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Corzine, the former Goldman chief and future United States senator and governor of New
Jersey, climbing the Goldman ranks when Bannon was at the firm, was unaware of
Bannon. When Bannon was appointed head of the Trump campaign and became an
overnight press sensation—or question mark—his credentials suddenly included a
convoluted story about how Bannon & Co. had acquired a stake in the megahit show
Seinfeld and hence its twenty-year run of residual profits. But none of the Seinfeld
principals, creators, or producers seem ever to have heard of him.
Mike Murphy, the Republican media consultant who ran Jeb Bush’s PAC and became a
leading anti-Trump movement figure, has the vaguest recollection of Bannon’s seeking PR
services from Murphy’s firm for a film Bannon was producing a decade or so ago. “I’m
told he was in the meeting, but I honestly can’t get a picture of him.”
The New Yorker magazine, dwelling on the Bannon enigma—one that basically
translated to: How is it that the media has been almost wholly unaware of someone who is
suddenly among the most powerful people in government?—ried to trace his steps in
Hollywood and largely failed to find him. The Washington Post traced his many addresses
to no clear conclusion, except a suggestion of possible misdemeanor voter fraud.
In the midnineties, he inserted himself in a significant role into Biosphere 2, a project
copiously funded by Edward Bass, one of the Bass family oil heirs, about sustaining life in
space, and dubbed by Jime one of the hundred worst ideas of the century—a rich man’s
folly. Bannon, having to find his opportunities in distress situations, stepped into the
project amid its collapse only to provoke further breakdown and litigation, including
harassment and vandalism charges.
After the Biosphere 2 disaster, he participated in raising financing for a virtual currency
scheme (MMORPGs, or MMOs) called Internet Gaming Entertainment (IGE). This was a
successor company to Digital Entertainment Network (DEN), a dot-com burnout, whose
principals included the former child star Brock Pierce (The Mighty Ducks) who went on to
be the founder of IGE, but was then pushed out. Bannon was put in as CEO, and the
company was subsumed by endless litigation.
Distress is an opportunistic business play. But some distress is better than others. The
kinds of situations available to Bannon involved managing conflict, nastiness, and relative
hopelessness—in essence managing and taking a small profit on dwindling cash. It’s a
living at the margins of people who are making a much better living. Bannon kept trying
to make a killing but never found the killing sweet spot.
Distress is also a contrarian’s game. And the contrarian’s impulse—equal parts
personal dissatisfaction, general resentment, and gambler’s instinct—started to ever more
strongly fuel Bannon. Part of the background for his contrarian impulse lay in an Irish
Catholic union family, Catholic schools, and three unhappy marriages and bad divorces
(journalists would make much of the recriminations in his second wife’s divorce filings).
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