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President-elect Donald Trump namedhedge fund mogul Scott Bessentas the next Treasury secretary on Friday, ending a rough-and-tumble race that saw fierce jockeying among power players across Wall Street.

I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States, Trump wrote in his announcement, posted on Truth Social.

Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists, the president-elect said of this Treasury pick.

Bessent “got the thumbs up” late Thursday during a meeting with Trump, 78, at his Mar-a-Lago resort in Palm Beach, Fla., one source close to the situation told The Post.

A flurry of last-minute media reports had floated several candidates for the job. Late Thursday, the Wall Street Journal reported that financier Kevin Warsh had met with Trump on Wednesday about the Treasury post — and possibly replacing Jerome Powell as Fed chairman when his term expires in 2026.

Trump also met about the Treasury role with Marc Rowan, the billionaire boss of buyout firm Apollo Global Management, at Mar-a-Lago earlier this week.

Bessent, the 62-year-old founder of Key Square Group, has repeatedly backed the president-elects pro-tariff stance in a series of op-eds and media appearances over the past year.

Scott’s story is that of the American Dream, Trump said Friday, noting that Bessent has long been a strong advocate of the America First Agenda.

On the eve of our Great Country’s 250th Anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the World’s leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World, he added.

Unlike in past Administrations, we will ensure that no Americans will be left behind in the next and Greatest Economic Boom, and Scott will lead that effort for me, and the Great People of the United States of America.

A source close to the Trump transition team told the Post earlier on Friday that the hedge fund executive was “being vetted” for the role ahead of a formal announcement.

“If you want to bring a genius into that job who is loyal to the president, Scott is the right guy,” one source close to the situation said.

One faction of Trump World had been pushing for Bessent for weeks, trying to outmaneuver Howard Lutnick — the CEO of Cantor Fitzgerald and co-chair of Trump’s transition team — in what had reportedly escalated into a bitter “knife fight” for the coveted role.

One insider, speaking on condition of anonymity, said Lutnick, a fundraiser for Hillary Clinton during the 2016 election, was eventually handed the post of Commerce Secretary “to calm things down.”

After Lutnick exited the Treasury race, sources said Trump continued to do interviews to hash out his options. Bessent and Rowan were both spotted at Mar-a-Lago on Wednesday.

“All the top investors and hedge funds said Scott Bessent is their number one pick because of his understanding of macroeconomics,” said one veteran Wall Street insider.

A source briefed on Rowan’s interview, meanwhile, said the 62-year-old was “an anti-tariff guy and that was a non-starter for the president.”

Another staunch Trump loyalist and major donor, billionaire hedge fund boss John Paulson, ruled himself out of an administration post just one week after the Nov. 5 election.

A native of South Carolina, Bessent previously served as chief investment officer for George Soros and was instrumental in the Hungarian-born money man’s “Black Wednesday” trade in 1992.

The bet against the British pound “broke the Bank of England”, raking in an eye-watering $1 billion payday for Soros that cemented his reputation as a titan of global finance.

Writing in the Wall Street Journal earlier this month, Bessent said Trump’s second presidential term would usher in “a revitalized economy for all Americans.”

Bessent also lashed out at the Biden-Harris administration for presiding over four years of “reckless spending” that has seen Uncle Sam’s debt pile hit an eye-watering $35 trillion this year.

“The Biden administrations mismanagement has created serious challenges that Mr. Trump will need to overcome,” Bessent stated in the Nov. 10 op-ed, adding that Trump “has a mandate to re-privatize the US economy through deregulation and tax reform to spur the supply-side growth that he delivered in his first term.”

Large parts of Trump’s 2017 tax cuts expire next year, giving Bessent the chance to help shape fiscal policy under the incoming commander-in-chief.

My Administration will restore Freedom, Strength, Resilience, and Efficiency to our Capital Markets, Trumps announcement continued. We will reinvigorate the Private Sector, and help curb the unsustainable path of Federal Debt.

As a lifelong Champion of Main Street America and American Industry, Scott will support my Policies that will drive U.S. Competitiveness, and stop unfair Trade imbalances, work to create an Economy that places Growth at the forefront, especially through our coming World Energy Dominance, he added. Together, we will Make America Rich Again, Prosperous Again, Affordable Again, and, most importantly, Great Again!

The president-elect has already tapped Tesla titan Elon Musk and biotech entrepreneur Vivek Ramaswamy to lead a new Department of Government Efficiency and tighten up the federal government’s purse strings.

Diana Glebova contributed reporting.

