Tag: billions
Running His Crypto Scam Out Of White House, Trump Will Pocket Billions

Running His Crypto Scam Out Of White House, Trump Will Pocket Billions

Let’s say you and I and every bank robber serving time in federal prison and every con artist behind bars for fleecing suckers out of their life savings and every Bernie Madoff-style-Ponzi schemer and every Mafia don who ever blackmailed a bodega owner or ran a crooked dice game – let’s say we all got together in a room and tried to come up with a brand new scam to rip people off and separate people from their money…and get away with it free and clear.

I’m here to tell you that even with all that criminal talent, we couldn’t come up with a masterpiece of thievery that compares to what Donald Trump and his family are running right now, today, out of the White House. Our President, the one 77 million of our fellow citizens voted for and put in the Oval Office for another four years, the one who told the Atlantic earlier this week that “I run the world,” has decided that he will spend his time in office fleecing that world of every dollar and nickel and dime he can get, and he’s doing it with crypto.

It’s so complicated that you can barely wrap your mind around it, and yet it’s so simple, not even Trump and his two dullard sons could fuck it up.

The New York Times published a story on Tuesday that makes a brave attempt at explaining how they’re doing it: Secret Deals, Foreign Investments, Presidential Policy Changes: The Rise of Trump’s Crypto Firm. It’s written by three of the Times’ top investigative reporters, and it’s thick with details of shady foreign investors from dark corners of the money-world like Abu Dubai and the Cayman Islands and Hong Kong, and the reporters do their best to describe the whacko-crypto-Rube-Goldbergo thing called “World Liberty Financial” the Trump family has established to run their scam, and it’s so impenetrable, I guarantee your eyes will cross and then roll back into your head as you try to make sense of it.

This is what the New York Times is so good at: they get out there and make a record of who’s involved and how many times they’ve been indicted and how much time they’ve done in prison. Then they make the connections between the three card monte pasts of the crypto scammers and the Trump family in the White House, with Eric and Don Jr. flying around the world to Pakistan and the Emirates and taking meetings with Silicon Valley zillionaires and coming up with new scams like the pay-to-play crypto dinner Trump is planning to put on at one of his golf clubs for anyone…and I mean anyone…who spends some of their millions on a fucking meme coin called “$TRUMP” in order to be on the guest list.

The Times reports that World Liberty Financial – in reality, behind a very, very thin corporate veil, Donald Trump himself – made $550 million selling its first digital token, “$WLFI,” to a bunch of crypto scammers who recently settled cases brought against them by the Securities and Exchange Commission. At least one scammer, Justin Sun, the guy who bought the banana stuck to a wall with duct tape for $6 million, had his SEC case dropped, right after – you guessed it – he spent $75 million buying $WLFI “coins.”

And here’s the beauty part. I’m going to do my best to describe the scam the Times calls “partnerships” between the Trump company, World Liberty Financial, and other crypto firms. Here it is, in all its glory, and you tell me if this doesn’t sound like a crypto protection racket. The smaller crypto outfits agree to buy, say, $20 million to $30 million of World Liberty’s “coins” like $WLFI. The Trump company then agrees to buy a smaller amount of their crypto currency.

This “investment” of World Liberty in the smaller crypto firms is supposed to give them credibility in the world of crypto, and for this generous endorsement, the Trump company gets to keep the difference between what the little guys spent on $WLFI, and what the Trumps spent on the little guys’ coins, amounting, according to the Times, to as much as a 20 percent premium. All of the specific details like names of the crypto firms and amounts they “invested” is kept confidential, so nobody in the greater world of crypto can discover how badly they’ve been taken to the cleaners.

Got that? You give me a quarter, all your lunch money, and not only do I promise not to beat the shit out of you with the SEC and DOJ and FTC and all the other regulatory and prosecutorial departments I control, I’ll even give you two dimes back and not tell anybody how I held you up.

And oh, by the way, buy a few million of my worthless crypto “coins” – of which I already own 80 percent of the world’s entire stock – and I’ll feed you some rubber chicken at my New Jersey golf club and give you a tour of the White House after hours.

Wow, what a deal.

There are other scams, because of course there are. Trump pardoned one guy who got convicted of violating banking laws with his crypto business. In return, he permitted the Trump company to buy some of his crypto currency at bargain basement prices. And then Trump turned around and announced the U.S. government will put its power and prestige behind a so-called “crypto reserve” that will store up a bunch of crypto currency just like it stores oil in “oil reserves” against a future shortage of that precious resource, and you’ll never guess whose crypto currency the U.S. government has chosen as one of the currencies it will store in its reserves, along with the grandfather of all crypto, Bitcoin. Yep. The crypto currency that Trump bought from the guy he pardoned, the value of which has now shot straight up like a rocket.

