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U.S. Treasury nominee Mnuchin hammered over offshore tax havens

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Treasury Nominee Mnuchin Supports Strong Dollar, Calling China Manipulator, Raising Debt Ceiling

Treasury Nominee Mnuchin Supports Strong Dollar, Calling China Manipulator, Raising Debt Ceiling*/

– President-elect Donald Trump’s nominee for Treasury Secretary Steven Mnuchin went to Washington for his confirmation hearing with the Senate Finance Committee, where the the former Goldman Sachs partner took on questions over his resume and gave new insight into his views on taxation, trade, housing policy, and a potential reform of post-crisis financial regulations.Mnuchin, a Yale graduate and longtime executive at Goldman who was stationed on the front-lines of the mortgage backed securities market, faced the toughest criticism for his activities after leaving the investment bank.After a 17-year career at Goldman, Mnuchin became an investor first with ESL Investments and then with his own fund Dune Capital Management.
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U.S. Treasury nominee Mnuchin hammered over offshore tax havens

U.S. Treasury nominee Mnuchin hammered over offshore tax havens*/

– By David LawderWASHINGTON (Reuters) – U.S. Treasury Secretary nominee Steven Mnuchin said on Thursday he would work to eliminate the need for offshore tax havens, as Democratic senators accused the Wall Street veteran of using such vehicles to shelter hedge fund money from the government.In a confirmation hearing before the Senate Finance Committee, President-elect Donald Trump’s pick to lead the Treasury was attacked for failing to promptly disclose he was a director of an offshore business vehicle domiciled in the Cayman Islands and owned more than $100 million in real estate.Offshore tax havens used to shield income have become a symbol of the growing divide between rich and average Americans.
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Treasury Secretary Pick Mnuchin Agrees to Divest From Some Holdings, Avoid Decisions on CIT Group

Treasury Secretary Pick Mnuchin Agrees to Divest From Some Holdings, Avoid Decisions on CIT Group*/

– WASHINGTON—Steven Mnuchin, President-elect Donald Trump’s pick for Treasury secretary, won’t be able to make decisions involving CIT Group Inc., the financial firm he helped lead, until at least July 2018 and probably longer without special permission, under an ethics agreement released Wednesday.Mr. Mnuchin also agreed to divest from his holdings in 43 different investments, including Goldman Sachs Group Inc. and several investment funds he has run.He also will step down from 42 different positions he holds.
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