Kevin Warsh: The ex-Morgan Stanley VP with a wealthy wife
President Trump is nominating Kevin Warsh as the new chairman of the Federal Reserve.
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Warsh has many things to recommend him for the role and is already receiving plaudits from the people that matter. The FT says ex-Goldman Sachs CEO Lloyd Blankfein rates him "unflappable" in a crisis and that Jamie Dimon voiced their support.
Warsh has a storied CV. As Trump noted on Truth Social, Warsh is a Harvard and Stanford graduate who once worked in M&A for Morgan Stanley and who then became the Fed's youngest governor ever at the age of 35.
As we reported in April, Warsh worked for Morgan Stanley between 1995 and 2002. He became a vice president and executive director (ED) at the bank during the dot com boom.
In his post M&A existence, Warsh was on the board of governors of the Federal Reserve during the last financial crisis and helped counsel then-Fed Chairman Ben Bernanke. He's latterly been working in Stanley Druckenmiller's family office. As Trump observes, Warsh appears to be out of "central casting" for the role of Fed Chair.
Warsh also has a wealthy wife. As Bloomberg notes, Warsh is married to Jane Lauder, the daughter of makeup scion and Republican donor Ronald Lauder, who is a former classmate of Trump's and who donated $5m in March to MAGA Inc.
Forbes says the Lauder family are worth nearly $26bn. Ronald was reportedly one of the first people to suggest to Trump over six years ago that he buy Greenland.
Trump said today that he has known Lauder for a "long period of time" and that he will be a "GREAT Fed chairman, maybe the best."
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