REPORT: SAUDI ARABIA CONCLUDED JARED KUSHNER’S INVESTMENT FIRM WAS A JOKE, GAVE HIM $2 BILLION ANYWAY

  

Category:  News & Politics

Via:  hallux  •  one month ago  •  26 comments

By:   BESS LEVIN - Vanity Fair

REPORT: SAUDI ARABIA CONCLUDED JARED KUSHNER’S INVESTMENT FIRM WAS A JOKE, GAVE HIM $2 BILLION ANYWAY
Saudi Arabia, which famously dismembered a man via bone saw, was worried Kushner was a P.R. risk to them.

S E E D E D   C O N T E N T



Jared Kushner   did a famously bad job as a senior adviser to the president of the United States, so much so that the “Controversies” section on his Wikipedia page should be titled “F-ckups You’ve Probably Heard About.” From the   prolonged government shutdown   and a Middle East peace plan that involved calling Palestinians “ hysterical and stupid ,” to the   initial dismissal   of COVID-19 as not actually being a public health emergency and the   scrapping of nationwide testing  because the virus was primarily affecting Democratic states, all of young Kush’s hits would be there, and the takeaway would be that on a near daily basis, he screwed up big time.

As we’ve   noted   a number of times around these parts, though, the one exception to the “Jared Kushner is bad at this” rule was when it came to the task of cultivating friendships with some of the world’s worst human-rights abusers. Specifically, Kushner was a huge fan of Saudi crown prince  Mohammed bin Salman,  with whom he  texted via WhatsApp  and   built a relationship   that one congressman   told   Vanity Fair ’s   Abigail Tracy   “stunned” him, saying, “It looks bad. It smells bad. It is bad.” In addition to seemingly having no problem with the prince’s decision to   jail his own family members , or the disastrous Saudi-led intervention in Yemen, Kushner defended MBS amid the murder of Saudi dissident (and U.S. resident) Jamal Khashoggi, and he   reportedly   urged  Donald Trump  to support the prince, arguing that the whole situation—wherein a man was kidnapped, killed, and dismembered via bone saw—would blow over. And while that level of of ass-kissing and murder-excusing would keep a person with a functioning moral compass up at night, for Kushner it has paid off—literally.

On Sunday,  The New York Times   reported  that just six months after leaving the White House, the former first son-in-law’s newly formed private equity firm, Affinity Partners, was awarded a $2 billion investment from Saudi Arabia’s sovereign wealth fund, which is led by MBS. That the kingdom would fork over that kind of cash to Kushner is obviously ridiculously shady and, as  Nick Penniman,  the founder and chief executive of good-government organization Issue One,  told   The Times,  “swampy and seemingly hypocritical.” But the cash alone is not even the funniest part, and by funniest we mean insanely unethical and wildly corrupt. No, the unethical and corrupt part is that the people who perform due diligence for the Saudis’ Public Investment Fund concluded Kushner’s firm was a joke and that  he  might make  them  look bad…and then the board, headed by MBS, gave him the money anyway. Because…y’know.

Per  The Times:

A panel that screens investments for the main Saudi sovereign wealth fund cited concerns about the proposed deal with Mr. Kushner’s newly formed private equity firm, Affinity Partners, previously undisclosed documents show.

Those objections included: “the inexperience of the Affinity Fund management”; the possibility that the kingdom would be responsible for “the bulk of the investment and risk”; due diligence on the fledgling firm’s operations that found them “unsatisfactory in all aspects”; a proposed asset management fee that “seems excessive”; and “public relations risks” from Mr. Kushner’s prior role as a senior adviser to his father-in-law, former President Donald J. Trump, according to minutes of the panel’s meeting last June 30.

According to  The Times,  every member of the panel who was present at the meeting “stated that they [were] not in favor” of investing with Kushner. But it seems a powerful friend intervened on his behalf:

The panel’s rules require the votes of a majority of those present to pass a resolution, the minutes note. Mr. al-Rumayyan, in this case, suggested raising the panel’s “views and decision” to the fund’s board, led by the crown prince…within days, the board had passed a resolution approving the deal, documents show.

To give you an idea of how undeserving of the money Kushner was, it appears the Saudi panel may not have been the only one with grave reservations about investing in his firm; according to   The Times,   the Boy Prince of New Jersey planned to raise a total of $7 billion but “so far he appears to have signed up few other major investors.” As of March 31, the main fund had just $2.5 billion under management, meaning the $2 billion from Saudi Arabia makes up the vast majority of the assets. If only some of the other would-be investors had approved a plan to chop a man to pieces, and Kushner had defended them on the world stage!

And if that doesn’t strike you as shady enough, know that not only did the Saudi fund overcome its hesitations and write a very large check to Kushner, it also invested, per   The Times,   “twice as much and on more generous terms…than it did at about the same time with former Treasury Secretary   Steven Mnuchin —who was also starting a new fund—even though Mr. Mnuchin had a record as a successful investor before entering government.” Documents viewed by   The Times   show the Saudis “agreed to pay Mr. Mnuchin’s firm only a 1 percent asset management fee, compared to 1.25 percent for Mr. Kushner’s,” meaning that on a $2 billion investment, Kushner’s Affinity would be paid at least $25 million a year regardless of profits.

Is any of this illegal? No, not that we know of (thus far). Is it slippery as hell? Should it make non-compromised people’s stomachs turn? Yes and yes!   Robert Weissman,   president of Public Citizen, told   The Times   Kushner’s relationship with the Saudis is “extremely troubling,” saying the investment looks like a “reward” for Kushner’s helpfulness while Trump was in office, and “an investment in Kushner,” should Trump win a second term. 

