Trump's Billionaire Club

The infusion of $30 million into Trump's cryptocurrency venture from a Chinese billionaire friend is only the beginning. I can only imagine the profits the Trump family will make by peddling favors for crypto.

His newly appointed China Ambassador got rich outsourcing jobs to China. “Perdue got rich sending Georgia jobs overseas, using his extensive ties to China’s government to prioritize his corporate bottom line and put American workers last,” said Braxton Brewington, spokesman for the Democratic Party of Georgia. “From the corporate boardroom to the U.S. Senate, Perdue has spent his career looking out for himself and his wealth while leaving hardworking Georgians behind. His decades of self-serving corruption at Georgians’ expense will end on Tuesday when voters send David Perdue packing.”

Trump’s Backers Fling Open America’s Door to Money Launderers

The No. 1 country to stash illicit funds will become even more welcoming to criminals.

Much of the United States’ transformation into one of the world’s key offshore jurisdictions rests upon the ease with which anyone around the world could set up an anonymous shell company in the country. From Venezuelan kleptocrats to Iranian officials, from post-Soviet oligarchs to African despots, a variety of bad actors have turned to the United States to help hide their wealth.

U.S. shell companies the perfect tools for oligarchs, kleptocrats, narco-traffickers, and others looking to hide their wealth. If the United States is already the No. 1 place to launder illicit funds, then what happens if money laundering become even easier? Given the nation’s vital role in the international system, both the domestic and global results would be unprecedented in at least three ways. There is overwhelming need for effective anti-money laundering and counter-kleptocracy policies, not only to stanch the flow of illicit wealth, but also to shore up U.S. national security along the way.

Assuming that the Republican Party’s platform promise of no government surveillance or control over cryptocurrency became the law of the land, the United States would essentially be putting out a welcome sign saying “bring your criminal proceeds via cryptocurrency here” while leaving law enforcement with few tools to even hope to protect the American people. Cryptocurrency is the main way that terrorists move money. It's already used for organized criminal activity such as pig butchering scandals and human trafficking networks, as well as by militant organizations such as Hamas. Now all sorts of other criminals would have a free pass to join them.

Given that tax evasion and tax avoidance mechanisms largely run in parallel with money laundering ones, there would be a further erosion of the U.S. tax base, decreasing funding for everything from schools and roads to law enforcement and the military.

https://foreignpolicy.com/2024/10/28/trump-money-launderers-aml-ctf/

 

No surprise here. The Billionaires Club will ensure Trump prioritizes their profits over pesky regs about safety, the environment, or the health of those affected by chemical spills, pollutants, or other type regs. It's all about them.

Trump transition recommends scrapping car-crash reporting requirement opposed by Tesla

The Trump transition team wants the incoming administration to drop a car-crash reporting requirement opposed by Elon Musk’s Tesla (TSLA.O), opens new tab , according to a document seen by Reuters, a move that could cripple the government’s ability to investigate and regulate the safety of vehicles with automated-driving systems.

Musk, the world's richest person, spent more than a quarter of a billion dollars helping Trump get elected president in November. Removing the crash-disclosure provision would particularly benefit Tesla, which has reported most of the crashes – more than 1,500 – to federal safety regulators under the program.

https://www.reuters.com/business/au...-reporting-requirement-opposed-by-2024-12-13/

How much do you wanna bet all those clean air and water violations spewed by Tesla factories go away too from Austin to the Bay Area?

 

Musk invested $277 million in Trump: so far his return has been $200 billion - with way more to come

The game is always rigged to benefit the wealthy. Under capitalism, the rich have most of the money. Under communism, the rich have most of the money. Even under democratic socialism, the rich have a lot of money — although in the last the non-rich have a reasonable share. Note: calling it democratic capitalism would be more accurate — and an easier sell to the vast majority of people who would benefit from the philosophy.

As a result, the rich never suffer. They have prospered under both Republican and Democratic administrations. Ironically, in the 21st century, they have done better under Democrats — as Republican administrations ended in the 2008 and 2020 recessions. The GOP may give the rich huge tax breaks, but the Democrats have not been as enthusiastic about raising taxes on the wealthy. And whatever the nominal corporate tax rate, few companies pay anywhere near what they ought anyway.

However, the rich still think they are being punished. And they are fighting to do something about it. Leading the charge is the world’s richest immigrant, Elon Musk. In 2024, he put his money where his greed is. The Washington Post reported (the paywall should be down) that his ROI has been spectacular. In their words:

Elon Musk’s net worth has climbed by more than $200 billion in 2024, a massive increase in the same year that the world’s richest person spent at least $277 million backing Donald Trump and other Republican candidates. The bulk of the increase, more than $170 billion, has come since Election Day. Trump’s election sent stock in electric automaker Tesla, a company central to Musk’s wealth and where he is CEO, soaring. Shares were trading at prices around 70 percent higher on Friday than on Election Day.

