Tag: federal court
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.


Karoline Leavitt

Fear And Loathing (And Botox) In Trump's White House

The big media story of the week is that Judge Trevor N. McFadden of the Federal District Court for the District of Columbia has ruled that, by barring reporters from the Associated Press from the White House press pool, the Trump administration has engaged in viewpoint discrimination in violation of the First Amendment. You may recall that when President Donald J. Trump renamed the Gulf of Mexico the “Gulf of America,” the AP stylebook folks were all like, yeah, no.

Which pissed Trump off, so he ordered Press Secretary Karoline Leavitt to kick the AP out of all White House events which caused this prestigious agency to sue. The lawsuit isn’t over, but until it is, the White House must restore the AP’s access.

In other words, the answer to these outrageous attempts to use our Constitution and laws to explode reality is to sue them. Sue them hard. And keep suing them until we win.

This leads me to the other explosion of reality that has been happening at White House press events. “On at least three recent occasions,” Michael M. Grynbaum of the New York Times reported yesterday, “senior Trump press aides have refused to engage with reporters’ questions because the journalists listed identifying pronouns in their email signatures.”

Naming your pronouns has long been mocked on the right: it’s part of their war on transgender and gender-fluid people, even as one of their clever ways of insulting say, me, on X is to call me a “man.” In other words, it’s not just that hatred of trans people became a key element of the MAGA toolbox during the 2024 campaign, it’s that not being classically masculine or classically feminine, even if you are not trans makes you an enemy of the people.

This irritation even extends to the cisgender male reporter, a guy-guy who lists “he/him” in his email signature, or the very feminine reporter in a dress whose emails end in “she/her.” Nope, say MAGA spokespeople, this will not do and is evidence of a severe character flaw:

“As a matter of policy, we do not respond to reporters with pronouns in their bios,” Karoline Leavitt, the White House press secretary, wrote to a New York Times reporter who had inquired about the potential closing of a famed climate research observatory.

A few weeks earlier, Katie Miller, a senior adviser at the Department of Government Efficiency, declined to answer questions from another Times reporter who asked about the legal status of the department’s records.

“As a matter of policy, I don’t respond to people who use pronouns in their signatures as it shows they ignore scientific realities and therefore ignore facts,” Ms. Miller wrote in an email. She added in a separate message, “This applies to all reporters who have pronouns in their signature.”

But there is a more serious policy issue at the heart of all this silliness: the attempt to legally and socially erase the idea that trans people exist. Under Trump’s gender policies, a trans person who has identity documents that do not reflect the gender on their original birth certificate cannot leave the country without risking being charged with identity fraud on re-entry. That person also cannot go to Florida or Texas, rent a car, and not risk being jailed on state level charges of identity fraud.

To return to the performative bullshit in the White House press office, this is all taking place in an administration where nearly everyone, male and female, has had some form of gender-affirming care and is definitely not presenting as who they were at birth—or even, in some cases, two or three years ago. This includes dyed hair, facial surgeries, Botox, lip fillers, dental work, and boob jobs. Secretary of Homeland Security Kristi Noem is probably the most extreme example, but these procedures are pervasive enough in the Trump inner circle to have a name: the MAGA face. There are Donald Trump’s multiple scalp surgeries and speculation about medically-assisted weight loss prior to the 2024 election.

But who am I to judge? People ought to be free to actualize the identities that best express who they are and still be considered the equal of any other American. It is not only very American, but also one of the great legal and civic achievements of the 21st century United States. Arguably, Mr. Jefferson and the Continental Congress said it best when they told the King of England to f*ck off down the road, proclaiming that “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.”

That the authors of these words were the same fellas that enslaved others, and were gender and civic elitists, is historically important but does not prevent us from salvaging the point: inhabiting the gender we choose, and that makes us happy, hurts no one.

Yet, one of the great contradictions at the heart of MAGA is that despite its frequent references to “freedom” and “liberation,” the Trump administration seeks to not only exert extreme control over human behavior, speech, and personal presentation, but also claim that it is liberating us from some kind of mortal danger.

