The new Trump administration will be made up of a group of very wealthy individuals, many of whom could benefit from this proximity to the center of power.
In total, Donald Trump had to fill more than 4,000 positions before his inauguration on Monday, including his ministers and their deputies, ambassadors, military officials and directors of federal agencies.
A simple glance at these nominations reveals one thing: the rich are very well represented.
In addition to the richest man on the planet, Elon Musk (fortune of $449 billion), who will head the “government efficiency” department with Vivek Ramaswamy (fortune of $960 million), at least 10 other billionaires have been named to key positions. And at least six other people have a fortune that amounts to at least US$150 million, according to calculations by several American media.
“Oligarchy”
In his farewell speech last week, former President Joe Biden warned against what he called “a class of oligarchs”, who would put democracy at risk by refusing rules and being complicit with tech giants who spread disinformation.
AFP
Without going that far, American observers have nevertheless been concerned for several weeks about the presence of so many big fortunes at the head of state.
“Will the government prioritize the interests of the public […] or those of the individuals who are at the head of government agencies? asked the executive director of the organization Citizens for Responsibility and Ethics in Washington, Donald Sherman, in an interview with the magazine Barron’sMonday.
Note that Donald Trump’s team has repeatedly signaled that all persons appointed to a position will comply with the ethical obligations of their respective agency.
Howard Lutnick (US$2.2B) – Secretary of Commerce
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One of Donald Trump’s top campaign donors this year, Cantor investment bank CEO Howard Lutnick, has been nominated for Commerce secretary. The 63-year-old, who also co-chaired Mr. Trump’s transition team, will therefore be responsible for restrictions on exports of American high-tech products to China. Mr. Lutnick announced on November 21 that he will withdraw from his businesses and sell his shares in two public companies if he takes a place in the Trump administration.
Linda McMahon (US$900M) – Secretary of Education
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Former WWE wrestling federation boss Linda McMahon was named Minister of Education in the new Trump administration. Mme McMahon, who also served as Minister of SMEs from 2017 to 2019 during Donald Trump’s first term, has also been a major donor to the Republican Party for several years.
Scott Bessent (US$500M) – Secretary of the Treasury
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Long close to the Trump family, the founder of the investment company Key Square Group, Scott Bessent, was appointed with the mandate to implement the new president’s economic program. With a personal fortune estimated at at least $500M, Mr. Bessent will have to close his fund and cease all his speculative activities, because they are incompatible with his new role.
Doug Burgum (US$400M) – Secretary of the Interior
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Governor of North Dakota since 2016, Doug Burgum will serve as Secretary of the Interior. Former boss of Great Plains Software, a software company that he sold to Microsoft for $1.1 billion in 2001, Mr. Burgum had considered running for the Republican nomination for the presidential election, before changing his mind and to support Donald Trump.
Chris Wright (US$170M) – Secretary of Energy
AFP
Appointed to the post of Secretary of Energy, Chris Wright was the CEO of Liberty Energy, a company specializing in hydraulic fracturing. Mr. Wright will also be a member of the new National Energy Council, whose mission will be, in the words of Donald Trump, to “oversee America’s path to energy dominance.” According to the Financial TimesMr. Wright’s candidacy was supported by companies in the oil sector.
Sources: the amounts of individual fortunes come from calculations by various American media, including the Wall Street Journalthe New York Times, Forbes, Bloomberg, ABC News et Barron’s.
