Scaramucci’s Bumpy Ride From Hedge Fund To Communications Chief

Anthony Scaramucci had a bumpy ride from his perch as high-flying hedge fund manager to his appointment as White House communications director, but his trial by fire might have tempered him for his new role.

Scaramucci was an early financial and public supporter of Donald Trump's candidacy who rose to some prominence in October during the transition by declaring that "we're going to repeal" the Department of Labor's fiduciary rule, which he compared to the Dred Scott decision.

In the 1857 Scott vs. Sandford case, the Supreme Court ruled that African Americans were not citizens and therefore did not have rights. Scaramucci, a Harvard Law School graduate, said the DOL rule similarly discriminated against financial advisors.

Scaramucci voiced his opposition to the DOL rule when Trump and his administration were mute on the regulation.

As he prepared for a high-level appointment as a business liaison in the administration, he sold the financial firm that he developed, SkyBridge Capital. But concerns over that sale to a politically-connected Chinese firm actually prevented his appointment. So, he was left essentially unemployed.

But he did not stop defending the Trump administration, even in the forum most detested by the president -- CNN.  Although the White House communications corps had exiled the network from administration access, Scaramucci regularly appeared opposite Chris Cuomo on the news channel.

The two New Yorkers regularly sparred over contentious issues with Scaramucci seeming to enjoy the exchange. In this appearance, he defended the Trump administration and Republican legislators over the process to develop health reform legislation. The interview went onto many other hot topics.

https://youtu.be/_Ff4f9LT2Cs

He conducted this interview on CNN even as he was fighting against allegations made by the network's reporters that a Russian bank linked to Scaramucci was under Senate investigation. CNN retracted that article and fired three staff members over the error.

https://youtu.be/mAKng8igF1A

After the retraction, Scaramucci issued a gracious tweet in his victory.

.@CNN did the right thing. Classy move. Apology accepted. Everyone makes mistakes. Moving on. https://t.co/lyVajCKNHx

— Anthony Scaramucci (@Scaramucci) June 24, 2017

That episode reportedly endeared Scaramucci to President Trump all the more, motivating Trump to find a prominent place for him.

The spotlight is not new to Scaramucci. He sparred a little with President Barack Obama in 2010 in a public forum. The hedge-funder was defending Wall Street, not a popular position so soon after the economic collapse. Although the clip is named "Obama smacks hedge fund manager," Scaramucci managed a highly amiable exchange in which he neverthelesss laid out a defense of Wall Street and a broad criticism of Obama's policies.

He has since taken center stage as co-host of Wall Street Week, a financial news show that he resurrected on Fox Business News. He also hosts the premier annual event for hedge-funders, the SkyBridge Alternatives (SALT) Conference, in Las Vegas.

In the wake of Scaramucci's appointment, some observers have expressed skepticism that he will hold up under fire. But he has so far taken on the thorniest issues facing the Trump administration, such as climate change in this interview. (Although he does claim around 06:20 that the Earth is 5,500 years old.)

Steven A. Morelli is editor-in-chief for InsuranceNewsNet. He has more than 25 years of experience as a reporter and editor for newspapers, magazines and insurance periodicals. He was also vice president of communications for an insurance agents’ association. Steve can be reached at [email protected].

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Steven A. Morelli is a contributing editor for InsuranceNewsNet. He has more than 25 years of experience as a reporter and editor for newspapers and magazines. He was also vice president of communications for an insurance agents’ association. Steve can be reached at [email protected].