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Trump Treasury Pick Foreclosed On An Elderly Woman For 27 Cents - YouTube
Channel: The Young Turks
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TRUMPS TREASURY PICK STEVE
MNUCHIN IS OF COURSE GETTING A
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LOT OF CRITICISM FROM PEOPLE ON
THE LEFT AND THE RIGHT
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CONSIDERING THE FACT THAT HE
WORKED AT GOLDMAN SACHS FOR A
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LONG TIME AND HE ALSO HAS A VERY
COLORFUL RESUME ESPECIALLY WHEN
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IT COMES TO FORECLOSING ON
PEOPLE, LIKE A 90-YEAR-OLD WOMAN
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WHO MADE UP A MISTAKE WHEN
WRITING A CHECK TO PAY OFF
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HER LOAN.
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APPARENTLY ACCORDING TO POLITICO
WHICH ORIGINALLY REPORTED THE
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STORY, TWO YEARS AGO ONEWEST,
WHICH IS A BANK THAT WAS CREATED
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BY STEVE MNUCHIN AFTER THE
HOUSING MARKET CRISIS FILED
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FORECLOSURE PAPERS ON THE
LAKELAND FLORIDA HOME OF
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OZZIE LOFTON WHO HAD TAKEN A
REVERSE MORTGAGE LOAN THAT
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SUPPLIES CASH TO ELDERLY
HOMEOWNERS AND DOESN'T
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REQUIRE MONTHLY PAYMENTS.
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AFTER CONFUSION UNDER THE
INSURANCE PROGRAM OR INSURANCE
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COVERAGE, A SUBSIDIARY
SENT LOFTON A BILL FOR $423.30.
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SHE DID SEND A CHECK FOR $423.
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THE BANK SENT ANOTHER BILL FOR
$.30.
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WHICH BY THE WAY, CONSIDERING
POSTAGE AND THE RESOURCES
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NECESSARY TO SEND THAT
LETTER, I FEEL LIKE YOU SHOULD LET
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$.30 GO BUT NONETHELESS,
LOFTON WHO IS 90
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YEARS OLD SEND A CHECK FOR THREE
CENTS.
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IN NOVEMBER 2014 AS A RESULT, THE
BANK FORECLOSED.
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IF YOU'RE HAVING TROUBLE WITH
THE MATH THERE,
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$.27 IS WHAT LED THEM TO
FORECLOSE ON HER HOUSE.
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THERE'S ANOTHER STORY IN HERE
THAT WE WILL GET TO IN A
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MINUTE ABOUT HOW THEY TRICKED A
HOMEOWNER AND SAID HE'D
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HAVE PLENTY OF TIME AND THEN
THEY FORECLOSED ON WHEN HE
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WASN'T LOOKING.
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THE REASON I TELL YOU THAT IS I
DON'T BELIEVE THESE ARE
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MISTAKES.
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I BELIEVE THESE ARE INTENTIONAL.
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REMEMBER, LET'S GO BACK FOR A
SECOND.
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THIS GUY BOUGHT THIS COMPANY INDY
MAC WHICH WAS A DISASTER.
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BECAUSE REMEMBER, BUT
THEY ARE THE ONES WHO WERE THE
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WORST OF THE WORST, GAVE OUT
THE WORST KIND OF LOANS THAT HAD NO
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CHANCE OF BEING PAID BACK JUST
SO THAT THEY COULD MAKE BONUSES.
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THEY GOT KEEP ALL OF THEIR
BONUSES AND THEN THEY LEFT THE
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AMERICAN TAXPAYER WITH A GIANT
BILL WHICH WE WILL EXPLORE IN A
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SECOND.
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THIS GUY COMES IN
AND BUYS THAT BANK AND THE
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WHOLE POINT IS THEY HAVE A
BUNCH OF PROPERTIES THAT THEY
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HAVE TO FORECLOSE ON.
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THEY'RE GOING TO MAKE MONEY ON
FORECLOSING ON PEOPLE'S HOUSES
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AND IN FACT IS YOU WILL SEE, THE
GOVERNMENT IS GOING TO GUARANTEE
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THEM THEIR INCOME WHICH IS NOT
ANYTHING CLOSE TO CAPITALISM.
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THESE GUYS ARE LIKE WEIRD
TITANS OF INDUSTRY AND I'M A
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BILLIONAIRE GUY FROM WALL STREET
DIE REALLY UNDERSTAND BUSINESS.
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NO, YOU GOT GUARANTEES FROM THE
GOVERNMENT脰 BUSINESS OR THE
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FREE GOVERNMENT, THAT'S CRONY
CAPITALISM THOUGHT THE
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WHOLE POINT WAS TO MAKE MONEY ON
FORECLOSING ON PEOPLE'S HOMES.
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THEY ARE NOT FORECLOSING ON
90-YEAR-OLD WOMEN FOR $.27
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BY MISTAKE.
