Billionaire hedge fund manager slams Trump policy for promoting 'crony capitalism'

Over the years, Citadel CEO Ken C. Griffin has donated millions of dollars to Republican candidates and conservative causes — and he considers himself a supporter of President Donald Trump, not a Never Trumper. But the billionaire hedge fund manager, now 56, is being openly critical of Trump's steep new tariffs.

At the Milken Institute's Global Conference, Griffin told Politico, "Tariffs open the doors to crony capitalism. The government starts to pick winners and losers. I thought that would play out over the course of years. It's terrifying to watch this play out over the course of weeks."

Griffin added that Trump's handling of tariffs "very clear that we have roughly already — regretfully — unleashed an era of crony capitalism."

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In an article published by Politico on May 8, reporters Sam Sutton and Katy O'Donnell explain, "Griffin's frustration with Trump's policies reflected broader concerns at the conference over how the trade war could derail the U.S. economy. For Wall Street and industry elites at Milken, Trump's dismantling of global trade is forcing them to adjust — uncomfortably — to policies that they believe will disrupt the flow of capital into U.S. businesses and harm consumers. The lack of buy-in from Wall Street poses a major problem for the president because these are the people he needs to make his agenda work."

Griffin is warning that Trump's tariffs will lead to a weakening of the U.S. dollar.

The Citadel CEO told Politico, "Whether it’s a flat-screen TV or a new laptop, your dollar is just not going to go as far. This starts unfolding in the next couple weeks…. We all want to see the president succeed, whether you're in business and you're Republican, or you're a business and you're a Democrat. We need the president to succeed."

Griffin added, "There’s that fine line between constructive criticism and just being toxic."

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Read the full Politico article at this link.