— mike luckovich (@mluckovichajc) April 12, 2022
This is what is going on:
Six months after leaving the White House, Jared Kushner secured a $2 billion investment from a fund led by the Saudi crown prince, a close ally during the Trump administration, despite objections from the fund’s advisers about the merits of the deal.
A panel that screens investments for the main Saudi sovereign wealth fund cited concerns about the proposed deal with Mr. Kushner’s newly formed private equity firm, Affinity Partners, previously undisclosed documents show.
Those objections included: “the inexperience of the Affinity Fund management”; the possibility that the kingdom would be responsible for “the bulk of the investment and risk”; due diligence on the fledgling firm’s operations that found them “unsatisfactory in all aspects”; a proposed asset management fee that “seems excessive”; and “public relations risks” from Mr. Kushner’s prior role as a senior adviser to his father-in-law, former President Donald J. Trump, according to minutes of the panel’s meeting last June 30.
But days later the full board of the $620 billion Public Investment Fund — led by Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler and a beneficiary of Mr. Kushner’s support when he worked as a White House adviser — overruled the panel.
Slenderman Jared had Mr. Bone Saw's back, doing what he could to ensure that no action was taken after MBS's hit team whacked and dismembered Jamal Kashoggi. $2 billion seems like a hell of a payback/bribe, but nobody in the country's government is going to oppose what he wants to do.
This smells as though the Saudis are betting that the TOFF is going run again.
1 comment:
It's OK though because they stipulated that after the first $500 million, a team of competent investment managers would have to be hired.
Yes, this looks to be as much about services expected as services rendered.
-Doug in Sugar Pine
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