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Petitti letter: Michigan sign-stealing penalties have gone far enough

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Petitti letter: Michigan sign-stealing penalties have gone far enough

Give Big Ten commissioner Tony Petitti credit for this: He will advocate for what he believes is best for one of the league’s teams. That’s true even if that same program previously unleashed an avalanche of headline-grabbing public accusations and animosity on him.

In this case, it’s Michigan football, which at the height of the 2023 advanced scouting/sign-stealing scandal hit Petitti with a blistering legal filing, claims of personal bias and choruses of boos and negative social media posts from fans.

Regardless, Petitti has sent a letter to the NCAA Committee on Infractions arguing that Michigan deserved no further punishment in a case focusing on the actions of former staffer Connor Stalions.

The letter was read at an early June infractions committee hearing in Indianapolis, multiple sources told ESPN. The NCAA has charged Michigan with 11 rule violations, six of them Level 1, which is classified as the most serious. The committee has yet to hand down a ruling, but one is expected before the 2025 season. It does not have to follow or even consider Petitti’s opinion.

The Big Ten confirmed to ESPN that Petitti sent the letter and said he would have attended in person but was recovering at the time from hip replacement surgery. The NCAA and Michigan are prohibited from commenting on a pending case. Petitti declined comment through a league spokesperson.

Petitti argued, sources said, that the Big Ten itself had already sufficiently punished the Michigan program when it suspended then-coach Jim Harbaugh for the final three games of the 2023 regular season: at Penn State, at Maryland and at home against Ohio State.

Even without Harbaugh, Michigan won all three en route to capturing the national championship.

The NCAA might still hit the Wolverines with penalties ranging from vacating past victories, a postseason ban, the suspension of coaches, a monetary fine or other measures.

Michigan, as ESPN previously reported, has proposed suspending current coach Sherrone Moore for the third and fourth game of the 2025 season for deleting a thread of text messages with Stalions as the scandal broke. Moore was the team’s offensive coordinator at the time. The NCAA was able to retrieve the texts, and Moore was not charged with having any knowledge of Stalions’ actions.

The NCAA could also punish individuals, including Harbaugh (now the coach of the Los Angeles Chargers), Stalions and others. Petitti’s letter did not address that, according to sources.

The concept of a league commissioner standing up for one of his conference’s teams is not unusual. The business of any conference is aided by its programs avoiding NCAA sanctions that might affect its ability to field competitive teams.

Petitti’s position is notable in this situation because of the extremely contentious relationship between him and Michigan when allegations first broke of Stalions sending friends and family to scout future Wolverine opponents and film sideline coaching signals.

Petitti, in a Nov. 10, 2023, letter to Michigan athletics director Warde Manual, laid out the Harbaugh suspension by arguing that “the integrity of competition is the backbone of any sports conference or league.” He noted that “taking immediate action is appropriate and necessary.”

Michigan, to put it lightly, disagreed.

The school vehemently fought back, arguing that due process had not been followed, the case lacked conclusive evidence, and there was no proof that Harbaugh had knowledge of Stalions’ activities.

The university even sought an emergency temporary restraining order in Washtenaw (Michigan) County Court against the Big Ten to let Harbaugh keep coaching.

In a fiery court filing, the school claimed the Big Ten’s actions “were fraudulent, unlawful, unethical, unjustified, and per se wrongful, and were done with malice.” It further claimed the league was causing irreparable damage to the reputations of Harbaugh and the university, declaring the suspension a “flagrant breach of fundamental fairness.”

The school eventually backed down and withdrew the restraining order request, but the rift between the team and the commissioner remained as Harbaugh was benched.

The suspension became a rallying cry for Michigan players as they continued their 15-0 season. Petitti chose to not attend the Ohio State-Michigan game in Ann Arbor that season, even though it was one of the biggest games in league history. The Big Ten said Petitti was never scheduled to attend the game.

A week later, at the Big Ten title game, Michigan fans lustily booed Petitti when he presented the championship trophy to injured Wolverines player Zak Zinter (notably, not Harbaugh, despite having completed his suspension by then).

All of that appears to be behind the commissioner. To Petitti, making Michigan overcome a three-game stretch without its head coach was apparently enough of a penalty. He noted in his initial 2023 decision that the suspension was not about Harbaugh but was a way to hit the program as a whole.

“We impose this disciplinary action even though the Conference has not yet received any information indicating that Head Football Coach Harbaugh was aware of the impermissible nature of the sign-stealing scheme,” Petitti wrote. “This is not a sanction of Coach Harbaugh. It is a sanction against the University.”

He also allowed that “additional disciplinary actions may be necessary or appropriate if [the NCAA or Big Ten] receives additional information concerning the scope and knowledge of, or participation in, the impermissible scheme.”

