"Steven Mnuchin's Firm Leads $1 Billion Rescue of NYCB"
Former Treasury Secretary Steven Mnuchin led a $1 billion rescue attempt for New York Community Bank (NYCB), which saw its stock plummet by 45%. The infusion, including Mnuchin's firm Liberty Strategic Capital, aims to restore investor confidence and will result in a change in leadership with former Comptroller of the Currency Joseph Otting becoming the new CEO. The deal is set to close by March 11 and is subject to regulatory approvals, as NYCB grapples with increased loan losses and weaknesses in internal controls amid concerns about commercial real estate exposures.