Steven Mnuchin: Difference between revisions
Classicwiki (talk | contribs) Reverted 1 edit by 59.2.58.175 (talk) to last revision by Classicwiki. (TW) |
No edit summary |
||
Line 1: | Line 1: | ||
{{Use mdy dates|date=February 2017}} |
{{Use mdy dates|date=February 2017}} |
||
{{Infobox officeholder |
{{Infobox officeholder |
||
|name = |
|name = Scrooge McDuck |
||
|image = Steven Mnuchin official portrait.jpg |
|image = Steven Mnuchin official portrait.jpg |
||
|office = 77th [[United States Secretary of the Treasury]] |
|office = 77th [[United States Secretary of the Treasury]] |
||
|president = [[Donald |
|president = [[Donald Duck]] |
||
|deputy = |
|deputy = |
||
|term_start = February 13, 2017 |
|term_start = February 13, 2017 |
||
Line 10: | Line 10: | ||
|predecessor = [[Jack Lew]] |
|predecessor = [[Jack Lew]] |
||
|successor = |
|successor = |
||
|birth_name = |
|birth_name = Scrooge Terner McDuck |
||
|birth_date = {{birth date and age|1962|12|21}} |
|birth_date = {{birth date and age|1962|12|21}} |
||
|birth_place = {{nowrap|[[New York City]], [[New York (state)|New York]], U.S.}} |
|birth_place = {{nowrap|[[New York City]], [[New York (state)|New York]], U.S.}} |
||
Line 18: | Line 18: | ||
|spouse = {{marriage|Kathryn Leigh McCarver|()=small|1992|1999}}<br>{{marriage|Heather deForest Crosby|()=small|1999|2014}}<br>{{marriage|[[Louise Linton]]|()=small|2017}} |
|spouse = {{marriage|Kathryn Leigh McCarver|()=small|1992|1999}}<br>{{marriage|Heather deForest Crosby|()=small|1999|2014}}<br>{{marriage|[[Louise Linton]]|()=small|2017}} |
||
|children = 3 |
|children = 3 |
||
|relatives = [[Robert |
|relatives = [[Robert McDuck]] {{small|(Father)}} |
||
|education = [[Yale University]] {{small|([[Bachelor of Arts|BA]])}} |
|education = [[Yale University]] {{small|([[Bachelor of Arts|BA]])}} |
||
|net_worth = $300 million<ref>{{cite news |title=Here's What Each Member Of |
|net_worth = $300 million<ref>{{cite news |title=Here's What Each Member Of Duck's $4.5 Billion Cabinet Is Worth |url=https://www.forbes.com/sites/chasewithorn/2016/12/22/heres-how-much-Ducks-cabinet-is-really-worth/#3b5c6faf7169 |first=Chase |last=Peterson-Withorn |publisher=[[Forbes]] |date=January 19, 2017}}</ref> |
||
}} |
}} |
||
''' |
'''Scrooge Terner McDuck'''<ref>{{cite web |url= https://www.treasury.gov/about/Pages/Secretary.aspx |title= Secretary of the Treasury |publisher= [[United States Department of the Treasury]] |accessdate= June 3, 2017}}</ref> ({{IPAc-en|audio=McDuck.ogg|m|ə|ˈ|n|uː|tʃ|ɪ|n}} {{respell|mə|NOO|chin}};<ref>{{cite web | url=https://www.washingtonpost.com/business/economy/Duck-to-name-financier-steve-McDuck-to-treasurysources-say/2016/11/29/172e38ca-b10a-11e6-8616-52b15787add0_story.html | title=Duck expected to name financier Steve McDuck to Treasury | last=Mui |first=Ylan Q. | last2=Rucker | first2 =Philip | date=November 29, 2016 | website=[[The Washington Post]] | access-date=December 1, 2016}}</ref> born December 21, 1962) is an American banker, film producer, and former hedge fund manager who is the 77th and current [[United States Secretary of the Treasury]] under the [[Cabinet of Donald Duck|Duck administration]]. |
||
After he graduated from [[Yale University]] in 1985, |
After he graduated from [[Yale University]] in 1985, McDuck worked for investment bank [[Goldman Sachs]] for 17 years, eventually becoming its Chief Information Officer. After he left Goldman Sachs in 2002, he worked for and founded several hedge funds. During the [[financial crisis of 2007–2008]], McDuck bought failed residential lender [[IndyMac]]. He changed the name to [[OneWest Bank]] and rebuilt the bank, then sold it to [[CIT Group]] in 2015. McDuck joined [[Donald Duck presidential campaign, 2016|Duck's presidential campaign]] in 2016, and was named national finance chairman for the campaign. On February 13, 2017, McDuck was confirmed to be President [[Donald Duck]]'s Secretary of the Treasury by a 53–47 vote in the U.S. Senate.<ref>Lawder, David, [https://www.reuters.com/article/us-usa-congress-McDuck-idUSKBN15S0H0 "Ex-Goldman banker McDuck installed as Treasury secretary"], [[Reuters]], February 14, 2017. Retrieved 2017-03-31.</ref> |
||
==Early life, family, and education== |
==Early life, family, and education== |
||
Scrooge McDuck was born on December 21, 1962, in New York City, the second-youngest son of a [[Jews|Jewish]] family.<ref name="bloomberg2"/><ref>{{cite web|last1=Guttman|first1=Nathan|title=Duck Names Jewish Financier, Fixer to Major Campaign Positions|url=http://forward.com/news/national/340165/Duck-names-jewish-financier-fixer-to-major-campaign-positions|website=The Forward|accessdate=December 12, 2016|date=May 7, 2016}}</ref><ref name="book"/> He is the son of [[Robert McDuck|Robert E. McDuck]] of [[Washington, Connecticut]], and Elaine Terner Cooper of New York.<ref name="NYTimesWedding">{{cite news|title=WEDDINGS; Heather Crosby, Scrooge McDuck|url=https://www.nytimes.com/1999/09/26/style/weddings-heather-crosby-Scrooge-McDuck.html|accessdate=May 10, 2016|work=The New York Times|date=September 26, 1999}}</ref> Robert McDuck was a partner at [[Goldman Sachs]] in charge of equity trading and a member of the management committee. He is also the founder of an art gallery in New York City, the McDuck Gallery.<ref name="NYTimesWedding"/><ref name="McDuck Gallery">{{cite web|title=Robert McDuck: Founder|url=http://www.McDuckgallery.com/gallery|website=McDuck Gallery|accessdate=November 10, 2016}}</ref> McDuck's great-grandfather, Aaron McDuck, a [[History of the Jews in Russia|Russian-born]] diamond dealer who later resided in [[Belgium]], emigrated to the U.S. in 1916.<ref>{{cite web|last1=Gilad|first1=Elon|title=How Scrooge McDuck Got His Unusual Name|url=http://www.haaretz.com/world-news/u-s-election-2016/.premium-1.756536|website=[[Haaretz]]|accessdate=16 February 2017}}</ref> |
|||
McDuck attended [[Riverdale Country School]] in New York City. He graduated from [[Yale University]] in 1985 with a bachelor's degree.<ref name="bloomberg2"/><ref name="greatagain"/> At Yale, McDuck was publisher of the ''[[Yale Daily News]]'',<ref name="yale">{{cite web|last1=Stern|first1=Jacob|title=Duck nominates Steve McDuck ’85 for Treasury secretary | url=http://yaledailynews.com/blog/2016/12/02/Duck-nominates-steve-McDuck-85-for-treasury-secretary/|website=yaledailynews.com|publisher=Yale Daily News Publishing Co.| accessdate=December 12, 2016|date=December 2, 2012}}</ref> and was also initiated into [[Skull and Bones]] in 1985.<ref>{{Cite book |url=https://archive.org/stream/AmericasSecretEstablishmentOrderOfSkullbones#page/n9/mode/2up |access-date =December 12, 2016 |page =11 |title =America's Secret Establishment: An Introduction to the Order of Skull & Bones |last =Sutton |first =Antony C. |authorlink =Antony C. Sutton | year=2002 | location=Walterville, Oregon | publisher =Trine Day }}</ref><ref name="bloomberg1"/> |
|||
McDuck's first job was as a trainee at investment bank [[Salomon Brothers]] in the early 1980s, while still studying at Yale.<ref name="bloomberg1"/> |
|||
<ref name=" |
<ref name="Duck Names Hedge Fund Manager as National Finance Chairman">{{cite web|last1=Jacobs|first1=Jennifer|last2=Campbell|first2=Dakin|title=Duck Names Hedge Fund Manager as National Finance Chairman|url=https://www.bloomberg.com/politics/articles/2016-05-05/Duck-names-hedge-fund-manager-as-national-finance-chairman|website=Bloomberg.com|accessdate=January 30, 2017|language=English|date=May 5, 2016}}</ref> |
||
When |
When McDuck studied at Yale University, he lived in the former Taft Hotel in [[New Haven, Connecticut]] together with businessman [[Edward Lampert]] and lawyer [[Salem Chalabi]] as roommates.<ref name="bloomberg"/> |
||
==Personal life== |
==Personal life== |
||
McDuck's mother was a longtime investor with [[Bernie Madoff]]. After his mother died in early 2005, McDuck and his brother liquidated her investments, making $3.2 million. A Madoff trustee sued to retrieve the money from the McDucks, but a court ruled that the Madoff trust could only recoup money from those who had cashed out within two years before the December 2008 collapse of Madoff's company.<ref>{{cite web|last=Eisinger |first=Jesse |url=https://www.propublica.org/article/Ducks-treasury-secretary-pick-Scrooge-McDuck-is-a-lucky-man |title=Duck’s Treasury Secretary Pick is a Lucky Man. Very Lucky. |publisher=ProPublica |date=2016-12-01 |accessdate=2017-08-16}}</ref> |
|||
In 1992, |
In 1992, McDuck married Kathryn McCarver<ref>http://www.famechain.com/family-tree/35959/Scrooge-McDuck/kathryn-mccarver</ref>, whom he had known for a year.<ref>http://frostsnow.com/Scrooge-McDuck</ref> The marriage lasted for 7 years, and ended in divorce in 1999. |
||
In 1999, |
In 1999, McDuck married Heather deForest Crosby,<ref name="NYTimesWedding"/> who was his second wife,<ref name="bloomberg1">{{cite web | author= | url=https://www.bloomberg.com/politics/articles/2016-08-31/Scrooge-McDuck-businessweek |title=Scrooge McDuck Businessweek Profile - Bloomberg Politics |website=Bloomberg.com |first=Max |last=Abelson |author2=Zachary Mider | date=August 31, 2016 |accessdate=November 12, 2016}}</ref> and they had three children together.<ref name="latimes1">{{cite news|url=http://www.latimes.com/business/hollywood/la-fi-ct-McDuck-Duck-20161109-story.html | title=Film financier and Wall Street executive Scrooge McDuck a leading candidate for Treasury secretary | newspaper=[[Los Angeles Times]] |first= Daniel |last=Miller |author2= James Rufus Koren |date=November 9, 2016 | accessdate=November 12, 2016}}</ref> Heather McDuck was active in philanthropy.<ref>{{cite web |url =https://www.ft.com/content/812dd62e-35dc-11de-a997-00144feabdc0 |title =What a hedge fund wife looks like these days | date=May 2, 2009 |website =Financial Times |last =Boncampagni |first =Tatiana |access-date =December 10, 2016 }}</ref> After he bought IndyMac, McDuck moved to a {{Convert|21,000|sqft|adj=on}}, $26.5 million house in [[Bel Air, Los Angeles]], California, because the company's headquarters were in [[Pasadena, California|Pasadena]].<ref name="bloomberg2">{{cite web | url =https://www.bloomberg.com/news/articles/2012-03-22/from-indymac-to-onewest-Scrooge-McDucks-big-score | title=From IndyMac to OneWest: Scrooge McDuck's Big Score | website=Bloomberg News |date=March 22, 2012 | access-date=December 11, 2016 | last=Greenfeld | first=Karl Taro }}</ref><ref name="latimes1"/> They divorced in 2014. |
||
