How Scott Bessent Ascended To Treasury Secretary Nominee By Donald Trump

Forbes

A protege of hedge fund tycoon George Soros, Bessent is now all in on Trump. Meet the man who could become a key player steering the U.S. economy.  Read the full story on Forbes: https://www.forbes.com/sites/johnhyatt/2024/11/15/the-inside-story-of-scott-bessents-ascent-to-possible-treasury-secretary-nominee/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Today on Forbes, the inside story of Scott Besant's assent to possible Treasury Secretary nominee.

00:08Scott Besant is one of the leading candidates to be named Trump's nominee for the U.S. Secretary of the Treasury,

00:14along with former Federal Reserve Governor Kevin Warsh and Apollo Global Management CEO Mark Rowan.

00:21The New York Times reported Sunday that Trump is inviting the contenders to interview with him at Mar-a-Lago this week.

00:28Whoever is chosen and confirmed by the Senate will be one of the most important players in charge of the biggest economy in the world,

00:35formulating and recommending financial, economic, and tax policy.

00:41Charm, quick wits, and a, quote, brilliant macroeconomic brain have powered Besant's assent on Wall Street and now in politics.

00:50Trump called him, quote, a nice-looking guy and one of the most brilliant men on Wall Street.

00:56Over his lifetime, the 62-year-old South Carolina native has built relationships with some of the world's wealthiest investors

01:03and most influential policymakers, from liberal billionaire George Soros, for whom he worked twice,

01:09to one of Saudi Arabia's wealthiest families, to the late Japanese Prime Minister Shinzo Abe.

01:15Former colleagues from various stages of his career praised Besant's investing acumen and described a steely Wall Street edge.

01:23Someone who worked with him at Soros Fund Management said, quote,

01:27He comes off as a little reserved and he's even keeled, but he's tough. He doesn't suffer fools.

01:34Another person who reported to Besant at Soros said, quote,

01:38He's an extremely unemotional guy. We were involved in transactions where we spent 12 to 16 months of time on a deal.

01:45If we came down to the end of those transactions and the facts had changed, Scott's mind changed.

01:50He has that ability to walk away from something.

01:54Besant has known Trump for years.

01:56He was good friends with Blaine Trump, the wife of Donald Trump's late younger brother, Robert Trump,

02:01according to Lee Morgan, an investment analyst who worked at Besant's hedge fund in the 2000s.

02:07Besant chipped in $1 million to Trump's 2016 inauguration committee, but went all in on Trump this election cycle.

02:15He joined Trump at rallies and became a key economic advisor.

02:19He gave $3 million in support of Trump and other Republican candidates and committees.

02:24Understanding his audience has powered his rising star in the Trump universe.

02:29On the eve of the election, speaking by phone just before jetting to Pittsburgh and Grand Rapids

02:34to join the Trump campaign for its final two rallies, Besant told Forbes, quote,

02:39Trump's very sophisticated on economic policy. He has lots of things he wants to talk about.

02:46So, too, does Besant these days. On that same call discussing the nation's economy, he said, quote,

02:52I spent most of my life being quite private.

02:55But one of his biggest concerns is government spending.

02:58He said, quote, we have these budget deficits we've never seen before when we're not in a recession or war.

03:05Some of those in Trump's orbit worry about Besant's ties to George Soros.

03:10He worked for him in the 1990s and again in the 2010s.

03:14Soros, the 94-year-old Democratic megadonor and backer of left-wing causes,

03:18is the object of numerous right-wing conspiracy theories.

03:22Elon Musk, now an official Trump advisor, claimed last year that Soros wanted, quote,

03:28to erode the very fabric of civilization and alleged that Soros wanted, quote,

03:33nothing less than the destruction of Western civilization in response to an ex-user

03:38who had alleged a, quote, George Soros-led invasion of Europe by North African immigrants.

03:45When Trump was indicted by Manhattan District Attorney Alvin Bragg in 2023,

03:49numerous Republicans, including J.D. Vance, claimed that Bragg had been, quote, bought by Soros.

03:56Soros had given money to a progressive criminal justice reform group,

04:00which had then contributed to Bragg's campaign.

04:03One person who reported to Besant says he, quote,

04:06was one of the few guys who wasn't scared of Soros.

04:09I think the two of them were a pretty powerful combination.

04:13Others declined to speak about Besant's relationship with Soros.

04:18For full coverage, including our recent interview with Scott Besant,

04:22check out John Hyatt's piece on Forbes.com.

04:27This is Kieran Meadows from Forbes.

04:29Thanks for tuning in.

04:33For more information visit www.forbesant.com

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