There is no better example of this than the demonization of transgender people, specifically transgender women, in a site that has become sacred to the extreme right, the women’s bathroom. Thus, the January 20, 2025, Trump EO that falsely declares that gender and sex are the same, and that there are only two of each, is titled: “DEFENDING WOMEN FROM GENDER IDEOLOGY EXTREMISM AND RESTORING BIOLOGICAL TRUTH TO THE FEDERAL GOVERNMENT” (caps in original.)

The purpose of the act? That trans people and their allies are an explicit danger to “women” and to the nation:

Across the country, ideologues who deny the biological reality of sex have increasingly used legal and other socially coercive means to permit men to self-identify as women and gain access to intimate single-sex spaces and activities designed for women, from women’s domestic abuse shelters to women’s workplace showers. This is wrong. Efforts to eradicate the biological reality of sex fundamentally attack women by depriving them of their dignity, safety, and well-being. The erasure of sex in language and policy has a corrosive impact not just on women but on the validity of the entire American system. Basing Federal policy on truth is critical to scientific inquiry, public safety, morale, and trust in government itself.

In this context, what Karoline Leavitt and the other White House boobie girls are up to makes perfect sense. As do the ugly, public attacks on Democratic Rep. Sarah McBride (D-DE), who Speaker Mike Johnson, at the behest of Rep. Nancy Mace (R-SC) barred from women’s bathrooms at the Capitol. Then, when that didn't shame the first trans congressperson into resigning her seat and running back to Delaware in tears, other Republicans repeatedly referred to her as “Mr. McBride” and the “gentleman from Delaware.”

Anti-trans campaigns rely on a very simple, erroneous, and familiar narrative about human sexuality: that at best, people who do not identify with the gender they were assigned at birth or the sexuality they are supposed to have, are confused or mentally ill. At worst, they are sexually deviant and a danger to “real women.”

As a cultural strategy, it is embedded in a long history of saying the same things about lesbians. But as a political strategy, it is quite recent, and a tactic that right-wing operatives have perfected on social media and Fox News. Choose a marginalized group, make a broad, categorical claim (another example would be undocumented immigrants are rapists, murderers, and violent drug dealers), elevate a few sensational stories about such people that may or may not be true, and then dare anyone to oppose the measures you plan to take against these terrible people.

Transforming women’s bathrooms into a site for this fear and loathing is, of course, not new on the right, and culturally, it taps into something primal for straight, liberal women as well. Any woman who presents as masculine of center, as I do, knows this. Morte seriously, the idea that women deserve the most protection when they are going potty was one of the key arguments against ratification of the Equal Rights Amendment in some states. As my friend Neil J. Young wrote in 2015, after Houston, Texas voters voided that city’s anti-discrimination law, during the fight over ERA, right-wing activist Phyllis Schlafly “reduced the matter of constitutionally protected nondiscrimination to the question of bathroom safety.” Distinguishing between the sexes would become illegal if barriers to discrimination were unilaterally dissolved.

As Young parses Schlafly’s position,

If the ERA eliminated sexual difference—a ridiculous but incredibly effective argument that its opponents made—then no laws could prevent men from entering women’s bathrooms. Anti-ERA materials described rapists finding safe haven in women’s bathrooms, a perfect spot to await their prey. Pedophiles would lurk in stalls ready to attack young girls.

Fast forward 50 years: transgender people and immigrants have become the groups that Republicans not only love to hate, but who no one should care about because they are the visible barrier to a prosperous, secure nation. While this may not be immediately obvious, these two groups share one common trait, other than being vulnerable. They are people who the right can easily characterize as imposters, and imposters—even if they have not committed a crime (yet)—are, in the right-wing imagination, inherently untrustworthy.

Fear-mongering about transpeople and migrants, as well as the institutions and networks that support them, were not just an ugly aspect of the 2024 Trump campaign: it has become a form of eliminationism that, Donald Trump and his MAGA minions promise, will purify the nation and deliver it back to “real Americans.”