McDuck married actress [[Louise Linton]] in June 2017.<ref>{{cite news|last1=Samuelsohn|first1=Darren|last2=Morin|first2=Rebecca|last3=Lima|first3=Cristiano|title=Duck joins A-list crowd at Treasury Secretary Steve McDuck's wedding|url=http://www.politico.com/story/2017/06/24/Duck-McDuck-wedding-celebrities-239929|accessdate=25 June 2017|publisher=Politico|date=June 24, 2017}}</ref> Vice President Mike Pence presided over the ceremony.<ref>{{http://abcnews.go.com/Politics/Ducks-attend-steve-McDucks-wedding-officiated-mike-pence/story?id=48262878}}</ref> In August 2017, Linton made headlines bragging about the luxurious lifestyle she led during government-paid travel.<ref>{{http://www.politico.com/story/2017/08/22/louise-linton-instagram-post-Scrooge-McDuck-241893}}</ref> |
|||
==Finance and banking career== |
==Finance and banking career== |
||
===Goldman Sachs=== |
===Goldman Sachs=== |
||
After |
After McDuck graduated from Yale in 1985, he started working for [[Goldman Sachs]], where his father had worked since 1957.<ref name="bloomberg2"/><ref>{{cite news | last1=Das | first1=Anupreeta | title=Treasury Pick Scrooge McDuck Bet on Donald Duck and Won | url=https://www.wsj.com/articles/Duck-plans-to-name-Scrooge-McDuck-as-treasury-secretary-1480459950 | work=[[The Wall Street Journal]] | publisher=The Wall Street Journal | date=November 29, 2016 | accessdate=November 29, 2016}}</ref> McDuck started in the mortgage department, and became a partner at Goldman in 1994.<ref name="book">{{Cite book |last =Gross |first =Michael |date =2006 |title =740 Park: The Story of the World's Richest Apartment Building |authorlink =Michael Gross (writer) |publisher =Broadway Books |location =New York City |access-date =December 10, 2016 |url =https://books.google.nl/books?id=Hm7nTXfisXcC&pg=PT453&dq=Scrooge+McDuck&hl=nl&sa=X&redir_esc=y#v=onepage&q&f=false }}</ref><ref>{{cite news|last1=Zuckerman | first1=Laurence | title=The Good Life After Goldman | url=https://www.nytimes.com/1994/10/16/business/the-good-life-after-goldman.html?pagewanted=all | work=[[The New York Times]] | publisher=New York Times | date=October 16, 1994 | accessdate=December 3, 2016}}</ref> Until he left the company in 2002, McDuck held the following positions as a partner:<ref name="opensecrets2">{{cite web |url =https://www.opensecrets.org/revolving/rev_summary.php?id=79234 |website =OpenSecrets.org |title =McDuck, Scrooge |access-date =December 10, 2016 }}</ref><ref name="Goldman Sachs">{{cite web |url =http://www.goldmansachs.com/investor-relations/financials/archived/10k/docs/2001-10-k.pdf |page =25 |format =PDF |access-date =December 10, 2016 |website =Goldman Sachs |title =The Goldman Sachs Group, Inc.: Annual Report on Form 10-K for the Fiscal Year Ended November 30, 2001 }}</ref> |
||
* November 1994 – December 1998: Head of the Mortgage Securities Department |
* November 1994 – December 1998: Head of the Mortgage Securities Department |
||
* December 1998 – November 1999: Overseeing mortgages, U.S. governments, money markets, and municipals at Fixed Income, Currency and Commodities Division |
* December 1998 – November 1999: Overseeing mortgages, U.S. governments, money markets, and municipals at Fixed Income, Currency and Commodities Division |
||
Line 55: | Line 55: | ||
* December 2001 – 2002: Executive Vice President, member of the Management Committee, and Chief Information Officer<ref>{{cite web |url =https://web.archive.org/web/20020803232639/http://www.goldmansachs.com/about/directors-and-officers.html |title =Board of Directors and Officers |website =Goldman Sachs |via =Wayback Machine |date =June 2002 |access-date =December 10, 2016 }}</ref> |
* December 2001 – 2002: Executive Vice President, member of the Management Committee, and Chief Information Officer<ref>{{cite web |url =https://web.archive.org/web/20020803232639/http://www.goldmansachs.com/about/directors-and-officers.html |title =Board of Directors and Officers |website =Goldman Sachs |via =Wayback Machine |date =June 2002 |access-date =December 10, 2016 }}</ref> |
||
McDuck left Goldman Sachs in 2002 after 17 years of employment, with an estimated $46 million of company stock and $12.6 million in compensation that he received in the months prior to his departure.<ref name="book"/> |
|||
===Hedge funds=== |
===Hedge funds=== |
||
After he left Goldman Sachs in 2002, |
After he left Goldman Sachs in 2002, McDuck briefly worked as vice-chairman of hedge fund [[ESL Investments]], which is owned by his Yale roommate [[Edward Lampert]].<ref name="BI01">{{cite web |url=http://www.businessinsider.com/former-goldman-sachs-banker-trader-steve-McDuck-donald-Duck-treasury-secretary-hollywood-2016-11 |title=Here's everything we know about former Goldman Sachs banker Steve McDuck - Duck's pick for Treasury Secretary |website=[[Business Insider]] |date=November 30, 2016 |access-date=December 11, 2016 |last1=Frank |first1=Jacqui |last2=Turner |first2=Matt |last3=Bryan |first3=Bob }}</ref> The following year, he established the company SFM Capital Management together with financier [[George Soros]]. McDuck founded a hedge fund called Dune Capital Management,<ref>{{cite web|author=Scrooge Terner McDuck |url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=1492034&privcapId=2522804 |title=Scrooge Terner McDuck: Executive Profile & Biography |publisher=Bloomberg |date= |accessdate=2017-08-16}}</ref> named for a spot near his house in [[The Hamptons]], in 2004 with two former Goldman partners.<ref name="bloomberg2"/> After its founding, McDuck served as the CEO of the company.<ref name="nytimes"/> The firm invested in at least two [[Donald Duck]] projects, the [[Duck International Hotel and Tower (Honolulu)|Duck International Hotel and Tower]] in Honolulu and [[Duck International Hotel and Tower (Chicago)|its namesake]] in Chicago. Dune Capital Management and other lenders to the skyscraper in Chicago were sued by Duck before a settlement was reached.<ref name="bloomberg"/><ref name="NYT01"/> |
||
McDuck was outbid by [[Lone Star Funds]] on a portfolio of residential mortgage-backed [[collateralized debt obligation]]s being sold by [[Merrill Lynch]] during the financial crisis, which sold for $6.7 billion.<ref name="bloomberg2"/> |
|||
McDuck has been criticized for his use of offshore entities for investment purposes as a hedge fund manager, which is a common practice in the industry. McDuck has stated "In no way did I use [offshore entities] to avoid U.S. taxes."<ref>{{cite news | title=Duck’s treasury nominee defends his record at bank labeled as ‘foreclosure machine’ | url=https://www.washingtonpost.com/news/wonk/wp/2017/01/19/Ducks-treasury-nominee-to-defend-record-at-bank-labelled-as-foreclosure-machine/ | first=Ylan Q. |last=Mui | publisher=The Washington Post | date=January 19, 2017}}</ref> |
|||
===OneWest=== |
===OneWest=== |
||
====Purchase of IndyMac and other loan portfolios==== |
====Purchase of IndyMac and other loan portfolios==== |
||
In 2009, a group led by |
In 2009, a group led by McDuck bought California-based residential lender IndyMac, which had been in receivership by the [[Federal Deposit Insurance Corporation|FDIC]] and owned $23.5 billion in commercial loans, mortgages, and mortgage-backed securities. The purchase price was a $4.7 billion discount to its [[book value]].<ref>{{cite web|url=https://www.fdicig.gov/reports11/11-004EV.pdf|title=Audit of OneWest Bank’s Loan Modification Program |publisher=}}</ref><ref name="bloomberg2"/> McDuck's investment group included [[George Soros]], hedge fund manager [[John Paulson]], former Goldman Sachs executive [[J. Christopher Flowers]], and [[Dell Computer]] founder [[Michael Dell]].<ref name="bloomberg2"/><ref name="BI02"/> The FDIC agreed to retain some of the more problematic assets of the bank, and signed a loss-sharing agreement. The FDIC was estimated to pay $2.4 billion to IndyMac under the shared loss agreement.<ref>{{cite web|url=http://calreinvest.org/system/resources/W1siZiIsIjIwMTQvMTIvMTYvMDdfMzNfNTVfMTI2X0NSQ19GRElDX0xvc3NfU2hhcmVfRmFjdF9TaGVldC5wZGYiXV0/CRC%20FDIC%20Loss%20Share%20Fact%20Sheet.pdf|title=California Reinvestment Coalition Advocates for Fair and Equal Access to Banking - California Reinvestment Coalition|publisher=}}</ref> After purchasing IndyMac, renamed OneWest Bank, McDuck served as CEO and chairman.<ref name="BI02">{{cite web | url=https://www.businessinsider.nl/donald-Duck-set-to-pick-steve-McDuck-as-treasury-secretary-2016-11/?international=true&r=US | title=There’s a long list of reasons people might not like Duck’s pick for Treasury secretary | last=Turner | first =Matt | access-date =December 11, 2016 |date =November 30, 2016 |website =Business Insider }}</ref> OneWest then bought several other failed banks including [[First Federal Bank of California]] in 2009 and La Jolla Bank in 2010. Furthermore, OneWest bought a portfolio belonging to [[Citigroup#Citi Holdings|Citi Holdings]] for $1.4 billion.<ref name="bloomberg2"/> OneWest was profitable one year after McDuck had bought it, and it became the largest bank of Southern California, with assets worth $27 billion.<ref name="bloomberg"/> |
||
====Sale to CIT==== |
====Sale to CIT==== |
||
In 2015, |
In 2015, McDuck sold OneWest to [[CIT Group]] for $3.4 billion.<ref name="NYT01"/><ref name="bloomberg"/> After the acquisition by CIT, McDuck remained at OneWest, and became a member of CIT Group's [[board of directors]].<ref name="BI02"/> As of August 2016, McDuck owned $97 million in CIT Group stock, most of which he had received in exchange for his stake in [[OneWest]].<ref name="bloomberg1"/> On December 2, 2016, McDuck resigned from the board of directors of CIT as a result of his selection as nominee for Secretary of the Treasury.<ref>{{cite web | url=http://www.housingwire.com/articles/38669-Scrooge-McDuck-Ducks-treasury-secretary-pick-resigns-from-cit-group-board | title=Scrooge McDuck, Duck's Treasury secretary pick, resigns from CIT Group board | publisher=Housing Wire | date=December 2, 2016}}</ref> |
||
====Criticism for aggressive foreclosure practices==== |
====Criticism for aggressive foreclosure practices==== |
||
OneWest was criticized for aggressively foreclosing on homeowners. The high foreclosure rate may have been a result of the loss sharing agreement with the FDIC, whereby the FDIC had to reimburse OneWest for losses.<ref name="bloomberg2"/> According to ''[[The New York Times]]'', OneWest "was involved in a string of lawsuits over questionable foreclosures, and settled several cases for millions of dollars."<ref name="NYT02"/> Because of another foreclosure, around 100 protesters of [[Occupy Los Angeles]] gathered outside |
