Seinfeld –> Trump?

Read this Bloomberg profile by Joshua Green of the president-elect’s “chief strategist and senior counselor,” Steve Bannon:

And then, serendipitously, Bannon wound up in the entertainment business himself. Westinghouse Electric, a client, was looking to unload Castle Rock Entertainment, which had a big TV and movie presence, including Billy Crystal’s films. Bannon reeled in an eager buyer: Ted Turner. “Turner was going to build this huge studio,” he says, “so we were negotiating the deal at the St. Regis hotel in New York. As often happened with Turner, when it came time to actually close the deal, Ted was short of cash. … Westinghouse just wanted out. We told them, ‘You ought to take this deal. It’s a great deal.’ And they go, ‘If this is such a great deal, why don’t you defer some of your cash fee and keep an ownership stake in a package of TV rights?’ ” In lieu of a full adviser’s fee, the firm accepted a stake in five shows, including one in its third season regarded as the runt of the litter: Seinfeld. “We calculated what it would get us if it made it to syndication,” says Bannon. “We were wrong by a factor of five.”

This has been reported elsewhere.  Nearly unbelievable.  Tried to do the digging and found out the other four shows.  Best I could find:

That’s where Bannon popped up. He had left Goldman Sachs to start Bannon & Co., a boutique banking firm specializing in media companies. His firm was representing Westinghouse, and when Turner didn’t have the cash to close both deals, he offered as partial payment the right to participate in some of Castle Rock’s TV shows. Most were unremarkable titles that even insiders can’t quite recall (though some say The Ed Begley Jr. Show and Julie Brown: The Show were included). There also was Seinfeld, which was struggling to find an audience even in its third season. Bannon advised Westinghouse to accept Turner’s terms. Westinghouse executives countered that if Bannon was so confident, he should also accept participation rights instead of a portion of his bank’s $3 million fee. Bannon took the chance. Neither Seinfeld, Horn, Reiner nor anyone at Castle Rock were even aware of the arrangement.

Amazing!

What lessons are in this profile?

But this “conspiracy,” at least under Bannon, has mutated into something different from what Clinton described: It’s as eager to go after establishment Republicans such as Boehner or Jeb Bush as Democrats like Clinton.

Engineered Weiner downfall?:

Tipped to Weiner’s proclivity for sexting with female admirers, Bannon says, the site paid trackers to follow his Twitter account 24 hours a day and eventually intercepted a crotch shot Weiner inadvertently made public. The ensuing scandal culminated in the surreal scene, carried live on television, of Andrew Breitbart hijacking Weiner’s press conference and fielding questions from astonished reporters.

Let us be careful about punditry with oversold conclusions:

For Bannon, the Clinton Cash uproar validated a personal theory, informed by his Goldman Sachs experience, about how conservatives can influence the media and why they failed the last time a Clinton was running for the White House. “In the 1990s,” he told me, “conservative media couldn’t take down [Bill] Clinton because most of what they produced was punditry and opinion, and they always oversold the conclusion: ‘It’s clearly impeachable!’ So they wound up talking to themselves in an echo chamber.”

Interesting lessons:

In response, Bannon developed two related insights. “One of the things Goldman teaches you is, don’t be the first guy through the door because you’re going to get all the arrows. If it’s junk bonds, let Michael Milken lead the way,” he says. “Goldman would never lead in any product. Find a business partner.” His other insight was that the reporters staffing the investigative units of major newspapers aren’t the liberal ideologues of conservative fever dreams but kindred souls who could be recruited into his larger enterprise. “What you realize hanging out with investigative reporters is that, while they may be personally liberal, they don’t let that get in the way of a good story,” he says. “And if you bring them a real story built on facts, they’re f—ing badasses, and they’re fair.”

Used the media outlets of his opponents to his advantage:

“It seems to me,” says Brock of Bannon and his team, “what they were able to do in this deal with the Times is the same strategy, but more sophisticated and potentially more effective and damaging because of the reputation of the Times. If you were trying to create doubt and qualms about [Hillary Clinton] among progressives, theTimes is the place to do it.” He pauses. “Looking at it from their point of view, theTimes is the perfect host body for the virus.”

The takeover boom:

Bannon landed in Goldman’s New York office at the height of the hostile takeover boom. “Everything in the Midwest was being raided by Milken,” he says. “It was like a firestorm.” Goldman didn’t do hostile takeovers, instead specializing in raid defense for companies targeted by the likes of Drexel Burnham and First Boston. The first few years, he worked every day except Christmas and loved it: “The camaraderie was amazing. It was like being in the Navy, in the wardroom of a ship.” Later, he worked on a series of leveraged buyouts, including a deal for Calumet Coach that involved Bain Capital and an up-and-comer named Mitt Romney.