That Petitti is now suggesting that Michigan has paid its penance suggests no such additional information has emerged.

Apparently, bygones are now bygones, even B1G ones.

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Pressure grows to leave ‘mad’ Aarhus Convention used to block UK building projects

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Pressure grows to leave 'mad' Aarhus Convention used to block UK building projects

Pressure is growing to renegotiate or leave an international convention blamed for slowing building projects and increasing costs after a judge warned campaigners they are in danger of “the misuse of judicial review”.

Under the Aarhus Convention, campaigners who challenge projects on environmental grounds but then lose in court against housing and big infrastructure have their costs above £10,000 capped and the rest met by the taxpayer.

Government figures say this situation is “mad” but ministers have not acted, despite promising to do so for months.

The Tories are today leading the call for change with a demand to reform or leave the convention.

In March, Sky News revealed how a computer scientist from Norfolk had challenged a carbon capture and storage project attached to a gas-fired power station on multiple occasions.

Andrew Boswell took his challenge all the way the appeal court, causing delays of months at a cost of over £100m to the developers.

In May, the verdict handed down by the Court of Appeal was scathing about Dr Boswell’s case.

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“Dr Boswell’s approach is, we think, a classic example of the misuse of judicial review in order to continue a campaign against a development… once a party has lost the argument on the planning merits,” wrote the judges.

They added: “Such an approach is inimical to the scheme enacted by parliament for the taking of decisions in the public interest,” adding his case “betrays a serious misunderstanding of the decision of the Supreme Court” and “the appeal must therefore be rejected”.

Another case – against a housing development in a series of fields in Cranbrook, Kent – was thrown out by judges in recent weeks.

The case was brought by CPRE Kent, the countryside challenge, to preserve a set of fields between two housing developments alongside an area of outstanding natural beauty.

John Wotton, from CPRE Kent, suggested it would have been hard to bring the challenge without the costs being capped.

“We would’ve had to think very carefully about whether we could impose that financial risk on the charity,” he told Sky News.

After his case was dismissed, Berkeley Homes said the situation was “clearly absurd and highlights how incredibly slow and uncertain our regulatory system has become”.

They added: “We welcome the government’s commitment to tackle the blockages which stop businesses from investing and frustrate the delivery of much needed homes, jobs and growth.

“We need to make the current system work properly so that homes can actually get built instead of being tied-up in bureaucracy by any individual or organisation who wants to stop them against the will of the government.”

‘Reform could breach international law’

Around 80 cases a year are brought under the Aarhus Convention, Sky News has learned.

The way Britain interprets Aarhus is unique as a result of the UK’s distinctive legal system and the loser pays principle.

Barrister Nick Grant, a planning and environment expert who has represented government and campaigns, said the convention means more legally adventurous claims.

“What you might end up doing is bringing a claim on more adventurous grounds, additional grounds, running points – feeling comfortable running points – that you might not have otherwise run.

“So it’s both people bringing claims, but also how they bring the claims, and what points they run. This cap facilitates it basically.”

However, Mr Grant said that it would be difficult to reform: “Fundamentally, the convention is doing what it was designed to do, which is to facilitate access to justice.

“And it then becomes a question for the policymakers as to what effect is this having and do we want to maintain that? It will be difficult for us to reform it internally without being in breach of our international law obligations”

In March, Sky News was told Number 10 is actively looking at the convention.

Multiple figures in government have said the situation with Britain’s participation in the Aarhus Convention is “mad” but Sky News understands nothing of significance is coming on this subject.

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Jenrick's leaked recording on 'coalition' with Reform UK
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‘The country faces a choice,’ says Robert Jenrick

The Tories, however, want action.

Robert Jenrick, shadow justice secretary and former housing minister, said the Tories would reform or leave the convention.

He told Sky News: “I think the country faces a choice. Do we want to get the economy firing on all cylinders or not?

“We’ve got to reform the planning system and we’ve got to ensure that judicial review… is not used to gum up the system and this convention is clearly one of the issues that has to be addressed.

“We either reform it, if that’s possible. I’m very sceptical because accords like this are very challenging and it takes many many years to reform them.

“If that isn’t possible, then we absolutely should think about leaving because what we’ve got to do is put the interest of the British public first.”

Mr Jenrick also attacked the lawyers who work on Aarhus cases on behalf of clients.

“A cottage industry has grown. In fact, it’s bigger than a cottage industry,” he said.

“There are activist lawyers with campaign groups who are now, frankly, profiteering from this convention. And it is costing the British taxpayer a vast amount of money. These lawyers are getting richer. The country is getting poorer.”