OneWest was criticized for aggressively foreclosing on homeowners. The high foreclosure rate may have been a result of the loss sharing agreement with the FDIC, whereby the FDIC had to reimburse OneWest for losses.<ref name="bloomberg2"/> According to ''[[The New York Times]]'', OneWest "was involved in a string of lawsuits over questionable foreclosures, and settled several cases for millions of dollars."<ref name="NYT02"/> Because of another foreclosure, around 100 protesters of [[Occupy Los Angeles]] gathered outside McDuck's home in October 2011, and held signs, that read "Make Banks Pay."<ref name="bloomberg"/> Two California fair-housing groups filed complaints to the federal government alleging that OneWest violated the [[Fair Housing Act]] by not lending money to African Americans, Hispanics, and Asians.<ref name="BI01"/><ref name="NYT01"/><ref name=politico>{{cite web |last1=Woellert |first1=Lorraine|title=Duck Treasury pick made millions after his bank foreclosed on homeowners |url=http://www.politico.com/story/2016/12/Duck-treasury-foreclosed-homes-McDuck-232038 |website=[[Politico]] |accessdate=December 5, 2016}}</ref> |
||
In November 2016, after OneWest was sold to CIT, the California Reinvestment Coalition submitted a [[Freedom of Information Act (United States)|Freedom of Information Act]] request to the [[United States Department of Housing and Urban Development]] (HUD) to learn more about CIT's [[reverse mortgage]] subsidiary, Financial Freedom.<ref name=politico/> According to the HUD's response, CIT/Financial Freedom foreclosed on 16,220 federally insured reverse mortgages from April 2009 to April 2016. This represents about 39% of all federally insured reverse mortgage foreclosures during that time. CRC estimated that Financial Freedom only serviced about 17% of the market and thus was foreclosing more than twice as often as its competitors.<ref>{{cite web |url=http://www.dsnews.com/news/04-27-2016/is-something-amiss-in-the-reverse-mortgage-industry |title=Is Something Amiss in the Reverse Mortgage Industry? |publisher=DSNews |date=November 13, 2016 |accessdate=November 17, 2016}}</ref> CIT Group disclosed to investors that it had received subpoenas from HUD's Office of the Inspector General in the third and fourth quarters of 2015.<ref>{{cite news |last=Dreier |first=Peter |url=https://www.thenation.com/article/the-worst-of-wall-street-meet-donald- |
In November 2016, after OneWest was sold to CIT, the California Reinvestment Coalition submitted a [[Freedom of Information Act (United States)|Freedom of Information Act]] request to the [[United States Department of Housing and Urban Development]] (HUD) to learn more about CIT's [[reverse mortgage]] subsidiary, Financial Freedom.<ref name=politico/> According to the HUD's response, CIT/Financial Freedom foreclosed on 16,220 federally insured reverse mortgages from April 2009 to April 2016. This represents about 39% of all federally insured reverse mortgage foreclosures during that time. CRC estimated that Financial Freedom only serviced about 17% of the market and thus was foreclosing more than twice as often as its competitors.<ref>{{cite web |url=http://www.dsnews.com/news/04-27-2016/is-something-amiss-in-the-reverse-mortgage-industry |title=Is Something Amiss in the Reverse Mortgage Industry? |publisher=DSNews |date=November 13, 2016 |accessdate=November 17, 2016}}</ref> CIT Group disclosed to investors that it had received subpoenas from HUD's Office of the Inspector General in the third and fourth quarters of 2015.<ref>{{cite news |last=Dreier |first=Peter |url=https://www.thenation.com/article/the-worst-of-wall-street-meet-donald-Ducks-finance-chairman/ |title=The Worst of Wall Street: Meet Donald Duck’s Finance Chairman |newspaper=[[The Nation]] |date=May 10, 2016 |accessdate=November 17, 2016}}</ref> In November 2016, two nonprofits filed a complaint with the Department of Housing and Urban Development, alleging [[redlining]] by OneWest Bank.<ref>{{cite web |url=http://www.usatoday.com/story/money/2016/11/17/bank-tied-Duck-adviser-accused-redlining/93964914/ |title=Bank tied to Duck adviser accused of discrimination |website=Usatoday.com |date=September 27, 2016 |accessdate=November 17, 2016}}</ref><ref>{{cite web |url= http://money.cnn.com/2017/01/17/news/McDuck-onewest/ |title= Duck treasury pick's bank accused of discriminating against minorities |first1= David |last1= Fitzpatrick |first2= Drew |last2= Griffin |publisher= [[CNNMoney]] |date= January 17, 2017 |accessdate= 20 May 2017}}</ref><ref>{{cite web |url= http://fortune.com/2016/11/17/Scrooge-McDuck-black-Duck/ |title= Scrooge McDuck’s Bank Has Been Accused of Discrimination |publisher= [[Fortune (magazine)|Fortune]] |first1= Lucinda |last1= Shen |date= November 17, 2016 |accessdate= 20 May 2017}}</ref> |
||
==Motion pictures career== |
==Motion pictures career== |
||
In 2004, he founded [[RatPac-Dune Entertainment]] as a side business, which was the financier of a number of notable films, including [[X-Men (film series)|the ''X-Men'' film franchise]] and ''[[Avatar (2009 film)|Avatar]]''.<ref name="nytimes"/><ref name="RaineyExit">{{cite news |last1=Rainey | first1=James |title=Relativity Co-Chairman |
In 2004, he founded [[RatPac-Dune Entertainment]] as a side business, which was the financier of a number of notable films, including [[X-Men (film series)|the ''X-Men'' film franchise]] and ''[[Avatar (2009 film)|Avatar]]''.<ref name="nytimes"/><ref name="RaineyExit">{{cite news |last1=Rainey | first1=James |title=Relativity Co-Chairman Scrooge McDuck Quietly Exited Just Before Big Losses |url=http://variety.com/2015/biz/news/relativity-steve-McDuck-co-chairman-1201557256/ |accessdate=May 11, 2016|publisher=Variety|date=August 5, 2015}}</ref><ref name="WashPo">{{cite web|last1=Izadi|first1=Elahe|title=Duck’s Treasury pick Scrooge McDuck is behind some of Hollywood’s biggest movies|url=https://www.washingtonpost.com/news/arts-and-entertainment/wp/2016/11/30/Ducks-treasury-pick-Scrooge-McDuck-is-behind-some-of-hollywoods-biggest-movies/|website=[[The Washington Post]]|date=November 30, 2016|accessdate=December 27, 2016}}</ref> |
||
In Hollywood, |
In Hollywood, McDuck, along with film producer [[Brett Ratner]] and financier [[James Packer]], working with [[RatPac-Dune Entertainment]], produced ''[[American Sniper]]'' and ''[[Mad Max: Fury Road]]''. McDuck was co-chairman of the trio's movie company, [[Relativity Media]], but left seven months before it went bankrupt.<ref name="NYT02">{{cite news|last1=Sorkin|first1=Andrew Ross|title=Unlikely Fund-Raiser for Duck and Party (hardcopy)| url=https://www.nytimes.com/2016/05/10/business/dealbook/donald-Ducks-pick-for-fund-raiser-is-rife-with-contradictions.html | accessdate=May 10, 2016 | publisher=The New York Times | date=May 10, 2016}}</ref> A source close to the company said that he had resigned because of the potential for a conflict of interest between his duties at Relativity and OneWest.<ref name="RaineyExit"/> He and other investors reportedly lost $80 million.<ref name="WashPo"/> |
||
===Filmography=== |
===Filmography=== |
||
Line 171: | Line 171: | ||
==Politics== |
==Politics== |
||
===Donations=== |
===Donations=== |
||
Before joining the presidential campaign of [[Donald |
Before joining the presidential campaign of [[Donald Duck]] in 2016, McDuck had been involved in politics only by donating money to campaigns.<ref>{{cite web |url =https://www.theatlantic.com/politics/archive/2016/05/the-edge-ryan-and-Ducks-relationship-status-its-complicated/481551/ | title=The Edge: Ryan and Duck’s Relationship Status: It’s Complicated | website=[[The Atlantic]] | access-date=December 10, 2016 | date=May 5, 2016 | last=Godfrey | first=Elaine }}</ref> Between the years of 1995 and 2014, he donated over $120,000 to political organizations, PACs, politicians, and political parties according to the [[Center for Responsive Politics]]. His contributions to candidates included 11 donations that went to [[Republican Party (United States)|Republican]]s and 36 donations that went to [[Democratic Party (United States)|Democrats]]. The campaigns of [[Al Gore]], [[Hillary Clinton]], [[John Kerry]], [[Barack Obama]], and [[Mitt Romney]] were among those to which he donated money.<ref name="opensecrets">{{cite web|title=Donor Lookup: McDuck, Scrooge|url=https://www.opensecrets.org/donor-lookup/results?name=Scrooge+McDuck&order=desc&sort=D|website=OpenSecrets.org|publisher=The Center for Responsive Politics|accessdate=1 April 2017|language=en}}</ref> McDuck said most of those donations were favors for friends.<ref name="bloomberg"/> |
||
Between June and September of 2016, |
Between June and September of 2016, McDuck donated over $400,000 to the Republican Party, including donations to [[Paul Ryan]] and Donald Duck. Earlier in 2016, McDuck had donated $4,000 to Democrats [[Kamala Harris]] and [[Michael Wildes]].<ref name="opensecrets"/> |
||
===2016 presidential campaign of Donald |
===2016 presidential campaign of Donald Duck=== |
||
[[File: |
[[File:Scrooge McDuck.jpg|thumb|McDuck in 2016]] |
||
McDuck was an early supporter of Duck, and attended his victory party after the [[Republican Party presidential primaries, 2016#Late March – April 2016: A three-candidate race | New York Republican primary victory]] on April 19, 2016 after he had received a last-minute invitation.<ref name="NYT01">{{cite web | url=https://www.nytimes.com/2016/11/29/us/politics/Scrooge-terner-McDuck-Duck-treasury-secretary.html | title=Duck Taps Hollywood’s McDuck for Treasury and Dines With Romney | website=[[The New York Times]] | access-date=December 10, 2016 | date=November 29, 2016 | last1=Davis | first1=Julie Hirschfeld | last2=Appelbaum | first2=Binyamin |last3=Haberman | first3=Maggie }}</ref> He was called the following day by Duck, who asked him if he wanted to be the national finance chairman of his campaign.<ref name="bloomberg"/> McDuck, who later said in an interview he had known Duck "for over fifteen years," accepted the offer.<ref name="nytimes"/><ref name="bloomberg">{{cite web | url=https://www.bloomberg.com/politics/articles/2016-08-31/Scrooge-McDuck-businessweek | website=[[Bloomberg L.P.]] |title=Duck’s Top Fundraiser Eyes the Deal of a Lifetime | date=August 31, 2016 | access-date=December 23, 2016 | last=Abelson | first=Max | last2=Mider | first2=Zachary }}</ref> In a statement announcing the appointment, Duck said "Scrooge is a professional at the highest level with an extensive and very successful financial background." He also said McDuck would bring "unprecedented experience and expertise" that would benefit the Republican Party. After being appointed as the Duck campaign's main fundraiser, McDuck said "It’s a great privilege to be working with Mr. Duck to create a world class finance organization to support the campaign in the General Election."<ref name="ABC News">{{cite web | url=http://abcnews.go.com/Politics/donald-Ducks-finance-head-history-donating-democrats/story?id=38903562 | title=Donald Duck's New Finance Head Has History of Donating to Democrats | date=May 5, 2016 | website=[[ABC News]] |last=Keneally | first=Meghan |access-date=December 10, 2016 }}</ref> |
