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The Mooch’s second act: Anthony Scaramucci’s improbable quest to transcend Trump and transform America

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Anthony Scaramucci strides into the seaside ballroom of Bermuda’s plush Hamilton Princess hotel sporting a well-tailored suit, a spangled American flag pin, a Mickey Mouse watch, and plenty of hair gel.

Scaramucci is here to talk up his hedge fund’s latest SALT investors conference. But prior to our interview, he tells me, he was yukking it up with Bermuda’s premier, E. David Burt. Scaramucci, proud of his youthful appearance at age 61, says he shared a favorite one-liner extolling darker complexions: “Black don’t crack,” he recalls telling Burt—“but beige don’t age!”

This is “the Mooch”— a nickname Scaramucci picked up in childhood—on full blast, entertaining and outrageous. His body pulses with energy and he talks in a rapid stream, his nasal Long Island accent peppered with F-bombs.

Most Americans encountered the Mooch for the first time in 2017.  That’s when Scaramucci got a gig as first-term President Donald Trump’s communications director, only to yap his way out of that job after 11 days. His fleeting tenure became fodder for late-night comics and social media wags, who coined the metric of “a Scaramucci” to measure the length of a failed short-term stint.

It’s hard to come back from an episode like that. Yet Scaramucci has somehow done just that, and eight years later, he has evolved into something new—arguably, one of the most influential voices in American politics and finance.

In the last few years, Scaramucci has parlayed his disastrous White House foray into a role as one of Trump’s most arch critics, often drawing on his personal knowledge of the man he worked for during the 2016 presidential campaign. Using his massive social media following and his cohosting of the popular The Rest is Politics: US podcast, Scaramucci has won over a legion of unlikely fans across the political landscape. At the same time, his popular crypto-focused SALT conferences have attracted leading celebrities and business figures and, along with his hedge fund, helped Scaramucci amass a personal fortune of nearly $200 million.

The Mooch’s brassy schtick is still there, but now he has something serious to say. Wielding insights gleaned from world history and his voracious reading, he offers Americans a compelling road map to transcend the crassness and culture wars of the moment.

A formative trip to Disney World

Scaramucci’s childhood was about as far removed as you can get from the Hamilton Princess. The son of a crane operator on Long Island, his family did not go to five-star hotels—or really anyplace—except, he recalls, one precious vacation to Miami Beach when he was 12. That was the time he and his brother persuaded their father to take them to Disney World.

“I’ve got to give my old man credit for this, because he really didn’t want to do this,” he tells me. “I mean, this poor son of a bitch—chainsmoker, Scotch drinker, blue-collar worker—all he wanted to do was lay on the beach, but I got his ass in a bus, and we went from Miami Beach up to Orlando.”

The four-hour bus ride allowed for barely half a day at the theme park, but that was enough to leave Scaramucci with indelible memories, an abiding love of the Magic Kingdom, and a swelling desire to get rich and have all the things his family could not then afford. Five decades later, his eyes are a pool of wonder and pain as he recalls the trip.

“I’m a big Disney fan and I’ve spent almost a year of my life on Disney property,” Scaramucci says, twisting his Mickey Mouse watch. (An incorrigible name-dropper, the Mooch can’t help but add that the company’s CEO, Bob Iger, is a good buddy.)

Though he doesn’t say so, that glimpse of the Happiest Place on Earth likely was a salve for Scaramucci, who has said that he experienced poverty and domestic violence as a child. He’s a quiet benefactor of former Yankee manager Joe Torre’s Safe at Home Foundation, a charity that provides services to children who have experienced trauma.

Scaramucci’s path to upward mobility was aided by charisma, as well as a sharp intelligence that got him into Harvard Law School and helped him land a job at Goldman Sachs (which he was later fired from, and then rehired by the firm). The head of the trading desk at Goldman tagged the young Scaramucci with the nickname Good Will Hunting, after the Matt Damon character in the 1997 film about a genius who works as a janitor at MIT. “He’s like, ‘You know a lot more than you’re willing to admit at the card table,’” Scaramucci recalls.

