mnuchin's bank. the president recently tweeted an allegation that this story was fake news because the elderly woman never actually lost her home. the ordeals that the one west for closure -- foreclosure machine put her through certainly was not fake news to up and others who were against this activity. while one west was putting thousands of homeowners through the nightmare of foreclosure, bank'schin used the money to make some pretty flashy investments in hollywood. in september 20 12, 1 west led a group of financial institutions 2012, onelished -- west led a group of financial institutions that established media,ely -- relativity which was led by ryan cavanaugh. accounts claim that mr. mnuchin and mr. cavanagh became great friends. bought a. mnuchin private jet together and travel to various film festivals around the world. they were even investing in real estate together. they put millions into a shell , which owns property in southern california. of 2014, mr. mnuchin decided to buy into mr. cava

mnuchin's bank. it begins with a lot of gory details of how one west industrialized the process of kicking people out of their homes and on to the streets, and it begins with the details of how mr. mnuchin enriched himself at the same time his foreclosure machine was running. as i described the financial crisis was a personal setback from which a lot of americans still have not recovered, but for mr. mnuchin, it wasn't exactly a setback at all. in fact, it was the deal of a lifetime. in march 2009, mr. mnuchin led a group of investors who bought independent yay mac bank, one of several banks that had been engulfed in crisis the year before. mr. mnuchin and his group got an unusually sweet deal from the federal deposit insurance corporation buying $23.5 billion worth of assets for less than $1.6 billion. indy mac was renamed one west bank and it opened up shop the very next day. as part of this sweetheart deal, mr. mnuchin got what's known as a shared loss agreement from the federal deposit insurance

mnuchin's bank. it begins with a lot of gory details of how one west industrialized the process of kicking people out of their homes and on to the streets, and it begins with the details of how mr. mnuchin enriched himself at the same time his foreclosure machine was running. as i described the financial crisis was a personal setback from which a lot of americans still have not recovered, but for mr. mnuchin, it wasn't exactly a setback at all. in fact, it was the deal of a lifetime. in march 2009, mr. mnuchin led a group of investors who bought independent yay mac bank, one of several banks that had been engulfed in crisis the year before. mr. mnuchin and his group got an unusually sweet deal from the federal deposit insurance corporation buying $23.5 billion worth of assets for less than $1.6 billion. indy mac was renamed one west bank and it opened up shop the very next day. as part of this sweetheart deal, mr. mnuchin got what's known as a shared loss agreement from the federal deposit insurance

mnuchin. so here tonight, not even a decade after the second-worst financial crisis in the united states history, we'll be holding a vote on whether steve mnuchin is a fit character to be secretary of treasury. what is particularly puzzling is not only the goldman sachs background and the contrast of the president's campaign promises, but also that this individual was a contributor to the predatory practices that nearly destroyed our economy in 2008 and is someone who made a fortune throwing struggling american families out of their homes and on to the streets. so i'm somewhat shocked we are here tonight and that some of my colleagues are considering voting to put a man in charge of our nation's financial system who played such a role in bringing it to its knees just a couple of years ago. let's remember the massive impact on american families. they lost jobs by the millions, the unemployment rate soared. they lost their retirement savings. and often they lost their homes. not just because the

mnuchin a huge sum of money. on may 29, 2015 mr. mnuchin quit the board. a few days later funds totallyer $50 million in cash -- totaling -- were swept back to onewest from several relativity operating accounts. one of those accounts was earmarked to pay guild expenses, salaries for everyday contractors and production tradespeople. that's what the nail and relativity his coffin and the studio declared bankruptcy. mr. mnuchin's adventure putting onewest money into relativity might've been a big mess, but it sure didn't do much damage to the banks bottom line. around the time relativity t crumbled him onewest was purchased by an even bigger group, the cit group, and a massive profit. mr. mnuchin and his investorsor originally bought the bank in 2009 for less than one point 6 million. in 2015 cit group audit from mr. mnuchin and his partners for 3.4 billion. in between, while tens of thousands of americans were going through this daily nightmare of losing their homes, the bank had paid out more than $1 billion in dividends to mr. mnuchin and others. buying on

