He is a famous hedge fund manager – with close ties to Goldman Sachs – who made a massive bullish bet on Greece – which failed spectacularly – despite some shady stuff.. – his AUM has plummeted and now he is part of a presidental campaign – if you guessed Marc Mezvinsky AKA Hillary Clinton’s son in law well you were close but wrong.
Donald Trump is scheduled to give his first detailed speech addressing the economy in Detroit on Monday, and beforehand has named the members of his economic advisory team, which includes hedge fund manager John Paulson.
Paulson made his name in the Global Financial Crisis of 2007. His hedge fund, Paulson & Co, made billions of dollars using credit default swaps to bet against the US subprime mortgage lending market. It is estimated that he personally made over $4 billion in 2007.
Paulson, 60, has been a long term Republican and previously donated considerable amounts of money to Mitt Romney (who, interestingly, has refused to endorse Trump).
In what is being seen as an effort to present a more consistent on line on economic matters Trump has hired a high profile list of financiers, bankers, captains of industry and economists to work with him.
Donald Trump’s economic advisors
Joining Paulson on the team will be Tom Barrack, Andy Beal, Stephen M. Calk, Dan DiMicco, Steve Feinberg, Harold Hamm, Howard Lobber, David Malpass, Steven Mnuchin, Stephen Moore, Peter Navarro and Steve Roth. An interesting omission from the list is Carl Icahn (see video below).
Trump stated his satisfaction with the team in an emailed statement on Friday, “I am pleased that we have such a formidable group of experienced and talented individuals that will work with me to implement real solutions for the economic issues facing our country.”
Although Trump has tried to use his successful business dealings as an opportunity to demonstrate his business acumen, he has often presented differing stances in his various public utterances.
Tax cuts to promote growth
It is thought that in Monday’s policy speech, he will touch upon tax cuts for corporations and individuals as well as policy changes for energy and health care.
He will discuss how the aim of his economic policies are to promote American economic growth, and his campaign will no doubt be pleased to shift attention away from recent public relations disasters that have seen his popularity drop in the polls. From failing to endorse Paul Ryan to criticizing Khizr Khan, the father of a fallen US Muslim soldier, it has been a tumultuous week for the Republican nominee.