Remember how corrupt we thought Spiro Agnew was when it was revealed that after being elected Vice President, he continued to take cash from contractors he had extorted when he was governor of Maryland? Just the image of the Vice President reaching across his desk and physically accepting a paper bag full of twenty-dollar bills was enough to get him to resign in return for a plea bargain on a tax evasion charge that gave him no jail time.

How much do you figure Donald Trump will scam in crypto by the time he leaves office? The Times didn’t attempt an estimate of the amount he has made so far, but just running through the hundreds of millions and tens of millions mentioned in their story, along with the tens of millions in the stories that have been written about the pay-to-play golf club crypto dinner, he’s approaching a billion dollar take…after just 100 days.

It's no wonder he doesn’t give a shit about the damage to the world’s economy his tariffs have done. The only economy he cares about is the blue-smoke-and-mirrors illusion of crypto. Like his hair, nobody but him knows how much of it is real, or how the elaborate scam is held together, but it got him elected, and it’s going to make him richer than he ever dreamed.

Lucian K. Truscott IV, a graduate of West Point, has had a 50-year career as a journalist, novelist, and screenwriter. He has covered Watergate, the Stonewall riots, and wars in Lebanon, Iraq, and Afghanistan. He is also the author of five bestselling novels. He writes every day at luciantruscott.substack.com and you can follow him on Bluesky @lktiv.bsky.social and on Facebook at Lucian K. Truscott IV. Please consider subscribing to his Substack.

Reprinted with permission from Lucian Truscott Newsletter.


Elon Musk

Musk Says He'll Cut $500M In Medicare And Social Security 'Entitlements'

Tesla and SpaceX CEO Elon Musk — whose net worth is just shy of $400 billion — just dropped a hint that he may be eyeing significant cuts to earned benefits programs like Social Security and Medicare in the future.

During his Thursday appearance at the Conservative Political Action Conference (CPAC), Musk was asked about his "Department of Government Efficiency," or DOGE (which is not yet an official federal agency authorized by Congress) project, and about the scope of spending cuts he aimed to implement. The South African centibillionaire asserted to NewsMax anchor Rob Schmitt — who interviewed him on stage — that "waste" was "pretty much everywhere."

"People ask how can you find waste in D.C., it's like being in a room and the wall, the roof and the floors are all targets," he said. "You can shoot in any direction. You can't miss."

Schmitt then asked Musk specifically about his plans for the Social Security Administration, which DOGE representatives have already reportedly accessed. Schmitt referenced "$72 billion in waste in seven years," while Musk seemingly alluded to hundreds of billions of dollars in supposedly wasteful spending.

"I think that the rough estimate from the Government Accountability Office is over $500 billion a year. $500 billion. With a B. Per year," Musk said.

"On Social Security?" Schmitt asked.

"On all entitlements. All entitlements, yeah," Musk responded, using a catch-all term to describe mandatory spending like Medicare and veterans' benefits.

Musk insisted during the interview that millions of dead Americans are still getting Social Security payments, including Americans who are allegedly hundreds of years old. ABC 7 New York debunked that claim, and pointed out that Musk was misreading Social Security Administration data. One of the agency's databases includes every American who has ever been issued a Social Security number, and no date of death has been listed for many of those Americans as they died before electronic records were established.

ABC 7 reported that of the roughly 67 million Americans currently receiving Social Security benefits, only 0.1% of them are over 100 years old. And while there are occasional fraudulent payments, that accounts for less than 1% of total spending and is usually in the form of overpayments to living beneficiaries.

"When Donald Trump ran for president, he blanketed swing states in flyers pledging to protect Social Security, Medicare, and Medicaid. Now, Trump has empowered Elon Musk to slash $500 billion a year from these vital benefits," Social Security Works communications director Linda Benesch told AlterNet. "But Congress has the power to stop him. We urge everyone to call their members of Congress and demand that they pledge one penny in cuts to Social Security, Medicare or Medicaid."

According to figures from the Congressional Budget Office (CBO), the federal government had approximately $3.8 trillion in mandatory spending obligations in Fiscal Year 2023, which included $1.3 trillion for Social Security and $839 billion for Medicare. Beneficiaries of those programs have their eligibility and benefit formulas set by federal statute, meaning it would take an act of Congress to change it.

Reprinted with permission from Alternet.

