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Donald Trump & Co.

Embarrassment of Riches: Steven Mnuchin Forgot to Disclose $100Mn in Assets & His Cayman Offshore Fund

January 20, 2017

[Photo:  DonkeyHotey Caricature / Wikimedia Commons]

 

Imagine the ramifications if you were caught omitting material information from a job application. 

--and--

Some of our new government nominees have adopted a less-than-honest approach to governing. (Hmmm, wonder where they got that attitude from.)

 

Vanity Fair’s Bess Levin talks about how difficult it is to apply for the position of U.S. Secretary of the Treasury.

 

It’s not easy being as rich as Steven Mnuchin, having to remember all the various places you’ve invested or tucked away your money. While Senate Democrats continue to grill Donald Trump’s Treasury secretary nominee about his time running a “foreclosure machine” - a term he finds totally rude and uncalled for - the New York Times took a closer look at the financial-disclosure forms he submitted last year. As it turns out, they weren’t “true, accurate, and complete” the first time around. But it was just a silly mix-up, is all!

 

When pushed by committee aides, Mr. Mnuchin conceded there was more.

 

In a revised questionnaire submitted to the committee this month, he disclosed that he was also the director of Dune Capital International Ltd., an investment fund incorporated in the Cayman Islands, a tax haven. He also revealed his management posts in 7 other investment funds, which he said he “inadvertently missed,” according to Finance Committee documents obtained by The NYTimes.

 

Oops!

 

He also forgot to mention: $95 million worth of real estate in New York, California, and Mexico, because he “misunderstood” the questionnaire (which explicitly says to disclose all real-estate assets), as well as $906,556 worth of artwork held by his children, which he was also supposed to disclose. Mnuchin says he got confused by what the term “investment assets” referred to. Hopefully he won’t need any close reading skills to run the Treasury Department.