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The wealth tax options Reeves could take to ease her fiscal bind

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The wealth tax options Reeves could take to ease her fiscal bind

Faced with a challenging set of numbers, the chancellor is having to make difficult choices with political consequences.

Tax rises and spending cuts are a hard sell.

Now, some in her party are calling for a different approach: target the wealthy.

Is there a way out of all of this for the chancellor?

Economic growth is disappointing and spending pressures are mounting. The government was already examining ways to raise revenue when, earlier this month, Labour backbenchers forced the government to abandon welfare cuts and reinstate winter fuel payments – blowing a £6bn hole in the budget.

The numbers are not adding up for Rachel Reeves, who is steadfastly committed to her fiscal rules. Short of more spending cuts, her only option is to raise taxes – taxes that are already at a generational high.

For some in her party – including Lord Kinnock, the former Labour leader, the solution is simple: introduce a new tax.
They say a flat wealth tax, targeting those with assets above £10m, could raise £12bn for the public purse.

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Yet, the government is reportedly reluctant to pursue such a path. It is not convinced that wealth taxes will work. The evidence base is shaky and the debate over the efficacy of these types of taxes has divided the economics community.

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Chancellor will not be drawn on wealth tax

Why are we talking about wealth?

Wealth taxes are in the headlines but calls for this type of reform have been growing for some time. Proponents of the change point to shifts in our economy that will be obvious to most people living in Britain: work does not pay in the way it used to.

At the same time wealth inequality has risen. The stock of wealth – that is the total value of everything owned – is much larger than our income, that is the total amount of money earned in a year. That disparity has been growing, especially during that era of low interest rates after 2008 that fuelled asset prices, while wages stagnated.

It means the average worker will have to work for more years to buy assets, say a house, for example.

Left-wing politicians and economists argue that instead of putting more pressure on workers – marginal income tax rates are as high as 70% for some workers – the government should instead target some of this accumulated wealth in order to balance the books.

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Lord Kinnock calls for ‘wealth tax’

The Inheritocracy

At the heart of it all is a very straightforward argument about fairness. Few will argue that there aren’t problems with the way our economy is functioning: that it is unfair that young people are struggling to buy homes and raise families.

Proponents of a wealth tax say that it would not only raise revenue but create a fairer tax system.

They argue that the wealth distortions are creating a divided society, where people’s outcomes are determined by their inheritances.

The gap is large. A typical 50-year old born to the poorest 20% of parents in the UK is already worth just a quarter of what someone born to the richest 20% of parents is worth at that age. This is before they inherit anything when their parents die.

A lot of money is passed on earlier; for example, people may have had help buying their first home. That gap widens when the inheritance is passed on. This is when inheritance tax, one of the existing wealth taxes we have in the UK, kicks in.

However, its impact in addressing that imbalance is negligible. Most people don’t meet the threshold to pay it. The government could bring more people into the tax but it is already a deeply unpopular policy.

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Former BP boss: Wealth tax would be ‘mistake’

Alternatives

So what other options could they explore?

Lord Kinnock recently suggested a new tax on the stock of wealth – one to two percent on assets over £10m. That could raise between £12bn and £24bn.

When making the case for the tax, Lord Kinnock told Sky News: “That kind of levy does two things. One is to secure resources, which is very important in revenues.

“But the second thing it does is to say to the country, ‘we are the government of equity’. This is a country which is very substantially fed up with the fact that whatever happens in the world, whatever happens in the UK, the same interests come out on top unscathed all the time while everybody else is paying more for getting services.”

However, there is a lot of scepticism about some of these numbers.

Wealthier people tend to be more mobile and adept at arranging their tax affairs. Determining the value of their assets can be a challenge.

In Downing Street, the fear is that they will simply leave, rendering the policy a failure. Policymakers are already fretting that a recent crackdown on non-doms will do the same.

Critics point to countries where wealth taxes have been tried and repealed. Proponents say we should learn from their mistakes and design something better.

Some say the government could start by improving existing taxes, such as capital gains tax – which people pay when they sell a second property or shares, for example.

The Labour government has already raised capital gains tax rates but bringing them in line with income tax could raise £12bn.

Then there is the potential for National Insurance contributions on investment income – such as rent from property or dividends. Estimates suggest that could bring in another £11bn.

This is nothing to sniff at for a chancellor who needs to find tens of billions of pounds in order to balance her books.

By the same token, she is operating on such fine margins that she can’t afford to get the calculation wrong. There is no easy way out of this fiscal bind for Rachel Reeves.

Whether wealth taxes are the solution or not, hers is a government that has promised reform and creative thinking. The tax system would be a good place to start.

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