mnuchin. mr. president, i'd like to remind my colleagues that despite the numerous concerns that i and others have had about secretary lew and the many significant disagreements that i had with president obama's agenda, i voted in favor of secretary lew's confirmation. on this very floor, i stated the following -- quote -- "i have always believed that the president -- any president -- regardless of party is owed a certain degree of deference when choosing people to work in his administration. therefore, though i personally would have chosen a different person for this position, i intend to vote in favor of mr. lew's confirmation." i wasn't alone. many other republicans also voted to confirm secretary lew despite serious reservations. in recognition that the president had a right to appoint who he wanted to as long as they were not out and out crooks and weren't people of unsavory representation. well, mr. lew was not either of those. my, how times have changed as is typically the case when a g

mnuchin disclosed more missing mnuchin real estate. an additional 95,000,000 $95 million in real estate holdings that had not been listed on his initial paperwork. the fact is, the committee had to take the time to ask the questions to track down these multimillion dollar propertiesl that mr. mnuchin with his undisclosed business relationships. i will say again, madam president, i am convinced that none of what i have describedr his undisclosed assets would if have ever would have been brought to life if it wasn't for the work of the committee investigators. yet, despite these efforts he still has never produced information requested by two members of the finance committee, senator casey and brown, concerning the one west h foreclosures. my view is, madam madam president this is anotheroundin. nominee who has the ethics alar. bell sounding. he has already misled the h public. he appears to be concealing information requested by members of this body. his claim to frame a cold staggering efficiency with which i just his bank booted preda

mnuchin? >> i'll go with mnuchin. perfect. >> just for the record so we clear it up and get it right. >> and steven. not steve. >> we have butchered it a few times through here. sir, i think the thing that's most important to the markets is what's happening with tax reform. yesterday president trump said we could expect to see a plan maybe the beginning to middle of march. he said it's very well finalized at this point. i just wonder, does it resemble the house plan? what can you tell us about the plan at this point? >> let me first say that our economic agenda, the number one issue is growth and the first, most important thing that will impact growth is a tax plan. so we are committed to pass tax reform. it will be very significant. it's going to be focused on middle income tax cuts, simplification, and making the business tax competitive with the rest of the world, which has been a big problem and a lot of reasons why companies are leaving and cash is sitting offshore. so that's really our focus. we want to get this

that has not been the case with the mnuchin rule. let me quote specifically what steve mnuchin said he said, and i quote, any reductions we have in upper income taxes would be offset by less deductions so there would be absolutely -- there would be no absolute tax cuts for the upper class. the fact of the matter is that already that promise from steve mnuchin is on the ropes. if you look at what the trump tax plan is all about, if you look at what republicans have advocated in the past with respect to the affordable care act, what you see is their attack legislation is a trojan horse to come up with new tax breaks for the most fortunate. i think that's why we wanted to gather today to make sure that the word got out that we have a different set of priorities. our priorities are two-fold. one, we're focused on working families. two, we keep our word. and i want to turn this over to senator casey and i thank senator schumer for asking me to join him. senator casey: i was struck by that video, hadn't seen the juxtaposition of those prom

that has not been the case with the mnuchin rule. let me quote specifically what steve mnuchin said he said, and i quote, any reductions we have in upper income taxes would be offset by less deductions so there would be absolutely -- there would be no absolute tax cuts for the upper class. the fact of the matter is that already that promise from steve mnuchin is on the ropes. if you look at what the trump tax plan is all about, if you look at what republicans have advocated in the past with respect to the affordable care their t you see is legislation is a trojan horse to come up with new tax breaks for the most fortunate. i think that's why we wanted to gather today to make sure that the word got out that we have a different set of priorities. our priorities are two-fold. one, we're focused on working families. two, we keep our word. nd i want to turn this over to senator casey and i thank senator schumer for asking me to join him. >> i was struck by that video, hadn't seen the juxtaposition of those positions. and when i went back