Two big things were going on at Goldman Sachs in the late ’80s. The globalization of world capital markets meant that size suddenly mattered. Everyone realized that the firm, then a private partnership, would have to go public. Bankers also could see that the Glass-Steagall Act separating commercial and investment banking was going to fall, setting off a flurry of acquisitions. Specialists would command a premium. Bannon shipped out to Los Angeles to specialize in media and entertainment. “A lot of people were coming from outside buying media companies,” he says. “There was huge consolidation.”

The narrative:

Breitbart’s genius was that he grasped better than anyone else what the early 20th century press barons understood—that most readers don’t approach the news as a clinical exercise in absorbing facts, but experience it viscerally as an ongoing drama, with distinct story lines, heroes, and villains. Breitbart excelled at creating these narratives, an editorial approach that’s lived on. “When we do an editorial call, I don’t even bring anything I feel like is only a one-off story, even if it’d be the best story on the site,” says Alex Marlow, the site’s editor in chief. “Our whole mindset is looking for these rolling narratives.” He rattles off the most popular ones, which Breitbart News covers intensively from a posture of aggrieved persecution. “The big ones won’t surprise you,” he says. “Immigration, ISIS, race riots, and what we call ‘the collapse of traditional values.’ But I’d say Hillary Clinton is tops.”

Wow:

Schweizer grew disillusioned with Washington and became radicalized against what he perceived to be a bipartisan culture of corruption. “To me, Washington, D.C., is a little bit like professional wrestling,” he told me. “When I was growing up in Seattle, I’d turn on Channel 13, the public-access station, and watch wrestling. At first I thought, ‘Man, these guys hate each other because they’re beating the crap out of each other.’ But I eventually realized they’re actually business partners.”

Mission… accomplished?  How about this:

Hillary Clinton’s story, they believed, was too sprawling and familiar to tackle in its entirety. So they’d focus only on the last decade, the least familiar period, and especially on the millions of dollars flowing into the Clinton Foundation. Bannon calls this approach “periodicity.”

Ewwwwww:

“The modern economics of the newsroom don’t support big investigative reporting staffs,” says Bannon. “You wouldn’t get a Watergate, a Pentagon Papers today, because nobody can afford to let a reporter spend seven months on a story. We can. We’re working as a support function.”

UPDATE:

More insight from this Hollywood Reporter article:

The Democratic Party betrayed its working-man roots, just as Hillary Clinton betrayed the long-time Clinton connection — Bill Clinton’s connection — to the working man. “The Clinton strength,” he says, “was to play to people without a college education. High school people. That’s how you win elections.”

And:

To say that he sees this donor class — which in his telling is also “ascendant America,” e.g. the elites, as well as “the metrosexual bubble” that encompasses cosmopolitan sensibilities to be found as far and wide as Shanghai, London’s Chelsea, Hollywood and the Upper West Side — as a world apart, is an understatement. In his view, there’s hardly a connection between this world and its opposite — fly-over America, left-behind America, downwardly mobile America — hardly a common language. This is partly why he regards the liberal characterization of himself as socially vile, as the politically incorrect devil incarnate, as laughable — and why he is stoutly unapologetic. They —liberals and media — don’t understand what he is saying, or why, or to whom. Breitbart, with its casual provocations — lists of its varied incitements (among them: the conservative writer David Horowitz referred to conservative pundit Brill Kristol as a “renegade Jew,” and the site delighting in headlines the likes of “Trannies 49Xs Higher HIV Rate” and “Birth Control Makes Women Unattractive and Crazy”) were in hot exchange after the election among appalled Democrats — is as obtuse to the liberal-donor-globalist class as Lena Dunham might be to the out-of-work workingman class. And this, in the Bannon view, is all part of the profound misunderstanding that led liberals to believe that Donald Trump’s mouth would doom him, instead of elect him.

Plus:

“The globalists gutted the American working class and created a middle class in Asia. The issue now is about Americans looking to not get f—ed over. If we deliver—” by “we” he means the Trump White House “—we’ll get 60 percent of the white vote, and 40 percent of the black and Hispanic vote and we’ll govern for 50 years. That’s what the Democrats missed, they were talking to these people with companies with a $9 billion market cap employing nine people. It’s not reality. They lost sight of what the world is about.”

Much of this is the same kind of stuff which can be found in this book:

A good detail from it:

The closing note from that HR Bannon profile, btw:

“I am,” he says, with relish, “Thomas Cromwell in the court of the Tudors.”

How did it end for Cromwell, I can’t remember?