Judd Legum

Jared Kushner is going to the Middle East to negotiate a deal on behalf of the U.S. government days after Kushner announced a $55 billion deal between his private equity fund and the Saudi government

One of the most brazen conflicts in history.

If the Democrats don’t cave on the government shutdown, Trump will fire lots of federal workers (which is also exactly what Trump did when the government was open)

UPDATE: Bessent asked on CNBC if he could justify the $20 billion bailout for Argentina, which benefits "wealthy Americans" with "interests down there"

Bessent says it is "false" that he is helping wealthy Americans.

FACT: The bailout benefits Bessent's friend, hedge fund billionaire Rob Citrone.

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5. Another major issue is that as the Argentine economy was in a complete tailspin in early September, Citrone BOUGHT MORE BONDS. Maciel reports the timing of Citrone’s recent purchases has raised “suspicions” that Citrone had access to “confidential information.”

UPDATE: Hedge fund billionaire pressed Treasury Secretary for Argentina bailout, Argentine media reports Rob Citrone, whose hedge fund bet big on Argentina, reportedly asked his friend for a rescue package. Treasury Secretary Scott Bessent delivered.

4. Popular Information contacted Citrone's hedge fund, Discovery Capital, and asked if these reports in Argentine media were accurate.

Discovery Capital declined to comment.

3. Ariel Maciel, Political Economy Editor at Perfil, a large Argentine media outlet, said on an Argentine broadcast, “Citrone is really the one who intervenes. He basically tells Bessent, ‘Hey, we need to help in Argentina,.”

2. CE Noticias Financieras, a major wire service in Latin America, reported that after Argentine officials ran into resistance with lower-level Trump officials, “Citrone managed to connect with Bessent to get him to intervene directly.”

UPDATE: Hedge fund billionaire pressed Treasury Secretary for Argentina bailout, Argentine media reports Rob Citrone, whose hedge fund bet big on Argentina, reportedly asked his friend for a rescue package. Treasury Secretary Scott Bessent delivered.

1. UPDATE: Billionaire Rob Citrone, whose hedge fund bet heavily on Argentina, pressed Treasury Secretary Scott Bessent, his longtime friend and former colleague, to rescue the country, according to Argentine media.

Shortly thereafter, Bessent announced a $20 billion taxpayer-funded bailout.

Hiding your real political beliefs to win elections is a VERY OLD IDEA that is deployed by candidates in pretty much every election and is not particularly insightful.

No. I have higher standards than that. Human translation by an expert is more reliable than a machine.

I have a rough translation but I'm a journalist and I need to make sure it's accurate

Important, unbiased info from the federal government.

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5. For as egregious as this conflict is, it is attracting little media attention. Meanwhile, Kushner's behavior continues to get more brazen.

Jared Kushner’s double life Kushner has resumed his role as a top Trump foreign policy advisor while expanding his business partnership with the Saudi government.

4. BTW, when this was brought up as an issue, Kushner dismissed it, saying he would not be involved in the second Trump administration.

He lied. He's resumed his role as one of Trump's top foreign policy advisors.

3. Kushner's private equity firm is functioning as a way for Kushner to monetize his influence with the Trump administration. You have someone in the Oval Office discussing Middle East policies who is getting tens of millions in fees annually from the Saudis.

2. Why did the Saudis bring in Kushner to the EA deal? Most of the money he has to invest comes from the Saudis!

ANSWER: Since the deal will result in foreign ownership of EA, it needs to be approved by the Trump administration. Kushner's involvement makes that a lock.

Jared Kushner’s double life Kushner has resumed his role as a top Trump foreign policy advisor while expanding his business partnership with the Saudi government.

1. Yesterday Jared Kushner partnered with the Saudis on the $55 billion purchase of Electronic Arts AND attended the White House meeting between Bibi and Trump as a foreign policy advisor

It's an insane conflict of interest

Trump’s Argentina bailout enriches one well-connected billionaire A $20 billion taxpayer-funded rescue package for Argentina is a gift for a hedge fund manager with personal and professional ties to the Treasury Secretary

Last week, Treasury Secretary Scott Bessent announced a $20 billion package to rescue the Argentinian economy. The taxpayer-financed deal has little upside for ordinary Americans.

However, the announcement had massive economic benefits for one American: billionaire hedge fund manager Rob Citrone.

Trump’s Argentina bailout enriches one well-connected billionaire A $20 billion taxpayer-funded rescue package for Argentina is a gift for a hedge fund manager with personal and professional ties to the Treasury Secretary

"Citrone, the co-founder of Discovery Capital Management, is also a friend and former colleague of Bessent—a fact that has not been previously reported in American media outlets. Citrone, by his own account, helped make Bessent very wealthy."

Trump’s Argentina bailout enriches one well-connected billionaire A $20 billion taxpayer-funded rescue package for Argentina is a gift for a hedge fund manager with personal and professional ties to the Treasury Secretary

"Trump’s Argentina bailout enriches one well-connected billionaire

A $20 billion taxpayer-funded rescue package for Argentina is a gift for a hedge fund manager with personal and professional ties to the Treasury Secretary"

@juddlegum.bsky.social for @popular.info

Of course — “Bessent’s announcement had massive economic benefits for billionaire hedge fund manager Rob Citrone, who placed large bets on the Argentine economy... a friend and former colleague of Bessent, who helped make Bessent very wealthy.” popular.info/p/trumps-arg...

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9. In April, as the Argentine economy began to falter, Bessent traveled to Argentina to meet with Milei.

Right behind Bessent, in a black private jet, was Citrone. He met with Milei just before Bessent.

8. CE Noticias Financieras, a leading Latin American economic publication, describes Citrone as “a friend of the Secretary of the Treasury.” El Cronista, citing government sources, reported that Citrone “has a personal relationship as well as a past working relationship” with Bessent.

Trump’s Argentina bailout enriches one well-connected billionaire A $20 billion taxpayer-funded rescue package for Argentina is a gift for a hedge fund manager with personal and professional ties to the Treasury Secretary

7. That spelled trouble for Citrone.

Then Bessent and the Trump administration came to the rescue, floating a $20 billion economic package that helped stabilize the Argentine peso and functioned as a political lifeline for Milei.

6. The austerity measures slowed economic growth, and unemployment spiked to nearly 8%. Milei’s popularity slumped, leading to speculation that his economic agenda would be stymied. This created an economic panic, with investors dumping the peso and liquidating other Argentine assets.

Trump’s Argentina bailout enriches one well-connected billionaire A $20 billion taxpayer-funded rescue package for Argentina is a gift for a hedge fund manager with personal and professional ties to the Treasury Secretary

5. After taking office, Milei fired tens of thousands of government workers, cut spending on welfare and research, and achieved fiscal balance.

Argentina’s economic rebound contributed to a 52% return for Citrone's fund, Discovery Capital, in 2024.

Then it all came crashing down.

4. Due to Argentina’s massive debt and chaotic economic history — in 2023, Argentina’s inflation rate was over 200% — Citrone purchased Argentine bonds with an interest rate of 20%.

Citrone viewed “the probability of default as minuscule,” even though Argentina has defaulted many times previously.