we heard that from mnuchin for sure. but i would also say at the same time we've seen better economic data points in manufacturing, in c&i loans, consumer confidence, inflation. the data has gotten better. corporate earnings are getting better. balance sheets are getting stronger. yes, a lot of this rally is trump but a lot of it is fundamental. it's not just u.s., kelly, it's also globally as well. >> yeah. >> so i think there's a lot you can pick and choose from and i think that, yeah, sure, i've been very much an advocate of the cyclical sectors like financials, materials, and industrials, but if you ask me where i'm putting my incremental dollars of late, it absolutely has been in health care because that sector has gotten extremely cheap and it does sound like replace, repeal, aca is probably going to maybe a little bit more back burner and so i think the stocks can have a catchup. yes, we've had absolutely a rolling sort of market where one day it's a cyclical, other days it's the reverse trade to the defensive. i

mnuchin has to say. lots of questions about the tax policy, we talked about whether the markets have moved on a perspective tax policy or not. the s&p 500 up about a point and a half. nasdaq looking to open slightly down

seems like this is a softening tone coming from steve mnuchin. figuring thatare there are some steps they can take behind the scenes come in front of the scenes. certainly steve mnuchin is following on something that seems appropriate when he says that he is waiting to see if he will determine if china is a currency manipulator. he is waiting for the treasuries april report. major trading partners. tohas to be done pursuant 2015 straight facilitation and trade enforcement act. how do you become labeled as a currency manipulator? it is very specific and very clear. you have to have a large and persistent trade surplus with the u.s. your current account surplus has to be running above 3% of your gdp, and you have to be conducting one-sided currency market intervention. what does this mean for china? right now they are violating one of those three. let's jump into the bloomberg. what you are looking at, the turquoise bars are the u.s. china bilateral trade deficit for the u.s., surplus for china. $31.5 billion in the latest month. that is where they

. >> the mnuchin effect. >> the mnuchin effect. >> the mnuchin rally. >> quick mnuchin rally. >> they keep mentioning tax reform and we keep going higher. >> the squawk quick-mnuchin-lee, sorken rally. positive sentiment again today. that would be ten straight. melissa, thanks for being here. >> pleasure to be here. >> we'll see where the day ends up. see you later today at 5:00. make sure you join us tomorrow. "squawk on the street" begins right now. >>> it will take a couple years to get growth, but we're committed in this administration and you can see this in the markets. you can see the stock market's up, you can see the dollar's up. there's a lot of confidence in the trump administration and in the desire to invest in the u.s. this is a very competitive place to do business. we got great companies. and you see that reflected in the markets. >>> treasury secretary steven mnuchin this morning on cnbc. good thursday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber at the new york stock exchange. markets reacting tobeck ki quick's intervi

mnuchin. >> you can read the one on the rig right. mine has gone the opposite direction. >> have a great evening. we will see you tomorrow. >> nightly business report has been funded in part by -- >> all it takes is a spark. one idea to take flight. the courage to seek the unknown. to innovate, disrupt, to move us all forward, to explore a different perspective. at nasdaq we connect the world, its ideas, its capital, its businesses. the people that drive global economy. the future isn't tomorrow, it's right now, all it takes is a spark. nasdaq. for several centuries, scotland was ruled from london. parliament hadn't met here since 1707. recently, the scots voted to bring their parliament home, and london didn't object. in the year 2000, edinburgh resumed its position as home of scotland's parliament. scotland's strikingly modern parliament building opened in 2004. the catalan architect enric miralles mixed bold windows, wild angles, and organic themes into a startling complex that would, as he envisioned, "surge from out of the rock a

steve mnuchin can help do more. he also has an important role to play in the effort to make our tax system simpler and more conducive to the kind of economic growth and job creation we should all want. it won't be easy to get that done. we need someone like steve mnuchin working with both parties to make it happen. the treasury nominee is smart, capable, and he's got impressive private sector experience. we need him confirmed as soon as possible so he can begin to tackle these challenges and reverse the last eight years of economic heartache. the presiding officer: under

august says treasury mnuchin. he admits that it's an ambitious timetable and as he says, it could slip to later this year. the big sticking point is the border adjustment tax, republicans in the house, they want it to pay for tax cuts, many in the senate are dead set against it. mnuchin says he's talking to both side and confident there

