Struggling Bank Gets Bailed Out with Help from Former Trump Admin Treasury Secretary

New York Community Bank

New York Community Bancorp (NYCB) announced on Thursday that it would be getting more than $1 billion from investors to help stabilize the bank, including from a firm run by a former Trump administration Treasury secretary.

The bank will receive $450 million from Mnuchin Liberty Strategic Capital, headed by former Treasury Secretary Steven Mnuchin, as well as a $250 million and $200 million investment from Hudson Bay Capital and Reverence Capital, according to an announcement from the bank. NYCB posted a $252 million loss in the fourth quarter of 2023, sending its stock to the lowest level since 1997 and worrying investors about another potential crisis in the banking sector, accordingto CNN.

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US Treasury Chief: Trump ‘Perfectly Happy’ to Tax More Chinese Imports

  Treasury chief Steven Mnuchin said Sunday that President Donald Trump would be “perfectly happy” to tax more imports from China if the U.S. leader cannot reach a trade deal with Chinese President Xi Jinping when they meet later this month. “We made enormous progress, I think we had a…

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US Holds ‘Constructive’ Trade Talks With China

American and Chinese trade negotiators made progress during “candid and constructive discussions” in Beijing Friday, said the White House, and will continue talks in Washington next week. The two sides are working to strike a deal to lift eight-month-old tariffs affecting $250 billion of Chinese imports to the U.S., and…

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