Bannon’s Made Millions in Shaping Right-Wing Thought

The personal wealth and holdings of President Trump’s chief strategist, Stephen K. Bannon, were detailed for the first time on Friday in a filing that showed a large chunk of his income coming from right-leaning political news, film and consulting companies. uk

The filing was included in a huge release of financial disclosures made late Friday evening by the White House, which is obligated to make public the financial assets and income of scores of officials now serving in the Trump administration.

A conservative media impresario and producer of documentary films before joining the Trump campaign, Mr. Bannon has assets worth $11.8 million to $53.8 million, his filing showed.  ( france )

Mr. Bannon disclosed more than $500,000 in income from entities linked to the hedge fund manager Robert Mercer and his daughter, Rebekah Mercer, including $191,000 from the right-leaning media outlet Breitbart News, $125,333 from a data firm called Cambridge Analytica and more than $60,000 from the Government Accountability Institute.

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The Mercers are major Republican donors who were intimately involved in the shake-up of the Trump campaign last year that led to Mr. Bannon’s installment as its chief executive.

However, the most valuable asset listed on Mr. Bannon’s disclosure forms was Bannon Strategic Advisors Inc., a privately held consulting firm that was valued at $5 million to $25 million. In addition, Mr. Bannon held bank accounts valued at up to $2.25 million, and rental real estate worth as much as $10.5 million.

The disclosure reveals more than was previously known about his ties to Cambridge Analytica, where he was vice president of the board: He had a stake in the company that he valued at $1 million to $5 million, which he plans to sell.  france

The single most valued asset listed on Mr. Bannon’s disclosure was his stake in Bannon Strategic Advisors Inc. He reported receiving nearly $500,000 in income from the company.

The disclosure suggests that Bannon Strategic Advisors served as an umbrella company for receiving fees he earned from interests in other companies such as Breitbart News, Cambridge Analytica and Glittering Steel, a company that produced the documentary “Clinton Cash,” on which Ms. Mercer served as an executive producer, as well as ads for Republican candidates.

He listed his ownership interest in Glittering Steel as worth $100,001 to $250,000.

Mr. Bannon intends to sell his interest in Glittering Steel and Cambridge Analytica under an agreement he has with the Office of Government Ethics. He also reports that Bannon Strategic Advisors “will be going dormant” and receive only passive income from investments during his time in the White House.

Mr. Bannon disclosed receiving a $100,000 salary from an entity affiliated with Citizens United Productions, a film-production company that is run by David N. Bossie, Mr. Trump’s former deputy campaign manager. Mr. Bossie introduced Mr. Bannon to Mr. Trump in 2011. Mr. Bossie’s Citizens United received $3.5 million from the Mercer Foundation from 2012 to 2014, according to tax returns.

Government Accountability Institute is an organization founded by Peter Schweizer and Mr. Bannon that pledges to “investigate and expose crony capitalism, misuse of taxpayer monies, and other governmental corruption or malfeasance.” The Mercer Family Foundation donated $2 million to the organization in 2013 and 2014, according to tax records.  france

Mr. Bannon worked as a media banker for Goldman Sachs several decades ago and built up some of his fortune from royalties on reruns of the “Seinfeld” television show. Before his time at Breitbart, he helped negotiate a sale of production rights to “Seinfeld” that enabled him to acquire a share of the royalties.

In 1998, his investment bank Bannon & Company, which helped negotiate the deal, was acquired by the French bank Société Générale. On his disclosure form, Mr. Bannon reported an investment in Société Générale valued at $1 million to $5 million and listed it as “rent or royalties.”

Another Goldman alumnus who has joined the Trump administration is Gary Cohn, the director of the National Economic Council. Mr. Cohn appears to be one of the wealthiest of Mr. Trump’s White House advisers, according to his filing. His assets are valued at $252 million to $611 million, stemming chiefly from his 26-year career at the Wall Street firm.

The filing for Mr. Cohn shows that in addition to the cash and stock he received from Goldman, he has investments in a wide range of companies, both public and private. Those included stock in companies like Bank of America and Kraft Heinz, as well as stakes in a variety of private equity and hedge funds. Mr. Cohn has previously disclosed that he was planning to sell a number of stocks, as well as his stakes in the Goldman-run private funds.

While some of funds are managed by Goldman, there is at least one notable exception: a stake valued at up to $250,000 in a venture-capital fund run by the powerhouse Silicon Valley firm Andreessen Horowitz.

Mr. Cohn also holds investments in real estate and other private entities, according to the new documents. The holdings range in nature from a cosmetics company in California called Violet Grey that is valued at more than $1 million to a parking garage in downtown Manhattan valued at the same amount.

He also held two investments, worth at least $1 million each, in Payoff, a company based in Costa Mesa, Calif., that helps users “reinvent their relationship with money” using a variety of refinancing and educational tools, according to language on its website. And he held stakes in some self-storage companies in Ohio, each valued at $100,000 or more.

Another top Trump adviser, Kellyanne Conway, is wealthy as well, but modestly so when compared with Mr. Cohn and some of her other superrich colleagues.

Ms. Conway, a Republican strategist and pollster who ran the final months of Mr. Trump’s presidential campaign before joining the White House, made over $800,000 in the last year or so. As head of her own consulting firm, Ms. Conway represented clients including an assortment of conservative causes, including the National Rifle Association and Tea Party Patriots, as well as Cambridge Analytica. She was also paid for a speaking engagement at Point72 Asset Management, the investment firm run by the billionaire stock picker Steven A. Cohen.

Ms. Conway’s disclosures offer a glimpse into her family wealth, a sum of at least $11 million, her filing shows. Some of that wealth stems from her husband, George T. Conway III, a partner at the New York law firm Wachtell, Lipton, Rosen & Katz, which has long boasted the legal world’s highest profits per partner. He has been a partner for over two decades, amassing a small fortune litigating securities and mergers and acquisitions cases.

Mr. Trump is reported to have selected Mr. Conway to head the Civil Division of the Justice Department.

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