Yale's Skull and Bones secret society, became a Goldman Sachs partner like his father before him, ran a hedge fund, worked with George Soros, funded Hollywood blockbusters and bought a failed bank, IndyMac, with billionaires including John Paulson. They renamed it OneWest, drew protests for foreclosing on U.S. borrowers, and ultimately generated considerable profits, selling the business last year to CIT Group Inc. for $3.4 billion.
Mnuchin, who co-founded hedge fund Dune Capital Management LP, was seen at Trump Tower on Monday.Â Asked by reporters why he was there, he said, "I'm here just helping with the transition this week. A lot of work to do." He had no immediate comment when reached about the Treasury post.
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Mnuchin would become the third former Goldman Sachs executive to head the Treasury since the mid-1990s. Robert Rubin and Hank Paulson both ran the Wall Street firm before becoming Treasury chiefs under presidents Bill Clinton and George W. Bush, respectively.
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If Mnuchin is confirmed for the Treasury role, it could save him millions in taxes. A 1989 rule allows him to sell stock tax-free if he reinvests the proceeds in Treasuries or in government-approved funds. The loophole was designed for executives who need to sell shares to comply with conflict-of-interest rules.

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Mnuchin Said to Be Top Treasury Pick Among Trump's Advisers