Et tu, Ann Huntress Lamont? Governor’s wife and top advisor in partnership with Saudi government investment arm. It’s never enough.

In September, Governor Ned Lamont criticized his Republican opponent, Bob Stefanowski, for doing business in Saudi Arabia. “I can see why somebody running for office would want to hide that from the public. Signing a deal with the Saudis right after the assassination of Khashoggi raises questions about judgment.” Stefanowski’s entanglement in the Desert Kingdom was first reported by Daily Ructions on the eve of the first debate of the campaign.

Readers may have seen raw screenshots on social media indicating that Oak HC/FT, the venture capital firm co-founded by Ann Huntress Lamont, the governor’s wife and most influential advisor, has become a partner of Sanabil Investments. Sanabil manages Saudi Arabia’s $600 billion Sovereign Wealth Fund. It made a $2 billion investment in Jared Kushner’s new Affinity Fund, created months after the end of the Trump administration. The Saudis know something about the power of money to influence others who worry nothing at all about their reputations.

Sanabil includes Oak HC/FT on its list of “our partners” in its portfolio. Asked about Sanibel’s investment in Oak HC/FT on Tuesday, Lamont spokesman Adam Joseph replied in a written statement Thursday, “The Governor became aware of Sanabil’s investment in Oak HC/FT last week. Annie Lamont is one of the most respected venture capitalists in the country. Oak HC/FT makes independent investment decisions. The Governor is not involved in the business, including in what investments to accept or make.”

Lamont, who has opinions on most things, declined to say what sort of judgment the investment revealed. Nor did he respond to other questions, including:

How much is the investment? How does this reflect on Oak HC/FT’s judgment? Is Governor Lamont concerned that the Sanabil investment will compromise his own independence? Is Governor Lamont uncomfortable with the prospect of his family profiting by doing business with a fund controlled by a government with an appalling record on human rights? As a former newspaper editor, does Governor Lamont feel a moral imperative to avoid all entanglements with the government that carried out the murder and dismemberment of Jamal Khashoggi, a critic of the regime whose columns for The Washington Post enraged Saudi autocrat Mohammed bid Salman?

Anyone who pays attention to Connecticut politics knows that Mrs. Lamont is a spectacularly successful investment wizard. As a woman, she has been a trailblazer in a notably tough business. That the trail she chooses to follow leads to a financial partnership with a murderous regime that continues to imprison women for supporting dissidents seems to be of no consequence in her world. It is not getting better for Saudi Arabia’s bravest women. Saudi Arabia’s executions continue to alarm and appall much of the world. All that gold can blind one to the basic aspirations of a wealthy nation’s oppressed. Or to the pain of 9/11 families.

None of it matters. Money makes money and the money money makes makes more money. That is what counts. Past performance is no guarantee of future returns, but the Saudis must be confident that the firm Mrs. Lamont founded will make money for them–and for her.

President Barack Obama made an observation for the ages when he said of the rich, “I mean, I do think you’ve made enough money.” He was wrong. It is never enough.

I’ve seen the emails. Mrs. Lamont is her husband’s most influential advisor. He’s free to choose whose advice he seeks and acts upon. The most persuasive voice belongs to Saudi partner Ann Huntress Lamont.

Building a family fortune often brings its founder into lucrative alliances with disreputable people. A century ago, J.P. Morgan Bank financier Thomas Lamont (Governor Lamont’s great grandfather) was a fan of the fascist regime that brought misery and death to Italy 100 years ago. Thomas Lamont, according to historian Ron Chernow, was dictator Benito Mussolini’s accomplice in destroying Italian democracy. Thomas Lamont also had a dalliance with the Japanese government, assisting it in creating a pretext for its brutal invasion and occupation of Manchuria.

And now Saudi Arabia takes its place in the Lamont family tradition because it is never enough.

Published July 27, 2023.