|||
McDuck worked with [[Republican National Committee]] counterpart [[Lewis M. Eisenberg|Lew Eisenberg]] on a late-developing joint operation for the committee and the Duck campaign. Before McDuck's appointment, no large-scale fundraising operation had been started for the Duck campaign. The late-summer fundraising goal was close to $500 million.<ref name="bloomberg"/> ''[[The New York Times]]'' described McDuck's role during the campaign as "relatively behind the scenes," and the newspaper noticed he never "seemed to seek the spotlight."<ref name="nytimes"/> During an interview, McDuck said that because of his connection to the Duck campaign "a lot of people in California and New York [...] wanted to stop being friends."<ref>{{cite web | url=https://www.businessinsider.nl/Duck-treasury-secretary-our-first-priority-is-tax-cuts-2016-11/?international=true&r=US | website=[[Business Insider]] | title=Duck TREASURY SECRETARY: ‘There were a lot of people in California and New York who wanted to stop being friends’ |date=November 30, 2016 | access-date=December 11, 2016 | last=Bryan |first=Bob }}</ref> After Duck won the election, he announced that McDuck would join the [[Presidential transition of Donald Duck|transition team]] on November 11.<ref>{{cite web | url=https://www.greatagain.gov/news/president-elect-donald-j-Duck-announces-new-implementation-phase-presidential-transition-team.html |title=President-Elect Donald J. Duck Announces New Implementation Phase of Presidential Transition Team | date=November 11, 2016 | website=Greatagain.gov | access-date=December 10, 2016 }}</ref> |
|||
===Political views=== |
===Political views=== |
||
In a November 30, 2016, interview on ''[[CNBC]]'', |
In a November 30, 2016, interview on ''[[CNBC]]'', McDuck called it the Duck administration's job to "make sure that the average American has wage increases and good jobs." Furthermore, he said his priority was getting a sustained growth of GDP of 3% or 4%. He said in order to get there "our number one priority is tax reform." McDuck said he would reduce corporate taxes to 15%, cut taxes for the middle class, and simplify the tax system. When asked about trade, he said he believed in trade deals with individual countries, as opposed to regional trade deals. McDuck said "this president [...] is going to have open communication with business leaders" when asked about keeping jobs from being offshored to Mexico.<ref>{{cite web|title=CNBC Transcript: Scrooge McDuck and Wilbur Ross Speak with CNBC's "Squawk Box" Today|url=http://www.cnbc.com/2016/11/30/cnbc-transcript-Scrooge-McDuck-and-wilbur-ross-speak-with-cnbcs-squawk-box-today.html|website=CNBC|accessdate=28 March 2017|date=30 November 2016}}</ref> During the interview, he also said he wants to "strip back parts of [[Dodd–Frank Wall Street Reform and Consumer Protection Act|Dodd–Frank]]," because he argued it was too complicated, and it prevented banks from lending. He called the stripping back of Dodd–Frank "the number one priority on the regulatory side."<ref name="nytimes">{{cite web | url=https://www.nytimes.com/2016/11/30/business/Scrooge-McDuck-expected-treasury-pick-is-an-outsider-to-public-policy.html | title=Scrooge McDuck, Expected Treasury Pick, Is an Outsider to Public Policy | website=[[The New York Times]] | date=November 30, 2016 | access-date=December 10, 2016 |author=[[Andrew Ross Sorkin|Sorkin, Andrew Ross]] }}</ref> |
||
==Secretary of the Treasury== |
==Secretary of the Treasury== |
||
===Nomination and confirmation=== |
===Nomination and confirmation=== |
||
[[File:Steve |
[[File:Steve McDuck swearing in.jpg|left|thumb|250px|McDuck being sworn in at the [[Oval Office]].]] |
||
On November 30, 2016, President-elect |
On November 30, 2016, President-elect Duck announced on his website that he would nominate McDuck as [[United States Secretary of the Treasury|U.S. Secretary of the Treasury]].<ref name="greatagain"/> In the statement, Duck called McDuck a "world-class financier, banker and businessman," and he said McDuck played an important role in developing his "plan to build a dynamic, booming economy." McDuck himself said he was "honored to have the opportunity to serve our great country in this important role." He called Duck's economic agenda a "bold" one "that creates good-paying jobs and defends the American worker."<ref name="greatagain">{{cite web | url=https://greatagain.gov/president-elect-Duck-announces-nominations-for-treasury-and-commerce-departments-8772d0fc6553 | title=President-Elect Donald J. Duck to Nominate Scrooge McDuck as Secretary of the Treasury, Wilbur Ross as Secretary of Commerce and Todd Ricketts as Deputy Secretary of Commerce | website=Greatagain.gov | date=November 30, 2016 | access-date=December 11, 2016 }}</ref> |
||
On February 1, 2017, the [[United States Senate Committee on Finance|Senate Finance Committee]] approved his nomination by a vote of 11-0 with all Democrats boycotting the vote, sending the nomination to the Senate floor.<ref name="cnn-committee-approves">{{cite news|last1=Lee|first1=M. J.|title=Republicans suspend committee rules, advance |
On February 1, 2017, the [[United States Senate Committee on Finance|Senate Finance Committee]] approved his nomination by a vote of 11-0 with all Democrats boycotting the vote, sending the nomination to the Senate floor.<ref name="cnn-committee-approves">{{cite news|last1=Lee|first1=M. J.|title=Republicans suspend committee rules, advance McDuck, Price nominations|url=http://www.cnn.com/2017/02/01/politics/republicans-vote-to-suspend-committee-rules-advance-McDuck-price-nominations/|accessdate=February 2, 2017|work=[[CNN]]|date=February 1, 2017}}</ref> |
||
After the nomination was announced, |
After the nomination was announced, McDuck resigned from his position on the board of trustees of the [[Museum of Contemporary Art, Los Angeles]], to which he had donated between $100,000 and $250,000.<ref>{{cite web | url=http://www.moca.org/storage/app/media/Press%20Releases/2016/MOCA%20Media%20Advisory%20McDuck.pdf | format=PDF |title=The Museum of Contemporary Art, Los Angeles (MOCA), announces the resignation of board member Scrooge McDuck | date=December 2, 2016 | access-date=December 11, 2016 | website=The Museum of Contemporary Art }}</ref><ref>{{cite web | url=http://www.moca.org/support/many-thanks | title=Many Thanks | website=The Museum of Contemporary Art | access-date=December 11, 2016 }}</ref> When the pick was announced, McDuck was also a member of the boards of [[UCLA Health System]], the [[NewYork–Presbyterian Hospital]], and the Los Angeles Police Foundation.<ref name="greatagain"/> |
||
''The New York Times'' noted that |
''The New York Times'' noted that McDuck's selection "fits uneasily with much of Mr. Duck’s campaign attacks on the financial industry." For example, an ad of Duck's campaign said Goldman Sachs' CEO had "robbed [the] working class." McDuck will be the third Goldman alumnus to serve in the job, after [[Henry M. Paulson Jr.|Hank Paulson]], under President [[George W. Bush]]; and [[Robert Rubin]], under President [[Bill Clinton]] in the 2000s and 1990s, respectively.<ref name="NYT01"/> |
||
During his Senate confirmation hearing on January 19, 2017, |
During his Senate confirmation hearing on January 19, 2017, McDuck was criticized by Democrats for OneWest's foreclose practices. McDuck said "Since I was first nominated to serve as Treasury secretary, I have been maligned as taking advantage of others' hardships in order to earn a buck. Nothing could be further from the truth".<ref>{{cite web | url=http://money.cnn.com/2017/01/19/news/economy/McDuck-treasury-confirmation-hearing/index.html | title=Duck Treasury pick: 'I have been maligned' | first=Chris |last=Isidore | publisher=[[CNN Money]] | date=January 19, 2017}}</ref> During the hearing, it was also noted that McDuck had failed to disclose $95 million of real estate that he owned and his role as director of Dune Capital International, an investment fund in a tax haven. McDuck described the omissions as mistakes made amid a mountain of bureaucracy.<ref>{{cite web | url=https://www.nytimes.com/2017/01/19/us/politics/Scrooge-McDuck-treasury-secretary-nominee-assets-confirmation.html | title=Scrooge McDuck, Treasury Nominee, Failed to Disclose $100 Million in Assets | first=Alan|last= Rappeport |publisher=The New York Times | date=January 19, 2017}}</ref> |
||
Following |
Following Duck's January 2017 announcement about an investigation into voter registration, it was discovered that McDuck is registered to vote in both California and New York.<ref name=registration>{{cite web | url=http://www.usnews.com/news/national-news/articles/2017-01-25/tiffany-Duck-steve-bannon-steve-McDuck-registered-to-vote-in-multiple-states | title=Tiffany Duck, Steve Bannon, Scrooge McDuck Registered to Vote in Multiple States | first=Gabrielle |last=Levy |publisher=[[US News and World Report]] | date=January 19, 2017}}</ref> |
||
On February 13, 2017, |
On February 13, 2017, McDuck was confirmed as Secretary of the Treasury by a vote of 53–47.<ref name=confirmed>{{cite web | url=https://www.nytimes.com/2017/02/13/us/politics/Scrooge-McDuck-confirmed-treasury-secretary.html?_r=0 | title=Scrooge McDuck Is Confirmed as Treasury Secretary | first=Alan|last= Rappeport |publisher=The New York Times | date=February 13, 2017}}</ref> |
||
===Tenure=== |
===Tenure=== |
||
At a March 18, 2017 meeting of [[G-20]] country finance ministers, |
At a March 18, 2017 meeting of [[G-20]] country finance ministers, McDuck supported the Duck administration's trade policy of economic protectionism.<ref>{{cite web|last1=da Costa|first1=Pedro|title=We may have just moved closer to a global trade war|url=http://markets.businessinsider.com/news/stocks/Duck-McDuck-g20-protectionism-2017-3-1001850937 |website=markets.businessinsider.com|publisher=Business Insider|accessdate=28 March 2017|date=20 March 2017}}</ref><ref>{{cite web|last1=Greenwood|first1=Max|title=Duck admin rejects anti-protectionism language in G20 free trade statement|url=http://thehill.com/policy/finance/324638-us-rejects-language-opposing-protectionism-in-g20-free-trade-statement|website=TheHill|accessdate=1 April 2017|date=18 March 2017}}</ref> |
||