Senate May Investigate Trump's Solicitation Of Billion-Dollar Oil Bribe

Senate May Investigate Trump's Solicitation Of Billion-Dollar Oil Bribe

Former President Donald Trump recently made a controversial proposal to a gathering of oil executives and lobbyists at his Mar-a-Lago residence in Florida: Favorable policy in exchange for $1 billion in campaign cash. Now, it looks as if the U.S. Senate may launch an official inquiry into the ex-president.

That's according to The New Republic's Greg Sargent, who spoke to Sen. Sheldon Whitehouse (D-RI) about Trump's recent entreaty to the oil industry. Whitehouse said it was "highly likely" that the Senate Budget Committee would investigate the former president over his brazen offer.

"The phrase that instantly came to mind as I was reading the story was ‘quid pro quo,’" Whitehouse said, adding that he was also concerned about a series of proposed executive orders oil lobbyists drafted for Trump and to have ready to sign on day one should he win a second term in November. "Put those things together and it starts to look mighty damn corrupt."

Many of the environmental policies Trump suggested he would do away with in a second term are in the Inflation Reduction Act, which was the $485 billion bill Biden signed into law in 2022 that included a swath of clean energy infrastructure initiatives and incentives for electric vehicle development. Economists projected the clean energy development grants could generate roughly $1.5 trillion in new economic activity, and could reduce carbon dioxide emissions by five billion tons before the next decade.

Conversely, some of the executive orders the oil industry has prepared for Trump would undo the progress on climate Biden has made since taking office. Politico reported that some of the orders would lift Biden's pause on new natural gas export permits, open up new protected federal lands for more oil drilling and allow for more offshore oil drilling leases.

Trump casting Biden as an opponent of Big Oil is somewhat confusing, given that the United States officially hit record-high domestic oil production levels earlier this year. The U.S. Energy Information Administration found that in 2023, the U.S. produced 13 million barrels of oil per day on average, making the United States the world's largest oil producer.

Reprinted with permission from Alternet.

Study: Price Tag Of Autism In The U.S. Exceeds $236 Billion Per Year

Study: Price Tag Of Autism In The U.S. Exceeds $236 Billion Per Year

By Karen Kaplan, Los Angeles Times

Good health is priceless, but autism spectrum disorders can be very expensive. A new study estimates that the lifetime cost of being diagnosed with autism in the United States is somewhere between $1.43 million and $2.44 million.

Either of those totals is enough to give most people sticker shock. The figure at the low end of the range is for people on the autism spectrum who don’t have intellectual disabilities. The higher tally is for people who do, according to a study published Monday by the journal JAMA Pediatrics.

To put it into perspective, $1.43 million is more than enough to put five students through Harvard without any scholarships, grants or other discounts, or to send five people into space via Virgin Galactic. For $2.44 million, you could buy Beau Bridges’ 6,800-square-foot home in the Los Angeles suburb of Hidden Hills.

When it comes to autism expenses, what that money buys depends on the age of the person with the diagnosis. For children, it pays for special-education services, the researchers found. These include early-intervention treatments for children under the age of 3 that can put them on a trajectory for a more successful life. Another big chunk of money represents the lost productivity of parents who care for children with autism.

For adults, the biggest costs were tied to living expenses, especially in facilities that require lots of staff. That was followed by medical expenses and the lost productivity of people on the autism spectrum.

The study authors relied on estimates from the Centers for Disease Control and Prevention to estimate that there are 3,540,909 Americans with some form of autism. Assuming that 40 percent of them have an intellectual disability, the total cost of autism in the U.S. is on the order of $236 billion per year.

If the proportion of people with an intellectual disability is more like 60 percent, the total annual cost jumps to $262 billion. That’s more than the U.S. Treasury paid in interest on the national debt in the entire fiscal year that ended on Sept. 30, 2013.

The study also tallied the expenses for people with autism in Britain. Even though both countries have “different approaches to health care provision,” the total costs were remarkably similar, the researchers wrote.

These are huge sums of money, and it’s time for people to start thinking in a different way, according to a pair of experts from the A.J. Drexel Autism Institute at Drexel University in Philadelphia. Instead of focusing on the “costs of helping needy people,” the outlays should be seen as “investments in building stronger communities,” they wrote in an editorial that accompanied the study.

“Adopting an investment perspective also means taking a long view on life course outcomes,” they wrote. “We need a Framingham (Heart) Study for autism spectrum disorders, especially to track risks and outcomes into middle and later adulthood.”

AFP/Jean-Philippe Ksiazek

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