DNC on Scaramucci: Trump’s Swamp Grows Even Bigger
July 21, 2017
In response to the announcement that Wall Street financier Anthony Scaramucci will be the new White House communications director, DNC deputy communications director Adrienne Watson released the following statement:
“Trump promised to ‘drain the swamp’ and railed against Wall Street on the campaign, but today the swamp grew even bigger as Wall Street continues to move into the White House. Anthony Scaramucci is a longtime Wall Street financier who called himself an ambassador for the hedge-fund industry and admitted he is a ‘out- of-touch Wall Street elitist.’ He’ll fit right in at Trump’s White House.”
Scaramucci has a long history working with banks like Goldman Sachs and Citigroup.
Economist: “Mr. Scaramucci, a former Goldman Sachs executive, co-founded SkyBridge in 2005. The firm has expanded quickly: SkyBridge acquired some of Citigroup's hedge-fund units in 2010, which helped it quadruple in size.”
New York Magazine: “At first, the idea was for SkyBridge to be an incubator of hedge funds, but that flew out the window after the financial crisis. The down market, however, provided him with another opportunity. In 2010, he made a deal with Citigroup to purchase a funds-of-funds business worth $4 billion.”
Scaramucci acknowledged being “a completely out-of-touch Wall Street elitist.”
SCARAMUCCI: “I’m telling you this story because I said, ‘I’m an out of touch Wall Street elitist? My god, I grew up in a middle class family where my parents didn’t go to college, how could I be an out of touch Wall Street elitist?’ And then it dawned on me that the person was right: that I am actually a completely out of touch Wall Street elitist.”
Scaramucci considered himself an ambassador for the hedge-fund industry.
Economist: “Mr Scaramucci's ambitions go beyond being a run-of-the-mill Wall Street executive, however. He's appointed himself ambassador-at-large for the hedge-fund industry. ‘Everyone wants to be veiled up, secret and in the dark,’ he says. ‘I'd rather go the opposite way.’”
Scaramucci sold his investment firm to a mysterious firm to a mysterious, foreign-connected group the last time he was up for a Trump administration job, but fell back in those circles once he failed to secure a White House job.
Bloomberg: “Scaramucci Scores Millions From Buyer With Mystery Investors.”
Washington Post: “Passed Over For White House Job, Trump Supporter Finds His Way Back Among Wall Street Elite.”
Scaramucci didn’t think money in politics mattered.
SCARAMUCCI: “I’m not smart enough to diagnose whether it’s healthy or unhealthy. What I am here to tell you, and I can prove it empirically to you, is that money matters way less than people think.”
Scaramucci repeatedly defended Wall Street even in the aftermath of the financial meltdown.
SCARAMUCCI: “We have 75 hardworking people that work inside of SkyBridge. So when the industry is tarred and feathered or labeled as ‘do-no-gooders,’ I think it’s unfair, because I can look to a lot of my friends… I don’t think that they’re getting a fair shake.”
New York Times: “‘There are probably some bad people at Goldman,’ he said. ‘But it would be very bad if the government took out Goldman Sachs. Goldman is the American dream factory. They can move people from the lower middle class to the ultra rich in one generation.’ Therefore, he believed, Goldman should be praised, not scorned.”
New York Times: “What was most striking to me was Mr. Scaramucci’s utter refusal to accept the notion that something truly systemic had infected the financial industry during the bubble years.”
SCARAMUCCI: “Well, listen, I think there's been an unnecessary and irrational demonization of Wall Street over the last eight years to score political points, at least on the left-leaning base. And I think that's really unfortunate because I've spent 28 years in the financial services industry, and we're not demons.” [Morning Edition, NPR, 11/18/16]
Scaramucci said he was proud of Goldman Sachs.
SCARAMUCCI: “I’m also proud of the Goldman Sachs and I’ve worked on Wall Street for 28 years. And I’ve had this conversation with the president- elect and I’ll continue to say the same thing. There might be some bad actors on Wall Street.” [The Kelly File, Fox News, 11/25/16]
Scaramucci blamed the 2008 financial crisis on overregulation.
Bloomberg: “Scaramucci, founder of SkyBridge Capital and impresario of an annual industry conference in Las Vegas, says over-regulation was the ‘root cause’ of the 2008 financial crisis—a notion Wall Street critics like Elizabeth Warren call preposterous. But for hedge funds and the wider financial industry, a kinder approach may not require ditching the rules. Enforcement—or less of it—would bring relief too.”
Scaramucci wanted to open an elite restaurant for hedge fund professionals with attractive staff.
Bloomberg: “Anthony Scaramucci, the investment entrepreneur known as the ‘Mooch,’ is teaming up with a restaurant owner and a former Morgan Stanley executive to open a Manhattan eatery catering to hedge-fund and private-equity professionals. The group, which includes restaurateur Eytan Sugarman and David Barrett, a 22-year veteran of Morgan Stanley, seeks to raise $4 million for The Hunt and Fish Club, set to open in December. It will have the feel of an elite ‘clubhouse’ and be an alternative to bars and eateries surrounding the Grand Central Terminal in Midtown, which are ‘not fun’ and have unattractive staff, the team said in marketing documents to prospective investors.”