mnuchin. what struck me is i was sitting in the same committee room as our respected chairman, senator hatch. i'm sitting in the same room and i heard these two nominees lie to the committee. lie to the committee. not sort of -- sort of a trumpian lie. not kind of at the edge, sort of misspeak or kind of confuse things, but outright lie. senator mnuchin -- mr. mnuchin, he forgot, he forgot he had a $100 million investment, i believe, somewhere in the caribbean. i don't know if too many staff here or even of my fellow members who are better off than pmbers who are better off than he forgot he had $100 million investment somewhere in the caribbean. what are these two nominees -- then he told the committee he said his bank, 11 must that he was in charge of for a number of years, that they didn't do any robo signing. what are robles signings? one it's a way that his bank staff signed document after document very quickly without looking at those and ended up causing foreclosures in my state. hundre

steve mnuchin plays another blow to reflation trade. you will see dollar company lower, yields come lower, commodities trade lower end may even see -- may even feed into resilient equities. anna: how does the slowing to european assets? on the one hand, the trump stimulus and on the other hand, it is the risks around the european political calendar. mark: a big theme of the last week has been the rising political risk in france that has been wearing on european assets. the euro has been particularly week in the last week or so. and you are seeing steve mnuchin giving a fresh negative impulse to the dollar and yet the euro has been very weak. trendlineding up this , around 106.15. not only is it the downward trendline, but the level we opened the week. all of this negative news in europe, if euro-dollar can close, that will be a bullish sign. euro-dollar is the best to watch in this transition from european tress -- stress to u.s. stress. we have seen researching commodities of late. price comingre off. copper under pressure yesterday. a

mnuchin talked about the hopes to have this plan passed in august. are you starting to get worried this could get bogged down because the expectations are that this would have been sooner rather than 2018 impact. >> it's coming on the back of a decade of having very little fiscal spending. we could see some volatility in the middle of this year. but we think the tax deal gets done. we think the market can grind higher afterwards. trish require doesn't matter -- trish: it doesn't matter when it gets done as long as it's done within a reasonable amount of time? >> it's only one component of some of the change we are seeing in washington. we will be on the lookout for infrastructure initiatives and potential changes to regulation. we are hearing a lot about the fed chairman supervisor, and sovment -- and some of the other regulatory bodies. there is only one components of this change. the effect it might have on retailers, the what it's currently being pro poatds in -n the house, you would not have the opportunity to deduct your expenses. if you think a

mnuchin: mr. president, i want to thank you for this extraordinary opportunity to serve you a into the cup the secretary of treasury. it has been a great experience to travel around the country with you for the last year, seeing so many parts of the country and meeting hundreds of business leaders. i share your economic vision and goals and am committed to working with you to connect policies to grow the economy and make better economic opportunities for all americans. i would also like to thank vice president pence for the honor of swearing me in and for all of your support in this job. there have been so many people that have helped me in this process and i want to thank them all as they helped prepare me for the role of secretary and i want to thank them. it is a great honor to follow in the footsteps of alexander hamilton and so many great treasury secretaries. i look forward to working with the entire great staff of the treasury department. using the fullto powers of this office to create mor

not only from trump, but also from steven mnuchin. the u.s. treasury secretary was speaking to cnbc and seemed to be much more noncommittal about the president's long-standing pledge to label china a currency manipulator. this is what he had to say. >> we have a process within treasury where we go through and look at currency manipulation across the board. we'll go through that process. so we'll do that as we have in the past. we're not making any judgments until we continue that process. >> well, at the foreign mainisty in beijing today, the chinese welcomed mnuchin's warm response. >> translator: mnuchin is just new into office. we look forward to cooperation with him to push forward u. u.s./china cooperation and trade. >> reporter: president trump just a couple hours later told reuters that the chinese were the grand champions of currency manipulation. the foreign ministry had a response for that saying that china is a grand champion, just maybe not way the president meant it. >> translator: if you want to label china as a grand champion, i

