Jared Kushner’s Deal-Making Career Off to Sluggish Start https://t.co/a2Ap5gaGC0
— Ben Pershing (@benpershing) August 18, 2023
… That Jared Kushner just might be, at the very least, underqualified to provide value for payments rendered.
From the first announcement of MBS’s ‘generous funding‘, Kushner’s ‘Affinity’ was blatantly a pay-off, with a small side bet that the grift could be continued after 2020. If Grift-Daddy’s ever-multiplying legal troubles have even Rupert Murdoch’s premier excuse-mongering outlet sliding towards admitting that it’s over, I for one can only applaud shoving Jared down the metaphorical stairs.
Jared Kushner set up last year at Tel Aviv’s Hilton Hotel overlooking the Mediterranean Sea, aiming to spend some of the $3 billion that Gulf nations had pledged for him to invest…
Kushner left Tel Aviv last spring without writing any checks.
More than a year later, while collecting millions in management fees, Kushner says he is just now poised to invest in his first Israeli company.
Kushner admits that he has been slow to sign deals and sees that as savvy business sense…
“Deployment has been slower than expected because we maintained high standards,” Kushner said. “In retrospect, I’m glad we didn’t follow the herd.”…
Kushner and Mohammed developed an unusually close relationship while Trump was in the White House. In a memoir released last year, Kushner wrote that he repeatedly called the Saudi crown prince to secure help on key U.S. foreign policy issues, including oil prices. Kushner’s appeals created intense friction in the Trump administration, with then-Secretary of State Rex Tillerson accusing Trump’s son-in-law of undercutting his authority…
When pressed on the issue, some Republicans have criticized Kushner, who had little experience in the field when he started Affinity.
“I think that what Kushner did crossed the line of ethics,” Rep. James Comer (R., Ky.) said earlier this month on CNN.
(Yes, that would be the same Rep. Comers currently engaged in chasing Hunter Biden’s
dick pics laptop.)
Saudi Arabia invested $2 billion with Kushner, making it Affinity’s largest investor. The kingdom agreed to pay Kushner tens of millions in management fees each year—even if he didn’t invest the money, said some Saudi officials involved in the deal.
The arrangement isn’t uncommon in the industry, but some Saudi officials viewed it as inappropriate for someone of his experience level. Mohammed overruled those concerns, said the Saudis involved in the deal.
Critics say that Kushner’s ability to collect substantial fees while making few investments fuels concerns that the Saudi money was payback for helping the kingdom in the White House and an effort to secure access to the Trump family if Trump returns to the White House in 2025.
“It appears to be money for nothing,” said Norm Eisen, a senior fellow in Governance Studies at the Brookings Institution. “In the absence of material transactions, this goes beyond a raised eyebrow to profound concerns about possible impropriety and quid pro quos.”…
“I’ve never seen anything like it”: Economic analyst stunned at sources of Jared Kushner’s funds. Just 1% of investments in Kushner’s fund came from sources in the United States
— Mike Walker (@New_Narrative) August 17, 2023
That tiny grey sliver he is pointing to is the amount of money Jared Kushner got from US investors. The rest is from foreign entities. pic.twitter.com/JTq12HB0Pq
— Ron Filipkowski (@RonFilipkowski) August 14, 2023
Economic analyst Steven Rattner on Monday shared a pie chart showing that all but 1% of the $3 billion in investments in former President Donald Trump’s son-in-law Jared Kushner’s private equity firm Affinity Partners came from foreign sources after he “spent much of his White House tenure cozying up” to Saudi Arabia and Crown Prince Mohamed bin Salman. The Saudis invested $2 billion in Kushner’s fund while the United Arab Emirates and Qatar each added another $200 million. About $625 million came from other non-U.S. sources while only $31 million came from sources inside the U.S. Rattner told MSNBC that he’s “never seen this” in 40 years in the business.
“I’ve never seen somebody get two-thirds of their money from a single investor. Usually a single investor might be a few percent of the fund, might be 5 percent, occasionally 10 percent,” he said. While Kushner has hired some people for his fund, “I’ve seen nothing else about what he’s actually done with the money,” Rattner continued.
“It is normal to invest this money over a period of several years, so I don’t think we can draw a firm conclusion yet. But, again, we’re going back to a guy who’s a real estate guy, and frankly, not a particularly good one at that, who’s suddenly got $3 billion trying to do private equity deals competing against people who’ve been in this business for a long time. And I wouldn’t, if I were the Saudis, count on making a lot of money from this any time soon,” he said, adding: “U.S. private equity firms still raise the vast bulk of their money from U.S. investors. This is extraordinary — unprecedented — I’ve never seen anything like it.”
Steven Rattner on the $2 billion Jared Kushner received from the Saudis:
“The board of it voted against giving the money to Jared and they were overruled by MBS…
I’ve been in this business for 40 years I’ve never seen someone gets $2 billion…two third of their money from a… pic.twitter.com/ACipADtyXp
— Republicans against Trump (@RpsAgainstTrump) August 14, 2023