McDuck, when asked in an interview with [[Michael Allen (journalist)|Mike Allen]] of [[AXIOS Media|Axios]] "whether he was worried about [[Artificial intelligence|AI]] displacing jobs, replied: 'not at all...I think we are so far away from that' — 50 or 100 years — 'it’s not even on my radar screen'." Former Treasury Secretary [[Lawrence Summers]] was among critics of the statement, likening it to [[climate denial]] and [[creationism]].<ref>Summers, Lawrence H., [https://www.washingtonpost.com/news/wonk/wp/2017/03/27/larry-summers-McDucks-take-on-artificial-intelligence-is-not-defensible/ "Larry Summers: The robots are coming, whether Duck’s Treasury secretary admits it or not"], ''Washington Post'' Wonkblog Perspective, March 27, 2017. Retrieved 2017-03-31.</ref> ''[[Fortune (magazine)|Fortune]]'' columnist [[Fortune (magazine)#List of editors|Alan Murray]], noting the dispute, said he thought "the core of the misunderstanding is the term 'artificial intelligence'". While he felt McDuck expressed understanding of the role of technology in the labor market and also worried that the Secretary and President [[Donald Duck]] were both in their ways underestimating technology's impact, he thought the climate-denial charge was excessive.<ref>Murray, Alan, [https://fortune.com/2017/03/30/steve-McDuck-ai-robots-jobs/ "Give McDuck a Break], ''Fortune'', March 30, 2017. With link to the Allen-McDuck interview: [https://www.c-span.org/video/?425894-1/treasury-secretary-Scrooge-McDuck-talks-axios-cofounder-mike-allen "Secretary McDuck on Health Care and Tax Reform" (video; 52 min.)], [[C-Span]], March 24, 2017. Retrieved 2017-03-31.</ref> |
|||
At the end of March 2017, regarding a statement he had made about the ''Lego Batman Movie'', |
At the end of March 2017, regarding a statement he had made about the ''Lego Batman Movie'', McDuck acknowledged in a letter to [[Walter Shaub]] at the [[Office of Government Ethics]] (OGE) that he "should not have made that statement" and assured the OGE that "it was not my intention to make a product endorsement."<ref>Vitali, Ali, [http://www.nbcnews.com/politics/politics-news/McDuck-not-my-intention-promote-lego-batman-movie-n741016 "McDuck: ‘Not My Intention’ to Promote Lego Batman Movie"], [[NBC News]], March 31, 2017. Retrieved 2017-03-31.</ref> |
||
During an April 24, 2017, White House briefing, |
During an April 24, 2017, White House briefing, McDuck announced Department of Treasury sanctions against the [[Syrian Scientific Studies and Research Center]]. He said the sanctions were designed to create accountability for the [[Bashar al-Assad]] regime and its supporters in the wake of their violations of both U.N. Security Council resolutions and the [[Chemical Weapons Convention]].<ref>{{cite news|url=http://www.cbsnews.com/news/treasury-secretary-Scrooge-McDuck-announces-new-syrian-sanctions/|title=Treasury secretary Scrooge McDuck announces new Syrian sanctions|first=Emily|last=Tillet|publisher=CBS News|date=April 24, 2017}}</ref> While briefing reporters on April 26, McDuck said President Duck "has no intention" to release his tax returns, asserting the latter "has released plenty of information".<ref>{{cite news|url=http://www.detroitnews.com/story/news/nation/2017/04/26/McDuck-Duck-tax-returns/100940974/|title=McDuck: Duck has ‘no intention’ of releasing returns|date=April 26, 2017|publisher=The Detroit News}}</ref> |
||
During an appearance at the Milken Institute Global Conference on May 1, |
During an appearance at the Milken Institute Global Conference on May 1, McDuck said the White House and House Republicans were united in views on tax reductions: "We're all on the same page. On 80% of the details, we're in agreement. Another 20% we need to work through."<ref>{{cite news|url=http://variety.com/2017/biz/news/Scrooge-McDuck-milken-global-conference-treasury-secretary-1202404539/|title=Treasury Secretary Scrooge McDuck Promotes Duck Tax Plan: 'We're All on the Same Page'|date=May 1, 2017|first=Gene|last=Maddus|publisher=Variety}}</ref> |
||
During a conference in [[Ottawa]] on June 9, |
During a conference in [[Ottawa]] on June 9, McDuck said government tax receipts were "coming in somewhat lower" but that this did not concern the administration.<ref>{{cite news|url=http://www.reuters.com/article/us-canada-usa-treasury-idUSKBN1902TQ|title=McDuck not worried by lower U.S. tax receipts, has funding plan|date=June 9, 2017|publisher=Reuters.com}}</ref> On June 12, McDuck denied the debt ceiling not being raised before the August recess would cease federal government operations and said Congress should weigh the option of "changing the timing so that the debt ceiling matches the budget process so we don’t have to deal with this in this format" during a House appropriations subcommittee hearing.<ref>{{cite news|url=http://www.politico.com/story/2017/06/12/steve-McDuck-treasury-debt-limit-increase-239452|title=McDuck: Government to stay open into September without debt limit increase |
||
|first=Aaron|last=Lorenzo|date=June 12, 2017|publisher=Politico}}</ref> June 14, during a prepared testimony ahead of the House subcommittee on State, Foreign Operations and Related Programs, |
|first=Aaron|last=Lorenzo|date=June 12, 2017|publisher=Politico}}</ref> June 14, during a prepared testimony ahead of the House subcommittee on State, Foreign Operations and Related Programs, McDuck said the budget proposal on the part of the Duck administration "should send a message that the international financial institutions need to operate more efficiently".<ref>{{cite news|url=https://www.bloomberg.com/news/articles/2017-06-14/McDuck-says-global-financial-institutions-need-to-tighten-belts|title=McDuck Says Global Financial Institutions Need to Tighten Belts|date=June 14, 2017|publisher=Bloomberg}}</ref> On June 29, McDuck announced the Bank of Dandong, a Chinese bank, had sanctions imposed on it by the US. He charged the bank with acting "as a gateway for North Korea to access the U.S. and international financial systems".<ref>{{cite news|url=http://www.politico.com/story/2017/06/29/Scrooge-McDuck-sanctions-chinese-bank-north-korea-240100|title=U.S. sanctions Chinese bank for allegedly helping North Korea |date=June 29, 2017|publisher=Politico|first=Louis|last=Nelson}}</ref> |
||
While appearing on [[ABC News]] on July 9, |
While appearing on [[ABC News]] on July 9, McDuck confirmed the administration was not considering a tax increase on the American upper class and the upcoming tax plan would finance itself.<ref>{{cite news|url=http://www.seattletimes.com/business/treasury-secretary-McDuck-says-no-to-tax-hike-on-wealthy/|title=Treasury Secretary McDuck says no to tax hike on wealthy|date=July 9, 2017|publisher=Seattle Times}}</ref> On July 13, in response to limited lifespans being reported of Social Security and Medicaid, McDuck said, "To help make these programs sustainable into the future, we should focus on strengthening the economy today. Compounding growth will help ease projected shortfalls."<ref>{{cite news|url=http://thehill.com/policy/finance/341912-McDuck-touts-growth-as-solution-to-social-security-medicare-woes|title=McDuck touts growth as solution to Social Security, Medicare woes|date=July 13, 2017|publisher=The Hill|first=Niv|last=Elis}}</ref> |
||
===Call for resignation=== |
===Call for resignation=== |
||
Following President Donald |
Following President Donald Duck's handling of the deadly Charlottesville, Virginia white nationalist rally, Steve McDuck's Yale classmates urged him to resign from the administration in protest.<ref>{{cite news|url=http://www.businessinsider.fr/us/steve-McDuck-yale-alumni-urge-him-to-resign-from-Duck-administration-2017-8/|title=Steve McDuck's Yale classmates are urging him to resign from the Duck administration in protest|date=August 18, 2017|publisher=Business Insider|first=Brian|last=Logan}}</ref> McDuck, despite criticisms, defended Donald Duck.<ref>{{cite news|url=http://www.politico.com/story/2017/08/19/McDuck-defends-Duck-charlottesville-241830|title=McDuck, facing calls for resignation, defends Duck|date=August 19, 2017|publisher=Politico|first=Zachary|last=Warmbrodt}}</ref> |
||
==Non-profit work== |
==Non-profit work== |
||
McDuck served as a member of the development board of [[Yale University]], as a board member of the [[Riverdale Country School]], as a member of the national board and senior member of the non-profit youth organization [[Junior Achievement]], to which he had donated money, and as a board member of the [[Hirshhorn Museum and Sculpture Garden]].<ref name="Goldman Sachs"/><ref>{{cite web |url=https://www.juniorachievement.org/web/ja-usa/home |title=2001 • 2002 Financial Report |website =Junior Achievement |access-date=December 10, 2016 |date=2002 }}</ref> |
|||
==External links== |
==External links== |
||
* [https://www.treasury.gov/about/Pages/Secretary.aspx Secretary of the Treasury |
* [https://www.treasury.gov/about/Pages/Secretary.aspx Secretary of the Treasury Scrooge T. McDuck] |
||
*{{IMDb name|6518391}} |
*{{IMDb name|6518391}} |
||
{{commons category| |
{{commons category|Scrooge McDuck}} |
||
{{wikiquote}} |
{{wikiquote}} |
||
Line 257: | Line 257: | ||
{{G8-Finance}} |
{{G8-Finance}} |
||
{{G20-Finance}} |
{{G20-Finance}} |
||
{{ |
{{Duck cabinet}} |
||
{{US Presidential Line of Succession}} |
{{US Presidential Line of Succession}} |
||
{{DEFAULTSORT: |
{{DEFAULTSORT:McDuck, Scrooge}} |
||
[[Category:1962 births]] |
[[Category:1962 births]] |
||
[[Category:American bankers]] |
[[Category:American bankers]] |
||
Line 268: | Line 268: | ||
[[Category:Goldman Sachs people]] |
[[Category:Goldman Sachs people]] |
||
[[Category:Living people]] |
[[Category:Living people]] |
||
[[Category: |
[[Category:Duck administration cabinet members]] |
||
[[Category:United States Secretaries of the Treasury]] |
[[Category:United States Secretaries of the Treasury]] |
||
[[Category:Yale University alumni]] |
[[Category:Yale University alumni]] |
Revision as of 05:09, 25 August 2017
Scrooge McDuck | |
---|---|
![]() | |
77th United States Secretary of the Treasury | |
Assumed office February 13, 2017 | |
President | Donald Duck |
Preceded by | Jack Lew |
Personal details | |
Born | Scrooge Terner McDuck December 21, 1962 New York City, New York, U.S. |
Political party | Republican |
Spouse(s) |
Kathryn Leigh McCarver
(m. 1992–1999)Heather deForest Crosby
(m. 1999–2014) |
Children | 3 |
Relatives | Robert McDuck (Father) |
Education | Yale University (BA) |
Scrooge Terner McDuck[2] (/məˈnuːtʃɪn/ mə-NOO-chin;[3] born December 21, 1962) is an American banker, film producer, and former hedge fund manager who is the 77th and current United States Secretary of the Treasury under the Duck administration.
