Advising on the Selection of U.S. Treasury Secretary (2016)

On November 27, 2016, Jeffrey Epstein and Larry Summers discussed over email possible candidates for U.S. Treasury Secretary, three days before Steven Mnuchin was announced as the nominee.

Epstein opened by asking Summers for suggestions. Summers responded with a list of potential names (including Mitt Romney, Tony James, Larry Fink, Fred Smith, Peter Thiel, Jamie Dimon, and Jeff Immelt) and asked about whether the incoming administration had a clear strategy, if they were open to Democrats, and were serious about certain candidates.

Epstein replied with blunt opinions, dismissing Peter Thiel as lacking global perspective (calling him “austistic” [sic]), criticizing Larry Fink as pompous and too left-leaning, and expressing interest in Jeff Immelt, as well as mentioning Jes Staley and Summers himself.

Summers pushed back, asking about Mnuchin and James, asking if Romney was too controversial, and offering a critical assessment of Immelt as a capable establishment operator but “not smart.” He rejected the idea that he himself was a serious option. Summers also explained why Jes Staley would be a problematic choice due to limited policy experience and potential scrutiny over his time at JPMorgan.

Summers emphasized that the core decision for the president-elect was whether to pursue traditional Republican, high-end tax policies or a 1986-style tax reform, noting that this choice should drive the Treasury pick. He also stressed the importance of having someone capable of handling potential global macroeconomic crises in Europe or China.

Epstein responded dismissively to Summers’ question, “What happened to Mnuchin?” writing only, “hes [sic] a dope.” Summers agreed with that assessment based on what he had heard and pressed Epstein again for answers about his other questions, particularly whether Romney was still in contention. The exchange ended with Epstein asking Summers to call him. [Source: DOJ EFTA02669508]