Part of the duties for Trump’s newest appointee is to guard against fraud in the financial industry – however the man is now facing a fraud scandal of his own.
Joseph Otting has been selected by the Trump serve as Comptroller of the Currency, a position which requires deep knowledge of economic, business, and monetary policy. However, reports surfaced this week that Otting lied on his academic history, telling authorities he has a degree from the prestigious Dartmouth College, when in fact he has no such degree.
“Joseph Otting is not a Dartmouth graduate,” a Dartmouth spokeswoman reportedly told the media this week. “Dartmouth does not have a school of credit and financial management.”
The White House has clarified that President Trump’s nominee to run a U.S. regulator office didn’t actually attend Dartmouth College, Bloomberg News reported Friday.
Joseph Otting, Trump’s pick to run the Office of the Comptroller of the Currency, listed a degree on his resume from the “School of Credit and Financial Management at Dartmouth College.”
But that school was never affiliated with Dartmouth and no longer operates in any Dartmouth facilities.
… In fact, the school is actually a four-week program spread over two years run by the National Association of Credit Management (NACM), a nonprofit Maryland organization that certifies professionals in the credit management field with a continuing education course, which describes itself as “the leader in executive education for the credit and financial management community.”
In addition to Otting’s academic fraud allegations, the businessman has a questionable history of connections with huge financial institutions.
Analysts predict Otting will play a key role in the Trump administration’s plan to dismantle the important Dodd-Frank law that regulates the financial industry.
Trump announced late Monday he is naming Joseph Otting as comptroller of the currency, heading a Treasury Department agency that is the chief overseer for federally chartered banks. If confirmed by the Senate, Otting will play a role in the Trump administration’s efforts to ease rules written under the Dodd-Frank law that stiffened financial regulation after the 2008-09 crisis.
… Otting was CEO from 2010 to 2015 of OneWest Bank, where he worked with then-chairman Steven Mnuchin, who is now Treasury secretary. Democrats who objected to Mnuchin’s appointment as Treasury chief accused him of running a “foreclosure machine” when he headed the big California-based bank. The bank foreclosed on thousands of homeowners in the aftermath of the housing crisis caused by high-risk mortgages.
Bad news for Americans!