At Harvard Law School, Scaramucci had been brash and popular, the kind of guy who proposed to his first wife on a Times Square billboard. He also held his own academically, earning an A- from the famous constitutional law scholar Laurence Tribe. But unlike many of his fellow students, Scaramucci didn’t profess any aspirations to use his legal training for the greater good, or to be a thundering moral figure like the fictional criminal defense attorney Atticus Finch, a classmate has written of him. Instead, he seemed aligned with his working-class parents’ view, as published in the 1989 Harvard Law yearbook:  “To the victor go the spoils,” they wrote in a congratulatory note.

Following law school, Scaramucci twice failed the New York bar exam, but he got his spoils all the same. After a seven-year stint at Goldman Sachs, he realized he could make even more money by starting his own hedge fund, Oscar Capital, which he would go on to sell to another financial giant in 2001. Four years later, he started his current fund, SkyBridge Capital.  

Today, a source close to Scaramucci said his net worth is at the higher end of the $150 million to $200 million range (the exact value has fluctuated significantly, since most of his portfolio is in the volatile crypto sector). That fortune was amassed primarily from personal investments and fees he collects from his fund, SkyBridge Capital, which oversaw $2.6 billion in assets at the end of 2024. He is also an author, earning royalties from The Little Book of Hedge Funds and several other books.

Not everyone is impressed by Scaramucci’s business acumen. Upon learning I was writing this profile, a general partner at a crypto venture capital fund fumed that Scaramucci was “dumb as a bag of rocks” when it came to finance, and that his success came entirely from his skills as a networker.

John Darsie, the CEO of the SALT franchise, dismisses such criticisms. He says that while Scaramucci has never held the role of chief investment officer at SkyBridge, he has always been instrumental in supplying the broad strokes of the firm’s investment strategy. Darsie also credits Scaramucci with making a series of critical pivots when the firm was on the rocks.

Those include dropping Skybridge’s original focus on hedge fund seeding to embrace instead a fund-of-funds model, which Scaramucci pulled off by acquiring a unit of Citi bank in 2010. Then there’s SkyBridge’s 2020 pivot to crypto, which now makes up 70% of the fund’s portfolio alongside its investments in big hedge funds such as Millennium Management Global Investment and Elliott Management, and bets on credit and private equity.

In early 2025, Scaramucci himself held over 60% of his net worth in Bitcoin, he told the Substack The Profile. Despite being a tireless booster of cryptocurrency, he has never pretended his embrace of the sector is rooted in some higher ideal. Instead, he says he bought Bitcoin to get rich—a refreshing take in an industry where many pose as reformers bent on democratizing finance.

Scaramucci says he first encountered Bitcoin in 2012, and describes meeting Hal Finney, the late computer scientist who was party to the very first transactions. He admits he did not see the value proposition at the time—SkyBridge’s first Bitcoin purchase came in 2020—but says he agrees with the philosophy that sees the currency as an antidote to the reckless printing of money by central banks and governments.

“If you could say one thing about the last 100 years, central bankers have been drunk drivers,” he says. “Bitcoin takes the keys away from the central bankers.”

Adventures, and misadventures, in crypto-land

The 1609 Bar is a short beachward walk from the Hamilton Princess lobby. Its ample windows offer sumptuous views of Bermuda’s picturesque harbor. On this April evening, the SALT conference guests are sipping Rum Swizzles—the national drink—and Dark & Stormys while chattering loudly about crypto projects.

This is the 25th such gathering for SALT, which stands for SkyBridge Alternatives, and began in 2008 as a forum to discuss non-mainstream investments.  This year’s event in Bermuda has drawn some of the industry’s leading figures, but it’s no 2022.

That’s the year Scaramucci’s firm co-hosted the most famous—and infamous—gathering in crypto history. It took place in the Bahamas, another island nation with aspirations of supplementing its tourism economy by becoming a digital assets hub. The A-listers in attendance included Tom Brady, Bill Clinton, Katy Perry, and Shark Tank’s Kevin O’Leary.

