By SRH,
Steve Mnuchin, the former Treasury Secretary under Trump, has joined forces with his associates from his time as a foreclosure mogul at OneWest and various hedge funds and private equity firms to orchestrate a takeover at the struggling New York Community Bancorp (NYCB), the parent company of Flagstar Bank.
A recent announcement from NYCB revealed that Mnuchin and his group will be investing $1 billion in equity at a price of $2 per share for NYCB, significantly reducing the value for existing shareholders whose shares were worth $10.23 at the end of last year. To add to the bold move, Mnuchin plans to place himself and three other investors on the NYCB Board, giving them a total of four votes on a Board that he intends to downsize from 12 members to 9.
Furthermore, Joseph Otting, Mnuchin’s former colleague from OneWest and the former head of the Office of the Comptroller of the Currency under Trump, will take over as the CEO of NYCB, replacing the current CEO who just assumed the position last week. Otting will also secure a spot on the NYCB Board of Directors.
The trading of NYCB shares was so tumultuous that the New York Stock Exchange had to halt trading 13 times due to limit-up or limit-down conditions, as well as once for pending news. The share price fluctuated wildly yesterday, hitting an all-time low of $1.70 before closing at $3.46.
To truly understand the situation, we must revisit Mnuchin’s Senate confirmation hearing when he was nominated by Trump to be the U.S. Treasury Secretary, a role that would also put him in charge of the Financial Stability Oversight Council (F-SOC), granting him the power to approve or deny.
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