Former US Treasury Secretary Mnuchin eyes TikTok

Former US Treasury Secretary Steven Mnuchin is making waves in the media for his out-of-the-ordinary career move as he's interested in buying TikTok. Having worked for the Trump administration, Mnuchin has a varied background that includes positions in government, journalism, and banking.

Mnuchin's professional path has been anything from typical, spanning from his time at Goldman Sachs to his participation in blockbuster films like "The Lego Movie" and "Mad Max: Fury Road." Renowned for his daring endeavors, Mnuchin became well-known for his part in turning around the financially troubled IndyMac bank during the 2008 crash.

Mnuchin's recent efforts to broker deals have raised questions about possible conflicts of interest. Robert Weissman of Public Citizen, one of Mnuchin's detractors, questions the morality of Mnuchin's shift from public politics to private enterprise.

Mnuchin established his own private equity company, Liberty Strategic Capital, after leaving the Treasury Department in 2021. The fund attracted significant investments, including money from Middle Eastern governments under government control. Ethics watchdogs are questioning the swift transition in some places from official travel to commercial activities.

In keeping with his previous accomplishments in distressed asset purchases, Mnuchin's most recent endeavor included spearheading a sizeable investment in New York Community Bancorp. The bank looked for a lifeline amid falling stock prices as it faced difficulties with its commercial real estate operations.

Significantly, Mnuchin's experience with distressed asset purchases stems from his management of OneWest Bank Group, where he oversaw the acquisition of IndyMac in the wake of the financial crisis. Mnuchin defended his conduct, highlighting initiatives to assist homes facing foreclosure, despite criticism for his aggressive foreclosure procedures.

His continued interest in TikTok is shown by his participation in the botched Oracle and Walmart acquisition transaction during his time as Treasury secretary. Recent talks about organizing an investor group to buy TikTok indicate that Mnuchin is still looking at unusual investment prospects. 

Source: AP