Draining the Swamp, huh?
President-elect Donald Trump announced Friday that he’ll nominate former George Soros money manager Scott Bessent, an advocate for deficit reduction, to serve as his next treasury secretary.
Trump names hedge fund founder Scott Bessent as pick for treasury secretary
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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.
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Bessent founded Key Square Group in 2015 with Michael Germino, who had been the global head of capital markets at SFM. Key Square uses geopolitics and economics to make macro investments. Key Square received a $2 billion anchor investment from George Soros.
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Yet for Mr. Soros, such attacks are nothing new. He has been accused of causing governments to fall and markets to crumble. He is famously known for betting against the Bank of England — and winning. Years later, he was an invisible hand behind the anti-Communist movement in Eastern Europe and then spent $1 billion to help rebuild former Soviet republics.
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His money backed the Solidarity movement in communist Poland and Vaclav Havel’s former dissidents in the Czech Republic. He even started a university in Budapest. Today, Soros foundations support thousands of projects involving public health, human rights and legal and economic reform.
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