The main draw, though, was the other co-host—a shlubby crypto tycoon named Sam Bankman-Fried, who was heading to the apex of his fame. Known to everyone as SBF, Bankman-Fried ran the crypto exchange FTX, then valued at $25 billion, which co-sponsored the conference and was spending lavishly on political donations, acquisitions and endorsement deals. Shortly after the Bahamas gathering, SBF also bought a 30% stake in Scaramucci’s fund, SkyBridge, as part of a broader $67 million investment.

Months later, it all came undone when FTX collapsed and it became clear that billions in customer funds were missing. The fallout ensnared many prominent figures in the crypto world, including Scaramucci. The repercussions included a series of clawback lawsuits seeking to recover assets that Bankman-Fried had spent or transferred. Some of these lawsuits are still ongoing, including one aimed at Scaramucci and SkyBridge.

Scaramucci does not appear humbled by the SBF debacle, and is quick to claim that Bankman-Fried’s $67 million investment was not what it seemed. That’s because a hefty portion of it came in the form of so-called “Sam coins”—new cryptocurrencies the conman spun up and passed around like so many magic beans. They became worthless after FTX’s collapse.

Meanwhile, the broader crypto world has moved on. In Bermuda, SBF’s crimes do not come up as the SALT guests toast to the price of Bitcoin crossing $100,000, and enthuse about stablecoins and AI-infused blockchains.

Scaramucci, who has a near-photographic memory, banters easily with guests and hotel staff alike. Hosting a multiday conference is grueling work, but Scaramucci looks remarkably fresh—a testament to his natural vigor and, perhaps, his elaborate self-care regime. That regime, he told the FT, involves injections (“I’ve probably taken more Botox needles to my forehead than any 60-year-old I know”), PRP doses to keep his hair thick, and regular visits to a woman he describes as the best colorist in Manhattan.

Hovering over a buffet spread, he snatches an hors d’oeuvre and catches my eye. “They call me the Mooch for a reason,” he says with a grin. It’s a line he has no doubt used hundreds of times, but it still lands.

Scaramucci can slip into the full-wattage version of the Mooch in an instant, parceling out jokey lines and chummy confidences at will. These qualities have led some to observe that Scaramucci’s true talent is as a connector: someone who can read the room, and draw together some of the world’s most powerful and influential people.

It’s no wonder that in 2016, a former reality-show host and fellow New Yorker who was still trying to learn the ropes as a professional politician found a high-profile role for Scaramucci in his presidential campaign.

The shortest White House stint

The Mooch now sees his time working for Trump as a low point in his life. “My wife and I almost got our asses divorced,” he says. “She hates Trump almost as much as Melania does.”  

The Scaramuccis’ near divorce came in 2017, a year when the Mooch became a star in Trumpworld, and a polarizing figure in Washington, D.C. Deidre, Scaramucci’s second wife and the mother of two of his five children, was ready to leave after he missed the birth of his youngest son to attend a Boy Scouts event with Donald Trump. “But also,” Scaramucci reflects, “we were fighting about other things.”

Things are steady now. After getting over his brief intoxication with political power, Deidre says, her husband has grounded himself by embracing the bookworm and homebody sides of his personality. Even at home, though, he relishes being the Mooch, Deidre says when I reach her on the phone shortly before Independence Day: Her husband has been parading around the house in his “It’s not the Fourth of July until my wiener comes out” T-shirt.

In Bermuda, Scaramucci proudly shows a tattoo on his ring finger that he got after the near-divorce: “That’s Deidre—the letter D in her handwriting, on my wedding finger.” Deidre got his initial on her finger too. Instead of ending his marriage, Scaramucci had a rather spectacular breakup with his employer, who fired him after the Mooch criticized two other top lieutenants in the first Trump administration, Reince Priebus and Steve Bannon, in a profanity-laced interview with the New Yorker.

In the years since his dramatic exit from public service, some of Scaramucci’s jibes at Trump have come in the form of cheap laughs, including one about how the orange of his Mickey Mouse wristband is more fetching than Trump’s complexion.

