[This article first appeared at Common Dreams on January 22, 2026.]

by Steven J. Harper

Treasury Secretary Scott Bessent’s job is to calm the economic fears that Trump creates. He has followed a curious journey to get there, and now he’s sacrificing his integrity and legacy to remain.

Stage 1 – Democratic Fundraiser

Born in a small South Carolina town, Bessent, 63, graduated from Yale College in 1984 with a bachelor’s degree in political science. Eventually he went to work for Soros Fund Management – founded by the Republicans’ favorite Democratic demon, George Soros.

Bessent is openly gay, married since 2011 to a former New York City prosecutor, and has been a strong advocate for gay rights and marriage equality. In 2000, he supported Democratic presidential candidate Al Gore, co-hosting a fundraiser for him in East Hampton, N.Y.. He donated $2,300 to Barack Obama’s campaign in 2007. Although he donated $25,000 to support Hillary Clinton’s presidential aspirations in 2013, by then he was a major donor to Republican candidates.

Stage 2 – Republican Oligarch

Bessent returned to work for Soros in 2011 as chief investment officer but left in 2016 to form his own fund for which Soros provided a $2 billion anchor. From 2018 through 2021, as the global stock market broke records, the performance of Bessent’s fund was mediocre. Still, he amassed an estimated wealth of $600 million, although some reports refer to him as one of “Trump’s billionaires.”

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