Summary
Scott Kenneth Homer Bessent (born August 1962) is an American investor and hedge fund manager. He was a partner at Soros Fund Management and the founder of Key Square Group, a global macro investment firm.
Bessent was a major donor, fundraiser, and an economic advisor for the Donald Trump 2024 presidential campaign. In November 2024, Trump named Bessent as his nominee for United States secretary of the treasury. If confirmed by the Senate, Bessent would be the first openly gay secretary of the Treasury.
Source: Wikipedia
OnAir Post: Scott Bessent
News
Associated Press, – November 22, 2024
Bessent is a past supporter of Democrats who has become an enthusiastic supporter of Trump. He’s an advocate of cutting spending while extending the tax cuts approved by Congress in Trump’s first term.
He worked for George Soros and donated to Democratic causes
He speaks regularly about deficit reduction, while supporting extending Trump’s tax cuts
He views tariffs as a sanctions tool
He would be the first openly gay treasury secretary
About
Source: Project 2025 webpage
Scott Bessent is a billionaire investor and Republican megadonor. Bessent is the founder, chief executive officer, and chief investment officer of Key Square Group, a Connecticut-based hedge fund. Bessent is also founder of All Seasons Press, a right-wing alternative to mainstream publishers. All Seasons has published books by former Trump administration officials including Mark Meadows and Peter Navarro as well as about controversial extremist MAGA operatives like Tucker Carlson.
All Seasons Press was started “to publish the best writers, politicians, and pundits in the conservative movement. The company is open to welcoming those authors who are being attacked, bullied, banned from social media, and, in some cases, outright rejected by politically correct publishers”—a move partially in response to corporate America’s reaction to January 6th. There was a gap in the market for publishers who were willing to take on authors that wanted to spread the big lie or support former President Trump.
At first, Bessent’s involvement with All Seasons Press was not clear, possibly due to his ties to George Soros. According to Tablet Magazine, “Bessent headed Soros’ London office for most of the 1990s and served as chief investment officer for Soros Fund Management from 2011 to 2015. He invested $2 billion of Soros’s money in 2015 to launch his own shop, Key Square Capital Management.” Bessent’s secretive involvement led to legal disputes with author Lee Smith, who accused All Seasons press of fraudulent practices to suppress his book critical of Soros.
Despite his association with Soros, Bessent has made significant donations to Republican causes. He has given over $1.5 million to the RNC, NRCC, and NRSC since Trump’s election in 2016, according to FEC filings. Additionally he has given to Trump directly; according to MarketWatch, “disclosures show a $500,000 contribution in February and three contributions of $250,000 each across December, January, and March. He was among the co-chairs of a Trump fundraising event in April that featured major Wall Street players.”
As founder of Key Square Capital, Bessent has led a variety of controversial investments, including a $35 million position in tobacco company Philip Morris, $6 million in ammunition manufacturer Olin Corp, a combined $74 million in Chinese e-commerce giants Alibaba and JD.com, and a combined $13 million in Peabody Energy and Arch Resources, the two largest coal producers in the United States.
Web Links
Career
Key Square Group
Source: Wikipedia
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. At the end of 2017, Key Square’s assets were $5.1 billion. 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.
As part of a pre-arranged deal, the firm returned in 2018 the Soros capital as it took in other assets. Its investors include Australia’s sovereign wealth fund, Future Fund.
More Information
Wikipedia
Scott Kenneth Homer Bessent (/ˈbɛsənt/ BESS-ənt; born August 1962) is an American investor and hedge fund manager. He was a partner at Soros Fund Management and the founder of Key Square Group, a global macro investment firm.
Bessent was a major donor, fundraiser, and an economic advisor for the Donald Trump 2024 presidential campaign. In November 2024, Trump named Bessent as his nominee for United States secretary of the treasury. If confirmed by the Senate, Bessent would be the first openly gay secretary of the Treasury.
