JOURNAL ARTICLE

How Trump's Ex-Treasury Chief Landed 2024's Highest-Profile US Bank Deal.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Levitt, Hannah; Bradham, Bre 3 of 3

Abstract

Steve Mnuchin, former Treasury secretary under Donald Trump, and his firm Liberty Strategic Capital have led a group of investors in injecting over $1 billion into New York Community Bancorp (NYCB), effectively taking control of the struggling lender. The deal has caused NYCB's stock to soar, potentially earning the investors billions more. Mnuchin and his ally, former Comptroller of the Currency Joseph Otting, have a history of controversial deals, including the purchase of failed mortgage lender IndyMac after the 2008 financial crisis. The plan for NYCB is to diversify its portfolio and reduce its concentration in commercial real estate. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/03, pN.PAG
  • Document Type:Interview
  • Subject Area:Biography
  • Publication Date:2024
  • Accession Number:175916388
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