But he also takes every opportunity he can to issue what he sees as a serious warning: Scaramucci—who still identifies as a Republican—claims the president is running the same playbook as the leaders of fascist Germany. And like others who spent time in the inner circle of Trump’s White House, he has since become a vocal critic of a man he calls malevolent and amoral.

Unsurprisingly, Trump no longer thinks highly of Scaramucci, either. Following his second election victory, the President took to Truth Social to blast his former staffer as “a major loser who was fired from the administration after only 11 days.” Reached for comment on this story, White House spokesman Kush Desai told Fortune: “No one cares about what Scaramucci thinks or says.”

Anthony Scaramucci at the White House in 2017.

Photo by Chip Somodevilla/Getty Images

Scaramucci’s ongoing and vocal critiques of the President come at a time when most in the crypto sector are falling over themselves to praise the President’s deregulatory policies, which include dropping a slew of SEC investigations and disbanding a Justice Department unit that specialized in blockchain. Trump is now an honorary crypto bro himself, as he and his sons pocket tens of millions selling memecoins, so Scaramucci risks crossing not just the White House but his own industry by speaking out. 

He says many of his banker and hedge-fund friends quietly agree with him, and he wishes they would do the same. “My buddies on Wall Street, who know better,” he says, “they don’t have the balls to speak out.”

Beneath the brashness, a sober and historic worldview

Scaramucci tugs on my sleeve to emphasize his latest point. After 40 minutes, his energy hasn’t flagged a whit. To borrow from Walt Whitman, the Mooch is out of the cradle, endlessly rocking.

Yet this colorful Mooch persona—which he describes as an “Italian exoskeleton”—hides an inner Scaramucci who is deeply contemplative. Unlike those who treat reading as a pretext to name-drop a title they have half-skimmed, Scaramucci’s literary range is authentic and impressive.

On stage, on his podcast, and in our conversation, Scaramucci effortlessly weaves in references—along with plenty of profanity—to the historian Barbara Tuchman; Thomas Hobbes’ Leviathan; and The Art of Chemistry, a popular 2023 novel about a California woman who perseveres in science in the face of blatant sexism.

Scaramucci’s love of the novel reflects another aspect of his personality: a perhaps unexpectedly feminist side. Katty Kay, a prominent former news broadcaster who cohosts The Rest is Politics: US, says that Scaramucci stands out from other men. “One of the things that my female friends particularly say they like about the podcast is the respect he shows me,” she tells me. It may seem a low bar, but Kay says this has been a refreshing change from other male coworkers, and a stark contrast with political forums where, she says, research shows men typically speak 30% more than women.

While Scaramucci was her second choice as cohost (she had initially sought the author Michael Lewis), his popularity with listeners has helped The Rest is Politics: US become the fast-growing political podcast in the world with over 7.5 million audio and YouTube plays every month. Kay attributes this success in part to Scaramucci’s ability to offer listeners—especially those outside the U.S.—a perspective they rarely hear: that of an American who grew up in the working class.

Scaramucci’s own politics, meanwhile, are hard to pin down. He describes himself as libertarian-leaning and faithful to the GOP, but was tapped as a surrogate for the Harris-Walz presidential campaign. He is vociferously anti-Trump but also impatient with the knee-jerk identity politics of some on the left. Most of all, though, Scaramucci is fixated upon an earlier era of American greatness—and aspects of it not captured by the MAGA movement.

He cites former Secretary of State Dean Acheson’s memoir Present at the Creation, about the U.S. creating a peaceful world from the ashes of World War II by helping its one-time enemies to rebuild. Juxtaposing it with the petty, retribution-driven political climate of today, he is struck by that American generation’s commitment to raising living standards worldwide, and reducing global conflict.

“They didn’t punish the vanquished,” he says. “They supported the vanquished. They built a world order. They integrated the system.”

Now, though, Scaramucci says the memory of the horrors, collective trauma, and brave sacrifices of the WWII era has faded from public memory, opening the door for would-be oligarchs to impose a new political order. Citing the UK historian Laurence Rees’s new book The Nazi Mind, he runs down the warning signs as he sees them in Trump’s actions: his spreading of conspiracy theories; the use of “us and them” rhetoric; leading as a hero; eliminating resistance; and so on.

