Donald Trump’s pick for head of the Department of Treasury, former Goldman Sachs executive Steve Mnuchin, decided to leave out $100 million in assets on the financial disclosure form he submitted, as is required for cabinet nominees. Sen. Elizabeth Warren (D-Mass.) just tweeted stunning news about Mnuchin and it’s going viral.
According to the Washington Post, Mnuchin’s missing $100 million is attributed to a corporation in the Cayman Islands, which is perhaps the most well-known overseas tax haven in the world.
“The reason nominees are allowed to amend their disclosure forms is to ensure that all the information provided is correct,” Mnuchin spokeswoman Tara Bradshaw said. “That is why we have provided the appropriate amended forms to the committee.”
Bradshaw told the Washington Post that the omission of the Cayman corporation’s assets was an oversight, and that the paperwork has since been changed to reflect the $100 million.
Warren tweeted out a comparison of Mnuchin’s excuse for omitting his wealth to his bank’s aggressive foreclosure practices.
One of the people Warren could be talking about is 90-year-old Ossie Lofton. She lost her home over a 27-cent payment error. According to Politico, a subsidiary of Mnuchin’s OneWest bank sent Lofton an insurance bill for $423.30, prompting Lofton to send a check for $423. The bank then sent her a bill for $0.30, upon which she mailed a check for $0.03. Despite the difference amounting to a little over a quarter, OneWest nonetheless began the foreclosure process.
Sen. Chuck Schumer (D-N.Y.) made a statement Thursday. “Mr. Mnuchin’s failure to disclose his Cayman Islands holdings just reeks of the swamp that the President-elect promised to drain on the campaign trail,” Schumer said Thursday. “In nominee after nominee, [Republicans are] tolerating a dramatically lower bar for ethical standards, something Washington and America will soon regret.”
So much draining the swamp.