Anthony “The Mooch” Scaramucci, founder of SkyBridge Capital and the SALT conference is an adviser to the Trump administration. He has promised to repeal the Department of Labor rule forcing brokerages to act as fiduciaries for retirement account investors. If you’re uneasy about the appointment of “The Mooch,” make sure you’re doing business with a boutique investment counsel service such as Richard C. Young & Co., Ltd., that is held to higher fiduciary standard (read more about this crucial investor protection here, here and here).
Brian Hershberg of The Wall Street Journal details more about Scaramucci’s plans here.
Mr. Scaramucci is also likely to sell the lavish SALT (for SkyBridge Alternatives) conference, where he’s hosted celebrities such as Will Smith and world leaders such as Tony Blair. The Las Vegas affair is synonymous with Mr. Scaramucci, who launched it during the depths of the 2008 recession. “It will be difficult to live on without Anthony,” Marc Lasry, founder of Avenue Capital Group, and a major Democratic donor, said of SALT.
Mr. Scaramucci’s charisma has propelled his career. It helped him survive being fired by Goldman Sachs in 1991, where he washed out of the real-estate investment banking business. His boss at the time, Michael Fascitelli, recommended him for another job in the division that sold stocks to institutional investors and private clients, where he excelled at cold-calling and building his client base.
Mr. Scaramucci later left Goldman, and started and sold a money-management firm to Neuberger Berman Group Inc. His next move was to start Skybridge, which at the time took stakes in new hedge-fund management firms. The business essentially failed during the 2008 financial crisis and lost money for its original investors, some of them former colleagues at Goldman Sachs. Mr. Scaramucci quickly pivoted the firm by purchasing Citigroup Inc.’s hedge-fund management group.