And despite his own connections in Silicon Valley, Scaramucci worries that the so-called tech broligarchy, and their MAGA allies, are failing to carve out a place in society for ordinary Americans. He is particularly incensed by the current vogue among tech leaders for Curtis Yarvin, the once-fringe far-right blogger who proposes replacing U.S. democracy with a CEO-led monarchy.

Their prescription, Scaramucci warns, threatens to replace the American dream with a society where a small elite lives behind barbed wire in mansions, and ordinary people struggle for a decent living. This country, he says, needs a leader who has imbibed the lessons of history.

“If you had the right transformational leadership in the country, you could go to the American people and say, ‘Listen, here is your heritage, and here’s what your future could be,’” he says. “’Or you could have a dystopian future, which is what JD Vance wants you to have.’”

A future in politics?

All of this raises the question of whether Scaramucci has ambitions for political office himself. He certainly has the name recognition, with his 1 million X followers and large podcast audience. Scaramucci is also collaborating with the celebrity business professor and podcaster Scott Galloway to develop a mentorship program called Lost Boys to help boost young men—a demographic that is flailing badly, and one that the Democratic Party desperately needs to win back.

Could the Mooch complete his jester-to-statesman evolution by running as a charismatic centrist who can bring the U.S. into a post-partisan age? 

“Where would I run?” he asks when I put the question to him. “I can’t run as a Republican—that’s JD Vance’s party. Okay, so I’m gonna run in AOC’s party?” he scoffs, adding that his wife would castrate him if he tried to return to politics.

In any case, Scaramucci has a fund and crypto empire to run and a family to focus on, including his second son’s directorial debut at the Tribeca Film Festival, with a film titled, fittingly, Money Talk$. (Its main character is a $100 bill.) Kay, his podcast host, points out that he is also incapable of spending any length of time away from Long Island, where his mother, whom he sees often, and extended family all live close by.

“Some people have said, ‘If Trump is elected, I’m going to leave,’ or ‘If he starts coming after me, I’m going to leave,’” she says. “Anthony? He’s not going anywhere.”

As our interview wraps up, word is out that the Vatican has just chosen its first American pope, and Scaramucci rushes off to offer his two cents on a podcast, before it’s time to get onstage for his conference’s keynote address.

Being a politician or statesman may have its appeal one day, but for now, Scaramucci is having plenty of fun just being the Mooch.



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Attacker who killed US troops in Syria was a recent recruit to security forces

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A man who carried out an attack in Syria that killed three U.S. citizens had joined Syria’s internal security forces as a base security guard two months earlier and was recently reassigned amid suspicions that he might be affiliated with the Islamic State group, a Syrian official told The Associated Press Sunday.

The attack Saturday in the Syrian desert near the historic city of Palmyra killed two U.S. service members and one American civilian and wounded three others. It also wounded three members of the Syrian security forces who clashed with the gunman, interior ministry spokesperson Nour al-Din al-Baba said.

Al-Baba said that Syria’s new authorities had faced shortages in security personnel and had to recruit rapidly after the unexpected success of a rebel offensive last year that intended to capture the northern city of Aleppo but ended up overthrowing the government of former President Bashar Assad.

“We were shocked that in 11 days we took all of Syria and that put a huge responsibility in front of us from the security and administration sides,” he said.

The attacker was among 5,000 members who recently joined a new division in the internal security forces formed in the desert region known as the Badiya, one of the places where remnants of the Islamic State extremist group have remained active.

Attacker had raised suspicions

Al-Baba said the internal security forces’ leadership had recently become suspicious that there was an infiltrator leaking information to IS and began evaluating all members in the Badiya area.

The probe raised suspicions last week about the man who later carried out the attack, but officials decided to continue monitoring him for a few days to try to determine if he was an active member of IS and to identify the network he was communicating with if so, al-Baba said. He did not name the attacker.

At the same time, as a “precautionary measure,” he said, the man was reassigned to guard equipment at the base at a location where he would be farther from the leadership and from any patrols by U.S.-led coalition forces.

