President Donald Trump, Donald Trump, Tom Barrack discussed on Bloomberg Businessweek
Is Bloomberg BusinessWeek with Carol Massar and Jason Kelly from Bloomberg radio Donald's greatest asset is the he's his own person. And he creates his his own agenda. Carol. That's Tom barrack familiar voice to many of our listeners and viewers and readers of Bloomberg over the years intimately involved in financial markets in real estate and also with President Donald Trump for a long time. Right. He was the founder of colony capital. I on Wall Street toback Trump back in two thousand sixteen the extent of his devotion, pretty deep, but it came at a price. Here's more with reporter Caleb Melby. So he runs colony capital. Recently, they've gone through a merger that made them a much bigger firm than they had been previously, and you know, him probably because he helped Bob bass by the plaza and the nineteen eighties. He resold it to Trump that kind of jump started his career he launched colony nine hundred ninety one and he's done everything from Neverland ranch. He's also a debt investor in some of his more Tarik debt. Investments include like buying any liebowitz, the photographers debt and holding that on colonies books. So yeah, he he's the guy who who likes distress scenarios he likes. He likes finding diamonds in the rough. And that's kind of been his his brain is an investor. So he came to the fore, probably in in the public's mind at the Republican national convention was probably one of the first times anybody who doesn't watch Bloomberg really became familiar with the this guy is you have this guy. You know, hand held microphones at are pacing the stage. Introducing a vodka Trump then introduced her father. So a very prominent place. You mentioned the plaza and his connection to Trump. What is their relationship? Yeah. I mean, it's fascinating. When we think about the Wall Street guys around Trump now, I think first and foremost from our most people's Treasury Secretary Steve Mnuchin, but Tom actually endorse was the first big Wall Street guy to endorse Trump at all. And that was in right at the end of February twenty six, but yeah, they go all the way back to the one thousand nine hundred eighty s to that plaza deal. Also bowed bass sold Trump is taken Alexander's where this building sets now and Tom play role in that and ever since then they've had these kind of glancing encounters where they almost do deal together. But they don't quite he was going to finance the Trump hotel in Washington. But then he didn't and there are several instances going back through history where it's like Connie's mentioned as possibly financing and Trump deal, but then never quite comes together. So their friendship in that sense. It's something of a mystery. But they do seem to legitimately like each other. They both married three times. They talked to each other through their divorces. Tom's gone down to Atlantic City back when Trump had casinos down there. Watch fights with them there. They just consider each other. You know, real estate men of New York, and well Tom's from LA by LA by real estate, menounos investors, and it is interesting too. Because while they've come together their backgrounds are are not that similar. I mean bear grows in LA is father is I think runs a small grocery story goes on scholarship to USC and sort of has this like winding career through the Middle East in the US government. And and it is interesting that they find this affinity with each other. It's it's very odd. And in temperamentally to they're so different. Trump loves conflict thrives on conflict. So much of his administration's been based on conflict, Tom barrack hates that. I mean for him. It's all about how can we get together and make a deal happen and seen him try to navigate his friends presidency. As a result has been kind of painful to watch at times. This is what's interesting, and I feel like this is where your gets into things is that. Okay. So you talk about this relationship between these two, and you say Barrick was really an unabashed supporter Donald Trump early on as you said, he was the first guy really from the Wall Street community to come out and say, I'm behind this guy and yet barrack hasn't necessarily. I don't know is he really a Trump insider has he benefited much on the Trump presidency. As one would imagine you. So so the story has always been that. When Tom calls, Trump, Trump picks up the phone and Trump listens for what whatever that might mean. For Trump to listen to anyone. But if you look at the pain points were like their interests, really diverge, Tom hasn't been able to have much sway and this during particular focuses on the blockade of cutter in in summer of last year. Tom's longest standing business partners in in the Gulf region where the Qataris and Trump's support of the Saudi and Emirati blockade of cutter totally blindsided. Ham was not in his interests at all now in his friends interest at all. And of course, it was a total flip of US policy in the region were cut her has been a long standing US ally. And that's kind of like a prime example where like money was really on the table for Tom. And and it.