Musk is not alone. Billionaire media outlet owners Jeff Bezos (WaPo — I appreciate the irony) and Dr. Patrick Soon-Shiong, another South African, (LA Times) spiked Harris endorsements. And Meta Mark Zuckerberg went to Mar a Lago to ring kiss and drop off $1 million for inauguration expenses.

There are more, but you get the point. Musk and his oleaginous analogs will offer their usual sophistry about red tape and overregulation to justify their political investment/bribes. But only a crazy person or a MAGA (redundant?) would believe they have the citizens’ general welfare as casus belli for their war on workers, the old, the poor, and the environment

Musk, however, plans to go further than his fellow oligarchs. They will take the win. Anticipate the windfall. And pocket the extra loot. Elon, on the other hand, wants to twist the knife. He, along with Vivek Ramasmarmy, is looking to nationalize his sadism. Under the aegis of the Orwellian project, the Department of Government Efficiency (DOGE), they will make sure few citizens escape the hurt.

Firing hard-working federal employees will be an appetizer. The meat and potatoes of their societal devastation will be the evisceration of health care, Social Security, Medicare, Medicaid, and food assistance for hungry kids. If they get their way, clean air and water, food and worker safety, overtime, unions, and health will revert to 19th-century standards

https://www.dailykos.com/stories/20...rn-has-been-200-billion-with-way-more-to-come

 

That article reminded me of this old MTV video

 

Senator Bernie Sanders of Vermont said on X: "The US Congress this week came to an agreement to fund our government. Elon Musk, who became $200 BILLION richer since Trump was elected, objected. Are Republicans beholden to the American people? Or President Musk?

"This is oligarchy at work."

Former GOP Rep. Adam Kinzinger told CNN: "President Musk this morning made it clear - with all his vast government experience, which is basically, he became rich on the federal government - that he doesn't want Republicans to pass this. And seemingly, Vice President Trump kind of backed him up at that point.

The spending bill would have included nearly $100 billion in aid for Americans hit by multiple national disasters, economic aid for farmers, a federal commitment to rebuild Baltimore's Francis Scott Key Bridge and the criminalization of revenge p*rn.

https://www.newsweek.com/donald-trump-elon-musk-spending-bill-cuts-pass-difficult-2003330

 

Musk isn't gonna do a damn thing for me or my family. I smell a whole lot of BS is what I smell. Interesting article below.

Trump’s Billionaire Cabinet Is Unprecedented

But there’s one ominous parallel for how it could turn out.

https://www.motherjones.com/politics/2024/12/trumps-billionaire-cabinet-is-unprecedented/

 

Musk’s conflicts of interest as Trump adviser could benefit him, experts warn

As co-chair of ‘government efficiency’ panel, Musk would influence policy that could help SpaceX, Tesla and X

Veteran federal watchdogs foresee conflict-of-interest issues and other red flags given Musk’s sprawling business interests with federal contracts that are regulated by multiple agencies, which could lead to cuts harmful to the public, but benefiting Musk and other Trump donors.

“Elon Musk is a walking conflict of interest,” said Craig Holman, a top lobbyist for the liberal Public Citizen watchdog group. “With a net worth of almost $475bn, ownership or investments in SpaceX, Tesla, X, cybersecurity and cryptocurrency, and billions of dollars in federal contracts supporting his business interests, any role he plays in cutting the federal budget and shaping government policies is very likely to have a direct and substantial impact on his bottom line.”

Holman stressed that appointing Musk to a federal advisory committee allows him to “sidestep many of the critical ethics requirements imposed on federal officials”.

Holman added: “The ethics rules for advisory committees are minimal,” meaning that Musk “will not be required to divest from any of his conflicting investments nor will any limits be imposed on his outside income”.

Musk’s net worth is now about $474bn, according to Bloomberg’s Billionaires Index, or about 77% higher than it was before Trump’s victory.

Not long after Trump’s victory, Musk also responded to a report that he might help fund challengers to GOP members who don’t back Trump’s nominees, writing on X: “How else? There is no other way.”

The idea that two tech billionaires who have never spent a day in government can do a thoughtful and informed job of making balanced judgments about government programs, regulations and entire agencies that affect the lives not only of hundreds of thousands of dedicated civil servants, but also the 330 million Americans they serve, is the type of fantasy nurtured by arrogant elites,” said the ex-justice department inspector general Michael Bromwich.“

“It’s also hard to take seriously an efficiency effort that is paired, on the congressional side, with Marjorie Taylor Greene, who has never been considered a thoughtful legislator or an expert on government efficiency.”