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THAT IS NOT THE BUG, THAT IS THE
FEATURE.
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THAT WAS THE WHOLE POINT OF IT.
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THEY DID 36,000 FORECLOSURES,
ONEWEST, AGAIN FOUNDED BY
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MNUCHIN, DID 36,000 FORECLOSURES
BEFORE BEING SOLD OFF TO ANOTHER
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BANK WHICH HE IS ALSO THE
CHAIRMAN OF INDYMAC
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ON THE CONDITION THAT THE FDIC
AGREE TO PLAY FUTURE LOSSES
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ABOVE A SUPER CERTAIN THRESHOLD.
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AS A RESULT THAT THE ICY MADE
PAYMENTS TO ONE WEST
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TOTALING MORE THAN $1 BILLION
START
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TAKING THIS LITTLE FURTHER.
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WE'RE NOT SOME DO-GOODER
LIBERALS WHO THINK NO ONE
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SHOULD BE FORECLOSED ON.
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WE UNDERSTAND, SOMETIMES SOMEONE
CAN'T PAY.
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IF YOU CAN'T PAY,
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YOU HAVE TO BE FORECLOSED ON.
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WE UNDERSTAND.
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WE ARE NOT LIKE, THERE SHOULD BE
NO BANKS IN EXISTENCE.
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OF COURSE YOU NEED BANKS AS PART
OF A FINANCIAL SYSTEM.
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THE QUESTION IS HOW
DO YOU DO IT?
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IN THIS CASE, INDYMAC, THE
REASON THEY WENT BANKRUPT
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IN THE FIRST PLACE IN THE
GOVERNMENT HAD TO FIND THEM
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A BUYER WAS BECAUSE THEY ARE
LIKE WE DON'T CARE THIS IS
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GOING TO OBVIOUSLY LEAD TO
FORECLOSURES, BECAUSE IN
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THE BEGINNING IT ON TO PAY THAT
MUCH AND THEN THE PAYMENTS
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BALLOON ON YOU AS AN EXAMPLE OF
ONE OF THE WAYS THEY STRUCTURE
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THE LOANS AND HAVE NO CHANCE OF
PAYING IT BECAUSE I KNOW I
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HAD TO FILL DOCUMENTS WHERE I
KNOW YOU COULDN'T PAY IT.
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YOU DON'T HAVE THE INCOME TO
PAY IT.
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I DON'T CARE BECAUSE I'M MAKING
THE BONUS RIGHT NOW AS SOON
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AS YOU SIGN UP AS A PAPER SO
WHEN IT WAS UP LATER ITEM
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CARE, I'M JUST GOING TO SIT
ABOUT THE AMERICAN TAXPAYER.
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THIS GUY COMES IN AND SAYS GIVE
ME INDY MAC, I WILL CALL IT
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ONE WEST BATTLE WHENEVER LOSE
MONEY ON IT.
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I'M GOING TO MAKE ALL THIS MONEY
FROM FORECLOSING, BUT IF IN
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THAT PROCESS I CAN FORECLOSE ON
ALL OF THEM ARE LOSE SOME SORT
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OF MONEY, I NEED THE AMERICAN
TAXPAYER TO GUARANTEE MY INCOME.
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THE AMERICAN TAXPAYER
PUT IN OVER $1
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BILLION THAT THIS GUY COULD MAKE
MORE MONEY FORECLOSING HOUSES.
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I'M SO HAPPY THAT WE ELECTED
SOMEONE WHO IS GOING TO
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SOCKET TO WALL STREET THOUGH.
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THE GUY WHO IS A POPULIST AND
GOING TO DRAIN THE SWAMP
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AND HE WAS GOING TO HAVE AN
AVERAGE GUY.
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NO COME ALL HE IS DOING IS
PUTTING HIS BILLIONAIRE
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FRIENDS AND, LIKE HIM, ALL THEY
EVER DID WAS RUN SCAMS.
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REMEMBER, WHEN DONALD TRUMP
IS CAMPAIGNING HE HAD VERY
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HARSH WORDS FOR TED CRUZ AND
TED CRUZ'S TIES TO GOLDMAN
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SACHS, SPECIFICALLY TO GOLDMAN
SACHS.
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TED CHRIS'S WIFE WORKS FOR THEM,
TAKERS GOT ALL OF THESE LOW
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INTEREST LOANS FROM GOLDMAN
SACHS.
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HOW DARE HE.
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IF YOU FORGOT, MAYBE WE SHOULD
TAKE A LOOK AT A VIDEO FROM HIM
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ON THE CAMPAIGN TRAIL.