Early life and education
Scott Kenneth Homer Bessent was born in August 1962[1] in Conway, South Carolina, probably the oldest of three children of Barbara (née McLeod) and Homer Gaston Bessent Jr., a real estate agent.[2][3][4] He is of French Huguenot ancestry.[5]
Bessent earned a bachelor’s degree in political science from Yale University in 1984.[3][6] While in college, he was an editor for The Yale Daily News, president of Wolf’s Head Society, and treasurer for the class of 1984. He was chairman of the 1984 Yale Alumni Fund and assistant to the director of athletics.[3][7]
Career
Bessent interned with investor Jim Rogers.[8] After graduation, he worked at Brown Brothers Harriman, Kynikos Associates (Jim Chanos), and others.[9] Bessent joined Soros Fund Management (SFM) in 1991 and was a partner there throughout the 1990s, eventually becoming head of the London office.[2][10][11][12][13] In 1992, Bessent was a leading member of the team whose bet on 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.[14][15]
After resigning from SFM in 2000, Bessent founded a $1 billion hedge fund.[2][16] 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.[9] He was also a senior investment advisor at fund-of-funds Protégé Partners.[17][10] Bessent returned to Soros Fund Management and was chief investment officer from 2011 to 2015.[11][18] He left in 2015 to begin a new firm, Key Square Group.[12][13][19][20]
From 2006 to 2011, Bessent was an adjunct professor of economic history at Yale, where he taught three courses.[9][10]
Key Square Group
Bessent founded Key Square Group in 2015 with Michael Germino, who had been the global head of capital markets at SFM.[21] Key Square uses geopolitics and economics to make macro investments.[14] Key Square received a $2 billion anchor investment from George Soros.[22] At the end of 2017, Key Square’s assets were $5.1 billion.[22][23] 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.[24]
As part of a pre-arranged deal, the firm returned in 2018 the Soros capital as it took in other assets.[22] Its investors include Australia’s sovereign wealth fund, Future Fund.[23]
Politics
In 2000, Bessent hosted a fundraiser for Al Gore at his East Hampton, New York, home.[25] He has also donated to Hillary Clinton and Barack Obama.[26] In 2016, Bessent donated $1 million to Donald Trump‘s 2017 presidential inaugural committee.[27] In 2023 and 2024, Bessent donated more than $1 million to Donald Trump’s 2024 campaign.[28]
In February 2024, Bessent hosted a fundraiser in Greenville, South Carolina, that raised nearly $7 million for Trump’s 2024 campaign.[29] In April 2024, Bessent was a host for a Palm Beach, Florida, fundraiser that raised $50 million for the Trump campaign.[30] In July 2024, Bloomberg Businessweek reported that Bessent was a key economic advisor to Trump.[31] He proposed a three-point economic plan for Trump modeled on Japanese prime minister Shinzo Abe‘s “Three Arrows” economic policy.[32]
Secretary of the Treasury nomination
On November 22, 2024, president-elect Trump announced his intention to nominate Bessent to serve as the United States secretary of the treasury in his second administration.[33][34][35] If confirmed by the Senate, Bessent would be the first openly gay secretary of the Treasury,[36] the second openly gay man to serve in the Cabinet of the United States (after Pete Buttigieg) and the fourth openly gay man to serve in a cabinet-level office (after Demetrios Marantis, Richard Grenell and Buttigieg).[37] As the secretary of the treasury is fifth in the United States presidential line of succession, he will become the highest-ranking openly LGBT person in American history.[38]
Social engagement
Board memberships
Bessent sits on the university council at Yale University.[7] Bessent and his sister donated the Bessent Library to Yale University.[39] Bessent has endowed three scholarships at Yale: one for students who are first-generation college matriculants, one for students from South Carolina, and one for students from the Bronx.[39]
Bessent chairs the investment committee and is a member of the executive committee on the board of trustees of Rockefeller University.[40] Bessent formerly served on the board of God’s Love We Deliver, an organization founded to deliver meals for homebound people with AIDS.[7][41] He is a trustee of Classical American Homes Preservation Trust (renamed the Richard Hampton Jenrette Foundation),[42] and a former board member of the Spoleto Festival USA in Charleston, South Carolina.[40][43] Bessent is also a member of the Council on Foreign Relations.[7][40]
Philanthropy
Bessent opened two foundations in 2022, and created the McLeod Rehabilitation Center at the Shriners Hospital for Children in Greenville, South Carolina.[44][45] He also supports the Prince’s Trust in London and the Harlem Children’s Zone in New York City.[44] Bessent has supported restoration of the Nathaniel Russell House, a National Historic Landmark in Charleston, South Carolina.[46]
Views
In article in fall 2022 commemorating former Japanese Prime Minister Shinzo Abe, Bessent wrote “President Trump’s most enduring achievement may have been to wake the United States and the world to the growing dangers of an ever-more-antagonistic China. In response, Abe’s greatest foreign policy achievement was taking this awakening and developing a multilateral solution for containment.”[47]
Bessent has praised Trump’s proposal to implement broad tariffs.[48] In a Fox News op-ed in November 2024, Bessent wrote that the “U.S. opened its markets to the world, but China’s resulting economic growth has only cemented the hold of a despotic regime” and argued tariffs “are a means to finally stand up for Americans”.[49] Regarding Trump’s pledge to impose blanket 20% tariffs on all imports, Bessent argued that these “were maximalist positions that would probably be watered down in talks with trading partners”.[15]
Personal life
Bessent resides in Charleston, South Carolina,[50] and belongs to the Huguenot Church,[51] which his ancestors helped to build in 1680.[5] Bessent and his husband, former New York City prosecutor John Freeman, have two children.[52]
In 2016, Bessent purchased the historic John Ravenel House, owned by John Ravenel and inherited by his son St. Julien Ravenel and his wife Harriott Horry Ravenel. The building restoration project was awarded the Preservation Society of Charleston’s Carolopolis Award in 2021. The mansion, known as the “Pink Palace”, is located on Battery Street in Charleston.[44][53][54][55]
References
- ^ “Scott Kenneth Homer Bessent personal appointments”. Companies House. Retrieved November 24, 2024.
