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Sunday, October 15, 2017

The Reclusive Hedge-Fund Tycoon Behind the Trump Presidency | The New Yorker

"...Several people who have worked with Mercer believe that, despite his oddities, he has had surprising success in aligning the Republican Party, and consequently America, with his personal beliefs, and is now uniquely positioned to exert influence over the Trump Administration. In February, David Magerman, a senior employee at Renaissance, spoke out about what he regards as Mercer’s worrisome influence. Magerman, a Democrat who is a strong supporter of Jewish causes, took particular issue with Mercer’s empowerment of the alt-right, which has included anti-Semitic and white-supremacist voices. Magerman shared his concerns with Mercer, and the conversation escalated into an argument. Magerman told colleagues about it, and, according to an account in the Wall Street Journal, Mercer called Magerman and said, “I hear you’re going around saying I’m a white supremacist. That’s ridiculous.” Magerman insisted to Mercer that he hadn’t used those words, but added, “If what you’re doing is harming the country, then you have to stop.” After the Journal story appeared, Magerman, who has worked at Renaissance for twenty years, was suspended for thirty days. Undaunted, he published an op-ed in the Philadelphia Inquirer, accusing Mercer of “effectively buying shares in the candidate.” He warned, “Robert Mercer now owns a sizeable share of the United States Presidency.”

Nick Patterson, a former senior Renaissance employee who is now a computational biologist at the Broad Institute, agrees that Mercer’s influence has been huge. “Bob has used his money very effectively,” he said. “He’s not the first person in history to use money in politics, but in my view Trump wouldn’t be President if not for Bob. It doesn’t get much more effective than that.”



Patterson said that his relationship with Mercer has always been collegial. In 1993, Patterson, at that time a Renaissance executive, recruited Mercer from I.B.M., and they worked together for the next eight years. But Patterson doesn’t share Mercer’s libertarian views, or what he regards as his susceptibility to conspiracy theories about Bill and Hillary Clinton. During Bill Clinton’s Presidency, Patterson recalled, Mercer insisted at a staff luncheon that Clinton had participated in a secret drug-running scheme with the C.I.A. The plot supposedly operated out of an airport in Mena, Arkansas. “Bob told me he believed that the Clintons were involved in murders connected to it,” Patterson said. Two other sources told me that, in recent years, they had heard Mercer claim that the Clintons have had opponents murdered.

The Mena story is one of several dark fantasies put forth in the nineties by The American Spectator, an archconservative magazine. According to Patterson, Mercer read the publication at the time. David Brock, a former Spectator writer who is now a liberal activist, told me that the alleged Mena conspiracy was based on a single dubious source, and was easily disproved by flight records. “It’s extremely telling that Mercer would believe that,” Brock said. “It says something about his conspiratorial frame of mind, and the fringe circle he was in. We at the Spectator called them Clinton Crazies.”

Patterson also recalled Mercer arguing that, during the Gulf War, the U.S. should simply have taken Iraq’s oil, “since it was there.” Trump, too, has said that the U.S. should have “kept the oil.” Expropriating another country’s natural resources is a violation of international law. Another onetime senior employee at Renaissance recalls hearing Mercer downplay the dangers posed by nuclear war. Mercer, speaking of the atomic bombs that the U.S. dropped on Hiroshima and Nagasaki, argued that, outside of the immediate blast zones, the radiation actually made Japanese citizens healthier. The National Academy of Sciences has found no evidence to support this notion. Nevertheless, according to the onetime employee, Mercer, who is a proponent of nuclear power, “was very excited about the idea, and felt that it meant nuclear accidents weren’t such a big deal.”

Mercer strongly supported the nomination of Jeff Sessions to be Trump’s Attorney General. Many civil-rights groups opposed the nomination, pointing out that Sessions has in the past expressed racist views. Mercer, for his part, has argued that the Civil Rights Act, in 1964, was a major mistake. According to the onetime Renaissance employee, Mercer has asserted repeatedly that African-Americans were better off economically before the civil-rights movement. (Few scholars agree.) He has also said that the problem of racism in America is exaggerated. The source said that, not long ago, he heard Mercer proclaim that there are no white racists in America today, only black racists. (Mercer, meanwhile, has supported a super pac, Black Americans for a Better Future, whose goal is to “get more Blacks involved in the Republican Party.”)

“Most people at Renaissance didn’t challenge him” about politics, Patterson said. But Patterson clashed with him over climate change; Mercer said that concerns about it were overblown. After Patterson shared with him a scientific paper on the subject, Mercer and his brother, Randall, who also worked at the hedge fund, sent him a paper by a scientist named Arthur Robinson, who is a biochemist, not a climate expert. “It looked like a scientific paper, but it was completely loaded with selective and biased information,” Patterson recalled. The paper argued that, if climate change were real, future generations would “enjoy an Earth with far more plant and animal life.” Robinson owns a sheep ranch in Cave Junction, Oregon, and on the property he runs a laboratory that he calls the Oregon Institute of Science and Medicine. Mercer helps subsidize Robinson’s various projects, which include an effort to forestall aging.

Patterson sent Mercer a note calling Robinson’s arguments “completely false.” He never heard back. “I think if you studied Bob’s views of what the ideal state would look like, you’d find that, basically, he wants a system where the state just gets out of the way,” Patterson said. “Climate change poses a problem for that world view, because markets can’t solve it on their own.”

Magerman told the Wall Street Journal that Mercer’s political opinions “show contempt for the social safety net that he doesn’t need, but many Americans do.” He also said that Mercer wants the U.S. government to be “shrunk down to the size of a pinhead.” Several former colleagues of Mercer’s said that his views are akin to Objectivism, the philosophy of Ayn Rand. Magerman told me, “Bob believes that human beings have no inherent value other than how much money they make. A cat has value, he’s said, because it provides pleasure to humans. But if someone is on welfare they have negative value. If he earns a thousand times more than a schoolteacher, then he’s a thousand times more valuable.” Magerman added, “He thinks society is upside down—that government helps the weak people get strong, and makes the strong people weak by taking their money away, through taxes.” He said that this mind-set was typical of “instant billionaires” in finance, who “have no stake in society,” unlike the industrialists of the past, who “built real things...”


The Reclusive Hedge-Fund Tycoon Behind the Trump Presidency | The New Yorker

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