one more thing i would like to mnuchin says he is looking closely at a border tax.tment task -- mnuchin this is very important to paul ryan, the republican key on the tax reform plan because this would raise the revenues that would help to pay for the kinds of tax tax cuts the republican m and trump want to make. haidi: a lot coming out overnight in terms of putting together the jigsaw pieces in terms of what the u.s. policy looks like. kathleen hays in new york. let's get the first word news with haslinda amin. haslinda: jeff sessions has obama administration order ending the use of private prisons. in a memo released thursday, sessions directed the justice department to return to its previous approach. the move comes as the trump administration pledges to crack down on illegal immigration. the bureau of prisons says most inmates at private facilities aliens."inal u.s. bancorp says ceo richard davis is not interested in joining the federal reserve. sources told u.s. president trump he was being considered openings. three however, bancorp says davis is focused on a smooth transition whe

mnuchin: mr. president, i want to thank you for this extraordinary opportunity to serve you and the country as the secretary of treasury. it has been a great experience to travel around the country with you for the last year, seeing so many parts of the country and meeting hundreds of business leaders. i share your economic vision and goals and am committed to working with you to connect enact in our -- to policies to grow the economy and make better economic opportunities for all americans. i would also like to thank vice president pence for the honor of swearing me in and for all of your support in this job. there have been so many people that have helped me in this process and i want to thank them all as they helped prepare me for the role of secretary and i want to thank them. it is a great honor to follow in the footsteps of alexander hamilton and so many great treasury secretaries. i look forward to working with the entire great staff of the treasury department. i am committed to using the f

a lot of it came out during mulvaney's hearing and mnuchin's hearing, and mulvaney himself and mnuchin actually have very strong contrasts in how they would approach a looming debt crisis. mnuchin's words are something that market participants would like to hear, that he would not want to broach the ceiling, whereas mulvaney seems to be a bit more brazen. i guess we have to wait to hear from the president on what the approach will be. this will be a big topic in a few weeks. scarlet: a lot of the treasury department to tackle. thank you so much. coming up, we hear from the former aig ceo on reaching a settlement with the state of new york, putting an end to one of the most high profile cases on wall street that has dragged on for more than a decade. this is bloomberg. ♪ ♪ scarlet: former aig ceo hank greenberg reached a settlement with new york, putting an end to a high-profile case. he spoke with bloomberg anchor betty liu today. has been going on for too long, 12 years. of your life. >> lots of people spending a lot of money. think about that. we settled for $9 million. scarlet:

steve mnuchin now officially u.s. treasury secretary. the senate confirmed him yesterday despite objections by democrats who charge mnuchin have made much of his fortune by closing a struggling homeowners. west virginia democrat joe mnuchin joining all 52 republican in the affirmative. apple stock is driving high once again. the stock closed up 133.29. after record close in 2015. goldman sachs is pending it is hot, going higher. investors have high hopes that the 10th anniversary of iphone later this year will be ahead. u.s. stock market futures after records across the board yesterday. dow, nasdaq and s&p slightly lower. right now tout features 1017. s&p futures do. i want to know if it was a big spender for you conserving cash for ballantine state. lauren: today's ballantine state for ladies or gentlemen i forgot. chocolate, flowers, diamonds, expensive nights out are sure to steal hearts but about cost? let's take a look. >> love is a fruitful business, especially leading up to the special day in february. >> it's not uncommon to spen

steven mnuchin put producer stamp. he financed all three hit movies and dozens more, inlewding the lego batman movie. he is leaving leaving hollywood with the scrutiny in wash top as treasury secretary. why leave the cushy hollywood life for more scrutinized life in washington? former ubs chairman, fox business contributors, robert wolf. stay in l.a. stay with the great weather. he has made today touch. he is brilliant man. why is he doing this? >> i think his background is wall street. that is where he made his name and his money. i think what he is doing in hollywood and his other entrepreneurial things is great but when you're on wall street the golden trophy and super bowl trophy being a patriots guy is treasury sector if you want to go into the public sector. as we used to say for years only signature matters on the dollar bill and the signature on the dollar bill is the treasury secretary. i think it's a great move for him. look at him, gary cohn, two smart business guys. this democrat is for dodd-frank saying i

