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Thu Jan 19, 2017, 08:42 PM

Trumps treasury nominee defends foreclosure practices, ties to offshore entities

Treasury secretary nominee Steven T. Mnuchin defended his ties to offshore business entities and his management of a controversial California bank during a testy confirmation hearing on Thursday.

Speaking before the Senate Finance committee, Mnuchin said businesses in the Cayman Islands and Anguilla revealed in his financial disclosures were not used for his personal benefit but served nonprofits and pensions. A memo compiled by Democratic committee staffers obtained by The Washington Post showed Mnuchin initially omitted some of those entities -- as well as more than $100 million in personal assets -- from his nomination paperwork.

Mnuchin has revised the documents. He did not dispute the errors Thursday, which were characterized as inadvertent mistakes.

“In no way did I use [offshore entities] to avoid U.S. taxes,” Mnuchin said. “I can assure you I pay all my taxes as was required.”

http://www.msn.com/en-us/news/politics/trump%e2%80%99s-treasury-nominee-defends-foreclosure-practices-ties-to-offshore-entities/ar-AAm19LR?li=BBnbcA1&ocid=edgsp

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