Mnuchin: I Want to Correct My IndyMac Record

Mnuchin: I Want to Correct My IndyMac Record

Assessment

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Business

University

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The speaker addresses misconceptions about their role as Treasury Secretary during the 2008 financial crisis. They recount witnessing the housing crisis's impact and their efforts to save Indy Mac Bank by acquiring it through a higher bid to the FDIC. The speaker clarifies that their group did not create the risky loans but assumed them from previous management. They invested $1.6 billion, rebranded the bank as One West Bank, and contributed to job preservation and community banking in Southern California.

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the speaker accused of when first nominated as Treasury Secretary?

Supporting risky loans

Ignoring the financial crisis

Mismanaging government funds

Taking advantage of others' hardships for profit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What significant action did the speaker take to save Indy Mac Bank?

Merged with another bank

Applied for a government bailout

Closed down the bank

Submitted a bid to the FDIC

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much did the speaker's group invest in Indy Mac Bank?

$500 million

$1.6 billion

$2 billion

$1 billion

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the new name given to Indy Mac Bank after its transformation?

Southern Bank

New Indy Bank

One West Bank

West Coast Bank

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was one of the outcomes of transforming Indy Mac into One West Bank?

Creation of a successful banking franchise

Bank closure

Job losses

Increased risky loans