mnuchin will be confirmed later today. looking ahead to the work needs to do, it has really been gerry cohen, former president of goldman sachs, doing the heavy lifting when it comes to economic policy. gary cohn ask chairman of the national economic council is following a long line of tradition, if you will, of people in that role in both republican and democratic administrations in terms of how they lead the pack, if you will, in crafting economic policy. both gary cohn in stephen mnuchin have met together and sometimes separate with the house financial services chairman on a variety of issues, including things like walking back portions of dodd-frank, and getting started on tax reform. during stephen mnuchin's confirmation hearing, he said that he was going to be the point person on tax reforms. on friday, gary cohn said he would be the point person on aviation reform. different economic agenda items and merging in terms of who will be leading what. but the sources i speak with on that these arey two people who, as form

my pick is mnuchin's metlife job. it's pretty niche. this relates to the fact that insurance companies were included in the too big to fail bracket. they appealed. they won. then the obama administration and under jack lew reappealed that decision. this article suggests this would be an easy thing for mr. mnuchin to drop, to drop the obama administration appeal against insurance companies being excluded from too big to fail. the trump administration has said it wants to revisit obama era banking rules, but that job will be much easier without judicial precedents that enforce the obama treasury's interpretation of vague statutory language. mr. mnuchin and jeff sessions should get on the case quickly. so this article, which i have to say the "wall street journal" has written about it quite often in an accurate way, suggests the first and easiest thing for mr. mnuchin to do in terms of financial regulation is to drop this appeal. already that would start the ball rolling of some sensible and easy to do financial deregulation without the ne

mnuchin talked about the hopes to have this plan passed in august. are you starting to get worried this could get bogged down because the expectations are that this would have been soor rather than 2018 impact. >> it's coming on the back of a decade of having very little fiscal spending. we could see some volatility in the middle of this year. but we think the tax deal gets done. we think the market can grind higher afterwards. trish require doesn't matter -- trish: it doesn't matter when it gets done as long as it's done within a reasonable amount of time? >> it's only one component of some of the change we are seeing in washington. we will be on the lookout for infrastructure initiatives and potential changes to regulation. we are hearing a lot about the fed chairman supervisor, and sovment -- and some of the other regulatory bodies. there is only one components of this change. the effect it might have on retailers, the what it's currently being pro poatds in -n the house, you would not have the opportunity to deduct your expenses. if you think abo

mnuchin: mr. president, i want to thank you for this extraordinary opportunity to serve you and the people as the secretary of treasury. it has been a great experience to travel around the country with you for the last year, seeing so many parts of the country and meeting hundreds of business leaders. i share your economic vision and goals and am committed to working with you to connect -- enact policies to grow the economy and make better economic opportunities for all americans. i would also like to thank vice president pence for the honor of swearing me in and for all of your support in this job. there have been so many people that have helped me in this process and i want to thank them all as they helped prepare me for the role of secretary and i want to thank them. it is a great honor to follow in the footsteps of alexander hamilton and so many great treasury secretaries. i look forward to working with the entire, great staff of the treasury department. i am committed to using the full powers

>> mnuchin? that's a great question. i don't know. that's the problem with the trump administration. neil: i think you know and you're not saying. >> i will come back at 1:30 with a pumpkin latte. neil: why can't you do it? >> it's like a laxative just so you know. neil: i'm looking at this and thinking -- >> i don't know. neil: you're right, it's impossible. >> i don't know where we are going right now. neil: these are the nasty emails i get. i swear they come from people at cnbc. >> i don't think you look constipated. neil: thank you very much, you're coming back. >> thank you. neil: they with live with this being pushed back a little bit, they can live with in this case of corporate tax relief not being as big as they thought. they like what they are hearing out of this president, the message and even controversies around him, i always say the guys are not red or blue much like our philosophy, they are about making money. the companies can make a lot of money, the shareholders can make a lot of money and that's the great unifier, w

steve mnuchin has been confirmed in what has been three weeks. customs enforcement officials are targeting known criminals. nearly 700 arrests made in raids in 12 states. president trump applaud the operation during a news conference with canadian prime minister trudeau. >> we are actually taking people that are criminals, very hardened criminals in some cases with a tremendous track record of abuse and problems. and we are getting them out, and that's what i said i would do. lou: but the hyperventilation from the national left-wing media has been relentless. >> a stern warning to all the 11 million undocumented living in the united states. most them law-biding and paying taxes and working, that they are no longer safe to stay here. >> hundreds have been arrested in whatted administration says is targeting criminals. >> targeted raids round up hundreds of foreign nationals. is the new administration behind the latest crackdown? lou: not sensationalistic in any form, did you think? in california 150 to 160 illegals arrested had felony conviction.

