Traverse City Record-Eagle


October 19, 2013

Hedge fund founder urges civic engagement

TRAVERSE CITY — Politics matter.

This was the message delivered Friday in Traverse City by Anthony Scaramucci, a managing partner and founder of SkyBridge Capital, a major hedge fund on Wall Street.

Scaramucci was in Traverse City to speak to the Economic Club of Traverse City about what he sees as two critical issues for Americans: the country’s current dysfunctional political climate and its debt crisis.

Scaramucci said everyday Americans need to get involved politically and demand their federal legislators abandon ideology and extremism and work together to pursue practical, common sense solutions to this generation’s most pressing financial issues.

“Call your Congressmen and tell them to cut it out,” Scaramucci said. “You have to get involved, push yourself out of your comfort zone, and tell them what you want.”

Scaramucci is a Republican who worked for former presidential candidate Mitt Romney. His remarks at the Traverse City Country Club decidely leaned Republican, but he said both parties are to blame for political dysfunction in Washington, D.C. and the massive federal debt. He said the Bush administration, after Sept. 11, 2001, fought wars by borrowing money and borrowing continued unabated under the Obama administration.

He contends the health care system in America has been socialized. He described the Affordable Care Act in America as a disaster, in part because very few people — including himself — can understand it.

He said lessons can be learned from President Bill Clinton, who was willing to work with those who differed from his political perspective.

“We haven’t activated as a group to get these people out,” Scaramucci said, adding when elected officials “are focused more on personal power ... than the will of the people, this is what you get.”

SkyBridge manages $8.6 billion in assets.



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