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Rating:Is the DoL Rule's Biggest Foe Entering the White House For Real This Time? Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, July 21, 2017

Is the DoL Rule's Biggest Foe Entering the White House For Real This Time?

News summary by MFWire's editors

A former hedge fundster who famously attacked the DoL rule seems poised, again, to enter the West Wing.

Anthony Scaramucci
SkyBridge Capital
Founder and Co-Managing Partner

Today President Donald Trump is expected to name Anthony Scaramucci as White House communications director, Jonathan Swan of Axios reports. If appointed, Scaramucci (known as "the Mooch") would fill a role vacated in May by Mike Dubke.

CNBC, the New York Daily News, the New York Times, Politico, and the Wall Street Journal all covered the news.

After Trump's November victory Scaramucci was a rumored contender to replace Mary Jo White as SEC chair. Then in January, just before Trump took office, Scaramucci was reportedly about to be named an advisor to Trump, a role reminiscent of that previously held by key Barack Obama gatekeeper Valerie Jarrett. Yet that appointment fell through for Scaramucci amid conflicting reports about political infighting or potential ethics conflicts. He's currently working at the Export-Import Bank, Axios notes.

Scaramucci, an alumnus of both Tufts University and Harvard Law School, previously co-founded Oscar Capital Management. He joined Neuberger Berman back in 2001 when the asset manager bought Oscar, and in 2005 he founded the hedge fund shop SkyBridge Capital. He also chaired SkyBridge's SALT Conference for the alternative investing space.

In January, also just before Trump took office, Scaramucci unveiled a deal to sell a majority stake in SkyBridge to RON Transatlantic EG and HNA Capital (U.S.) Holding. The deal, set to close last quarter, also entailed Scaramucci stepping back from both SkyBridge and SALT. And SALT will be spun out from SkyBridge.

Meanwhile, back in October during the U.S. presidential campaign, Scaramucci famously called for the repeal of the DoL's fiduciary reg and compared the reg to the notorious 1857 Dred Scott Supreme Court ruling that upheld slavery. 

Edited by: Neil Anderson, Managing Editor

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