here's how steven mnuchin responded to the criticism. since i was first nominated to serve as treasury secretary, i have been maligned as taking advantage of others‘ hardship in order to earn eight park. nothing could be further from the truth. —— earn a buck. you‘re in the summer of 2008 i saw the devastation caused by the housing crisis. when i watched people line up to get their savings out of indie mac bank. it was the middle of the financial crisis and despite the global panic, i saw a way to save the bank. well, let‘s stay with the story. doctor stephanie is a vertical risk a nalyst doctor stephanie is a vertical risk analyst expert. great to see you again. thank you for coming in at this horrible a la. he saw a way to save the bank. he made a pretty penny, didn‘t he? save the bank. he made a pretty penny, didn't he? it is estimated he made $380 million from the profit of that sale, personally. personally, 0k. with the 36,000 that sale, personally. personally, ok. with the 36,000 homes that they foreclose. that is 36,00

on capitol hill, the senate has voted 53-47 to confirm steven mnuchin to be the treasury secretary. mnuchin is a former goldman sachs executive who has faced widespread criticism about his bank, onewest, which has been called a foreclosure machine. under mnuchin's ownership, the bank foreclosed on 36,000 families, particularly elderly residents trapped in reverse mortgages. it was also accused of racially discriminatory lending practices. on monday, oregon democratic senator ron wyden criticized mnuchin's role in the housing crisis. >> a lot of people in those communities cast their votes in november based on a trump message that real change was coming. heads are going to be spending tonight, the news from the senate. in just a few minutes, this body will vote to confirm as treasury secretary steven mnuchin, known by many as the foreclosure king. amy: mnuchin is one of at least six of trump's top advisers and cabinet nominees who are tied to goldman sachs. the list also includes -- national economic council director gary cohn, trump chief strategist stephen bannon, securities and ex

i know something about steve mnuchin. as a matter of fact, i was contacted and asked to sit in on some efforts that were being toe by nonprofits to get him make real investments in the community, rather than simply being known as the foreclosure king -- having foreclosed on about 36,000 families and homes. they were asking him to support the work of the nonprofits, and asking him to make up for the problems he had caused in communities with these foreclosures. many of the homes that belonged in his portfolio were not kept up. the grass grew up, the windows were boarded up. theelped to drive down value of other homes in the area. he is guilty of redlining. and not having the bank make loans in minority community's. he comes with a bad reputation. and just to note, he bought those loans from indymac. he got them, i believe, very cheaply. then made over $1 billion on them. that is quite disturbing. this is what we're going to have . as treasury secretary, he would be the one to convene all of the agencies dealing with financ

after delaying the nominee for steve mnuchin and price, there's a list of demands now. manu raju is hot on the story. good morning. >> good morning, carol. this letter just obtained by cnn, sent by the senate finance committee, democrats saying they're not going to show out at a key committee vote, trying to deny a vote from happening on steve mnuchin's nomination to be treasury secretary and tom price to lead health and human services department, laying out a series of demands, demands that include congressman price is, quote, inaccurate and misleading answers to questions about his stock purchases. that's according to the democrats' words, as well as they say mr. neil gorsuch chin's inaccurate known as robo signing when steve mnuchin was working with one west bank, issue involving foreclosures. they believe on these two issues, mn. >>>chin and price misled the committee during sworn testimony. republicans think democrats are playing political gains to try to deny donald trump from getting his cabinet in place which is one reason why democrats are not showing up at the

