A former investment director for George Soros revealed that a new generation of venture capitalists is warming up to Donald Trump, even as some Republican Wall Street bankers are grudgingly showing their support for the former president.
Scott Bessent, CEO and chief investment officer of investment firm Key Square Group and former chief investment officer of the Democratic-run Soros Fund, is intentionally stepping up his criticism of bidenomics and endorsing Trump ahead of the 2024 election. .
“The Wall Street crowd was always going to come back (to Trump),” he told DailyMail.com during the conference. Manhattan Institute Conference.
“What I find most interesting is the new venture capital cohort supporting Trump, as they say in Las Vegas, a ‘new shooter.'”
Bessent spoke as former President Donald Trump was fundraising in San Francisco, reportedly raising $12 million at an event hosted by two tech venture capitalists last weekend.
Scott Bessent, Founder and CEO of Key Square Group
‘This is a completely new group. “Now in Silicon Valley it’s being socialized that it’s okay to be a Republican and it’s okay to support Donald Trump,” Bessent said.
The fundraiser was held at David Sacks’ mansion in Pacific Heights.
Bessent will also host fundraisers for Trump, one at his home in South Carolina and another last weekend with Donald Trump Jr. in London.
He said there was a lot of “anti-Biden sentiment” among investors who were also concerned about “widespread anti-Semitism” in the Democratic Party.
besent is rumored be a possible candidate for President Donald Trump for Treasury secretary, as well as John Paulson, who made billions betting against subprime mortgages.
During the event, he said he was baffled by the Biden administration’s spending priorities and explained that political leaders were typically rewarded by voters for big spending programs.
“You’ve given away so much money, why are the programs so unpopular?” she asked. “Unemployment is low, investment is high and everyone is unhappy.”
Republican presidential candidate former President Donald Trump speaks at a campaign rally in Las Vegas.
US President Joe Biden attends a flag ceremony during the G7 summit
He blamed the Biden administration for widespread inflation and the high cost of living, as well as skyrocketing housing costs.
The Biden administration, he said, was stepping on the accelerator of the economy with too much spending and the Federal Reserve was putting on the brakes by raising interest rates.
“In Grand Prix racing it’s called driving with both feet… the engine burns out,” he said.
Bessent criticized Treasury Secretary Janet Yellen for shortening the maturity of the national debt, easing financial conditions for the administration just before the election.
US Treasury Secretary Janet Yellen
The Biden administration, he argued, was taking over the federal reserve.
“When people talk about politicizing the Fed, I actually think Treasury has taken over the Fed, as a former Fed chair she knew how to do that,” he said, referring to Yellen, who was chair of the Board of Governors. of the Federal Bank. Reserve from 2014 to 2018.
Bessent predicted that the Biden administration would act quickly to provide more economic incentives and win over more voters in November.
“The administration has a lot of tricks up its sleeve before Nov. 5,” he said. “Everything is on the line, we’ll probably see $100 to $150 billion coming from COVID employee retention checks.” Conveniently, those checks will start going out in the mail next month.
