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Steven MnuchinAmerican entrepreneur
Country:
 USA |
Content:
- Biography of Stephen Mnuchin
- Early Life and Education
- Career in Finance
- Hollywood Ventures
- Political Involvement
- Personal Life
- Criticism and Senate Hearing
Biography of Stephen Mnuchin
Stephen Mnuchin, an American entrepreneur, is a former partner of the financial conglomerate Goldman Sachs and a hedge fund manager. On November 30, 2016, he was nominated by President Donald Trump for the position of Secretary of the Treasury. His estimated net worth is $500 million.
Early Life and Education
Stephen Turner Mnuchin was born on December 21, 1962, in New York City, to a Jewish family. His father, Robert Mnuchin, was a partner at Goldman Sachs and also the founder of the Mnuchin Gallery, an art gallery in New York City. Mnuchin graduated from Yale University in 1985 with a bachelor's degree. During his time at Yale, he was involved in publishing the Yale Daily News and shared a dorm room with future Sears CEO Edward Lampert.
Career in Finance
Mnuchin began his career as an intern at investment bank Salomon Brothers in the early 1980s. He later joined Goldman Sachs, where his father had been working since 1957. Mnuchin started in the mortgage department and became a partner in the company in 1994. After 17 years at Goldman Sachs, he left in 2002 and earned around $40 million. He then served as vice-chairman of the hedge fund ESL Investments, owned by Lampert. In 2003, Mnuchin co-founded the hedge fund SFM Capital Management with George Soros, a prominent critic of market fundamentalism. He also co-founded the hedge fund Dune Capital Management with two former Goldman Sachs partners. This fund invested in at least two projects by Donald Trump – the Trump International Hotel and Tower in Honolulu and a hotel in Chicago.
Hollywood Ventures
Besides his career in finance, Mnuchin founded the film company RatPac-Dune Entertainment, which financed the production of several successful films, including the X-Men franchise and Avatar. In Hollywood, he co-produced movies such as American Sniper and Mad Max: Fury Road, alongside producer Brett Ratner and financier James Packer. Mnuchin was also a co-chairman of the media company Relativity Media, which he left shortly before its bankruptcy.
Political Involvement
Before joining Donald Trump's presidential campaign in 2016, Mnuchin was involved in politics through financial contributions. From 1995 to 2014, he donated over $120,000 to political organizations, politicians, and political parties, supporting both Republicans and Democrats. Among the recipients of his donations were Al Gore, Hillary Clinton, John Kerry, Barack Obama, Mitt Romney, and many others.
Personal Life
Mnuchin married Heather DeForest Crosby in 1999, and they have three children together. After their divorce in 2014, Mnuchin became engaged to Scottish actress Louise Linton. Linton has also written a book, "In Congo's Shadow," which she self-published in 2016. The book received criticism for inaccuracies and promoting a false myth of the "white savior" in describing Zambia, leading Linton to withdraw it from sale.
Criticism and Senate Hearing
In January 2017, Mnuchin faced criticism during his Senate confirmation hearing for not disclosing his ownership of real estate properties valued at $95 million and his directorship in the tax haven investment fund Dune Capital International. Mnuchin defended himself by stating that these omissions were the result of dealing with bureaucratic hurdles.