So, how do you fight this stuff? Well, there’s a young person who has an idea, and she has acted on it. Her name is Marcy Rheintgen, she is 20, she lives in Illinois, and she has become “the first known case of someone being arrested for challenging a law that bans transgender people from using bathrooms in government buildings that do not align with their gender at birth.”

That’s right. Marcy prepared for a visit to Florida, where it is illegal for her to use the women’s bathroom in the Capitol, by writing dozens of letters to officials in Florida, detailing her plans to do just that. Just to make sure she was arrested, Marcy “included a photo of herself because, without it, she did not think officials would be able to tell that she was the person breaking the law.”

Interestingly, however, she was arrested on charges of trespassing after being told not to and was not charged with violating the “Safety in Private Spaces Act” signed by Gov. Ron DeSantis in 2023.

Could it be that the politicians who pass these laws know, in their hearts, that they are not any more constitutional than the public accommodations laws that sought to preserve safe spaces for Whites before they were struck down by the courts?

I think they do. So, let’s step up and make MAGAs enforce their damned laws. It’s time to become very real to them.

Claire Bond Potter is a political historian who taught at the New School for Social Research. She is a contributing editor to Public Seminar and wrote the popular blog Tenured Radical from 2006 through 2015. Please consider subscribing to Political Junkie, her Substack newsletter.

Reprinted with permission from Political Junkie.

Reprinted with permission from Substack.

Trump Urges Federal Probe Of Rumors He'll Sell Truth Social Shares

Trump Urges Federal Probe Of Rumors He'll Sell Truth Social Shares

Donald Trump on Friday broke his post-election silence on his failing Truth Social platform, issuing threats against unnamed people who he said were trash talking his company.

"There are fake, untrue, and probably illegal rumors and/or statements made by, perhaps, market manipulators or short sellers, that I am interested in selling shares of Truth. THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!” Trump wrote in the TruthSocial post. “I hereby request that the people who have set off these fake rumors or statements, and who may have done so in the past, be immediately investigated by the appropriate authorities. Truth is an important part of our historic win, and I deeply believe in it. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!"

It was the first real comment he's made on his Truth Social feed since his victory on Tuesday. The few other posts he sent were merely images of newspapers announcing his win.

Trump's Truth Social stock price has fallen precipitously since the company went public in March.

Initially, the stock was trading around $60 when the company first went public. It's now trading at around $30, up from the nose-dive it took in September amid reports that Trump was eligible to start trading his own shares and possibly cash out on the failing platform.

The fact that Truth Social is trading at anything of value is confounding, as the site has barely any users and lost $19 million in the third quarter alone, Axios reported.

Now that Trump will take office again, it’s unclear whether he’ll put his shares in a blind trust to avoid flouting ethics rules. Of course, Trump has no ethics and did not put his companies in a blind trust the first time around, so it’s unlikely he’ll do so now.

Also absurd is that Trump said in his post the "truth is an important part" of his win.

Trump is a notorious liar.

CNN fact-checker Daniel Dale wrote an article ahead of Trump’s win titled “Donald Trump’s campaign of relentless lying,” in which he implored media organizations to cover Trump’s lies more often.

“For the third consecutive presidential election, the Republican presidential nominee is running a relentlessly dishonest campaign for the world’s most powerful office,” he wrote. “Wildly exaggerating statistics, grossly distorting his opponent’s record and his own, regularly just plain making stuff up, Trump is lying to American voters with a frequency and variety whose only precedent is his own previous campaigns.”

In fact, during Trump’s first round, the Washington Post tracked over 30,000 misleading statements.

“If you met someone at a bar who told you 25 things that weren’t true, that would be one of the first things you told other people about this encounter,” Dale wrote. “Trump telling the American people 25 things that aren’t true in a rally speech should be one of the first things media outlets tell their readers and viewers about the speech. Maybe then Trump would care a bit more about being corrected.”

Here’s hoping the media takes Dale’s warnings seriously.

Former President Donald Trump

Donald TrumpFormer President Donald TrumpTrump Wants Everyone To Know He's Ready For His Perp Walk

Reprinted with permission from Daily Kos.

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