On Saturday, the man stormed a meeting between U.S. and Syrian security officials who were having lunch together and opened fire after clashing with Syrian guards, al-Baba said. The attacker was shot and killed at the scene.

Al-Baba acknowledged that the incident was “a major security breach” but said that in the year since Assad’s fall “there have been many more successes than failures” by security forces.

In the wake of the shooting, he said, the Syrian army and internal security forces “launched wide-ranging sweeps of the Badiya region” and broke up a number of alleged IS cells. The interior ministry said in a statement later that five suspects were arrested in the city of Palmyra.

A delicate partnership

The incident comes at a delicate time as the U.S. military is expanding its cooperation with Syrian security forces.

The U.S. has had forces on the ground in Syria for over a decade, with a stated mission of fighting IS, with about 900 troops present there today.

Before Assad’s ouster, Washington had no diplomatic relations with Damascus and the U.S. military did not work directly with the Syrian army. Its main partner at the time was the Kurdish-led Syrian Democratic Forces in the country’s northeast.

That has changed over the past year. Ties have warmed between the administrations of U.S. President Donald Trump and Syrian interim President Ahmad al-Sharaa, the former leader of an Islamist insurgent group Hayat Tahrir al-Sham that used to be listed by Washington as a terrorist organization.

In November, al-Sharaa became the first Syrian president to visit Washington since the country’s independence in 1946. During his visit, Syria announced its entry into the global coalition against the Islamic State, joining 89 other countries that have committed to combating the group.

U.S. officials have vowed retaliation against IS for the attack but have not publicly commented on the fact that the shooter was a member of the Syrian security forces.

Critics of the new Syrian authorities have pointed to Saturday’s attack as evidence that the security forces are deeply infiltrated by IS and are an unreliable partner.

Mouaz Moustafa, executive director of the Syrian Emergency Task Force, an advocacy group that seeks to build closer relations between Washington and Damascus, said that is unfair.

Despite both having Islamist roots, HTS and IS were enemies and often clashed over the past decade.

Among former members of HTS and allied groups, Moustafa, said, “It’s a fact that even those who carry the most fundamentalist of beliefs, the most conservative within the fighters, have a vehement hatred of ISIS.”

“The coalition between the United States and Syria is the most important partnership in the global fight against ISIS because only Syria has the expertise and experience to deal with this,” he said.

Later Sunday, Syria’s state-run news agency SANA reported that four members of the internal security forces were killed and a fifth was wounded after gunmen opened fire on them in the city of Maarat al-Numan in Idlib province.

It was not immediately clear who the gunmen were or whether the attack was linked to the Saturday’s shooting.



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AIIB’s first president defends China as ‘responsible stakeholder’ in less multilateral world

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When China wanted to set up its answer to the World Bank, it picked Jin Liqun—a veteran financier with experience at the World Bank, the Asian Development Bank, China’s ministry of finance and the China Investment Corporation, the country’s sovereign wealth fund—to design it. Since 2014, Jin has been the force behind the Asian Infrastructure Investment Bank, including a decade as its first president, starting in 2016. 

Jin’s decade-long tenure comes to an end on January 16, when he will hand over the president’s chair to Zou Jiayi, a former vice minister of finance. When Jin took over the AIIB ten years ago, the world was still mostly on a path to further globalization and economic integration, and the U.S. and China were competitors, not rivals. The world is different now: Protectionism is back, countries are ditching multilateralism, and the U.S. and China are at loggerheads. 

The AIIB has largely managed to keep its over-100 members, which includes many countries that are either close allies to the U.S.—like Germany, France and the U.K.—or have longstanding tensions with Beijing, like India and the Philippines.

But can the AIIB—which boasts China as its largest shareholder, and is closely tied to Beijing’s drive to be seen as a “responsible stakeholder”—remain neutral in a more polarized international environment? And can multilateralism survive with an “America First” administration in Washington?

After his decades working for multilateral organizations—the World Bank, the ADB, and now the AIIB—Jin remains a fan of multilateralism and is bullish on the prospects for global governance.

