April 29, 2017

Meet the billionaires who run Trump's government

http://www.newsweek.com/2017/04/14/donald-trump-cabinet-billionaires-washington-579084.html
"Most of the billionaires Trump has lured to D.C. are, like him, members of the 1980s generation of leveraged-buyout tacticians, junk bond kings, corporate raiders and vulture capitalists. They got rich off of emerging financial tactics crafted to take advantage of Ronald Reagan’s great gift to Wall Street—ripping up the regulations put in place after the Great Depression. Trump adviser and corporate raider Carl Icahn (net worth $16.6 billion) is said to have been a model for Michael Douglas’s “Greed is good” character in Wall Street. Commerce Secretary Wilbur Ross ($2.5 billion), policy adviser Stephen Schwarzman ($11.8 billion) and unofficial intel adviser Stephen Feinberg ($1.2 billion) all made their fortunes in the kind of investment banking that came into vogue after Wall Street decreed that social responsibility and business—the Jimmy Stewart banker model—were antithetical.The New York real estate developers now advising the president—Steven Roth (net worth $1.1 billion) and Richard LeFrak ($6.5 billion)—spent their professional lives (as did Trump) in a mosh pit with politicians, city regulators, 50-story crane operators, cement mobsters and the motley crew of characters, unsavory and otherwise, responsible for the New York skyline and the surrounding area’s malls, golf courses and housing developments.Whether they earned their money in investment banking or New Jersey strip malls and high rises, Trump’s billionaires have much in common with the rest of the New York’s 1 percent. They don’t pay much in taxes, and most don’t think they should pay much more. They loathe government regulations, and they are ferociously competitive. “They all know each other. They finance each other. And they all compete with one another,” says Holly Peterson, journalist, author of It Happens in the Hamptons and daughter of Peter Peterson, one of the New York billionaires who is not in Trump’s camp. “They sniff each other like dogs"."