First, they engaged in lawfare with former President Trump. Now a probe is looking into his son-in-law Jared Kushner.
Senate Finance Committee Chairman Ron Wyden launched an investigation Wednesday into an investment firm run by Jared Kushner, raising concerns about the vast amounts of foreign funding and the potential for Middle Eastern states to curry favor with politically connected individuals who may return to power in Washington.
Mr. Wyden, an Oregon Democrat, expressed his alarm over the structure of payments to Affinity Partners, a firm founded by Mr. Kushner, who is also the husband of Ivanka Trump. Wyden suggested that these payments might be designed to circumvent the Foreign Agents Registration Act, thus avoiding public scrutiny.
“It is deeply concerning that several Middle Eastern governments are using funds managed by Affinity as a means to pay tens of millions of dollars in fees every year to former President Trump’s son-in-law, Jared Kushner, creating significant conflicts of interest and potential counterintelligence risks,” Wyden stated.
The timing of this probe is notable, as it follows the recent conviction of President Biden’s son, Hunter Biden, on three federal gun charges. Some Republicans argue that Hunter Biden’s trial overshadows more significant issues, such as his alleged use of his father’s name to facilitate foreign business deals, which are also a focal point of the House Republicans’ impeachment inquiry into President Biden.
House investigators have claimed that Hunter Biden and his partners used shell companies to obscure foreign money, aiming to influence then-Vice President Joe Biden. In contrast, Jared Kushner’s firm has attracted over $1 billion in investments from companies in Israel, Dubai, Abu Dhabi, and Europe, encompassing a diverse range of sectors from car leasing to food companies, and even a $500 million hotel and condominium complex in Serbia.
Kushner has maintained that his firm operates within the bounds of the law and seeks to generate substantial returns for its investors. He has downplayed any intentions of returning to the White House after his tenure as an adviser to President Trump.
However, Democrats like Wyden argue that the firm’s overwhelming reliance on foreign funding (99% of its capital) poses significant ethical concerns, especially with Donald Trump potentially eyeing another presidential run. Wyden’s letter to Affinity Partners Chief Financial Officer Lauren Key emphasized the risk of foreign nationals using investments to funnel money to individuals closely linked to Trump.
In his detailed letter, Wyden requested extensive information by June 26, including a comprehensive list of Affinity employees and investors since 2021, communications with foreign entities, and details on investment values, compensation, and fees. Wyden’s primary focus appears to be on the significant investments from Saudi Arabia.
The letter revealed that approximately $2 billion of Affinity Partners’ $3 billion in assets originated from the Saudi Public Investment Fund (PIF) shortly after Kushner left the White House. Wyden noted that as the founder and sole owner of Affinity, Kushner benefits the most from the fees paid by the Saudi PIF and other Gulf state clients.
Wyden also pointed out Kushner’s lack of experience in private equity or hedge funds and criticized his lenient stance towards Saudi Crown Prince Mohammed bin Salman following the 2018 murder of journalist Jamal Khashoggi. Despite the Saudi PIF’s investment committee raising concerns about Affinity’s operations and lack of experience, the crown prince and the PIF board overruled these objections.
We’ve seen this show before: First there is a probe, followed by a referral to the DOJ, and then a grand jury.