- ^ a b c “Meet The Hedge Fund Superstar George Soros Just Hired To Take Over His $25 Billion Fund,” Business Insider, September 19, 2011
- ^ a b c “Scott Bessent”. The Sun News. July 8, 1984. p. 8D. Retrieved November 15, 2024 – via Newspapers.com.
- ^ “Homer G. Bessent Jr”. The Sun News. January 15, 2000. p. 2C. Retrieved November 15, 2024 – via Newspapers.com.
- ^ a b nreynolds@postandcourier.com, Nick Reynolds (November 13, 2024). “Scott Bessent of Charleston is on Trump’s shortlist for US Treasury secretary. Who is he?”. Post and Courier.
- ^ Burton, Katherine (September 19, 2011). “Ex-Soros Trader Bessent Returns to $25 Billion Firm as CIO”. Bloomberg.
- ^ a b c d “New Members Appointed to University Council”. Yale Daily News. November 8, 2016.
- ^ “Scott Bessent”. www.moneymazepodcast.com.
- ^ a b c “Life and Money Management,” Yale Alumni Magazine, Sept/Oct 2015
- ^ a b c Zuckerman, Gregory (September 20, 2011). “Soros Puts New Man at Helm”. The Wall Street Journal. Retrieved November 12, 2024.
- ^ a b “Soros appoints new CIO to family office”. Financial Times. September 19, 2011.
- ^ a b “Soros’s Investment Chief to Depart”. The Wall Street Journal. August 4, 2015.
- ^ a b “Soros’ CIO to Start Own Hedge Fund with $2 Bln”. Reuters. August 4, 2015.
- ^ a b Zuckerman, Gregory; Rudegeair, Peter (October 10, 2024). “The Ex-Soros Executive Who is Trump’s New Obsession”. The Wall Street Journal.
- ^ a b Rogers, Alex; Politi, James (October 13, 2024). “Trump would not weaken the dollar, says adviser Scott Bessent”. Financial Times.
- ^ “Soros’ European Investment Head Bessent Leaves,” Bloomberg, June 8, 2000
- ^ ““Soros Aide Wins Kudos for Japan Bets,”“. Wall Street Journal. February 14, 2013.
- ^ “George Soros’ Protégé Just Nailed One of the Biggest Hedge Fund Launches Ever,” Business Insider, January 5, 2016
- ^ Foley, Stephen (August 4, 2015). “Scott Bessent quits Soros group to launch hedge fund”. Financial Times. Retrieved November 12, 2024.
- ^ Foley, Stephen; Johnson, Miles; Childs, Mary (January 5, 2016). “Former George Soros executive raises $4.5bn for new fund”. Financial Times. Retrieved November 12, 2024.
- ^ “Ex-Soros’s Bessent Raises $4.5 Billion For New Hedge Fund Firm”. Bloomberg. January 5, 2016.
- ^ a b c “George Soros Gets Most of His $2 Billion Back from Bessent”. Bloomberg. May 14, 2018.
- ^ a b “Volatility Offers Rich Pickings”. The Australian. November 16, 2018.
- ^ “Exclusive: Fund manager Bessent scores double on Trump victory”. Reuters. 2024.
- ^ Dao, James; Seelye, Katherine Q. (August 6, 2000). “The 2000 Campaign: The Vice President; Gore’s Theme-a-Day Tour Will Start With a No. 2 Pick”. The New York Times.
- ^ Rappeport, Alan; Haberman, Maggie (November 22, 2024). “Trump Taps Investor Scott Bessent as Treasury Secretary”. The New York Times.
- ^ Kight, Stef (April 19, 2017). “The big $$$ donors to Trump’s Inaugural Committee”. Axios.
- ^ “Individual Contributions – “Bessent, Scott”“. Federal Election Commission. Retrieved November 23, 2024.
