Tag: trump corruption
Trump crypto

Lame Duck Trump Isn't Fretting Over Polls -- He's Too Busy Cashing Out

Donald Trump's approval numbers continue to crater. Even Republicans have cooled on the president's performance. But the president shows no sign of noticing, nor is he changing his ways. Even his gaslighting has gone wan. He's failed to make Americans believe that prices are going down when they're clearly not.

What gives? Why isn't he trying to win back the public's love? Perhaps because he no longer cares. The only infrastructure he seems interested in building is his family fortune.

Trump charmed farmers into supporting him twice. He's bankrupting them with his trade-war antics. Many farmers have finally turned on him, but so what? Trump's not running again. He no longer needs their affection or their votes.

This ability to seduce then abandon goes way back. In 1995, Trump was a near-broke developer whose Atlantic City casinos were going under. He needed suckers to bail him out and found them through an initial public offering of Trump Hotels & Casino Resorts stock. Rubes buying into his spinner-of-gold act poured $140 million into his empty coffers. In 2004, burdened by debt and never turning a profit, Trump Hotels & Casino Resorts filed for bankruptcy. For every $10 that his marks invested at that stock sale, they had $1 left.

"People don't understand this company" was his explanation.

The presidency offered new and powerful tools to get people to hand over their money. Days after returning to office, Trump's regulators dropped the fraud case against crypto entrepreneur Justin Sun. The Chinese-born speculator, target of an FBI investigation, fixed his problem by "investing" more than $40 million on $TRUMP coins — a crypto meme coin with no fundamental value.

Last month, Trump pardoned Changpeng Zhao. The Chinese-born Canadian had spent four months in prison for failing to prevent his crypto exchange, Binance, from laundering money. Zhao made his woes go away by having Binance facilitate a $2 billion purchase of World Liberty Financial stablecoin. World Liberty was founded by Trump's sons, Eric and Donald Jr.

Asked about the pardon of Zhao, Trump said, "I don't know who he is."

By June, Trump and family had already taken in about $1 billion in crypto ventures alone, according to Forbes' calculations. That included profits from $100 million of World Liberty cryptocurrency tokens that a murky entity based in the United Arab Emirates said it was buying.

You enrich me and I'll get you off whatever hook you're hanging from. How better to embolden financial lawbreakers than a president saying, in effect, I've got your back — for a fee?

Being blatant about corruption is part of the mob boss' business model. Trump is telling those needing government favors that he's not shy about granting them, appearances be damned. Not only does he hand out pardons without blushing, he's been firing the regulators whose job it was to police wrongdoing.

Trump's agenda for a second term appears to be not giving a damn. He doesn't even care about the Republican Party, which just felt the sting of an unhappy electorate. Trump probably figures that Democrats will soon take control of at least the House in the midterms, so he might as well use the months left with a servile Republican Congress to increase his fortune.

He could also turn attention freed from the nation's concerns to immortalizing himself. Start by leveling an entire wing of the White House for a banquet hall that administration officials are already calling "The President Donald J. Trump Ballroom."

Asked about the naming, Trump said, "I won't get into that now."

It hardly needs mentioning that rich donors needing inside deals are paying for the ballroom.

Trump does care about numbers, but his job approval doesn't seem to be among them.

Froma Harrop is an award winning journalist who covers politics, economics and culture. She has worked on the Reuters business desk, edited economics reports for The New York Times News Service and served on the Providence Journal editorial board.

Reprinted with permission from Creators.


Comparing Trump Family Wealth Accumulation To The Cost Of SNAP Benefits

Comparing Trump Family Wealth Accumulation To The Cost Of SNAP Benefits

I have harangued reporters for decades over their failure to express big numbers in a context that would make them meaningful to their audiences. For example, when they report that we will spend roughly $100 billion this year on SNAP, relatively few people know that this is around 1.4 percent of total spending. They just hear a REALLY BIG NUMBER; to most of them the number would probably mean the same thing if it would $50 billion or $200 billion.

It would be a very simple matter for reporters to make a habit of including four or five words of context so that these really big numbers would be meaningful to their audience. I considered it a big victory when I worked with several groups to persuade Margaret Sullivan, who was the New York Times public editor, to write a piece arguing exactly this point. She also got a strong endorsement for this view by then Washington editor David Leonhardt.

This seemed like a huge victory, since if the New York Times made a practice of presenting big budget numbers in a context that made them meaningful, it is likely most other publications would follow. This would have led to a far better-informed electorate who would know that they did not have a high tax bill because of the 0.008 percent of the budget that went to public broadcasting.

Unfortunately, nothing changed. Even though I have never heard and literally cannot imagine an argument on the other side (it takes 10 seconds to do the calculation on a spreadsheet), it is still standard practice for reporters to write numbers in the millions, billions, or trillions that they know are meaningless to almost their entire audience.

And informing the public would make a difference. Elon Musk probably would not have been so proud to shut down PEPFAR, the AIDS program for Africa started by George W. Bush, if he knew he was sentencing millions of people to death in order to reduce federal spending by 0.09 percent (nine cents on $100).

