Steven Mnuchin – biography
Steven Mnuchin: from a film producer to United States Secretary of the Treasury
A 55-year-old miscellaneous world-class financier Steven Terner Mnuchin has had plenty of jobs and occupations so far: an investment fund manager (and later chief executive officer), a banker, a successful entrepreneur, a thriving chief information officer and even a profitable film producer. Since February 2017 he has served as United States Secretary of the Treasury. Being subject to criticism, he managed to achieve greater heights across a broader spectrum of professions. Here is a closer look at his busy life.
Being born on December, 21 1962 in a Jewish family that had Russian roots, Mnuchin was not an only child in the family and had a sibling. His parents were both quite successful, so they could afford paying for good education of their son. Steven was a pupil of Riverdale County School and later graduated from Yale University where he got a bachelor’s degree reconciling work and study.
Soon after that Mnuchin started working as a mortgage manager in the same investment bank with his dad. It was a higher calling, though he managed to become both its Chief Information Officer and Executive Vice President and make a fortune of over 40 million dollars.
Having dedicated 17 years to Goldman Sachs, Steven founded his own financial company and hedge fund together with another two partners from his previous place of employment. It appears to become a link to his political career as the fund invested in several Donald Trump’s projects. However, Americans have been quick to point out that he used offshore entitles for investment aims.
That was the reason he was strongly criticized for. Nevertheless, Steven didn’t stop there and soon in 2009 his colleagues headed by ambitious Mnuchin purchased a financial company IndyMac. Its title was changed to OneWest Bank and in a year the prosperous bank became the largest one in Southern California. In spite of being sold to CIT group in 6 years after the acquisition, the bank remained to be a part of Steven’s life as he continued working there in the board of directors.
It is said that despite not the best reputation of the bank Mnuchin had managed to earn almost 100 million dollars there before he had to resign his post in order to join political system and have an opportunity to become United States Secretary of the Treasury. It seems like the conflicts of the bank were the spot on his Steven Mnuchin as later he even had a nickname among congressional democrats – the Foreclosure King which he naturally didn’t appreciate.
Huge sums of money were donated by S.M. to political parties and organizations during their campaigns (both Republicans and Democrats) before the fateful period in his life – becoming a part of Donald Trump’s team in 2016. He even donated the former President’s main opponent – Barack Obama.
However, life is pretty unpredictable after all and, despite being acquainted with Trump for 15 years, he received an offer to control the finances of his campaign only after the Republican primary victory celebration. When Donald Trump won the election and announced him to be United States Secretary of the Treasury, Steven set such goals as: cutting taxes, wage increases, growth of GDP. On February 3, 2017 the Senate accepted Mnuchin of the position mentioned above by a vote of 53-47.
Let’s reveal an unusual hobby that used to bring him benefits. Steven was fond of filming and together with Chip Seelig and Daniel Neidich he founded a company called Dune Capital that contributed in film production. They collaborated with the world-famous 20th Century Fox having invested in blockbusters ‘Avatar’ (2009) and some film series of ‘X Men’. Dune Capital also cooperated with another well-known film production company Warner Brothers.
In 2013 Steven and his two new partners established RatPac-Dune Entertainment. Mnuchin was an executive producer of such notable films as ‘American Sniper’ (2014) and ‘Mad Max: Fury Road’ (2015). In 2014 he had an experience with investing in Relatively Media that went bankrupted 7 months after he had resigned.
Talking about Steven’s personal life, it can be said that he has had three marriages and three children so far. His first spouse was Kathryn Leigh McCarver and their marriage lasted 7 years. However, his second wife Heather deForest Crosby was a senior vice president for Launch Media and was 32 when they got married. Heather gave birth to three children and was married to Steven almost 15 years. In 2017 he married a 36-year-old Scottish actress Louise Linton. Mnuchin’s former spouse is constantly much criticized by Americans.
For instance, the incident with posting a photo in popular social website Instagram showing her glamorous private trip with Steven using a United States government aircraft. People were also resented noticing hashtags that spotlighted her luxury brand clothing and accessories.