Can You Wrestle Linda McMahon for Your SBA Loan?

This is an excerpt from the 2018 Steve Dustcircle book, Trump’s Cabinet: The Rise of Each Appointed Deplorable, available in ebook and paperback from Amazon.com. The book contains links to multiple references and citations.

LINDA MCMAHON

ADMINISTRATOR OF THE SMALL BUSINESS ADMINISTRATION

The SBA—which has at least one office in each state—will be headed up by Mrs. McMahon, the billionaire wife of her high school sweetheart and WWE (Worldwide Wrestling Entertainment) CEO, Vince McMahon.

She is considered a top female executive in America for having grown the WWE from 13 employees to 800 employees worldwide. As of 2016, she reportedly owns $84 million in WWE stock of its $1.5 billion market capitalization. Vince is supposedly worth $1.1 billion.

McMahon played a vital role in getting “pro wrestling” classified as entertainment instead of a sport, so that it can avoid athletic accountability and regulation.

In 1993, her husband was charged by a U.S. attorney with perpetuating a steroid ring among his wrestlers in order to make the entertainers more appealing for fans. He was acquitted and the charges were dismissed. Additionally, the McMahons’ WWE was sued multiple times by former employees for the company placing profit over the health and safety issues of its workers.

Linda’s WWE also hires its wrestlers as “independent contractors” so to avoid paying for health insurance, unemployment insurance and Social Security. Regarding these problems, McMahon was always indifferent toward these wrestlers, especially after they retire to pain and discomfort.

She stepped down from this role to pursue an unsuccessful Republican U.S. Senate run for the state of Connecticut—twice. The Fiscal Times has said that she wanted to be a political player so bad, that she had “spent money like a drunken sailor on steroids.”

In total, she had spent about $100 million of her own money on both failed Senate elections. In both elections, she only won one county in the state.

During the failed Senate runs, she promised to divert her investments in the entertainment industry, but it is unclear if she will do so while as a Trump-picked politician. Trump’s own interests haven’t been diverted yet, albeit with much criticism.

Between 2007 and 2009, McMahon donated $5 million to the Donald J. Trump Foundation, before it was under investigation. She was the foundation’s number one outside donor. Before the Republicans nominated Donald Trump as its presidential candidate, she had donated to Chris Christie’s electoral candidacy, as well as Carly Fiorina’s.

She donated another $6.2 directly into Trump’s election campaign. This is after she had called Trump’s comments about women “deplorable” and “objectionable” in March, 2016. Another $4 million, she gave to a Trump super PAC and other right wing organizations. One group she gave $1.15 million to was called, ironically, Ending Spending Action Fund.

Many are concerned if McMahon will be able to keep the vision of the SBA alive: to keep small businesses in mind, and to help them establish themselves while seeking out start-up capital. Its loan portfolio is around $124 billion.

Will businesses run by women and minorities be able to develop? The agency is in desperate need to modernize. Will lending continue to boost, as it has under the previous head and former entrepreneur and California state secretary Maria Contreras-Sweet?

Trump claims that McMahon will be a key player at stronger job growth and rolling back federal regulations. But history has shown that her WWF/WWE would purposely make it hard for other wrestling outfits to compete with the entertainment giant. WWF/WWE’s king of the hill business model was a gamble. The small business destroyer just happened to have beat the odds and became a monopoly.

Her career in government didn’t even start until 2009—as a member of the State Board of Education. However, she will join two other Wall Street executives in the Trump Cabinet: Steven Mnuchin and Wilbur Ross.

This continues Trump’s pattern of reaching outside of traditional, political personnel for his Cabinet. It doesn’t hurt that Trump and McMahons have been friends for about thirty years. In fact, she calls him a loyal friend, quote-unquote.

Additionally, Trump is in the WWE Hall of Fame for a celebrity wrestling match with Linda’s husband.

Author Irvin Muchnick says the Trump/McMahon alliance is “another example of the fox guarding the hen house.”

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