politics

U.S. Treasury nominee Mnuchin questioned on offshore tax havens, dollar's long-term strength

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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.

So, he disclosed those things, and was thus attacked.

This chap seems like he'll be great.

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Mnuchin has been known as the Foreclosure King when, aftermath of the Great Recession, his company OneWest stood out compared to other lenders by being responsible for 39% of all foreclosures nationwide from 2009 through late 2014, even though it only serviced about 17% of the total loans.

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The US$ will remain strong as long as OPEC prices oil in dollars, creating an artificial demand for the currency and thus propping it up. This is the reason for the fealty of successive US governments to the Al Saud clan - that, and the billions in sales of US military hardware to the Saudi govt - so both sides can skim money from the contracts.

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If his boss won't reveal his tax returns, his mindset must be "why should I?" All shroud in secrecy until exposed.

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