- ^ Kim, Soo Rin; Ibssa, Lalee (February 21, 2024). “Trump brings in more than $6.8 million from Greenville, South Carolina, fundraiser ahead of primary“. ABC News.
- ^ “Trump Campaign Says $50.5 Million Haul Doubled Biden’s Fundraiser“. Newsweek. April 6, 2024.
- ^ Cook, Nancy; Green, Joshua; Parker, Mario (July 16, 2024). “Trump on Taxes. Tariffs, Jerome Powell and More”. Bloomberg.
- ^ Reklaitis, Victor. “Possible Trump Pick for Treasury Lays Out 3-Point Economic Plan that Calls for Deregulation, Lower Deficit”. MSN.
- ^ Franey, James (November 22, 2024). “Donald Trump to tap Scott Bessent for Treasury secretary, ending fierce battle for key job: sources”. The New York Postaccess-date=November 23, 2024.
- ^ Restuccia, Andrew; Schwartz, Brian; Timiraos, Nick; Leary, Alex (November 22, 2024). “Trump Picks Scott Bessent as Treasury Secretary”. The Wall Street Journal. Retrieved November 22, 2024.
- ^ Cheung, Brian; Sonnier, Olympia; Richards, Zoë (November 22, 2024). “Trump picks Scott Bessent to serve as treasury secretary”. NBC News. Retrieved November 23, 2024.
- ^ “What to know about Scott Bessent, Trump’s Treasury pick”. Axios. November 22, 2024. Retrieved November 23, 2024.
- ^ Ring, Trudy (November 23, 2024). “Trump nominates investment manager Scott Bessent, a gay man, as Treasury secretary”. The Advocate. Retrieved November 30, 2024.
- ^ Christopher Kane (November 24, 2024). “Trump nominates gay man for Treasury secretary”. Washington Blade. Retrieved December 5, 2024.
- ^ a b “Annual Report of Giving to Yale, 2000-2001,” www.giving.yale.edu
- ^ a b c ““Three New Trustees Are Elected to the Board,”“. Rockefeller University Press Release. March 3, 2016.
- ^ “Out 100 — Money + Business: Scott Bessent”, Out Magazine, January 2001.
- ^ “Team”. Classical American Homes Preservation Trust. Retrieved November 25, 2024.
- ^ “Palatial Purchase Palmer Home B&B on East Battery, Known as the Pink Palace, Sells for $6.5M”. Post and Courier. June 21, 2016.
- ^ a b c McDermott, John (July 31, 2022). “SC Hedge Fund Investor Looks to Spread the Word About math and Financial Literacy”. Post and Courier.
- ^ “Barbara McLeod Bessent”. Post and Courier.
- ^ Murray, Ashley (November 23, 2024). “Hedge fund chief and tariff fan Scott Bessent to lead Treasury under Trump • SC Daily Gazette”. SC Daily Gazette. Retrieved November 25, 2024.
- ^ “Bessent: Strong dollar, tariffs can wield US power on world stage | Responsible Statecraft”. responsiblestatecraft.org. Retrieved January 7, 2025.
- ^ Saul, Derek (November 22, 2024). “What To Know About Scott Bessent: Trump’s Pro-Tariff Treasury Pick”. Forbes.
- ^ Truitt, Jack Stone (November 23, 2024). “Trump picks pro-tariff billionaire Scott Bessent for treasury secretary”. Nikkei Asia. Retrieved January 7, 2025.
- ^ McDermott, John (July 31, 2022). “SC hedge fund investor looks to spread the word about math and financial literacy”. Post and Courier.
- ^ “Trump reassures Wall Street by appointing billionaire financier Scott Bessent to Treasury”. November 23, 2024 – via Le Monde.
- ^ Zuckerman, Gregory; Rudegeair, Peter (October 10, 2024). “The Ex-Soros Executive Who is Trump’s New Obsession”. The Wall Street Journal.
- ^ Hogan, Laura (February 3, 2022). “Carolopolis Awards Include Historic Homes, Visitor Center, Brick House Ruins”. Post and Courier.
- ^ Wise, Warren L. (June 21, 2016). “Palatial Purchase Palme Home B&B on East Battery, Known as the Pink Palace, Sells for $6.5 M”. Post and Courier.
- ^ Riddle, Lyn (November 15, 2024). “SC historic John Ravenel house on High Battery in Charleston is for sale for $22.25M”. The State.
Further reading
- Steven Drobny, “The Stock Operator: Scott Bessent,” Inside the House of Money
External links
Media related to Scott Bessent at Wikimedia Commons- Appearances on C-SPAN
