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Treasury nominee Mnuchin discloses holdings, pledges divestments if confirmed

James Rufus Koren, Los Angeles Times on

Published in News & Features

If he is confirmed as U.S. Treasury secretary, Los Angeles banker and film financier Steven Mnuchin will sell his stakes in numerous hedge funds, investment vehicles and companies, including AT&T, Microsoft and Goldman Sachs, the firm where he started his career.

In a financial disclosure report released Wednesday by the federal Office of Government Ethics, Mnuchin detailed his holdings in or income from hundreds of entities, funds, stocks and other assets including real estate, artwork and a plane.

In a letter accompanying the report, Mnuchin said he would sell his holdings in 43 companies and hedge funds within 90 days of his confirmation.

The holdings Mnuchin plans to divest from include more than $1 million in shares of Warren Buffett's Berkshire Hathaway Inc., more than $1 million in Goldman Sachs shares and $50 million in shares of CIT Group, the company that in 2015 bought Pasadena's OneWest Bank from Mnuchin and other investors.

Mnuchin said he would sell another of his holdings, an interest in Ratpac-Dune Entertainment Holdings, within 120 days of confirmation.

In his letter, Mnuchin also said he would step down from his positions with 42 different companies and entities -- including some nonprofit boards -- if he is confirmed.

Mnuchin's confirmation hearing has not yet been scheduled. The former bank boss is expected to face tough questions from Democratic lawmakers about his time at OneWest, which has drawn criticism from bank regulators and advocacy groups over its aggressive foreclosure practices.

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