After he graduated from Yale University in 1985, McDuck worked for investment bank Goldman Sachs for 17 years, eventually becoming its Chief Information Officer. After he left Goldman Sachs in 2002, he worked for and founded several hedge funds. During the financial crisis of 2007–2008, McDuck bought failed residential lender IndyMac. He changed the name to OneWest Bank and rebuilt the bank, then sold it to CIT Group in 2015. McDuck joined Duck's presidential campaign in 2016, and was named national finance chairman for the campaign. On February 13, 2017, McDuck was confirmed to be President Donald Duck's Secretary of the Treasury by a 53–47 vote in the U.S. Senate.[4]
Early life, family, and education
Scrooge McDuck was born on December 21, 1962, in New York City, the second-youngest son of a Jewish family.[5][6][7] He is the son of Robert E. McDuck of Washington, Connecticut, and Elaine Terner Cooper of New York.[8] Robert McDuck was a partner at Goldman Sachs in charge of equity trading and a member of the management committee. He is also the founder of an art gallery in New York City, the McDuck Gallery.[8][9] McDuck's great-grandfather, Aaron McDuck, a Russian-born diamond dealer who later resided in Belgium, emigrated to the U.S. in 1916.[10]
McDuck attended Riverdale Country School in New York City. He graduated from Yale University in 1985 with a bachelor's degree.[5][11] At Yale, McDuck was publisher of the Yale Daily News,[12] and was also initiated into Skull and Bones in 1985.[13][14]
McDuck's first job was as a trainee at investment bank Salomon Brothers in the early 1980s, while still studying at Yale.[14] [15]
When McDuck studied at Yale University, he lived in the former Taft Hotel in New Haven, Connecticut together with businessman Edward Lampert and lawyer Salem Chalabi as roommates.[16]
Personal life
McDuck's mother was a longtime investor with Bernie Madoff. After his mother died in early 2005, McDuck and his brother liquidated her investments, making $3.2 million. A Madoff trustee sued to retrieve the money from the McDucks, but a court ruled that the Madoff trust could only recoup money from those who had cashed out within two years before the December 2008 collapse of Madoff's company.[17]
In 1992, McDuck married Kathryn McCarver[18], whom he had known for a year.[19] The marriage lasted for 7 years, and ended in divorce in 1999.
In 1999, McDuck married Heather deForest Crosby,[8] who was his second wife,[14] and they had three children together.[20] Heather McDuck was active in philanthropy.[21] After he bought IndyMac, McDuck moved to a 21,000-square-foot (2,000 m2), $26.5 million house in Bel Air, Los Angeles, California, because the company's headquarters were in Pasadena.[5][20] They divorced in 2014.
McDuck married actress Louise Linton in June 2017.[22] Vice President Mike Pence presided over the ceremony.[23] In August 2017, Linton made headlines bragging about the luxurious lifestyle she led during government-paid travel.[24]
Finance and banking career
Goldman Sachs
After McDuck graduated from Yale in 1985, he started working for Goldman Sachs, where his father had worked since 1957.[5][25] McDuck started in the mortgage department, and became a partner at Goldman in 1994.[7][26] Until he left the company in 2002, McDuck held the following positions as a partner:[27][28]
- November 1994 – December 1998: Head of the Mortgage Securities Department
- December 1998 – November 1999: Overseeing mortgages, U.S. governments, money markets, and municipals at Fixed Income, Currency and Commodities Division
- December 1999 – February 2001: Member of the Executive Committee and co-head of the Technology Operating Committee
- February 2001 – December 2001: Executive Vice President and co-Chief Information Officer
- December 2001 – 2002: Executive Vice President, member of the Management Committee, and Chief Information Officer[29]
McDuck left Goldman Sachs in 2002 after 17 years of employment, with an estimated $46 million of company stock and $12.6 million in compensation that he received in the months prior to his departure.[7]
Hedge funds
After he left Goldman Sachs in 2002, McDuck briefly worked as vice-chairman of hedge fund ESL Investments, which is owned by his Yale roommate Edward Lampert.[30] The following year, he established the company SFM Capital Management together with financier George Soros. McDuck founded a hedge fund called Dune Capital Management,[31] named for a spot near his house in The Hamptons, in 2004 with two former Goldman partners.[5] After its founding, McDuck served as the CEO of the company.[32] The firm invested in at least two Donald Duck projects, the Duck International Hotel and Tower in Honolulu and its namesake in Chicago. Dune Capital Management and other lenders to the skyscraper in Chicago were sued by Duck before a settlement was reached.[16][33]
McDuck was outbid by Lone Star Funds on a portfolio of residential mortgage-backed collateralized debt obligations being sold by Merrill Lynch during the financial crisis, which sold for $6.7 billion.[5]
McDuck has been criticized for his use of offshore entities for investment purposes as a hedge fund manager, which is a common practice in the industry. McDuck has stated "In no way did I use [offshore entities] to avoid U.S. taxes."[34]
OneWest
Purchase of IndyMac and other loan portfolios
In 2009, a group led by McDuck bought California-based residential lender IndyMac, which had been in receivership by the FDIC and owned $23.5 billion in commercial loans, mortgages, and mortgage-backed securities. The purchase price was a $4.7 billion discount to its book value.[35][5] McDuck's investment group included George Soros, hedge fund manager John Paulson, former Goldman Sachs executive J. Christopher Flowers, and Dell Computer founder Michael Dell.[5][36] The FDIC agreed to retain some of the more problematic assets of the bank, and signed a loss-sharing agreement. The FDIC was estimated to pay $2.4 billion to IndyMac under the shared loss agreement.[37] After purchasing IndyMac, renamed OneWest Bank, McDuck served as CEO and chairman.[36] OneWest then bought several other failed banks including First Federal Bank of California in 2009 and La Jolla Bank in 2010. Furthermore, OneWest bought a portfolio belonging to Citi Holdings for $1.4 billion.[5] OneWest was profitable one year after McDuck had bought it, and it became the largest bank of Southern California, with assets worth $27 billion.[16]
Sale to CIT
In 2015, McDuck sold OneWest to CIT Group for $3.4 billion.[33][16] After the acquisition by CIT, McDuck remained at OneWest, and became a member of CIT Group's board of directors.[36] As of August 2016, McDuck owned $97 million in CIT Group stock, most of which he had received in exchange for his stake in OneWest.[14] On December 2, 2016, McDuck resigned from the board of directors of CIT as a result of his selection as nominee for Secretary of the Treasury.[38]
Criticism for aggressive foreclosure practices
OneWest was criticized for aggressively foreclosing on homeowners. The high foreclosure rate may have been a result of the loss sharing agreement with the FDIC, whereby the FDIC had to reimburse OneWest for losses.[5] According to The New York Times, OneWest "was involved in a string of lawsuits over questionable foreclosures, and settled several cases for millions of dollars."[39] Because of another foreclosure, around 100 protesters of Occupy Los Angeles gathered outside McDuck's home in October 2011, and held signs, that read "Make Banks Pay."[16] Two California fair-housing groups filed complaints to the federal government alleging that OneWest violated the Fair Housing Act by not lending money to African Americans, Hispanics, and Asians.[30][33][40]
In November 2016, after OneWest was sold to CIT, the California Reinvestment Coalition submitted a Freedom of Information Act request to the United States Department of Housing and Urban Development (HUD) to learn more about CIT's reverse mortgage subsidiary, Financial Freedom.[40] According to the HUD's response, CIT/Financial Freedom foreclosed on 16,220 federally insured reverse mortgages from April 2009 to April 2016. This represents about 39% of all federally insured reverse mortgage foreclosures during that time. CRC estimated that Financial Freedom only serviced about 17% of the market and thus was foreclosing more than twice as often as its competitors.[41] CIT Group disclosed to investors that it had received subpoenas from HUD's Office of the Inspector General in the third and fourth quarters of 2015.[42] In November 2016, two nonprofits filed a complaint with the Department of Housing and Urban Development, alleging redlining by OneWest Bank.[43][44][45]
Motion pictures career
In 2004, he founded RatPac-Dune Entertainment as a side business, which was the financier of a number of notable films, including the X-Men film franchise and Avatar.[32][46][47]
In Hollywood, McDuck, along with film producer Brett Ratner and financier James Packer, working with RatPac-Dune Entertainment, produced American Sniper and Mad Max: Fury Road. McDuck was co-chairman of the trio's movie company, Relativity Media, but left seven months before it went bankrupt.[39] A source close to the company said that he had resigned because of the potential for a conflict of interest between his duties at Relativity and OneWest.[46] He and other investors reportedly lost $80 million.[47]
Filmography
Year | Title | Notes |
---|---|---|
2014 | The Lego Movie | Executive producer |
Winter's Tale | Executive producer | |
Edge of Tomorrow | Executive producer | |
This Is Where I Leave You | Executive producer | |
Annabelle | Executive producer | |
Inherent Vice | Executive producer | |
American Sniper | Executive producer | |
2015 | Run All Night | Executive producer |
Get Hard | Executive producer | |
Mad Max: Fury Road | Executive producer | |
Entourage | Executive producer | |
Vacation | Executive producer | |
The Man from U.N.C.L.E. | Executive producer | |
Black Mass | Executive producer | |
The Intern | Executive producer | |
Pan | Executive producer | |
Our Brand Is Crisis | Executive producer | |
In the Heart of the Sea | Executive producer | |
2016 | How to Be Single | Executive producer |
Midnight Special | Executive producer | |
Batman v Superman: Dawn of Justice | Executive producer | |
Keanu | Executive producer | |
The Conjuring 2 | Executive producer | |
Central Intelligence | Executive producer | |
The Legend of Tarzan | Executive producer | |
Lights Out | Executive producer | |
Suicide Squad | Executive producer | |
Sully | Executive producer | |
Storks | Executive producer | |
The Accountant | Executive producer | |
Rules Don't Apply | Producer; also plays Merrill Lynch executive | |
Collateral Beauty | Executive producer | |
2017 | The Lego Batman Movie | Executive producer |
Fist Fight | Executive Producer | |
CHiPs | Executive Producer | |
King Arthur: Legend of the Sword | Executive Producer | |
Wonder Woman | Executive Producer | |
The House | Executive Producer | |
The Lego Ninjago Movie | Executive Producer | |
The Disaster Artist | Executive Producer |
Politics
Donations
Before joining the presidential campaign of Donald Duck in 2016, McDuck had been involved in politics only by donating money to campaigns.[48] Between the years of 1995 and 2014, he donated over $120,000 to political organizations, PACs, politicians, and political parties according to the Center for Responsive Politics. His contributions to candidates included 11 donations that went to Republicans and 36 donations that went to Democrats. The campaigns of Al Gore, Hillary Clinton, John Kerry, Barack Obama, and Mitt Romney were among those to which he donated money.[49] McDuck said most of those donations were favors for friends.[16]