“Musk and his businesses depend on federal government contracts and are regulated by numerous federal agencies.”

“One can easily understand why someone like Musk would want to influence those contract awards and those agencies. But allowing Musk to interfere with contract awards or enforcement actions is the definition of a conflict of interest,” she added.

Having stressed the importance of inspectors general, or IGs, for decades in ferreting out waste and inefficiency in government, Bromwich said: “Whether a Republican Congress bows to the Trump administration’s insistence on loyalty even with respect to IGs, who are by law supposed to be non-partisan, will be a further test of whether Congress will stand up for its own prerogatives.”

Similarly, Noble said: “Many of the people Trump has nominated to head up government agencies and programs or act as outside advisers, such as Elon Musk, have potential conflicts due to their business interests either involving the government or subject to government regulation. This is fertile ground for potential waste, abuse and fraud, making the role of truly independent watchdogs, like inspectors general, all the more critical.”

“If Trump facilitates this kind of interference by Musk and his cronies, then the United States will no longer have a ‘government of the people, by the people, for the people’, and instead will be a government of billionaires, by billionaires, for billionaires.”

https://www.theguardian.com/technology/2024/dec/23/elon-musk-conflict-of-interest-benefits

 

The majority of Americans didn't vote for Trump to insert a bunch of billionaires into the departments that make the decisions for all Americans. Many of them believed he was going to make their lives more affordable, bring more jobs, and look out for the middle class. Anyone who saw through his facade knew it was a bunch of BS, and he had other intentions. People were warned by Republicans, military officials, and ex Trump associates, but they chose to believe in Trump. They thought Musk was cool, as he stood there pumping his fist at Trump rallies.

Now reality sets in, and the majority of Americans are against the policies Trump, his billionaires, and political loyalists are setting in motion.

Majorities across parties — 80% of Democrats, 62% of Independents, and 52% of Republicans — prefer that lawmakers steer clear of tax breaks for the wealthy and program funding cuts in order to protect vulnerable groups.

Over 80% of voters want to increase funding or keep funding the same for Social Security, Medicare, Medicaid, and SNAP.

Additionally, fewer than 1 in 4 voters want to see cuts to federal housing programs, renewable energy programs, the ACA, or federal student loans and grants.

And while Trump has pressured millions of federal workers to resign their positions, only 24% of voters want to see cuts to the federal workforce.

A significant majority of voters agree that the wealthy pay too little in taxes — particularly billionaires, CEOs, and corporations.

In contrast, very few voters think that middle-class and low-income earners are paying too little.

https://www.dataforprogress.org/blo...-give-tax-breaks-to-the-wealthy-are-unpopular

Continued below in charts...

 

** The handful of die-hard Trump defenders in the forum don't share the views of most Americans, no matter what Trump does. They are loyalists to the core, and will still be blaming Biden and Democrats in 4 years when their lives turn for the worse, from Trump's actions and policies that will take years to recover from. That is if we are still a Democracy in four years.

 

Look at Donald Trump and his gang of broligarchs – and tell me we don’t need a wealth tax

Among the clique were the three richest men in the world: Jeff Bezos, Mark Zuckerberg and top dog Elon Musk, who personally poured $277m into Trump’s election campaign, increasing his own wealth by $170bn as a result.

Money equals power, so the saying goes, and right now it’s playing out on the world stage. As we know, Musk’s efforts to get Trump into the White House earned him a role heading up the new department of government efficiency – or Doge for short, conveniently echoing the same name of the cryptocurrency he promotes.

A man born into wealth and privilege is advising the president on how the US should protect its cash, alongside about a dozen other billionaire officials. Meanwhile, the rest of the world lives in economic fear as the gap between the super-rich and everyone else quickly becomes a chasm.

These super-rich people are so far out of touch with reality, it’s infuriating. Wealth is no longer about financial worth, it’s about control – of our democracies, societies, economies and planet. Trump’s appointees are just the latest example of how inequality and extreme wealth hurt us all.

Billionaire wealth rose three times faster in 2024 than in 2023. Five trillionaires are now expected within a decade, according to data from Oxfam. Meanwhile, progress on global poverty has stalled. Inequality is out of control.

Governments must address the obscene political capture we are witnessing. One simple way to do this is to tax the super-rich. These people now manage so much more than money. They manage what we read, what we watch, the information we’re given and, ultimately, how we vote.

When a super-rich elite is determining the outcome of elections purely to protect their vested interests and accelerate profits, it’s clear that we are in a terrifying age of wealth extremism.

https://www.theguardian.com/comment...p-broligarchs-wealth-tax-brian-cox-succession