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Bannonites would, with lowered voices and certain pity, ask each other how he seemed and how he was holding up; invariably they would agree about how bad he looked, the strain etching ever deeper into his already ruined face. David Bossie thought Bannon “looked like he would die.”

“I now understand what it is like to be in the court of the Tudors,” reflected Bannon. On the campaign trail, he recalled, Newt Gingrich “would come with all these dumb ideas. When we won he was my new best friend. Every day a hundred ideas. When”—by spring in the White House—“I got cold, when I went through my Valley of Death, I saw him one day in the lobby and he looks down, avoiding my eyes with a kind of mumbled ‘Hey, Steve.’ And I say, ‘What are you doing here, let’s get you inside,’ and he says, ‘No, no, I’m fine, I’m waiting for Dina Powell.’ ”

Having attained the unimaginable—bringing a fierce alt-right, anti-liberal ethnopopulism into a central place in the White House—Bannon found himself face to face with the untenable: undermined by and having to answer to rich, entitled Democrats.

* * *

The paradox of the Trump presidency was that it was both the most ideologically driven and the least. It represented a deeply structural assault on liberal values—Bannon’s deconstruction of the administrative state meant to take with it media, academic, and not-for-profit institutions. But from the start it also was apparent that the Trump administration could just as easily turn into a country club Republican or a Wall Street Democrat regime. Or just a constant effort to keep Donald Trump happy. Trump had his collection of pet-peeve issues, test-marketed in various media rollouts and megarallies, but none seemed so significant as his greater goal of personally coming out ahead of the game.

As the drumbeat for Bannon’s removal grew, the Mercers stepped in to protect their investment in radical government overthrow and the future of Steve Bannon.

In an age when all successful political candidates are surrounded by, if not at the beck and call of, difficult, rich people pushing the bounds of their own power—and the richer they were, the more difficult they might be—Bob and Rebekah Mercer were quite onto themselves. If Trump’s ascent was unlikely, the Mercers’ was all the more so.

Even the difficult rich—the Koch brothers and Sheldon Adelson on the right, David Geffen and George Soros on the left—are leavened and restrained by the fact that money exists in a competitive market. Obnoxiousness has its limits. The world of the rich is, in its fashion, self-regulating. Social climbing has rules.

But among the difficult and entitled rich, the Mercers cut a path through disbelief and incredulity. Unlike other people contributing vast sums to political candidates, they were willing not to win—ever. Their bubble was their bubble.

So when they did win, by the fluke alignment of the stars for Donald Trump, they were yet pure. Now, having found themselves—by odds that were perfect-storm outlandish—in power, they were not going to give it up because Steve Bannon had hurt feelings and wasn’t getting enough sleep.

Toward the end of March, the Mercers organized a set of emergency meetings. At least one of them was with the president himself. It was exactly the kind of meeting Trump usually avoided: he had no interest in personnel problems, since they put the emphasis on other people. Suddenly he was being forced to deal with Steve Bannon, rather than the other way around. What’s more, it was a problem he had in part created with his constant Bannon dissing, and now he was being asked to eat crow. Even though the president kept saying he could and should fire Bannon, he was aware of the costs—a right-wing backlash of unpredictable proportions.

Trump thought the Mercers were super-strange bedfellows too. He didn’t like Bob Mercer looking at him and not saying a word; he didn’t like being in the same room with Mercer or his daughter. But though he refused to admit that the Mercers’ decision to back him and their imposition of Bannon on the campaign in August was, likely, the event without which he would not now be in the White House, he did understand that if crossed, the Mercers and Bannon were potential world-class troublemakers.

The complexity of the Bannon-Mercer problem prompted Trump to consult two contradictory figures: Rupert Murdoch and Roger Ailes. Even as the president did so, perhaps he knew he would come up with a zero-sum answer.

Murdoch, already briefed by Kushner, said getting rid of Bannon was the only way to deal with the dysfunction in the White House. (Murdoch, of course, made the assumption that getting rid of Kushner was not an option.) It was the inevitable outcome, so do it now. Murdoch’s response made perfect sense: by now, he had become an active political supporter of the Kushner-Goldman moderates, seeing them as the people who would save the world from Bannon and, indeed, from Trump as well.

Ailes, blunt and declarative as always, said, “Donald, you can’t do it. You’ve made your bed and Steve is in it. You don’t have to listen to him, you don’t have to even get along with him. But you’re married to him. You can’t handle a divorce right now.”

Jared and Ivanka were gleeful at the prospect of Bannon’s ouster. His departure would return the Trump organization to pure family control—the family and its functionaries, without an internal rival for brand meaning and leadership. From the family’s point of view, it would also—at least in theory—help facilitate one of the most implausible brand shifts in history: Donald Trump to respectability. The dream, long differed, of the Trump pivot, might actually happen without Bannon. Never mind that this Kushner ideal—saving Trump from himself and projecting Jared and Ivanka into the future—was nearly as far-fetched and extreme as Bannon’s own fantasy of a White House dedicated to the return of a pre-1965 American mythology.

If Bannon were to go, it also might cause the ultimate split in the already fractured Republican Party. Before the election, one theory suggested that a defeated Trump would take his embittered 35 percent and make hay with a rancorous minority. Now the alarming theory was that as Kushner tried to transform his father-in-law into the kind of latter-day Rockefeller that Trump, however implausibly, had on occasion dreamed of becoming (Rockefeller Center being an inspiration for his own real estate branding), Bannon could run off with some meaningful part of that 35 percent.

This was the Breitbart threat. The Breitbart organization remained under the control of the Mercers, and it could at any moment be handed back to Steve Bannon. And now, with Bannon’s overnight transformation into political genius and kingmaker, and the triumph of the alt-right, Breitbart was potentially much more powerful. Trump’s victory had, in some sense, handed the Mercers the tool with which to destroy him. As push came to shove and the mainstream media and swamp bureaucracy more and more militantly organized against him, Trump was certainly going to need the Mercer-backed alt-right standing up in his defense. What, after all, was he without them?

As the pressure mounted, Bannon—until now absolutely disciplined in his regard for Donald Trump as the ideal avatar of Trumpism (and Bannonism), rigidly staying in character as aide and supporter of a maverick political talent—began to crack. Trump, as almost anyone who had ever worked for him appreciated, was, despite what you hoped he might be, Trump—and he would invariably sour on everyone around him.

But the Mercers dug in. Without Bannon, they believed the Trump presidency, at least the Trump presidency they had imagined (and helped pay for), was over. The focus became how to make Steve’s life better. They made him pledge to leave the office at a reasonable time—no more waiting around for Trump to possibly need a dinner companion. (Recently, Jared and Ivanka had been heading this off anyway.) The solution included a search for a Bannon’s Bannon—a chief strategist for the chief strategist.