Posted on 11/22/2024 5:31:59 PM PST by SeekAndFind
President-elect Donald Trump named billionaire Scott Bessent as his pick to serve as the next secretary of the Department of the Treasury.
“Scott has long been a strong advocate of the America First Agenda. On the eve of our Great Country’s 250th Anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the World’s leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World,” Trump said in a statement announcing the pick Friday, confirming CNN’s earlier reporting.
“Unlike in past Administrations, we will ensure that no Americans will be left behind in the next and Greatest Economic Boom, and Scott will lead that effort for me, and the Great People of the United States of America.”
Bessent, 62, advised Trump on economic policy on the campaign trail and is the founder of hedge fund Key Square Capital Management. Before that, he was the chief investment officer at Soros Fund Management, a hedge fund started by Democratic megadonor George Soros. He gained prominence at the firm for leading efforts to bet against the British pound and Japanese yen that netted the firm billions of dollars in profits.
A key Cabinet player, the US Treasury secretary advises the president on economic and fiscal matters, including spending and taxes. The role is seen as the top financial job in any administration and has become a trophy position for many well-heeled Wall Street donors.
If confirmed by the Senate, Bessent’s early days on the job could be even more challenging than usual as he’ll have to face pressure to address the federal debt limit and Trump campaign promises.
(Excerpt) Read more at cnn.com ...
Interesting career background:
https://en.m.wikipedia.org/wiki/Scott_Bessent
Bessent joined Soros Fund Management (SFM) in 1991 and was a partner there throughout the 1990s, eventually becoming the head of the London office.
In 1992, Bessent was a leading member of the team whose bet regarding the Black Wednesday collapse of the British pound garnered over $1 billion for the firm. His bet against the Japanese yen in 2013 brought additional profit.
After resigning from Soros Fund Management in 2000, Bessent founded a $1 billion hedge fund. The fund closed in 2005. Bessent has said he learned that he shouldn’t change his style or the construct of the firm because of investor preferences.
He was also a senior investment advisor at fund-of-funds Protégé Partners. Bessent returned to Soros Fund Management and served as chief investment officer from 2011 to 2015. He left in 2015 to begin a new firm, Key Square Group.
More interesting tidbits:
https://en.m.wikipedia.org/wiki/Scott_Bessent
Bessent resides in Charleston, South Carolina.
Bessent and his husband, former New York City prosecutor John Freeman, have two children.
In 2016, Bessent purchased the historic John Ravenel House; its restoration project was awarded the Preservation Society of Charleston’s Carolopolis Award in 2021.
Quite loyal to Trump, speak the same language. Reasonably sound pick IMO.
Well, call me intolerant and old-fashioned, but I was hoping this homosexual in a ‘marriage’ with another man and with adopted children would not be selected.
But pro-abort Melania assured us some time ago that President Trump approved of gay marriage, so all is well.
/sarc
Ditto.
I couldn’t care less who he boinks, but his long history with SOROS is far more concerning.
Mike Pence, Mike Pompeo, Niki Haley all profess the Christian faith yet as far as MAGA goes, not the right vessels.
Elon Musk is no saint, but he’s so instrumental to the movement. Ditto Richard Grennell who has a gay partner etc…As well as openly gay Peter Thiel who is more of a behind the scenes force for MAGA.
But yeah re: Scott Bessent, he doesn’t come across well on TV, oozes deep state, and Soros connection definitely the most concerning!
Free speech means you can make up stuff like that. Trump loves Howard Lutnick, he just wanted him running Commerce because of the importance of trade to his agenda.
Supply side guy approved by Art Laffer, Larry Kudlow and Steve Moore. Historian who understands how money behaves globally.
My Bingo card calls for CRE crisis 1qtr 2026.
“ Soros, “Gay”, “Husband”, children (!!!!)”
A true “globo homo”.
Elon should not have gone public with his support for Lutnick and the fact that he was persuading Trump to pick him. The last thing Trump wants is media headlines saying Trump is being controlled by Musk, or anyone else for that matter.
Speaking of grenell: is he still being considered for a position in the new trump administration?
Behind the scenes, not sure how well he’s postured for a position and what his personal goals are. He has poured so much into MAGA, likely at some cost - despite not being put on trial like Giuliani et al. But he’s been staunchly loyal and in Trump’s corner from the beginning.
He lacks the credentials and public weight of someone a little less MAGA like Marco Rubio. He is openly gay but so is Trump’s nominee for treasurer. And Grenell does’t have the same public baggage as Mike Flynn. Hopefully he will be vindicated for his efforts with a strong job.
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