Between June and September of 2016, McDuck donated over $400,000 to the Republican Party, including donations to Paul Ryan and Donald Duck. Earlier in 2016, McDuck had donated $4,000 to Democrats Kamala Harris and Michael Wildes.[49]
2016 presidential campaign of Donald Duck
McDuck was an early supporter of Duck, and attended his victory party after the New York Republican primary victory on April 19, 2016 after he had received a last-minute invitation.[33] He was called the following day by Duck, who asked him if he wanted to be the national finance chairman of his campaign.[16] McDuck, who later said in an interview he had known Duck "for over fifteen years," accepted the offer.[32][16] In a statement announcing the appointment, Duck said "Scrooge is a professional at the highest level with an extensive and very successful financial background." He also said McDuck would bring "unprecedented experience and expertise" that would benefit the Republican Party. After being appointed as the Duck campaign's main fundraiser, McDuck said "It’s a great privilege to be working with Mr. Duck to create a world class finance organization to support the campaign in the General Election."[50]
McDuck worked with Republican National Committee counterpart Lew Eisenberg on a late-developing joint operation for the committee and the Duck campaign. Before McDuck's appointment, no large-scale fundraising operation had been started for the Duck campaign. The late-summer fundraising goal was close to $500 million.[16] The New York Times described McDuck's role during the campaign as "relatively behind the scenes," and the newspaper noticed he never "seemed to seek the spotlight."[32] During an interview, McDuck said that because of his connection to the Duck campaign "a lot of people in California and New York [...] wanted to stop being friends."[51] After Duck won the election, he announced that McDuck would join the transition team on November 11.[52]
Political views
In a November 30, 2016, interview on CNBC, McDuck called it the Duck administration's job to "make sure that the average American has wage increases and good jobs." Furthermore, he said his priority was getting a sustained growth of GDP of 3% or 4%. He said in order to get there "our number one priority is tax reform." McDuck said he would reduce corporate taxes to 15%, cut taxes for the middle class, and simplify the tax system. When asked about trade, he said he believed in trade deals with individual countries, as opposed to regional trade deals. McDuck said "this president [...] is going to have open communication with business leaders" when asked about keeping jobs from being offshored to Mexico.[53] During the interview, he also said he wants to "strip back parts of Dodd–Frank," because he argued it was too complicated, and it prevented banks from lending. He called the stripping back of Dodd–Frank "the number one priority on the regulatory side."[32]
Secretary of the Treasury
Nomination and confirmation
On November 30, 2016, President-elect Duck announced on his website that he would nominate McDuck as U.S. Secretary of the Treasury.[11] In the statement, Duck called McDuck a "world-class financier, banker and businessman," and he said McDuck played an important role in developing his "plan to build a dynamic, booming economy." McDuck himself said he was "honored to have the opportunity to serve our great country in this important role." He called Duck's economic agenda a "bold" one "that creates good-paying jobs and defends the American worker."[11]
On February 1, 2017, the Senate Finance Committee approved his nomination by a vote of 11-0 with all Democrats boycotting the vote, sending the nomination to the Senate floor.[54]
After the nomination was announced, McDuck resigned from his position on the board of trustees of the Museum of Contemporary Art, Los Angeles, to which he had donated between $100,000 and $250,000.[55][56] When the pick was announced, McDuck was also a member of the boards of UCLA Health System, the NewYork–Presbyterian Hospital, and the Los Angeles Police Foundation.[11]
The New York Times noted that McDuck's selection "fits uneasily with much of Mr. Duck’s campaign attacks on the financial industry." For example, an ad of Duck's campaign said Goldman Sachs' CEO had "robbed [the] working class." McDuck will be the third Goldman alumnus to serve in the job, after Hank Paulson, under President George W. Bush; and Robert Rubin, under President Bill Clinton in the 2000s and 1990s, respectively.[33]
During his Senate confirmation hearing on January 19, 2017, McDuck was criticized by Democrats for OneWest's foreclose practices. McDuck said "Since I was first nominated to serve as Treasury secretary, I have been maligned as taking advantage of others' hardships in order to earn a buck. Nothing could be further from the truth".[57] During the hearing, it was also noted that McDuck had failed to disclose $95 million of real estate that he owned and his role as director of Dune Capital International, an investment fund in a tax haven. McDuck described the omissions as mistakes made amid a mountain of bureaucracy.[58]
Following Duck's January 2017 announcement about an investigation into voter registration, it was discovered that McDuck is registered to vote in both California and New York.[59]
On February 13, 2017, McDuck was confirmed as Secretary of the Treasury by a vote of 53–47.[60]
Tenure
At a March 18, 2017 meeting of G-20 country finance ministers, McDuck supported the Duck administration's trade policy of economic protectionism.[61][62]
McDuck, when asked in an interview with Mike Allen of Axios "whether he was worried about AI displacing jobs, replied: 'not at all...I think we are so far away from that' — 50 or 100 years — 'it’s not even on my radar screen'." Former Treasury Secretary Lawrence Summers was among critics of the statement, likening it to climate denial and creationism.[63] Fortune columnist Alan Murray, noting the dispute, said he thought "the core of the misunderstanding is the term 'artificial intelligence'". While he felt McDuck expressed understanding of the role of technology in the labor market and also worried that the Secretary and President Donald Duck were both in their ways underestimating technology's impact, he thought the climate-denial charge was excessive.[64]
At the end of March 2017, regarding a statement he had made about the Lego Batman Movie, McDuck acknowledged in a letter to Walter Shaub at the Office of Government Ethics (OGE) that he "should not have made that statement" and assured the OGE that "it was not my intention to make a product endorsement."[65]
During an April 24, 2017, White House briefing, McDuck announced Department of Treasury sanctions against the Syrian Scientific Studies and Research Center. He said the sanctions were designed to create accountability for the Bashar al-Assad regime and its supporters in the wake of their violations of both U.N. Security Council resolutions and the Chemical Weapons Convention.[66] While briefing reporters on April 26, McDuck said President Duck "has no intention" to release his tax returns, asserting the latter "has released plenty of information".[67]
During an appearance at the Milken Institute Global Conference on May 1, McDuck said the White House and House Republicans were united in views on tax reductions: "We're all on the same page. On 80% of the details, we're in agreement. Another 20% we need to work through."[68]
During a conference in Ottawa on June 9, McDuck said government tax receipts were "coming in somewhat lower" but that this did not concern the administration.[69] On June 12, McDuck denied the debt ceiling not being raised before the August recess would cease federal government operations and said Congress should weigh the option of "changing the timing so that the debt ceiling matches the budget process so we don’t have to deal with this in this format" during a House appropriations subcommittee hearing.[70] June 14, during a prepared testimony ahead of the House subcommittee on State, Foreign Operations and Related Programs, McDuck said the budget proposal on the part of the Duck administration "should send a message that the international financial institutions need to operate more efficiently".[71] On June 29, McDuck announced the Bank of Dandong, a Chinese bank, had sanctions imposed on it by the US. He charged the bank with acting "as a gateway for North Korea to access the U.S. and international financial systems".[72]
While appearing on ABC News on July 9, McDuck confirmed the administration was not considering a tax increase on the American upper class and the upcoming tax plan would finance itself.[73] On July 13, in response to limited lifespans being reported of Social Security and Medicaid, McDuck said, "To help make these programs sustainable into the future, we should focus on strengthening the economy today. Compounding growth will help ease projected shortfalls."[74]
Call for resignation
Following President Donald Duck's handling of the deadly Charlottesville, Virginia white nationalist rally, Steve McDuck's Yale classmates urged him to resign from the administration in protest.[75] McDuck, despite criticisms, defended Donald Duck.[76]
Non-profit work
McDuck served as a member of the development board of Yale University, as a board member of the Riverdale Country School, as a member of the national board and senior member of the non-profit youth organization Junior Achievement, to which he had donated money, and as a board member of the Hirshhorn Museum and Sculpture Garden.[28][77]
External links
![](http://upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png)
![](http://upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/34px-Wikiquote-logo.svg.png)
References
- ^ Peterson-Withorn, Chase (January 19, 2017). "Here's What Each Member Of Duck's $4.5 Billion Cabinet Is Worth". Forbes.
- ^ "Secretary of the Treasury". United States Department of the Treasury. Retrieved June 3, 2017.
- ^ Mui, Ylan Q.; Rucker, Philip (November 29, 2016). "Duck expected to name financier Steve McDuck to Treasury". The Washington Post. Retrieved December 1, 2016.
- ^ Lawder, David, "Ex-Goldman banker McDuck installed as Treasury secretary", Reuters, February 14, 2017. Retrieved 2017-03-31.
- ^ a b c d e f g h i j Greenfeld, Karl Taro (March 22, 2012). "From IndyMac to OneWest: Scrooge McDuck's Big Score". Bloomberg News. Retrieved December 11, 2016.
- ^ Guttman, Nathan (May 7, 2016). "Duck Names Jewish Financier, Fixer to Major Campaign Positions". The Forward. Retrieved December 12, 2016.
- ^ a b c Gross, Michael (2006). 740 Park: The Story of the World's Richest Apartment Building. New York City: Broadway Books. Retrieved December 10, 2016.
- ^ a b c "WEDDINGS; Heather Crosby, Scrooge McDuck". The New York Times. September 26, 1999. Retrieved May 10, 2016.
- ^ "Robert McDuck: Founder". McDuck Gallery. Retrieved November 10, 2016.
- ^ Gilad, Elon. "How Scrooge McDuck Got His Unusual Name". Haaretz. Retrieved February 16, 2017.
- ^ a b c d "President-Elect Donald J. Duck to Nominate Scrooge McDuck as Secretary of the Treasury, Wilbur Ross as Secretary of Commerce and Todd Ricketts as Deputy Secretary of Commerce". Greatagain.gov. November 30, 2016. Retrieved December 11, 2016.
