In January 2017, Anthony Scaramucci agreed to sell his 45 percent stake in SkyBridge Capital, an investment company that invests in hedge funds, to Chinese conglomerate HNA Group, in preparation for a role as chief liaison in the White House for state and local governments as well as domestic and foreign businesses. President Donald Trump had nominated him for the position, but scrutiny of the sale led the White House to backtrack, with sources telling The New York Times that the White House would find another position for Scaramucci within the administration in the future. In mid-July of 2017, news broke that Scaramucci was offered the position as the White House communications director, but after a volatile ten day he was reportedly ousted at the request of the new chief of staff, John Kelly.
Scaramucci never officially held the communications job, nor did he have previous experience in the field. His experience is mostly in finance, he started out at Goldman Sachs before he created a hedge fund investment firm, organized major industry conferences and published several books before making his way into the inner circle of Trump's advisors.
On April 30, 2018, HNA Group and SkyBridge jointly announced that they had abandoned plans for HNA to acquire Scaramucci's firm, and he would be returning to his company as co-managing director.
Anthony Scaramucci was born in Long Island, New York. He earned a bachelor's degree in economics from Tufts University and then went on to earn a J.D. in law from Harvard University Law School. Like several other of Trump's key advisors, his career began at Goldman Sachs (GS), where he worked from the late 1980s to the mid-1990s in equities, investment banking and private wealth management. (Read More: 26 Goldman Sachs Alumni Who Run the World.)
He left Goldman in 1996 to co-found Oscar Capital Management with his associate Andrew Bozshardt. The company was acquired by Neuberger Berman in 2001, which was in turn acquired in 2003 by Lehman Brothers. Scaramucci then served as a managing director in Lehman Brother's investment management division. In 2005, he started SkyBridge Capital. He was co-managing partner until January 17, 2017, when the company proposed to sell a majority stake to RON Transatlantic EG and HNA Capital (U.S.) Holding. The sale to HNA never went through, and Scaramucci announced he would return to his firm as co-managing director.
Most financiers prefer to keep a low profile, but not so Scaramucci. In 2014, Skybridge bought the licensing rights to the TV show Wall Street Week and relaunched it with Scaramucci as the host. He also founded the glitzy hedge fund conference SALT, held in Las Vegas every year. Like President Trump, he frequently tweets from his own Twitter account.
He is also a member of the World Economic Forum and spoke annually at their convention. Other positions that he has served in include the vice chairmanship of the Kennedy Center Corporate Fund Board and as trustee of the United States Olympic & Paralympic Foundation. He is also currently serving as a member of the Council on Foreign Relations.
Scaramucci is a big believer in philanthropy. He currently serves as a board member for Warrior Gateway, Business Executives for National Security (BENS) and The Brain Tumor Foundation. He was honored for his philanthropy in 2011 by Hedge Fund Cares and Alicia Keys’ Keep a Child Alive 8th Annual Black Ball.
Politically speaking, Scaramucci has moved from the left to the right in recent years. He had previously supported Barack Obama, but changed sides in the wake of Obama's policies concerning Wall Street. He served as a National Finance Co-Chair for Mitt Romney in 2012 and is now a registered Republican. He joined Trump's finance committee in May of 2016 and later joined Trump's Presidential Transition Team Executive Committee in November of 2016.
As President Trump's advisor, he publicly stated that Trump's administration intends to repeal much of the major legislation that has been introduced under Obama, such as the Dodd-Frank Act and the new fiduciary rule that was introduced by the Department of Labor in April 2017. He said that the fiduciary rule is an excellent example of how the government can overstep its authority, and that it will effectively trigger a massive inflow of assets into index funds and other passively-managed offerings. At the Securities Enforcement Forum in October of 2016, Scaramucci made the statement that “We're going to repeal it. It could be the dumbest decision to come out of the U.S. government in the last 50 to 60 years.” (For more, see: Trump Advisor Promises Repeal of Fiduciary Rule.)