Trump taps ex-SOROS hedge fund exec as treasury secretary

[HuntersLaptop2028]

Uh oh MAGAS, any issues with this? Scott Bessent Seems to be textbook deep state with the soros affiliation. 
 

Bond markets, and my investment accounts,  are liking the pick so far with rates down as investors breathe a sigh of relief. Reportedly he will take a softer approach to tariffs, which are inflationary and pass throughs to consumers, as all 1.5 of us on SETX know 

[HuntersLaptop2028]

 

Bessent joined 

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 (SFM) in 1991 and was a partner there throughout the 1990s, eventually becoming head of the London office.

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 In 1992, Bessent was a leading member of the team whose bet on the 

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 collapse of the British 

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garnered over $1 billion for the firm. His bet against the Japanese 

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 in 2013 brought additional profit.

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After resigning from SFM in 2000, Bessent founded a $1 billion hedge fund.

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 The fund closed in 2005. Bessent has said he learned that he should not change his style or the construct of the firm because of investor preferences.

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 He was also a senior investment advisor at fund-of-funds 

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.

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 Bessent returned to Soros Fund Management and was chief investment officer from 2011 to 2015.

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 He left in 2015 to begin a new firm, Key Square Group.

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Key Square Group

Bessent founded Key Square Group in 2015 with Michael Germino, who had been the global head of capital markets at SFM.

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 Key Square uses 

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 and economics to make macro investments.

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 Key Square received a $2 billion anchor investment from 

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.

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 At the end of 2017, Key Square's assets were $5.1 billion.

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 Key Square's main fund returns increased by 13% in 2016 but lost money or broke even every year from 2017 to 2021 before making major gains in 2021, 2022 and 2023. The inconsistent track record scared away clients. Assets under management shrank from $5.1 billion in 2017 to $577 million in 2023 and the number of institutional investors declined from 180 to 20 over the same period.

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As part of a pre-arranged deal, the firm returned in 2018 the Soros capital as it took in other assets.

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 Its investors include Australia's sovereign wealth fund, 

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[baddog]

Someone should tell Trump. Yikes

[baddog]

Can we have some details as to why he is an “EX”?

[Reagan]

2 hours ago, HuntersLaptop2028 said:

Uh oh MAGAS, any issues with this? Scott Bessent Seems to be textbook deep state with the soros affiliation. 
 

Bond markets, and my investment accounts,  are liking the pick so far with rates down as investors breathe a sigh of relief. Reportedly he will take a softer approach to tariffs, which are inflationary and pass throughs to consumers, as all 1.5 of us on SETX know 

There's two side to soros.  One is his financial side and the other is his political side.  Bessent was part of his financial side.  Don't see a contradiction here.  

[tvc184]

13 minutes ago, Reagan said:

There's two side to soros.  One is his financial side and the other is his political side.  Bessent was part of his financial side.  Don't see a contradiction here.  

That’s what I am missing. Do conservatives consider Soros a bad person because he made billions of dollars or because of what he did with some of that money? 

[Reagan]

44 minutes ago, tvc184 said:

That’s what I am missing. Do conservatives consider Soros a bad person because he made billions of dollars or because of what he did with some of that money? 

I don't have a problem with the money he's made.  That's if he's done it legally.  It's just what evil he's done with that money.  I can separate the two.

[LumRaiderFan]

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From the article:

President-elect Trump's nominee to serve as Treasury secretary, Scott Bessent, has touted a "3-3-3" economic plan that would seek to reduce budget deficits while boosting growth and energy production.

Bessent discussed the 3-3-3 plan this summer at an event hosted by the Manhattan Institute. He said it would involve cutting the budget deficit to 3% of gross domestic product (GDP) by 2028, the last year of Trump's second term; boosting GDP growth to 3% through deregulation and other pro-growth policies; and increasing U.S. energy production to the equivalent of an additional 3 million barrels of oil per day.

His 3-3-3 plan was inspired by the late Japanese Prime Minister Shinzo Abe, who adopted a "three arrows" plan that featured aggressive monetary policy along with fiscal stimulus and structural reforms aimed at lifting Japan's economy from stagnation and persistent deflation.

"It would be 3% real economic growth – how do you get that? Through deregulation, more U.S. energy production, slaying inflation and forward guidance on confidence for people to make investments so that the private sector can take over from this bloated government spending," Bessent said.