“I find it very hard to understand that you can go alone,” Jin tells Fortune in an interview. “If one of those countries is going to work with China, and then China would have negotiations with this country on trade, cross-border investment, and so on—how can they negotiate something without understanding the basics, without following the generally accepted rules?”

“Multilateralism is something you could never escape.”

Why did China set up the AIIB?

Beijing set up the Asian Infrastructure Investment Bank almost a decade ago, on Jan. 16, 2016. The bank grew from the aftermath of the Global Financial Crisis, when Chinese officials considered how best to use the country’s growing foreign exchange reserves. Beijing was also grumbling about its perceived lack of influence in major global economic institutions, like the International Monetary Fund and the World Bank, despite becoming one of the world’s most important economies.

With $66 billion in assets (according to its most recent financial statements), the Asian Infrastructure Investment Bank is smaller than its U.S.-led peers, the World Bank (with $411 billion in assets) and the Asian Development Bank (with $130 billion). But the AIIB was designed to be China’s first to design its own institutions for global governance and mark its name as a leader in development finance.

Negotiations to establish the bank started in earnest in 2014, as several Asian economies like India and Indonesia chose to join the new institution as members. Then, in early 2015, the U.K. made the shocking decision to join the AIIB as well; several other Western countries, like France, Germany, Australia, and Canada, followed suit.

Two major economies stood out in abstaining. The U.S., then under the Obama administration, chose not to join the AIIB, citing concerns about its ability to meet “high standards” around governance and environmental safeguards. Japan, the U.S.’s closest security ally in East Asia, also declined, ostensibly due to concerns about human rights, environmental protection, and debt.

“They chose not to join, but we don’t mind.” Jin says. “We still keep a very close working relationship with U.S. financial institutions and regulatory bodies, as well as Japanese companies.” He sees this relationship as proof of the AIIB’s neutral and apolitical nature.

Still, Beijing set up the AIIB after years of being lobbied by U.S. officials to become a “responsible stakeholder,” when then-U.S. Secretary of State Robert Zoellick defined in 2005 as countries that “recognize that the international system sustains their peaceful prosperity, so they work to sustain that system.”

Two decades later, U.S. officials see China’s presence in global governance as a threat, fearing that Beijing is now trying to twist international institutions to suit its own interests. 

Jin shrugs off these criticisms. “China is now, I think, the No. 2 contributor to the United Nations, and one of the biggest contributors to the World Bank and the Asian Development Bank” (ADB), Jin says. “Yet the per capita GDP for China is still quite lower than a number of countries. That, in my view, is an indication of its assumption of responsibility.”

And now, with several countries withdrawing from global governance, Jin thinks those lecturing China on being responsible are being hypocritical. “When anybody tells someone else ‘you should be a responsible member’, you should ask yourself whether I am, myself, a responsible man. You can’t say, ‘you’ve got to be a good guy.’ Do you think you are a good guy yourself?” he says, chuckling.

Why does China care about infrastructure?

From its inception, Beijing tried to differentiate the AIIB from the World Bank and the ADB through its focus on infrastructure. Jin credits infrastructure investment for laying part of the groundwork for China’s later economic boom.

“In 1980, China didn’t have any expressways, no electrified railways, no modern airports, nothing in terms of so-called modern infrastructure,” Jin says. “Yet by 1995, China’s economy started to take off. From 1995, other sectors—manufacturing, processing—mushroomed because of basic infrastructure.”

Still, Jin doesn’t see the AIIB as a competitor to the World Bank and the ADB, saying he’s “deeply attached” to both banks due to his time serving in both. “Those two institutions have been tremendous for Asian countries and many others around the world. But time moves forward, and we need something new to deal with new challenges, do projects more cost-effectively, and be more responsive.”

Jin is particularly eager to defend one particular institutional choice: the AIIB’s decision to have a non-resident board, with directors who don’t reside in the bank’s headquarters of Beijing. (Commentators, at the time of the bank’s inception, were concerned that a non-resident board would reduce transparency, and limit the ability of board directors to stay informed.)

