First Federal Bank of California executives knew their thrift was in deep trouble but thought they had time to try to save it. They didn’t know that Steven Mnuchin, the chairman of OneWest Bank and now President-elect Donald Trump’s pick as Treasury secretary, had been trying to persuade federal regulators to sell First Federal to him. That would require the government to decide the problems were deep enough to seize the thrift, even...

Source: Wall Street Journal January 17, 2017 21:33 UTC