UPDATE: Trump admits Argentina bailout will not benefit the U.S.
A remarkable statement about the $20 billion plan that will greatly benefit a well-connected hedge fund manager.
President Trump hosted Argentinian President Javier Milei at the White House on Tuesday. The meeting came on the heels of the Trump administration’s $20 billion rescue package for Argentina.
During a question-and-answer session with the press following the meeting, Trump admitted the bailout for Argentina would be of little benefit to America. “It’s not going to make a big difference for our country,” Trump said.
On September 29, Popular Information reported that the bailout would immensely benefit billionaire hedge fund manager Rob Citrone, a personal friend and former colleague of Scott Bessent. A subsequent Popular Information report revealed that Citrone was in contact with Bessett about the bailout before it was announced.
Popular Information’s reporting was confirmed on October 9 by the New York Times:
Mr. Citrone, the founder of Discovery Capital Management, has made Latin America his biggest bet in the world, and Argentina is the fund’s biggest investment in the region. Mr. Citrone has said that when he worked with Mr. Bessent under Mr. Soros in 2013, he convinced them to make their now famous bet against the Japanese yen and that he was responsible for most of the bonus that Mr. Bessent earned.
…[T]wo people familiar with the deal said Mr. Citrone was in close contact with Mr. Bessent in the lead-up to the Treasury announcement last month, arguing that if Argentina’s currency crashed, so too would the political fortunes of Mr. Milei.
This reporting has changed the narrative about the motivations behind the U.S. bailout of Argentina. Previously, media outlets attributed it solely to the ideological alignment of Trump and Milei. Now, CNN is noting how Citrone would benefit in its FAQ about the issue:
Elizabeth Warren blasted the bailout as cronyism. “Trump promised ‘America First,’ but he’s putting himself and his billionaire buddies first and sticking Americans with the bill,” Warren said in a statement. She introduced legislation with seven other Senators to block the bailout.
During the press availability, Trump dismissed the concerns of American soybean farmers about Argentina. China has boycotted American soybeans as part of the ongoing trade dispute. Argentina has taken advantage by eliminating its export tax and then selling 1.5 million tons of soybeans to China within days. This has had a devastating impact on American farmers.
“It’s not gonna mean anything in the end,” Trump said of the controversy.
While farmers struggle to survive and the federal government is shut down, Milei is riding high thanks to the cash infusion from the Trump administration. “There will be an avalanche of dollars,” Milei said in a radio interview shortly before traveling to the White House. “We’ll have dollars pouring out of our ears.”
I'm glad you included the context about domestic soybean farmers bearing the brunt of the Trump administration's decisions. The bailout at taxpayer expense for the primary benefit of a hedge fund manager is bad enough, but that it’s hurting American workers should be a point of attack for Democrats.
How much more corrupt can this administration get?! And when will all of this corruption break the right wing media bubble?