“In order for management to be held accountable, in order for the board to have the real authoritative power to supervise and guide the management, the board should be hands-off. If the board makes decisions on policies and approves specific projects, the management will have no responsibility,” he says.

Jin says it was a lesson learned from the private sector. “The real owners, the board members, understand they should not interfere with the routine management of the institution, because only in so doing can they hold management responsible.”

“If the CEO is doing a good job, they can go on. If they are not doing a good job, kick them out.”

What does Jin Liqun plan to do next?

Jin Liqun was born in 1949, just a few months before the official establishment of the People’s Republic of China. He was sent to the countryside during the Cultural Revolution, and spent a decade first as a farmer, and eventually a teacher. He returned to higher education in 1978, getting a master’s in English Literature from Beijing Foreign Studies University.

From there, he made his way through an array of Chinese and international financial institutions: the World Bank, the Asian Development Bank, China’s Ministry of Finance, the China International Capital Corporation, and, eventually, the China Investment Corporation, the country’s sovereign wealth fund.

In 2014, Jin was put in charge of the body set up to create the AIIB. Then, in 2016, he was elected the AIIB’s first-ever president.

“Geopolitical tensions are just like the wind or the waves on the ocean. They’ll push you a little bit here and there,” Jin says. “But we have to navigate this rough and tumble in a way where we wouldn’t deviate from our neutrality and apolitical nature.” 

He admits “the sea was never calm” in his decade in office. U.S. President Donald Trump’s election in 2016 intensified U.S.-China competition, with Washington now seeing China’s involvement in global governance as a threat to U.S. power. 

Other countries have also rethought their membership in the AIIB: Canada suspended its membership in 2023 after a former Canadian AIIB director raised allegations of Chinese Communist Party influence among leadership. (The AIIB called the accusations “baseless and disappointing”). China is also the AIIB’s largest shareholder, holding around 26% of voting shares; by comparison, the U.S. holds about 16% of the World Bank’s voting shares.

Still, several countries that have tense relations with China, like India and the Philippines, have maintained their ties with the AIIB. “We managed to overcome a lot of difficulty which arose from disputes between some of our members, and we managed to overcome some difficulty arising from conflicts around the world,” he said.

“Staff of different nationalities did not become enemies because their governments were having problems with each other. We never had this kind of problem.”



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JetBlue flight near Venezuela avoids midair collision with U.S. Air Force tanker

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A JetBlue flight from the small Caribbean nation of Curaçao halted its ascent to avoid colliding with a U.S. Air Force refueling tanker on Friday, and the pilot blamed the military plane for crossing his path.

“We almost had a midair collision up here,” the JetBlue pilot said, according to a recording of his conversation with air traffic control. “They passed directly in our flight path. … They don’t have their transponder turned on, it’s outrageous.”

The incident involved JetBlue Flight 1112 from Curaçao, which is just off the coast of Venezuela, en route to New York City’s JFK airport. It comes as the U.S. military has stepped up its drug interdiction activities in the Caribbean and is also seeking to increase pressure on Venezuela’s government.

“We just had traffic pass directly in front of us within 5 miles of us — maybe 2 or 3 miles — but it was an air-to air-refueler from the United States Air Force and he was at our altitude,” the pilot said. “We had to stop our climb.” The pilot said the Air Force plane then headed into Venezuelan air space.

Derek Dombrowski, a spokesman for JetBlue, said Sunday: “We have reported this incident to federal authorities and will participate in any investigation.” He added, “Our crewmembers are trained on proper procedures for various flight situations, and we appreciate our crew for promptly reporting this situation to our leadership team.”

The Pentagon referred The Associated Press to the Air Force for comment. The Air Force didn’t immediately respond to a request for comment.

The Federal Aviation Administration last month issued a warning to U.S. aircraft urging them to “exercise caution” when in Venezuelan airspace, “due to the worsening security situation and heightened military activity in or around Venezuela.”

According to the air traffic recording, the controller responded to the pilot, “It has been outrageous with the unidentified aircraft within our air.”

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