In the interest of putting numbers in context in terms of the current budget shutdown, we can think about how much money Donald Trump and his family have gained since he was elected compared to the cost of SNAP. According to Forbes, the Trump family has increased their wealth by roughly $5 billion since the election, effectively doubling their prior fortune.

By comparison, the average monthly SNAP benefit is a bit less than $190 a month, or roughly $2,250 a year. If we compare the Trump family’s post-election windfall to the average SNAP benefit, it comes to more than 2 million SNAP-person years.

Source: Forbes magazine and USDA

This comparison is useful since we can see that even while millions of people might be suffering from the loss of SNAP benefits due to the shutdown, at least Donald Trump and his family are doing well.

Dean Baker is a senior economist at the Center for Economic and Policy Research and the author of the 2016 book Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer. Please consider subscribing to his Substack.

Reprinted with permission from Dean Baker.

Why Trump's 'Donor-Financed' White House Ballroom Will Cost Taxpayers Millions

Why Trump's 'Donor-Financed' White House Ballroom Will Cost Taxpayers Millions

Trump and his Republican sycophants have been busy telling us that we shouldn’t be bothered by Trump’s demolition of the White House East Wing and his plans for a now $350 million ballroom. (The price tag keeps rising, it had been $200 million.)

While many of us were upset about Trump’s destruction of a historic landmark with zero consultation from anyone, the consolation is supposed to be that taxpayers are not footing the bill. Trump says he is raising the money from his friends and corporate sponsors.

Apparently, we are supposed to be relieved that people seeking favors from Trump are paying for the ballroom rather than taxpayer dollars. As David Dayen pointed out in a piece in The American Prospect, these contributions are likely to prove very costly to the American people.

Dayen goes through the public list of donors (some are anonymous) and found off the bat the big tech companies, Google, Meta, Microsoft, Apple, and Amazon. These companies have all sorts of occasion to seek government contracts and regulatory favors from a Trump administration that has openly said it favors its friends in such matters.

The list includes many other companies looking for favors, such as Hewlett Packard and Union Pacific, both looking for regulatory approval on major mergers. And then there are crypto folks who always want more love from Donald Trump as they expand their scams.

This naked corruption is the biggest cost to the public from Trump’s big ballroom, but it is not the only one. If we’re only concerned about the budgetary impact, it’s important to remember that taxpayers pay a price for the “generosity” of rich people. They deduct their contributions from their taxable income.

The current top tax rate is roughly 40 percent. (This includes the Medicare tax, which applies to all income of rich people.) If the full $350 million were coming from individuals, this means that we would be getting $140 million less in taxes from them because of their contributions to Trump’s mega ballroom.

From a straight budgetary perspective, the public would be better off if Trump built something more tasteful in the $100-$140 million range, using taxpayer dollars, than the mega MAGA monstrosity he is actually attaching to the White House. (What will this cost to demolish?)

In fairness, many of Trump’s contributions come from corporations who are only taxed at a 21 percent rate. Also, it’s likely that some of Trump’s contributors cheat, and don’t pay any taxes anyhow, so the deduction doesn’t mean anything to them. But none of us should think that just because the ballroom is paid for by contributions, it doesn’t cost the government anything.

Dean Baker is a senior economist at the Center for Economic and Policy Research and the author of the 2016 book Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer. Please consider subscribing to his Substack.

Reprinted with permission from Dean Baker.

Massive Conflict: Trump Enraged By Questions Over Pardon Of Binance Mogul

Massive Conflict: Trump Enraged By Questions Over Pardon Of Binance Mogul

Just after pardoning the founder of Binance, President Donald Trump struggled to explain his decision — appearing unfamiliar with both the recipient and the legal issues surrounding the case that led to his conviction.

“President Trump has pardoned Changpeng Zhao,” The Wall Street Journal reported on Thursday, “the convicted founder of the crypto exchange Binance, following months of efforts by Zhao to boost the Trump family’s own crypto company.”

Asked on Thursday why he chose to issue the pardon, and if it had anything to do with Zhao’s involvement with the Trump family’s crypto business, the President responded, “Who is that?”

“The founder of Binance,” the reporter replied.

“The recent one, yes,” Trump said. “I believe we’re talking about the same person, ’cause I do pardon a lot of people.”

“I don’t know — he was recommended by a lot of people,” Trump continued. “A lot of people say that — are you talking about the crypto person?”

“Yes.”

“A lot of people say that he wasn’t guilty of anything,” the President declared. “He served four months in jail, and they say that he was not guilty of anything, that what he did —” Trump said before the reporter interjected.

“Well,” Trump responded, “you don’t know much about crypto, you know nothing about, you know nothing about nothing. You’re fake news.”

“But let me just tell you that he was,” Trump said, “somebody that, as I was told, I don’t know him, I don’t believe I’ve ever met him. But I’ve been told, a lot of support. He had a lot of support, and they said that what he did is not even a crime.”

“It wasn’t a crime, that he was persecuted by the Biden administration, and so I gave him a pardon at the request of a lot of very good people.”

The Wall Street Journal also reported that a “pardon will likely pave the way for Binance, the world’s largest crypto exchange, to return to the U.S. after the company pleaded guilty in 2023 to violating U.S. anti-money-laundering requirements and was barred from operating in the country.”

Reprinted with permission from Alternet

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