Today let’s talk about: Trump’s potential Treasury pick The ethics investigation into Matt Gaetz How the Middle East is preparing for Trump Marc Rowan has become Donald Trump’s shiny new economic toy.
With Trump’s team embroiled in infighting over his Treasury pick, this cabinet role is one of the few remaining positions Trump has left to fill.
Both Rowan and Trump are Penn alumni.
Former World Wrestling Entertainment chief Linda McMahon has been nominated to lead the education department, which Trump had pledged to shut down.
Wall Street’s “Trump bump” has created a new billionaire: star dealmaker Paul Taubman, whose stake in boutique PJT Partners has gone above $1bn.
Welcome to White House Watch, and good morning. Let’s discuss these topics today.
Trump’s possible choice for Treasury.
Matt Gaetz’s ethics inquiry.
How Trump is being prepared for in the Middle East.
Donald Trump’s shiny new economic toy is Marc Rowan.
As a surprise candidate for Treasury secretary, he hurried back from Hong Kong to meet with Trump in Florida yesterday to present his case for the important position [free to read].
According to people familiar with the matter, Rowan, the CEO of the private equity firm Apollo Global Management, prepared for his interview in great detail and has the backing of some prominent Wall Street donors and Trump confidants.
This cabinet position is one of the few left that Trump needs to fill, as his team is squabbling over his Treasury pick.
Now that Howard Lutnick has stepped aside, Rowan is vying for the position alongside hedge fund manager Scott Bessent, who is also thought of as the National Economic Council’s leader. Both Tennessee Senator Bill Hagerty and former Federal Reserve Governor Kevin Warsh, who was present at a SpaceX rocket launch on Tuesday alongside Trump and Elon Musk, are still in the running.
In the early days of the COVID-19 pandemic, Rowan counseled Trump’s first administration on emergency measures to stabilize financial markets. However, it was his role in ousting University of Pennsylvania President Liz McGill amid anti-Israel demonstrations on campus that truly catapulted him to political prominence. Trump and Rowan both attended Penn.
After the demise of Leon Black, who had close ties to the late sex offender Jeffrey Epstein, Rowan, who co-founded Apollo, became its sole leader. He has been setting up Apollo, a titan of alternative asset management, for what he believes will be a new era on Wall Street where the banking sector’s influence will diminish.
Who made the cut, Team 47?
Matthew Whitaker, who was acting attorney general during Trump’s first term and has little experience in foreign policy, has been appointed as the United States ambassador to NATO.
Cantor Fitzgerald CEO Howard Lutnick has been appointed commerce secretary, a position that would give him responsibility for enforcing the broad tariffs that Trump promised voters.
The education department, which Trump had promised to close, has been nominated to be led by former World Wrestling Entertainment CEO Linda McMahon.
The Centers for Medicare and Medicaid Services has appointed television physician Mehmet Oz as its leader.
the sound we’re hearing.
As the war-torn region prepares for a resolutely pro-Israel US agenda under the president-elect, Middle Eastern officials are attempting to grab Trump’s attention.
Many people in Lebanon are placing their hopes in auto magnate Massad Boulos, Trump’s youngest daughter Tiffany’s father-in-law. No other Lebanese voice is as well-positioned in the circle of the president-elect.
“There is no doubt that the fact that he is Lebanese and wants [what is best for] his country’s long-term interests could be a positive,” a Lebanese official told Raya Jalabi of the Financial Times. We must wait and see, though. “”.
According to Lebanese officials, Boulos did not officially contact the government or have a directive from Trump. However, among other important people, he recently met Amin Salam, the minister of economy for Lebanon, in Washington.
Arab nations are relying on Saudi Arabia’s strong relationship with Trump to limit the president-elect’s backing of Israel. Arab officials fear that Trump would support any Israeli actions that would increase tensions with Iran, annex the occupied West Bank, or occupy Gaza.
However, they are hoping that Riyadh can take advantage of Crown Prince Mohammed bin Salman’s connection to Trump, the president-elect’s desire for financial agreements, and his expected push for a “grand bargain” that would result in normalization of relations between Saudi Arabia and Israel.
“Saudi Arabia is the most important player in the region due to their established relationship with him, so it will be the cornerstone of any regional action the US might decide to do,” an Arab diplomat told Andrew England of the Financial Times.
Transitional periods: the most recent news stories.
The House ethics committee has declined to make public the specifics of its inquiry into claims of sexual misconduct by Trump’s attorney general nominee, Matt Gaetz [free to read].
Plans are being developed by RFK Jr. to deprive a physician lobbying group of control over a profitable aspect of Medicare billing.
Star dealmaker Paul Taubman, whose ownership of boutique PJT Partners has risen to over $1 billion, is the latest billionaire to emerge from Wall Street’s “Trump bump.”.
Oil tycoons stacked Trump’s cabinet with their preferred sons in this manner.
Palantir’s market capitalization has increased by $23 billion since the election, when investors placed bets on the covert defense contractor, making it a “Trump trade.”.
viewpoints.
Martin Wolf claims that Trump’s tariff policies will “lead to a rapid decline in world trade and output” and that they will not be able to lower the overall trade deficit. “.”.
But according to ING chief economist Marieke Blom, the gloomy talk about Trump’s tariff plans is unwarranted and dangerous in and of itself.
According to Anjana Ahuja, the appointment of RFK Jr. to the cabinet signals a new Republican assault on science, and scientists around the world must muster new resolve to resist.
According to the FT editorial board, as Kyiv and Moscow fight to fortify their positions before any talks begin, Ukraine’s allies must give as much assistance as possible before Trump assumes office.
