How Scott Bessent Went From Democratic Donor to Trump Treasury Secretary Pick

The New York Times ^ | Nov. 23, 2024, 11:41 a.m. ET | Alan Rappeport

[E. Pluribus Unum]

In the heat of the 2000 presidential campaign, Vice President Al Gore took a break from barnstorming battleground states to attend a fund-raiser for the Democratic National Committee in East Hampton, N.Y. Standing behind Mr. Gore onstage was Scott Bessent, a hedge fund manager and — at the time — a major donor to Democrats who co-hosted the event at his home.

On Friday evening, Mr. Bessent was tapped by President-elect Donald J. Trump to be his Treasury secretary. Having won the trust of Mr. Trump and his inner circle, Mr. Bessent would lead a Republican economic agenda of cutting taxes, culling federal regulations and enacting sweeping tariffs.

The selection caps an extraordinary career arc for an investor who was once a protégé of the liberal billionaire philanthropist George Soros and who gave money to top Democrats including Hillary Clinton, John Kerry and Barack Obama.

“He was very supportive of the causes and the people that we supported,” said Will Trinkle, a Democrat who co-hosted the event with Mr. Gore. He noted that Mr. Bessent, who would be the first openly gay Treasury secretary, was a strong advocate for gay rights and marriage equality.

If confirmed by the Senate, Mr. Bessent would help Mr. Trump as he attempts to remake the U.S. economy. As Treasury secretary, Mr. Bessent would work to steer tax cuts through Congress, lead trade negotiations with China and help cull federal regulations that Mr. Trump believes are stifling the economy.

Mr. Bessent, 62, declined to be interviewed. But friends and former colleagues described him as driven by data and intellectually curious, with an ability to work with people from across the ideological and political spectrum.

Raised in a fishing village in South Carolina, Mr. Bessent is the son of a real estate developer who experienced several of his own financial...

[Salman]

Well why not?

Donald Trump himself was a donor to Hillary Clinton's senate campaign and a golfing buddy of her husband.

That's one reason they hate him so much.

[libh8er]

He is a family man with a husband and children.

[iontheball]

This one comes with lots of questionable baggage. I hope he is truly a reformed liberal who has seen the light. but was he all there was to pick from because Trump’s economic revival now depends on this guy.

[E. Pluribus Unum]

He is a family man with a husband and children.

Useful information. Sick, but useful.

[PGR88]

All human institutions are ultimately mortal and over-time corrupted.

But history shows us those with declared homosexuals at the top are on the fast-track to destruction/collapse.

[Gen.Blather]

You have to ask the question, why does someone become a political donor? The answer is one word, “access.” To your average business owner, at the very least, you need to stop politicians from doing things that will put you out of business. If you’re a donor, you can call up the sponsor of a bill and say, “Bro! SB166 is going to put me out of business!” Whereupon the sponsor will say, “Well, crap! That thing is all over my press releases. Tell you what, send Charlie over to tweak the parts you’re interested in. Oh, by-the-way, I just bought an interest in a delivery company.” Donor: “Really! I just happen to have a dozen Transporter Delivery vans from my soon to be profitably bankrupt construction company. Send Alice around to my New York office on Thursday and we’ll talk turkey.”

[bigbob]

Who cares? (other than on FR)

[Bikkuri]

"He worked at Soros Fund Management (SFM) from 1991 to 2005, starting as a partner and eventually leading the firm's London office."

THIS is very worrying.;..

[nickcarraway]

Why the need for a Soros guy, and a DEI pick?

[nickcarraway]

DEI is back!

[napscoordinator]

Most won’t have a clue about this pick. Heck most don’t even know who the VP will be in 2025.

[Trumpisourlastchance]

He is also a homo and Soros fund manager. Perfect pick (sarcasm).

[caddie]

Mr. Horse: “Nossir I don’t like it. I don’t like it one bit.”

[Rockingham]

Political donations have a range of motives: (1) as a sincere expression of support for a candidate or a party; (2) for "access" as you indicate, which can be anything from getting phone calls returned to being able to walk into a public official's office to seek help on a priority basis; (3) as a bribe; or (4), as extortion of the donor.

I know of examples of all of them. And access to a public official does not necessarily require a donation. When living in Tallahassee, on two occasions in the last week of session, I got an appointment with a powerful legislator on less than an hour's notice. I walked past a waiting room full of lobbyists puzzled at the priority that I got as an unknown non-lobbyist and non-donor.

What made me special? In those two instances, I knew the legislators and had documented proof that they had been lied to by a lobbyist on a matter before them. Both times, I was sincerely thanked and the problem was corrected. There was nothing in it for me other than striking a blow against a malign dishonesty based on information that I had been given or had come across.

The bottom line is that access to a public official is not necessarily about being a donor or a lobbyist but about knowing the legislator and having a matter of consequence to them.

[Libloather]

Bribes work. Just ask Pedo Pete.