×
Pro Analysis

Breakingviews: Trump Treasury chief an illogically logical pick

US President-elect Donald Trump adviser Steven Mnuchin leaves from the Trump Tower in New York on November 14, 2016.
Ken Betancur | AFP | Getty Images
US President-elect Donald Trump adviser Steven Mnuchin leaves from the Trump Tower in New York on November 14, 2016.

President-elect Donald Trump has made an illogically logical choice for his first U.S. Treasury secretary. Steven Mnuchin's Wall Street past will rankle Democrats. But unlike many Trump has put on his team, he is neither an ideologue nor a populist. He's also well qualified for the job, bipartisan and relatively reserved.

Mnuchin's career as a financier won't make for a smooth ride though confirmation hearings. He spent 17 years at Goldman Sachs, running mortgage securities before becoming chief information officer. He left in 2002 to set up his own hedge fund, Dune Capital, which helped finance hit movies like "Avatar." And he and fellow investors made a 150 percent profit in five years turning around defunct mortgage lender IndyMac that they bought in 2009.