Mnuchin Grilled On His Shell Companies, Tax Loopholes & His Predatory Lending Practices Mnuchin Grilled On His Shell Companies, Tax Loopholes & His Predatory Lending Practices
By Martin Hill
LibertyFight.com
January 23, 2017


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In the following two videos, Trump's Teasury Secretary Steven Mnuchin is asked about his shell companies in foreign countries, the tax loopholes he took advantage off and his predatory lending practices which harmed many American people.

In the first video, Mnuchin insists "I can assure you I paid all my taxes as was required," to which the senator replies "I am very troubled about this question about how you are going to un-rig the system if you have a record of taking care of tax shelters."

In the second video, the senator tells Mnuchin "I am sure you have heard allegations that you profited from 'predatory lending' during the housing crisis."

Mnuchin replies defensively, explaining that it was all FedGov's fault, and that because of their required adherence to federal regulations "we would have been severely penalized if we did not proceed with the foreclosures."

You can watch the two videos here. The complete transcript is below each video.

Mnuchin on his shell companies and tax loopholes

Transcript:

Senator: "...So I'm gonna I REFLECT ON THAT ANSWER AS WELL. CAN I PURSUE ONE ADDITIONAL EXTRA QUESTION, MR. CHAIRMAN? GO AHEAD. EVEN A HEDGE FUND FOR A FEW YEARS, STARTING IN 2004. I HAVE BEEN TRYING TO GET MY ARMS AROUND THE MCUCHIN WEB OF BANK ACCOUNTS AND SHELL COMPANIES. HOW MANY EMPLOYEES DID YOU HAVE IN ANGUILLA?

01:03:32 Mnuchin: WE DID NOT HAVE ANY EMPLOYEES.

Senator:: How Many CUSTOMERS DID YOU HAVE THERE?

MR. MNUCHIN: WE DID NOT HAVE ANY CUSTOMERS THAT RESIDED THERE.

Senator: DID YOU HAVE AN OFFICE THERE?

MR. MNUCHIN: WE DID NOT HAVE AN OFFICE OURSELVES THERE.

Senator::SO, YOU JUST HAD A PO BOX?

MR. MNUCHIN: SENATOR, LET ME EXPLAIN.

Senator: YES, OR NO?

MR. MNUCHIN: HOPEFULLY, THE OTHER SENATORS WILL DEFER SOME TIME SO I CAN ANSWER THIS FOR YOU.

Senator:: IT IS A LEGITIMATE QUESTION. YOU CAN ANSWER.

MR. MNUCHIN: I, LIKE ALL OTHER HEDGE FUNDS AND MANY PRIVATE EQUITY FUNDS, SET UP OFFSHORE ENTITIES THAT ARE PRIMARILY INTENDED TO ACCOMMODATE NONPROFITS AND PENSIONS THAT WANT TO INVEST THROUGH THESE OFFSHORE ENTITIES. AS IT RELATES TO MY OWN TAX SITUATION, THESE ENTITIES WERE EITHER TAXED AS U.S. CORPORATIONS OR U.S. CORPORATIONS OR U.S. PARTNERSHIPS AND IN NO WAY DID I USE THEM WHATSOEVER TO AVOID ANY U.S. TAXES. THEY WERE MERELY AS AN ACCOMMODATION TO PENSION FUNDS AND NONPROFIT INSTITUTIONS AND A SMALL NUMBER OF FOREIGN INVESTORS. AS TREASURY SECRETARY, IF CONFIRMED, I WOULD LOOK AT THESE RULES AND MAKE SURE -- I THINK THAT YOU DID A GOOD JOB IN STOPPING ONE OF THE ABUSES OF OFFSHORE DEFERRED FEES, BUT I WOULD DILIGENTLY LOOK AT THESE THINGS AND I CAN ASSURE YOU I PAID ALL MY TAXES AS WAS REQUIRED.

Senator:: WE WILL COME BACK TO THE QUESTION OF OFFSHORE DEALS, COMMONLY CALLED BLOCKERS. I AM VERY TROUBLED ABOUT THIS QUESTION ABOUT HOW YOU ARE GOING TO UN-RIG THE SYSTEM IF YOU HAVE A RECORD OF TAKING ADVANTAGE OF TAX SHELTERS.


Mnuchin Grilled On His Predatory Lending Practices

Transcript:

01:05:31 - Senator:-
"AS YOU CAN SEE, YOU ARE GOING TO GET QUESTIONS LIKE THIS. WHAT WAS LEGAL AT THE TIME IS STILL BEING CRITICIZED. I AM SURE YOU HAVE HEARD OF ALLEGATIONS THAT YOU PROFITED FROM "PREDATORY LENDING" DURING THE HOUSING CRISIS. AND INVESTOR GROUP YOU HEADED WAS RESPONSIBLE FOR MANY LOW AND NO DOC MORTGAGE LOANS INTO A VIABLE INSTITUTION CALLED ONE WEST, WHICH IS DESCRIBED HERE. I OFFERED LOAN MODIFICATIONS, ABOVE AND BEYOND WHAT OTHER INSTITUTIONS WERE DOING, TO MORE THAN 100,000 BORROWERS. THAT IS THE WAY IT LOOKS TO ME. MEANWHILE, DURING ALL OF THE FORECLOSURE TURMOIL, THE OBAMA ADMINISTRATION OFFICIALS SET UP A NATIONAL LOAN MODIFICATION SYSTEM. ACCORDING TO -- MANY MEMBERS OF CONGRESS HAVE REPEATEDLY FALLEN SHORT OF THE GOALS AND HAD SIGNIFICANT DESIGN FLAWS. THEN, THE SPECIAL INSPECTOR GENERAL IDENTIFIED THAT THERE HAD BEEN COUNTLESS PUBLISHED REPORTS OF PARTICIPANTS WHO END UP WORSE OFF FOR HAVING ENGAGED IN A CIVIL EFFORT TO OBTAIN THE SUSTAINABLE RELIEF THAT THE PROGRAM PROMISED. EXCUSE ME. MODIFICATIONS OFTEN MADE BORROWERS WITH MORE OUTSTANDING PRINCIPAL ON THEIR LOANS, LESS EQUITY, DEPLETED SAVINGS, AND WORSE CREDIT SCORES. IT IS A PROVOCATIVE LANGUAGE THAT WE HAVE HEARD SUPPORTING HER ACTIONS IN THE FORECLOSURE CRISIS. I GUESS YOU COULD SAY THE THEN SECRETARY OF WAS A "PREDATORY LOAN MODIFIER," USING THAT TYPE OF LOGIC. MR. MNUCHIN, DID ONE WEST HAVE ANY INTERPLAY WITH THE OBAMA ADMINISTRATION'S PROGRAM? WAS THAT PROGRAM ALWAYS SUCCESSFUL IN PREVENTING FORECLOSURES ON STRUGGLING AMERICAN HOMEOWNERS, OR COULD MORE HAVE BEEN DONE BY THE ADMINISTRATION?

01:07:50
MR. MNUCHIN: SENATOR, THANK YOU VERY MUCH FOR THAT QUESTION. IT IS AN IMPORTANT ISSUE. WHEN WE DID THE DEAL WITH THE FDIC WE COMMITTED TO THE FDIC THAT WE WOULD CONTINUE THE FDIC LOAN MODIFICATION PROGRAM. IT WAS AFTER THAT THAT THE OBAMA ADMINISTRATION CAME UP WITH HAMP. WE HAD NO OBLIGATION TO DO HAMP. WE COULD HAVE CONTINUED TO DO FDIC LOAN MODIFICATIONS, BUT WE FELT IT WAS THE APPROPRIATE THING TO GO INTO THE U.S. TREASURY PROGRAM, AS DID OTHER MAJOR BANKS. WE VOLUNTARILY WENT INTO THAT PROGRAM. THE HAMP LOAN MODIFICATION PROGRAM WAS A VERY PRESCRIPTIVE PROGRAM, INCLUDING US HAVING TO FOLLOW NET PRESENT VALUE CALCULATIONS THAT WERE DETERMINED BY THE TREASURY MODELS TO SEE WHICH WAS BETTER, EITHER FOR FORECLOSING ON A HOME OR PROVIDING A LOAN MODIFICATION. WE UNFORTUNATELY HAD TO FOLLOW THE HAMP RULES, OR HE WOULD HAVE BEEN SEVERELY PENALIZED IF WE DID NOT PROCEED WITH THE FORECLOSURES.

01:09:04 - Senator: THESE WERE NOT YOUR RULES.

MR. MNUCHIN: NO, THESE WERE RULES DRIVEN BY THE ADMINISTRATION UNDER HAMP.
Senator:- WHICH ADMINISTRATION?
MR. MNUCHIN: THE OBAMA ADMINISTRATION.




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Martin Hill is a Catholic paleo-conservative and civil rights advocate. His work has been featured in the Los Angeles Daily News, San Gabriel Valley Tribune, The Orange County Register, KNBC4 TV Los Angeles, The Press Enterprise, LewRockwell.com, WhatReallyHappened.com, Infowars.com, PrisonPlanet.com, Economic Policy Journal, FreedomsPhoenix, Haaretz, TMZ, Veterans Today, Jonathan Turley blog, The Dr. Katherine Albrecht Show, National Motorists Association, AmericanFreePress.net, RomanCatholicReport.com, WorldNetDaily, HenryMakow.com, OverdriveOnline.com, Educate-Yourself.org, TexeMarrs.com, Dr. Kevin Barrett's Truth Jihad radio show, Strike-The-Root.com, Antiwar.com, Mark Glenn's 'The Ugly Truth' Blog & radio show, Michael Hoffman's RevisionistHistory.org, John Friend's TheRealistReport.com, Pasadena Weekly, ActivistPost.com, Los Angeles Catholic Lay Mission Newspaper, KFI AM 640, IamtheWitness.com, Redlands Daily Facts, SaveTheMales.ca, BlackBoxVoting, The Michael Badnarik Show, The Wayne Madsen Report, Devvy.com, Rense.com, FromTheTrenchesWorldReport.com, BeforeItsNews.com, The Contra Costa Times, Pasadena Star News, Silicon Valley Mercury News, Long Beach Press Telegram, Inland Valley Daily Bulletin, L.A. Harbor Daily Breeze, CopBlock.org, DavidIcke.com, Whittier Daily News, KCLA FM Hollywood, The Fullerton Observer, and many others. Archives can be found at LibertyFight.com and DontWakeMeUp.Org.

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