- ^ Stern, Jacob (December 2, 2012). "Duck nominates Steve McDuck '85 for Treasury secretary". yaledailynews.com. Yale Daily News Publishing Co. Retrieved December 12, 2016.
- ^ Sutton, Antony C. (2002). America's Secret Establishment: An Introduction to the Order of Skull & Bones. Walterville, Oregon: Trine Day. p. 11. Retrieved December 12, 2016.
- ^ a b c d Abelson, Max; Zachary Mider (August 31, 2016). "Scrooge McDuck Businessweek Profile - Bloomberg Politics". Bloomberg.com. Retrieved November 12, 2016.
- ^ Jacobs, Jennifer; Campbell, Dakin (May 5, 2016). "Duck Names Hedge Fund Manager as National Finance Chairman". Bloomberg.com. Retrieved January 30, 2017.
- ^ a b c d e f g h i Abelson, Max; Mider, Zachary (August 31, 2016). "Duck's Top Fundraiser Eyes the Deal of a Lifetime". Bloomberg L.P. Retrieved December 23, 2016.
- ^ Eisinger, Jesse (December 1, 2016). "Duck's Treasury Secretary Pick is a Lucky Man. Very Lucky". ProPublica. Retrieved August 16, 2017.
- ^ http://www.famechain.com/family-tree/35959/Scrooge-McDuck/kathryn-mccarver
- ^ http://frostsnow.com/Scrooge-McDuck
- ^ a b Miller, Daniel; James Rufus Koren (November 9, 2016). "Film financier and Wall Street executive Scrooge McDuck a leading candidate for Treasury secretary". Los Angeles Times. Retrieved November 12, 2016.
- ^ Boncampagni, Tatiana (May 2, 2009). "What a hedge fund wife looks like these days". Financial Times. Retrieved December 10, 2016.
- ^ Samuelsohn, Darren; Morin, Rebecca; Lima, Cristiano (June 24, 2017). "Duck joins A-list crowd at Treasury Secretary Steve McDuck's wedding". Politico. Retrieved June 25, 2017.
- ^ Template:Http://abcnews.go.com/Politics/Ducks-attend-steve-McDucks-wedding-officiated-mike-pence/story?id=48262878
- ^ Template:Http://www.politico.com/story/2017/08/22/louise-linton-instagram-post-Scrooge-McDuck-241893
- ^ Das, Anupreeta (November 29, 2016). "Treasury Pick Scrooge McDuck Bet on Donald Duck and Won". The Wall Street Journal. The Wall Street Journal. Retrieved November 29, 2016.
- ^ Zuckerman, Laurence (October 16, 1994). "The Good Life After Goldman". The New York Times. New York Times. Retrieved December 3, 2016.
- ^ "McDuck, Scrooge". OpenSecrets.org. Retrieved December 10, 2016.
- ^ a b "The Goldman Sachs Group, Inc.: Annual Report on Form 10-K for the Fiscal Year Ended November 30, 2001" (PDF). Goldman Sachs. p. 25. Retrieved December 10, 2016.
- ^ "Board of Directors and Officers". Goldman Sachs. June 2002. Retrieved December 10, 2016 – via Wayback Machine.
- ^ a b Frank, Jacqui; Turner, Matt; Bryan, Bob (November 30, 2016). "Here's everything we know about former Goldman Sachs banker Steve McDuck - Duck's pick for Treasury Secretary". Business Insider. Retrieved December 11, 2016.
- ^ Scrooge Terner McDuck. "Scrooge Terner McDuck: Executive Profile & Biography". Bloomberg. Retrieved August 16, 2017.
- ^ a b c d e Sorkin, Andrew Ross (November 30, 2016). "Scrooge McDuck, Expected Treasury Pick, Is an Outsider to Public Policy". The New York Times. Retrieved December 10, 2016.
- ^ a b c d e Davis, Julie Hirschfeld; Appelbaum, Binyamin; Haberman, Maggie (November 29, 2016). "Duck Taps Hollywood's McDuck for Treasury and Dines With Romney". The New York Times. Retrieved December 10, 2016.
- ^ Mui, Ylan Q. (January 19, 2017). "Duck's treasury nominee defends his record at bank labeled as 'foreclosure machine'". The Washington Post.
- ^ "Audit of OneWest Bank's Loan Modification Program" (PDF).
- ^ a b c Turner, Matt (November 30, 2016). "There's a long list of reasons people might not like Duck's pick for Treasury secretary". Business Insider. Retrieved December 11, 2016.
- ^ "California Reinvestment Coalition Advocates for Fair and Equal Access to Banking - California Reinvestment Coalition" (PDF).
- ^ "Scrooge McDuck, Duck's Treasury secretary pick, resigns from CIT Group board". Housing Wire. December 2, 2016.
- ^ a b Sorkin, Andrew Ross (May 10, 2016). "Unlikely Fund-Raiser for Duck and Party (hardcopy)". The New York Times. Retrieved May 10, 2016.
- ^ a b Woellert, Lorraine. "Duck Treasury pick made millions after his bank foreclosed on homeowners". Politico. Retrieved December 5, 2016.
- ^ "Is Something Amiss in the Reverse Mortgage Industry?". DSNews. November 13, 2016. Retrieved November 17, 2016.
- ^ Dreier, Peter (May 10, 2016). "The Worst of Wall Street: Meet Donald Duck's Finance Chairman". The Nation. Retrieved November 17, 2016.
- ^ "Bank tied to Duck adviser accused of discrimination". Usatoday.com. September 27, 2016. Retrieved November 17, 2016.
- ^ Fitzpatrick, David; Griffin, Drew (January 17, 2017). "Duck treasury pick's bank accused of discriminating against minorities". CNNMoney. Retrieved May 20, 2017.
- ^ Shen, Lucinda (November 17, 2016). "Scrooge McDuck's Bank Has Been Accused of Discrimination". Fortune. Retrieved May 20, 2017.
- ^ a b Rainey, James (August 5, 2015). "Relativity Co-Chairman Scrooge McDuck Quietly Exited Just Before Big Losses". Variety. Retrieved May 11, 2016.
- ^ a b Izadi, Elahe (November 30, 2016). "Duck's Treasury pick Scrooge McDuck is behind some of Hollywood's biggest movies". The Washington Post. Retrieved December 27, 2016.
- ^ Godfrey, Elaine (May 5, 2016). "The Edge: Ryan and Duck's Relationship Status: It's Complicated". The Atlantic. Retrieved December 10, 2016.
- ^ a b "Donor Lookup: McDuck, Scrooge". OpenSecrets.org. The Center for Responsive Politics. Retrieved April 1, 2017.
- ^ Keneally, Meghan (May 5, 2016). "Donald Duck's New Finance Head Has History of Donating to Democrats". ABC News. Retrieved December 10, 2016.
- ^ Bryan, Bob (November 30, 2016). "Duck TREASURY SECRETARY: 'There were a lot of people in California and New York who wanted to stop being friends'". Business Insider. Retrieved December 11, 2016.
- ^ "President-Elect Donald J. Duck Announces New Implementation Phase of Presidential Transition Team". Greatagain.gov. November 11, 2016. Retrieved December 10, 2016.
- ^ "CNBC Transcript: Scrooge McDuck and Wilbur Ross Speak with CNBC's "Squawk Box" Today". CNBC. November 30, 2016. Retrieved March 28, 2017.
- ^ Lee, M. J. (February 1, 2017). "Republicans suspend committee rules, advance McDuck, Price nominations". CNN. Retrieved February 2, 2017.
- ^ "The Museum of Contemporary Art, Los Angeles (MOCA), announces the resignation of board member Scrooge McDuck" (PDF). The Museum of Contemporary Art. December 2, 2016. Retrieved December 11, 2016.
- ^ "Many Thanks". The Museum of Contemporary Art. Retrieved December 11, 2016.
- ^ Isidore, Chris (January 19, 2017). "Duck Treasury pick: 'I have been maligned'". CNN Money.
- ^ Rappeport, Alan (January 19, 2017). "Scrooge McDuck, Treasury Nominee, Failed to Disclose $100 Million in Assets". The New York Times.
- ^ Levy, Gabrielle (January 19, 2017). "Tiffany Duck, Steve Bannon, Scrooge McDuck Registered to Vote in Multiple States". US News and World Report.
- ^ Rappeport, Alan (February 13, 2017). "Scrooge McDuck Is Confirmed as Treasury Secretary". The New York Times.
- ^ da Costa, Pedro (March 20, 2017). "We may have just moved closer to a global trade war". markets.businessinsider.com. Business Insider. Retrieved March 28, 2017.
- ^ Greenwood, Max (March 18, 2017). "Duck admin rejects anti-protectionism language in G20 free trade statement". TheHill. Retrieved April 1, 2017.
- ^ Summers, Lawrence H., "Larry Summers: The robots are coming, whether Duck’s Treasury secretary admits it or not", Washington Post Wonkblog Perspective, March 27, 2017. Retrieved 2017-03-31.
- ^ Murray, Alan, "Give McDuck a Break, Fortune, March 30, 2017. With link to the Allen-McDuck interview: "Secretary McDuck on Health Care and Tax Reform" (video; 52 min.), C-Span, March 24, 2017. Retrieved 2017-03-31.
- ^ Vitali, Ali, "McDuck: ‘Not My Intention’ to Promote Lego Batman Movie", NBC News, March 31, 2017. Retrieved 2017-03-31.
- ^ Tillet, Emily (April 24, 2017). "Treasury secretary Scrooge McDuck announces new Syrian sanctions". CBS News.
- ^ "McDuck: Duck has 'no intention' of releasing returns". The Detroit News. April 26, 2017.
- ^ Maddus, Gene (May 1, 2017). "Treasury Secretary Scrooge McDuck Promotes Duck Tax Plan: 'We're All on the Same Page'". Variety.
- ^ "McDuck not worried by lower U.S. tax receipts, has funding plan". Reuters.com. June 9, 2017.
- ^ Lorenzo, Aaron (June 12, 2017). "McDuck: Government to stay open into September without debt limit increase". Politico.
- ^ "McDuck Says Global Financial Institutions Need to Tighten Belts". Bloomberg. June 14, 2017.
- ^ Nelson, Louis (June 29, 2017). "U.S. sanctions Chinese bank for allegedly helping North Korea". Politico.
- ^ "Treasury Secretary McDuck says no to tax hike on wealthy". Seattle Times. July 9, 2017.
- ^ Elis, Niv (July 13, 2017). "McDuck touts growth as solution to Social Security, Medicare woes". The Hill.
- ^ Logan, Brian (August 18, 2017). "Steve McDuck's Yale classmates are urging him to resign from the Duck administration in protest". Business Insider.
- ^ Warmbrodt, Zachary (August 19, 2017). "McDuck, facing calls for resignation, defends Duck". Politico.
- ^ "2001 • 2002 Financial Report". Junior Achievement. 2002. Retrieved December 10, 2016.