New evidence emerges Saudis didn’t pay Jared Kushner billions because they thought he was an investment genius

Earlier this month, The New York Times reported that Jared KushnerYears of Saudis kissing ass and apologizing for murder paid off, literally, when the country’s sovereign wealth fund gave him $2 billion for his new private equity firm, Affinity Partners. How do we know it was, most likely, Kushner’s extremely friendly relationship with the kingdom and the Saudi crown prince Mohammad bin Salman who sealed the deal and not, say, his investing prowess? On the one hand, as the Time noted, the panel that conducts due diligence for the Saudi fund concluded that Kushner’s business was a joke – that management was “inexperienced[d]that the kingdom would be responsible for “substantially all the investment and risk”, that its fees were “excessive” and that the company’s operations were “unsatisfactory in every respect”. The panel warned that the country should not give the former first son-in-law a dime. But then those grave and unequivocal warnings were mysteriously ignored by the fund’s board, headed by MBS, i.e. the guy who approved a plan to kidnap and dismember a man via a saw os and enjoyed the unwavering support of Kushner. (Kushner, The temperature reminds people, “has played a leading role in the Trump administration in advocating [bin Salman]after the murder of Jamal Khashoggi, and urged donald trump to support the prince, arguing that the whole situation would blow up.)

Otherwise, why do we suspect that the $2 billion was more of a reward (and a down payment if Trump returned to the White House) than the fact that Kushner was an actually worthwhile investment? In addition to the due diligence panel’s reservations, there is also the issue of Affinity’s pitch deck, which was recently obtained by interception. The pitch deck manages to simultaneously demonstrate almost no investment expertise or thesis while brazenly suggesting that potential investors would benefit from the company’s influence peddling after writing Jared a check. “Affinity conducts a thorough and thorough assessment of potential investments and reviews a range of quantitative and qualitative factors,” one slide reads, while hilariously noting that “weekly investment talks” are one of the key elements. of the “Affinity Investment System”. .” On the thinly concealed promise to leverage Kushner’s domestic and foreign connections, the company writes, “We approach opportunities creatively based on the concept that aligned economic interests can solve intractable problems and create previously unrealized value”, and “Affinity’s unique network and experience makes us a differentiated partner for companies navigating a rapidly changing global political and economic environment. As The Intercept writes, “The slides repeatedly refer to Affinity’s “network,” which includes a slew of Trump administration appointees represented in a “Team Members” section, and describes Kushner as “leading the negotiations on the landmark OPEC+ oil deal in April 2020 between the United States, Saudi Arabia and Russia,” a not-so-subtle hint as the former senior adviser to the But on Blanche dominates “along with the oil-rich Saudi kingdom.”

Unsurprisingly, a source told The Intercept that many investors approached by Affinity were unimpressed with the pitch and were shocked by “the cavalier way in which it seemed to suggest influence peddling”. These investors reportedly said, as the source recalled, “they had never seen such a joke, openly talking about ‘networking’ and ‘networking’, ie our corrupt internal contacts. … They brag about “networks”, they use clichés, without serious discussion of investments.

A spokesperson for Kushner insisted there was nothing inappropriate about the game, telling The Intercept: “Jared had great success in the private sector before entering government, has achieved great success in government, and many are confident that he will enjoy continued success in his new endeavor. Jared’s record in government was unparalleled. His leadership and efforts led to the historic Abraham Accords, the [U.S.–Mexico–Canada Agreement] which was the biggest trade deal in history, life-changing criminal justice reform, Operation Warp Speed ​​among many other accomplishments. The spokesperson did not mention that Kushner’s work in the private sector was strictly reserved for companies owned by his father or those he bought with his father’s money. Or that his most famous deal was one in which he spent billions to acquire an aging downtown skyscraper on the eve of the financial crisis that became an albatross around the neck of the family business, before d to be conveniently bailed out by Qatar.

Last week Senator Elizabeth Warren mentioned the Justice Department is expected to investigate the $2 billion Saudi investment. On Monday, the monitoring group Citizens for Responsibility and Ethics wrote on Twitter: “If people really cared about the corruption of the president’s family members, Saudi Arabia giving Jared Kushner $2 billion would be the biggest story in America right now.” The day before, the MSNBC host Mehdi Hassan tweeted that the investment represents a “huge story of corruption and human rights abuses” that the media and others shouldn’t just “move on from”. So yes, it is worth studying!

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Trump swears he doesn’t have thousands of documents subpoenaed by NY attorney general, shouldn’t be fined $10,000 a day for withholding them

According to the former president, he does not have the documents in question, although the company he owns and controls may. By CNN:

Former President Donald Trump has no documents subpoenaed by the New York Attorney General’s office in its civil investigation into the finances of the Trump Organization and should not be held in contempt, it said. he told a state court. “After conducting a diligent search and review, counsel for the respondent determined that the respondent was not in possession of any documents responsive to the subpoena and that all potentially relevant documents were in possession , in the custody or under the control of the Trump Organization,” Trump’s attorney said. Alina Habba said in a court filing on Tuesday.

New York Attorney General Letitia James seeks to scorn Trump and fine him $10,000 a day for failing to comply with a subpoena issued in December for documents. Investigators are looking for documents and communications related to statements of Trump’s financial condition, the valuation of assets on the statements and documents used to prepare the statements, according to the subpoena. James’ subpoena also seeks documents relating to the financing of the Trump International Hotel & Tower Chicago, conservation easements, planned development at the Trump family estate known as Seven Springs, insurance coverage and documents about his wealth which were provided to reporters along with Forbes magazine.

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