Trump's Argentina bailout enriches one well-connected U.S. billionaire

Last week, Treasury Secretary Scott Bessent announced a $20 billion package to rescue the Argentine economy. The risky taxpayer-financed deal, which involves trading US dollars for Argentine pesos, has little upside for ordinary Americans.

Argentina is not a significant US trading partner - and its economy, long in turmoil, has little impact on the United States.

However, Bessent’s announcement had massive economic benefits for one American: billionaire hedge fund manager Rob Citrone, who has placed large bets on the future of the Argentine economy.

Citrone, 60, the co-founder of Discovery Capital Management, is also a friend and former colleague of Bessent—a fact that has not been previously reported in US media outlets. Citrone, by his own account, helped make Bessent very wealthy.

Since Javier Milei, a right-wing populist, became president of Argentina in December 2023, Citrone has invested heavily in Argentina.

Argentina’s economic rebound contributed to Discovery Capital’s 52 percent return in 2024.

Then it all came crashing down.

At: https://www.motherjones.com/politics/2025/09/trump-argentina-bailout-hedge-fund-billionaire-rob-citrone-scott-bessent/

Two to tango: Far-right Argentine President Javier Milei gives a Trumpian thumbs-up with U.S. hedge fund manager Rob Citrone.

Citrone's big bets on Argentina contributed to his Discovery Capital’s 52% return in 2024 - but a sharp crash in both Argentine stocks and bonds this year has threatened to cost his hedge fund hundreds of millions.