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WHAT HE WANTED TO DO IS SAY I
WILL PROTECT YOU FROM GOLDMAN
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SACHS, I WILL PROTECT YOU FROM
CITIBANK AND I WILL PROTECT
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YOU FROM THE BANKS BECAUSE I AM
ROBIN HOOD AND I'M THIS
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WONDERFUL SENATOR AND I'M GOING
TO PROTECT YOU FROM THESE BANKS,
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AND THEN HE IS BORROWING FROM
THE BANKS DIED BY THE WAY, HE
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HAS PERSONAL GUARANTEES AND HE
GOT LOW INTEREST LOANS TO HE GOT
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LOW INTEREST LOANS AND NOW HE IS
GOING TO GO AFTER GOLDMAN SACHS?
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IT DOESN'T WORK THAT WAY.
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GOLDMAN SACHS OWNS HIM.
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REMEMBER THAT.
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THEY OWN HIM.
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KNOW, GOLDMAN SACHS OWNS YOU.
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THAT'S SO AWESOME.
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THIS MAY MNUCHIN GUY WORKED 17
YEARS AT GOLDMAN SACHS.
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I HAVE HIS RESUME.
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HE WAS A PARTNER THERE.
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THIS ANOTHER NAME YOUR 11 THERE
FEWER TRUMP SUPPORTER BUT IN THE
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INTEREST OF THE BANKS GAVE HIM
SPECIAL FAVORS, AFTER WE GAVE
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ONE WEST AND A MINUTE SCAN ALL
OF THIS MONEY, TAX PAYER MONEY,
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YOUR MONEY, IF YOU ARE
CONSERVATIVE AND YOU ARE HAVING
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TROUBLE PAYING THE BILLS, SOME
OF IT WENT TO THIS BILLIONAIRE
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BANKER, SUCKER.
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BY THE WAY, I AM FURIOUS THAT
OBAMA ALLOWED THIS TO
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HAPPEN AS WELL.
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BUSH ABOUT IT, OBAMA ALLOWED IT,
YOU WANT TO CHANGE SO BAD
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AND THAT IS WHY HE SUCKERED YOU
AND BROUGHT THESE GUYS IN.
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WHAT HAVE BEEN AT THE END?
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HE JUST SOLD THE BANK A LITTLE
WHILE AGO AND MADE THE
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PROFIT FROM THAT JUST AFTER
RUNNING IT FOR SIX YEARS
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WAS ONE AND HALF BILLION
DOLLARS.
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IF THEY MADE A PROFIT OF 1 1/2
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BILLION DOLLARS, ARE THEY GOING
TO PAY THE TAXPAYERS BACK
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FOR THE $1.2
BILLION THEY GOT BACK EARLIER?
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NO, THEY ARE GOING TO KEEP YOUR
MONEY AND THEN THEY ARE
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GOING TO TAKE THE EXTRA MONEY ON
TOP AND PUT IN THEIR POCKET.
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THAT IS THE KIND OF SCAM ARTIST
THAT IS NOW THE TREASURY
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SECRETARY.
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THAT IS ONE OF THE MOST
IMPORTANT POSTS IN GOVERNMENT.
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ONE MORE THING BEFORE WE GO TO
HIS RESUME, THERE WAS ANOTHER
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GUY WHO WAS FORECLOSED ON, REX
SCHAEFER, AND HIM AND HIS WIFE
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WENT TO 33 DIFFERENT ONE WEST
EMPLOYEES TO TRY TO AVOID
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GETTING FORECLOSED ON.
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THEY WERE LIKE LOOK, THIS IS
WRONG.
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WE ARE PAYING ARE THOSE THAT
WE'RE NOT BONES.
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YOU ARE WRONG.
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WE PAID THE MONEY, HERE IT IS.
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AND THERE LIKELY WILL GET BACK
TO YOU.
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VICE PRESIDENT ONE WEST FINALLY
GOT BACK TO THEM AT THEY WERE A
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17TH AND SAID QUOTE I'M
GOING TO GET YOU A 60
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DAY EXTENSION SO THAT WE CAN
WORK THIS OUT.
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YOU KNOW WHAT THEY DID?
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THEY FORECLOSED HIS PROPERTY THE
NEXT DAY AND SOLD IT.
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UNBELIEVABLE.
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86-YEAR-OLD MAN WHO WOULD BEEN
LIVING IN OUR HOME FOR 50 YEARS.
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AND THEY SAID SORRY, WE
ALREADY SOLDIER HOUSE.
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WE IT'S GONE.
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GET OUT.
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YOU WANT TO KNOW SOMETHING
THAT IS HEARTBREAKING?
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THAT GUY VOTED FOR TRUMP.
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AND HE SAID I HOPE HE DOESN'T
PUT MY NEW SKIN IS AS
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TREASURY SECRETARY BECAUSE LIKE
I COULDN'T EVEN RUN A BANK
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AND NOW WE'RE GOING TO ASK AND
RUN THE TREASURY DEPARTMENT.
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NO, YOU MISSED IT.
