He heaped praise on Jared Kushner at a private gathering of bankers and corporate executives in December, congratulating President Trump’s son-in-law on the surprise election triumph.
He stood up again in May before a group of corporate leaders on the 39th floor of Citigroup’s offices to remind them of all the good the Trump administration could do for the economy and the country.
.. Stephen A. Schwarzman, the chief executive of the private equity giant Blackstone and the leader of one of the councils, has not been alone on Wall Street in his embrace of the Trump presidency, particularly after the corporate world endured eight years of Obama-era regulation. But in each of these private meetings, recounted by people who attended them, Mr. Schwarzman emerged as one of the president’s most respected and reliable allies in high finance.
.. Mr. Schwarzman’s stature in both the world of finance and in Mr. Trump’s Washington helped Blackstone nail down one of the biggest deals on Wall Street this year — its selection by Saudi Arabia to manage a new $20 billion fund, according to a person with knowledge of the selection process.
In May, while the president was visiting Saudi Arabia, Blackstone announced the agreement to manage the fund, the largest in the world to invest in infrastructure projects. The announcement was made at the royal palace in Riyadh as Mr. Trump and Mr. Kushner looked on.
.. the Saudis had been discussing a possible partnership with a number of other firms as well, and formally decided on Blackstone — a fund-raising juggernaut that manages funds larger than the economies of some nations — only after Mr. Schwarzman had started advising the president.
.. the company’s experience illustrates the incentives that corporate leaders have to develop strong ties with Mr. Trump — the country’s businessman in chief — and the reputational risks associated with those relationships when Mr. Trump veers off course, as he did this past week.
.. Some of the other investment firms that were in discussions about a Saudi partnership, including Brookfield and the Carlyle Group, had more experience in managing infrastructure funds and are still in talks with the Saudis
.. But while Mr. Schwarzman’s alliance with Mr. Trump is new, his ties to Mr. Kushner, the president’s son-in-law, run deeper. Mr. Kushner and his wife, Ivanka Trump, attended Mr. Schwarzman’s 70th birthday party in February at his home in Palm Beach, Fla., near Mr. Trump’s Mar-a-Lago estate.
.. In 2013, well before Mr. Trump was even a candidate, Blackstone financed the purchase of a few warehouses and industrial buildings by Mr. Kushner’s family company
.. Mr. Kushner is also friendly with Jon Gray, a senior Blackstone executive who runs its real estate business.
.. Mr. Kushner and Mr. Gray, a Democrat, have been photographed together at Manhattan social events, and before the election, Mr. Kushner urged the staff at the Commercial Observer newspaper, which Mr. Kushner used to run, to place Mr. Gray higher on its list of “Power 100” real estate executives, according to a former employee with knowledge of the list. In 2016, Mr. Gray was No. 1 on that list.
.. Unlike many people in Washington, Mr. Schwarzman said, Mr. Trump could accomplish tax policy reform and an infrastructure overhaul.
.. Mr. Schwarzman speaks with Mr. Trump as much as once a week, typically about the economy though also about social policy, including a conversation in which Mr. Schwarzman advised the president to continue shielding young undocumented immigrants from deportation
.. Blackstone manages about $370 billion.
Why a Universal Basic Income Would Be a Calamity
How long before the elites decide the unemployed underclass shouldn’t have the right to vote?
Finland has been testing a basic income for 2,000 of its unemployed citizens since January, and UBI proponents say the Nordic country is providing an example for the U.S. It will be interesting to see the Finnish results, but Americans shouldn’t read too much into the outcome of a small-scale, early-stage trial. Look instead to Saudi Arabia, which for decades has attempted the wholesale replacement of work with government subsidies. Perhaps more than half of all Saudis are unemployed and not seeking work. They live off payments funded by the country’s oil wealth... Regular citizens lack dignity while the royal family lives a life of luxury. The technocratic elite has embraced relatively liberal values at odds with much of the society’s conservatism. These divisions have made the country a fertile recruiting ground for extremists... At the heart of a functioning democratic society is a social contract built on the independence and equality of individuals. Casually accepting the mass unemployment of a large part of the country and viewing those people as burdens would undermine this social contract .... It would also create a structural division of society that would destroy any pretense of equality... UBI supporters would counter that their system would free people to pursue self-improvement and to take risks. America’s experience over the past couple of decades suggests that the opposite is more likely. Labor Department data show that at the end of June the U.S. had 6.2 million vacant jobs. Millions of skilled manufacturing and cybersecurity jobs will go unfilled in the coming years.This problem stems from a lack of skilled workers. While better retraining programs are necessary, too many of the unemployed, or underemployed, lack the motivation to learn new skills. Increasingly, young unemployed men are perfectly content to stay at home playing videogames.
.. Perhaps it could work as only a supplement to earned income.
..In the same Harvard commencement speech in which Mr. Zuckerberg called for a basic income, he also spent significant time talking about the need for purpose. But purpose can’t be manufactured, nor can it be given out alongside a government subsidy. It comes from having deep-seated responsibility—to yourself, your family and society as a whole.
When the President Is Un-American
Real Americans understand that our nation is built around values, not the “blood and soil” of the marchers’ chants; what makes you an American is your attempt to live up to those values, not the place or race your ancestors came from.
But the man who began his political ascent by falsely questioning Barack Obama’s place of birth — a blood-and-soil argument if ever there was one
.. Real Americans understand that our nation was born in a rebellion against tyranny. They feel an instinctive aversion to tyrants everywhere, and an underlying sympathy for democratic regimes, even those with whom we may currently have disputes.
Real Americans expect public officials to be humbled by the responsibility that comes with the job... Foreign autocrats may rage against unflattering news reports, threaten to inflict financial harm on publications they dislike, talk about imprisoning journalists; American leaders aren’t supposed to sound like that.
An Ally Is Set to Execute Critics. Will Mr. Trump Be Silent?
Mujtaba al-Sweikat was a bright 17-year-old student on his way to visit Western Michigan University when he was arrested at King Fahd Airport in Riyadh, Saudi Arabia, in 2012. Since then, Mr. Sweikat has been in Saudi custody, subjected to torture, including beatings so severe his shoulder was broken, in order to extract confessions that sealed his fate: condemned to death, likely by beheading. Saudi Arabia’s Supreme Court has upheld Mr. Sweikat’s June 2016 death sentence, as well as those of 13 other Saudi citizens tried with him — including a disabled man and two who were juveniles when sentenced — after a mass trial that made a mockery of international standards of due process. Now, the only person who can prevent these barbarous executions is King Salman, who must ratify the death sentences.
.. As was the case with many members of Saudi Arabia’s Shiite minority condemned to death in recent years, Mr. Sweikat’s crime was attending political protests in the heady months following the 2011 Arab Spring.
Hope is slim, though. During his trip to Saudi Arabia in May, Mr. Trump basically told the Saudi regime that the United States would look the other way on human rights abuses, saying, “We are not here to lecture.” Since then, Mr. Trump has sided with Saudi Arabia and other gulf states in their dispute with Qatar, chiefly because of Qatar’s relatively good relationship with Shiite Iran, exacerbating sectarian divides in the region. Meanwhile, Saudi Arabia has executed more and more members of its Shiite minority to demonize the group and to deliver a harsh message on dissent to Saudi citizens.
Mr. Trump could take advantage of his new friendship with the Saudis and make an immediate appeal to King Salman to halt these horrific executions.