The article at the following link is long, but worth reading the whole thing.
How Robert Mercer exploited America’s populist insurgency.
By Jane Mayer
Mar. 27, 2017
•••••
During the past decade, Mercer, who is seventy, has funded an array of political projects that helped pave the way for Trump’s rise. Among these efforts was public-opinion research, conducted by Caddell, showing that political conditions in America were increasingly ripe for an outsider candidate to take the White House. Caddell told me that Mercer “is a libertarian—he despises the Republican establishment,” and added, “He thinks that the leaders are corrupt crooks, and that they’ve ruined the country.”
•••••
Caddell shared the research he did for Mercer with Trump and others in the campaign, including Bannon, with whom he has partnered on numerous projects.
The White House declined to divulge what Trump and Caddell discussed in North Charleston, as did Caddell. But that afternoon Trump issued perhaps the most incendiary statement of his Presidency: a tweet calling the news media “the enemy of the American people.” The proclamation alarmed liberals and conservatives alike. William McRaven, the retired Navy admiral who commanded the 2011 raid that killed Osama bin Laden, called Trump’s statement a “threat to democracy.” The President is known for tweeting impulsively, but in this case his words weren’t spontaneous: they clearly echoed the thinking of Caddell, Bannon, and Mercer. In 2012, Caddell gave a speech at a conference sponsored by Accuracy in Media, a conservative watchdog group, in which he called the media “the enemy of the American people.” That declaration was promoted by Breitbart News, a platform for the pro-Trump alt-right, of which Bannon was the executive chairman, before joining the Trump Administration. One of the main stakeholders in Breitbart News is Mercer.
Mercer is the co-C.E.O. of Renaissance Technologies, which is among the most profitable hedge funds in the country. A brilliant computer scientist, he helped transform the financial industry through the innovative use of trading algorithms.
•••••
Potter, a Republican, sees Mercer as emblematic of a major shift in American politics that has occurred since 2010, when the Supreme Court made a controversial ruling in Citizens United v. Federal Election Commission. That ruling, and several subsequent ones, removed virtually all limits on how much money corporations and nonprofit groups can spend on federal elections, and how much individuals can give to political-action committees. Since then, power has tilted away from the two main political parties and toward a tiny group of rich mega-donors.
Private money has long played a big role in American elections. When there were limits on how much a single donor could give, however, it was much harder for an individual to have a decisive impact. Now, Potter said, “a single billionaire can write an eight-figure check and put not just their thumb but their whole hand on the scale—and we often have no idea who they are.” He continued, “Suddenly, a random billionaire can change politics and public policy—to sweep everything else off the table—even if they don’t speak publicly, and even if there’s almost no public awareness of his or her views.”
•••••
Several people who have worked with Mercer believe that, despite his oddities, he has had surprising success in aligning the Republican Party, and consequently America, with his personal beliefs, and is now uniquely positioned to exert influence over the Trump Administration.
•••••
Magerman told the Wall Street Journal that Mercer’s political opinions “show contempt for the social safety net that he doesn’t need, but many Americans do.” He also said that Mercer wants the U.S. government to be “shrunk down to the size of a pinhead.” Several former colleagues of Mercer’s said that his views are akin to Objectivism, the philosophy of Ayn Rand. Magerman told me, “Bob believes that human beings have no inherent value other than how much money they make. A cat has value, he’s said, because it provides pleasure to humans. But if someone is on welfare they have negative value. If he earns a thousand times more than a schoolteacher, then he’s a thousand times more valuable.” Magerman added, “He thinks society is upside down—that government helps the weak people get strong, and makes the strong people weak by taking their money away, through taxes.” He said that this mind-set was typical of “instant billionaires” in finance, who “have no stake in society,” unlike the industrialists of the past, who “built real things.”
•••••
The 2016 Presidential election posed a challenge for someone with Mercer’s ideology. Multiple sources described him as animated mainly by hatred of Hillary Clinton.
•••••
In the 2016 campaign, Mercer gave $22.5 million in disclosed donations to Republican candidates and to political-action committees.
•••••
Alexander Nix, the C.E.O. of the firm, says that it has created “profiles”—consisting of several thousand data points—for two hundred and twenty million Americans. In promotional materials, S.C.L. has claimed to know how to use such data to wage both psychological and political warfare. “Persuading somebody to vote a certain way,” Nix has said publicly, “is really very similar to persuading 14- to 25-year-old boys in Indonesia to not join Al Qaeda.”
