4.4 • 645 Ratings
🗓️ 12 May 2020
⏱️ 4 minutes
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0:00.0 | Steve Mnuchin, he is of means. He comes from a family of means. His grandfather co-founded a yacht club |
0:07.2 | in the Hamptons. I believe that his grandfather was in the law. His father was a Yale-educated |
0:12.8 | partner at Goldman Sachs, a sort of legendary partner who innovated, I think, some of the firm's |
0:18.3 | equity trading practices. And so Stephen grew up to sort of emulate his father's |
0:24.9 | trajectory. He also attended Yale. As the son of a Yale educated partner at Goldman Sachs is liable to |
0:31.8 | do, he attended Yale in his personal Porsche and stayed not in a dorm, but in the famous Taft Hotel. |
0:38.1 | Like you do. Sure. |
0:39.2 | Yeah. |
0:39.5 | Where he, I believe, roomed with another person who's now a billionaire and also someone |
0:44.3 | who's related to a high-ranking figure in the Iraqi government. |
0:48.5 | Anyhow. |
0:49.0 | So, yeah, so he basically, the way I put it in the article, it seems to me that from where Mnuchin started, |
0:55.8 | or at least by the time he got himself to the Taft Hotel in New Haven and into Yale, |
1:00.1 | it would almost be harder for him to fall significantly down America's class ladder than to climb further up it, |
1:06.2 | given the amount of both social capital but also just capital capital, |
1:12.0 | that at that point his family and he himself, surely, in a trust fund had at his disposal. So yeah, so from there, |
1:17.6 | he goes to Solomon Brothers for a couple of years. Eventually, he does get to Goldman, and he |
1:22.6 | climbs the ladder there. You know, some reports with his former colleagues have suggested that Steve |
1:28.1 | wasn't the most intellectually brilliant traitor that you ever met, not especially book smart, |
1:33.9 | and some, you know, suggest that nepotism may have played a role. In his movement through the firm, |
1:39.0 | at the same time, no one denies that he was very good at office politics, that, you know, he also knew the sort of |
1:45.4 | institutional culture of Goldman was very good at working between teams. So he has, you know, |
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