A spokesman for the Saudi fund declined to detail its investment process to   The Times.   In a statement, Kushner’s firm told the paper: “Affinity, like many other top investment firms, is proud to have PIF and other leading organizations that have careful screening criteria, as investors.”


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Hallux
Sophomore Principal
1  seeder  Hallux    one month ago

Compared to Jared it looks like Hunter got short changed.

 
 
 
Texan1211
Professor Principal
1.1  Texan1211  replied to  Hallux @1    one month ago

Think Hunter is pissed he sold out so cheaply?

 
 
 
Hallux
Sophomore Principal
1.1.1  seeder  Hallux  replied to  Texan1211 @1.1    one month ago

I've seen Hunter's 'paintings', I don't think of him kindly.

 
 
 
Paula Bartholomew
Professor Guide
1.1.2  Paula Bartholomew  replied to  Hallux @1.1.1    one month ago

I just looked up his art work.  I saw only one that I really liked.

 
 
 
JohnRussell
Professor Principal
2  JohnRussell    one month ago

I'm sure that when the Republicans retake the House , an investigation of this "deal" will be at the top of their list.  jrSmiley_30_smiley_image.gif

 
 
 
Texan1211
Professor Principal
2.1  Texan1211  replied to  JohnRussell @2    one month ago
I'm sure that when the Republicans retake the House , an investigation of this "deal" will be at the top of their list. 

Do you hope that Congress investigates all deals between foreigners and private American citizens?

 
 
 
Ozzwald
Professor Quiet
2.1.1  Ozzwald  replied to  Texan1211 @2.1    one month ago
Do you hope that Congress investigates all deals between foreigners and private American citizens?

No, but I do hope they investigate all deals between presidential administration employees and foreign countries.

 
 
 
Texan1211
Professor Principal
2.1.2  Texan1211  replied to  Ozzwald @2.1.1    one month ago
No, but I do hope they investigate all deals between presidential administration employees and foreign countries.

Since Kushner is no longer employed by the US Government, I don't think Congress will be investigating it.

 
 
 
Ozzwald
Professor Quiet
2.1.3  Ozzwald  replied to  Texan1211 @2.1.2    one month ago

Since Kushner is no longer employed by the US Government, I don't think Congress will be investigating it.

He was when he did what they paid him for.

 
 
 
Texan1211
Professor Principal
2.1.4  Texan1211  replied to  Ozzwald @2.1.3    one month ago

prove it then.

 
 
 
Ozzwald
Professor Quiet
2.1.5  Ozzwald  replied to  Texan1211 @2.1.4    one month ago
prove it then.

I will prove it the exact same way you prove your myriad claims.

 
 
 
Texan1211
Professor Principal
2.1.6  Texan1211  replied to  Ozzwald @2.1.5    one month ago

Be easier for you to admit you just can't.

 
 
 
al Jizzerror
Sophomore Expert
2.2  al Jizzerror  replied to  JohnRussell @2    one month ago

jrSmiley_10_smiley_image.gif

 
 
 
Sean Treacy
Professor Expert
3  Sean Treacy    one month ago

But no one voted for Jared Kushner.

Isn't that the line?

 
 
 
Ender
Professor Principal
3.1  Ender  replied to  Sean Treacy @3    one month ago

Considering Kushner was firmly implanted in the WH, I fail to see a comparison.

 
 
 
Sean Treacy
Professor Expert
3.1.1  Sean Treacy  replied to  Ender @3.1    one month ago

Lol… [deleted]

 
 
 
Ender
Professor Principal
3.1.2  Ender  replied to  Sean Treacy @3.1.1    one month ago

[deleted]

So you can't see the difference between someone working in the WH to someone that doesn't...

 
 
 
Tessylo
Professor Principal
3.1.3  Tessylo  replied to  Ender @3.1    one month ago

There is no comparison.  That's a deflection.  

 
 
 
Gsquared
Junior Principal
4  Gsquared    one month ago

This is Kushner's pay off for his years of loyal service to the Saudis while he was in the Trump (mal)administration.

 
 
 
Tessylo
Professor Principal
4.1  Tessylo  replied to  Gsquared @4    one month ago

Criminal enterprise of an 'administration'.

 
 
 
Gsquared
Junior Principal
4.1.1  Gsquared  replied to  Tessylo @4.1    one month ago

That's why I referred to it as maladministration.

 
 
 
bbl-1
Professor Quiet
5  bbl-1    one month ago

Could it be that the Khashoggi lip service and coverup is costly?  Are there other 'investments' yet to be revealed?

 
 
 
Kavika
Professor Principal
6  Kavika     one month ago

Grifting runs in the family.

 
 
 
Tessylo
Professor Principal
6.1  Tessylo  replied to  Kavika @6    one month ago

Whole family of white trash (the trumps are nothing but white trash) grifters, conmen/women, thugs, thieves

 
 
 
al Jizzerror
Sophomore Expert
7  al Jizzerror    one month ago

Jarhead is amazing!

512

 
 
 
Hal A. Lujah
Professor Expert
8  Hal A. Lujah    one month ago

2 billion?  Wouldn’t it have been easier to just catch Kushner in the mens room, saw him up, and have have a couple of guards dressed as janitors haul him out in trash bins?

 
 

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