•••••
Mercer’s colleagues say that he views the government as arrogant and inefficient, and believes that individuals need to be self-sufficient, and should not receive aid from the state. Yet, when I.B.M. failed to offer adequate support for Mercer and Brown’s translation project, they secured additional funding from DARPA, the secretive Pentagon program. Despite Mercer’s disdain for “big government,” this funding was essential to his early success.
•••••
Renaissance’s profits were further enhanced by a controversial tax maneuver, which became the subject of a 2014 Senate inquiry. According to Senate investigators, Renaissance had presented countless short-term trades as long-term ones, improperly avoiding some $6.8 billion in taxes. The Senate didn’t allege criminality, but it concluded that Renaissance had committed “abuses.” The I.R.S. demanded payment. (Renaissance defended its practices, and the matter remains contested, leaving a very sensitive material issue pending before the Trump Administration.)
•••••
Mercer retains a domestic staff that includes a butler and a physician; both accompany him whenever he travels. But this, too, has sparked bad publicity. In 2013, three members of the household staff sued to recover back wages, claiming that Mercer had failed to pay overtime, as promised, and that he had deducted pay as punishment for poor work. One infraction that Mercer cited as a “demerit” was a failure to replace shampoo bottles that were two-thirds empty. This suit, too, was settled.
•••••
In 2012, Citizens United’s foundation paid Bannon Strategic Advisors, a consultancy group founded by Bannon, three hundred thousand dollars for what it described to the I.R.S. as “fund-raising” services. Bossie told me that the tax filing must have been made in error: the payment was actually for Bannon’s “film development” work. Charitable groups are barred from spending tax-deductible contributions on partisan politics, yet, as Breitbart News noted at the time, “The Hope & the Change” was a “partisan” film “targeting Democrats” during an election year. Even so, the Mercers took a hefty tax deduction for their two-million-dollar donation to Citizens United.
•••••
In 2013, at a conservative conference in Palm Beach, an oil tycoon named William Lee Hanley, who had commissioned some polls from Patrick Caddell, asked him to show the data to Mercer and Bannon, who were at the event. The data showed mounting anger toward wealthy élites, who many Americans believed had corrupted the government so that it served only their interests. There was a hunger for a populist Presidential candidate who would run against the major political parties and the ruling class. The data “showed that someone could just walk into this election and sweep it,” Caddell told me. When Mercer saw the numbers, he asked for the polling to be repeated. Caddell got the same results. “It was stunning,” he said. “The country was on the verge of an uprising against its leaders. I just fell over!”
Until Election Day in 2016, Mercer and Hanley—two of the richest men in America—paid Caddell to keep collecting polling data that enabled them to exploit the public’s resentment of élites such as themselves.
•••••
After the election, Rebekah Mercer was rewarded with a seat on Trump’s transition team. “She basically bought herself a seat,” Fischer said. She had strong feelings about who should be nominated to Cabinet positions and other top government jobs. Not all her ideas were embraced. She unsuccessfully pushed for John Bolton, the hawkish former Ambassador to the United Nations, to be named Secretary of State. So far, her suggestion that Arthur Robinson, the Oregon biochemist, be named the national science adviser has gone nowhere. Like her father, she advocates a return to the gold standard, but as of yet she has failed to get Trump to appoint officials who share this view.
Still, Mercer made her influence felt. Her pick for national-security adviser was Michael Flynn, and Trump chose him for the job. (Flynn lasted only a month, after he lied about having spoken with the Russian Ambassador before taking office.) More important, several people to whom Mercer is very close—including Bannon and Conway—have become some of the most powerful figures in the world.
Rebekah’s father, meanwhile, can no longer be considered a political outsider. David Magerman, in his essay for the Inquirer, notes that Mercer “has surrounded our President with his people, and his people have an outsized influence over the running of our country, simply because Robert Mercer paid for their seats.” He writes, “Everyone has a right to express their views.” But, he adds, “when the government becomes more like a corporation, with the richest 0.001% buying shares and demanding board seats, then we cease to be a representative democracy.” Instead, he warns, “we become an oligarchy.”