secretary mnuchin. >> pleasure to be here on my first busy day in office. yesterday, the department of, the department of treasury's office of foreign asset control, known as opec demonstrated penicillin l. islami as a specially designated narcotics trafficker pursuant to the foreign narcotics kingpin designation act for playing a significant role in international narcotics trafficking. the primary front man, venezuelan national some are lopez costello was also designated. these designations following multiyear investigation into criminal activities and president trump appreciates the hard work put into this case by the department of treasury, department of state as well as the national security council and many people throughout law enforcement. following the signing of the executive order last week, and to break the back of criminal drug cartels committee action demonstrates the president's seriousness about fighting the scorch of drugs in the united states. in addition, he wants to send a clear message to the people of venezuela that america stands with

response. >> translator: secretary mnuchin is new into office. we look forward to cooperation with him to push forward china/u.s. economic cooperation and trade. >> reporter: despite mnuchin's moderate stance, president trump a few hours later told reuters that the chinese were the grand champions of currency manipulation. the foreign ministry spokesperson said that china is a champion just maybe not the way the president meant it. >> translator: if you want to label china as a grand champion, indeed china is a grand champion, but we are a grand champion in economic development. >> reporter: the ministry spokesman repeated several times during the briefing that it wasn't beijing's intention to devalue the currency and get a trade advantage. instead he said the focus is to stabilize the yuan and press ahead with currency reforms. for "nightly business report," i'm eunice yun in beijing. >>> still ahead, devouring start-ups. why big food companies are looking to maller ones to find growth. smaller ones to find growth. >>> jcpenney plans to close as

here's how steven mnuchin responded to the criticism. since i was first nominated to serve as treasury secretary i have been maligned as taking advantage of others‘ hardship in order to earn a buck. nothing could be further from the truth. during the summer of 2008 i saw the devastation that was caused by the housing crisis, when i watched people line up to get their life's savings out of indymac bank. it was the middle of the financial crisis, and despite the global panic i saw a way to save the bank. professor inderjeet parmar, international politics, city university, is with me. first, let me finish my twitter question. how would you feel about jumping intoa question. how would you feel about jumping into a pilotless drone? would you fly? let us know, use the hashtag. let's get stuck into this story. what is going on with donald trump? you can never guess, but he said he is going to clean up the swamp, stop wall street from ruling, and one of the most importantjobs he has placed a long term big wall street man. absolutely, he has go

on capitol hill, the senate has voted 53-47 to confirm steven mnuchin to be the treasury secretary. mnuchin is a f former goldman sachs execututive who has faced widespread criticism about his bank, onewest, which has been called a foreclosure machine. under mnuchin's ownership, the bank foreclosed on 36,000 families, particularly elderly residents trapped in reverse mortgages. it was also accused of racially discriminatory lending practices. on monday, oregon democrcratic sesenator ron wyden crititicized mnmnuchin's role in the housing crisis. >> a lot of people in those communities cast their votes in november based on a trump message that real change was coming. heads are going to be spending tonight, the news from the senate. in just a few minutes, this body will vote to confirm as treasury secretary steven mnuchin, known by many as the foreclosure king. amy: mnuchin is one of at least six of trump's top advisers and cabinet nominees who are tied to goldman sachs. the list also includes -- national economic council director gary cohn, trump chief strategist stephen bannon, secur

steven mnuchin as treasury secretary and david shulkin to run the department of veterans affairs paid the vote on mnuchin is expected to be much closer as credits take aim at his ties to wall street and it pick for the supreme court will also make the rounds today as he did last week, judge neil gorsuch meeting from senators from both sides of the aisle to try to make his case for confirmation. for all of this, our chief congressional correspondent mike emanuel. >> good afternoon. this week should be off to a fast start with two senate confirmations this evening and then one tomorrow for small business administration. the senate has been back in session for about an hour or so this week, all democrats so far complaining about steven mnuchin to be the next treasury secretary, expect republicans to get up in support of his nomination later this afternoon. this in a democratic leader took aim a short time ago. >> this slate of nominees we will soon consider including steven mnuchin for treasury, andrew puzder for labor, mick mulvaney for omb show that yawning gap between the president's