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I LOVE YOU, BROTHER, BUT HE
WASN'T PACE BECAUSE HE
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DIDN'T KNOW HOW TO RUN A BANK.
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INSTALLING THOSE ARE CLERICAL
ERRORS.
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THEY DID IT TO YOU ON PURPOSE.
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THE WHOLE POINT WAS THAT IT WAS
A FORECLOSURE MACHINE.
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YOU THINK THAT THE BITE
PRESIDENTS WAS LIKE GROUPS,
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DO WE SELL HIS HOUSE?
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NO, THEY KNEW WHAT THEY WERE
DOING.
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THEY SOLDIER HOUSE OUT FROM
UNDERNEATH YOU ON PURPOSE
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AND NOW THAT MONSTER IS YOUR
TREASURY SECRETARY BECAUSE
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YOU VOTED FOR TRUMP.
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I DO WANT ANYTHING BAD HAPPEN TO
THESE FOLKS STARTED A HOW IN THE
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WORLD YOU GET REX'S HOUSE BACK
BECAUSE SOMEONE ELSE HAS IT NOW,
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BUT TO PUT THE GUYS WHO DID THIS
FOR A LIVING IN CHARGE OF OUR
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ECONOMY, IT IS MENTAL.
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FINALLY, IN A GIVE HIM HIS
RESUME BECAUSE IF YOU
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DIDN'T SEE IT ON THE DAY THEY
WERE SELECTED, WE TOLD YOU
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SOME OF THE PLACES HE WORKED OUT
THERE'S ONE IN PARTICULAR
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THAT YOU ARE GOING TO LOVE A SET
OF ALL OF THIS.
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HERE IS A LIST.
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HIS JOBS WITH THE MOST RECENT TO
LEAST RECENT.
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HE WAS FINANCE CHAIR OF TRUMP'S
2016 PRESIDENTIAL AND CAMPAIGN.
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THAT'S WHY HE GOT THE JOB
BECAUSE HE GOT THE BRIBES A
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DONALD TRUMP NEEDED SO HE WAS
LIKE GREAT THAT YOU ARE IN.
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HE IS BOTH DIRECTOR AND
CHAIRMAN OF CITIBANK WHICH
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OF COURSE PURCHASED ONE WEST.
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THAT KIND OF MAKES SENSE.
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HE'S THE VICE CHAIRMAN AND CEO
OF ONE WEST BANK GROUP THAT
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WASN'T HELD 2015
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ALSO CHAIRMAN AND CO-CEO OF DUNE
CAPITAL MANAGEMENT
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THAT IS A HEDGE FUND.
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I WAS TOLD BY DONALD TRUMP THAT
HEDGE FUNDS WERE THE WORST.
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BUT WHAT ABOUT THIS ONE THOUGH?
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FOLIO MANAGER FOR SOROS FUND
MANAGEMENT.
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NO, THAT'S NOT A DIFFERENT
SOROS.
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THAT IS THE GEORGE SOROS.
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CIO OF GOLDMAN SACHS FROM
1999 TO 2002 AND THEN HEAD
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OF MORTGAGE DEPARTMENT AT
GOLDMAN SACHS FROM 1985 TO 1999.
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I DON'T THINK THERE'S ANYTHING
WRONG WITH GEORGE SOROS.
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THEIR INSANE CONSPIRACY THEORIES
THAT WE GET MONEY FROM HIM.
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I'M NOT SAYING NO BUT WE JUST
AREN'T GETTING THEM DIED
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THINK HE HAS DONE GREAT WORK IN
FIGHTING COMMUNISM AND I
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DON'T KNOW IF YOU KNOW THIS, HE
IS A GIANT FINANCIAL PLAYER.
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HE IS VERY PROCAPITALIST.
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YOU GET ALL THIS PROPAGANDA
FROM FOX NEWS AND THE
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REPUBLICANS, BUT HE LOVES
CAPITALISM.
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HE PRACTICES CAPITALISM.
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HE FINANCE COMMUNISM AND I
GUESS, HE CONTRIBUTES TO
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PROGRESSIVE.
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HE DOES WONDERFUL WORK ON HIS
GIVING TO YOU REPUBLICANS
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THINK HE IS THE WORST.
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YOU HAVE BEEN TOLD OVER AND OVER
THAT GEORGE SOROS IS THE ENEMY.
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THIS GUY RAN HIS FUND.
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WHAT HAPPENED?
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I THOUGHT DONALD TRUMP IS GOING
TO DRAIN THE SWAMP AND GET
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RID OF THESE GLOBAL FINANCIAL
SHENANIGANS AND HERE HE IS,
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HE PUTS A WALL STREET GUY
CONNECTED TO GEORGE SOROS.
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WHICH ONE IS IT?
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IS GEORGE SOROS
FINE OR DID TRUMP SCREW YOU?
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