#grifts

Catherine Rampell at The Bulwark:

A LOT OF PEOPLE ARE GETTING RICH off the Trump presidency. Donald Trump himself tops the list, of course, but it also includes his kids and in-laws; other grifting nepo-babies; cabinet members (as well as their staff and children), senior aides; and other well-connected friends, investors, and firms. You know who isn’t on that list? You. Yes, you, dear reader—at least assuming you’re not among the small community of courtiers sucking public funds dry. Instead, in virtually every way imaginable, Trump has made it easier for all those insiders to profit and, in turn, rip you off. If you bet on or invest in anything Trump might influence and you don’t have inside information, you’re a chump. As the expression goes: If you’re not at the table, you’re on the menu.

The recent rash of curiously well-timed trades in prediction markets is one example of how those who have drawn up chairs to Trump’s banquet table appear to be feasting at public expense. For example, there was the Polymarket account that banked over half a million dollars by betting on Iran strikes and the, ahem, departure of the ayatollah shortly before our military started dropping bombs. Other ‘lucky’ betting-market accounts, created right before the United States invaded Venezuela, engaged only in Venezuela-related bets, and somehow made perfect predictions every time, the Financial Times reported.

Similarly, just this week, a group of newly created Polymarket accounts “made highly specific, well-timed bets on whether the U.S. and Iran would reach a ceasefire on April 7,” Politico found. These kinds of trades have raised concerns about not only insider-trading based on confidential or classified information, but also the incentives they create for as-yet-unmade decisions. How do we know officials are crafting policy based on what’s best for the national interest rather than what produces the biggest payday? The risk of public fleecing based on private (or classified) data is not unique to prediction markets. There has been suspicious trading activity in more traditional financial markets, too. Last month, minutes before Trump posted a market-moving post about his supposedly “productive” talks with Iran, someone (or someones, or some entity) placed bets worth half a billion dollars in oil markets.

Lisa Needham at Daily Kos:

President Donald Trump’s second term is so chock-full of corruption and grift that it seems almost too small to mention that the Trump Organization, his private company, just applied for trademarks for “Trump 250” in conjunction with America’s 250th birthday. America! Get hyped for “Trump 250” bumper stickers, tote bags, drinkware, clothing, and golf balls, among other trash. And enjoy the opportunity to line Trump’s pockets while purchasing what will no doubt be some of the tackiest shit imaginable. Just look at what you can buy from Trump’s online store, which sells ugly merchandise that veers into “Dear Leader” territory pretty often.  In the terrible timeline we’re currently in, it makes perfect sense that Trump would seek to trademark this phrase. He is already warping America’s birthday into a celebration of himself instead. One of the proposed logos Trump wants trademarked is his name below five fighter jets, while another is just “TRUMP 250.”

Better yet, the person soliciting donations for Freedom 250 is Meredith O’Rourke, Trump’s fave fundraiser, who is also netting him millions in donations for his gaudy ballroom on the former site of the White House’s East Wing. But those things allow only the rich to throw money at the president. What about the little people? Well, rest assured: “Trump 250” merchandise seemingly will include some affordable items that allow you to honor Dear Leader.  The Trump Organization also made sure to file to trademark all variations of “President Donald J. Trump International Airport” just before the Florida legislature voted to rename the West Palm Beach airport after him.  The company generously told the airport that it could use the name at no charge and would not profit from the renaming of the airport as far as signage, advertising, and promotions. Sure, but that applies to only the airport itself. Presumably, everyone selling airport-related merchandise, for example, will still get the privilege of paying to use the name. 

Oliver Willis at Daily Kos:

The world of conservative grifters and hucksters exploded into controversy yet again this past week after serial conspiracy theorist Candace Owens took aim in a YouTube video series at Erika Kirk, Charlie Kirk’s widow and the new head of conservative pressure group Turning Point USA. While the drama is likely to continue to unfold as the various personalities continue to fight against the backdrop of Donald Trump’s increasingly unpopular presidency, the combat once again served as a reminder of the vast fortunes available in the world of conservative grift.

For decades there has been a ready, willing, and able audience of conservative true believers who are more than happy to buy products, subscribe to shows/magazines/podcasts, and sign up for services that make them feel like their commerce is an extension of their political beliefs. Major and minor figures in the conservative world are more than happy to take in this money for a quick buck, often for shady (at best) services or outright scams. To no one’s surprise, one of the most prominent conservative profiteers is none other than Trump himself. He was perfectly positioned to swoop into this world, based on the mainstream failures of multiple Trump enterprises from steaks to an airline to his infamous Trump University. Once Trump became the center of the conservative universe he was all too happy to sell his loyal supporters things like crypto, cell phones, and even guitars. Once can even buy golden Trump sneakers or a seriously tacky golf club cover.

[...] Right-wing media, and the politicians attached to it, have turned politics into a 24-7 lifestyle. Conservatives are told that the entire world is always out to get them and betray them, be that Democratic politicians, colleges and universities, and even their own left-leaning families and neighbors. They are thoroughly indoctrinated and made to believe that buying goods and services is a path to “fighting back” against the left.

Emily Singer at Daily Kos:

If you thought President Donald Trump's attempts to rename various airports and train stations after himself was only because of his malignant narcissism, you'd be wrong. He also sees it as yet another avenue to grift off of the American people. According to The Associated Press, the Trump Organization filed to trademark the names President Donald J. Trump International Airport, Donald J. Trump International Airport, and DJT to use on airports and “dozens of related things found there, from buses shuttling passengers to umbrellas and travel bags to flight suits."

The trademark filings come as Florida Republicans prepare to pass a bill to rename Palm Beach International Airport—located near Trump’s tacky Mar-a-Lago club—after Dear Leader. The Trump Organization claimed that it wouldn't use the trademarks for financial gain, saying in a statement, "To be clear, the President and his family will not receive any royalty, licensing fee, or financial consideration whatsoever from the proposed airport renaming." But if you believe that, I have a bridge to sell you. Trump has proven time and again that he will do anything to make a buck—including stealing from taxpayers. He's currently seeking a $10 billion taxpayer payout from the Internal Revenue Service for releasing his tax returns, which proved that he's a tax cheat.

Will Sommer at The Bulwark:

PERPETUAL TRUMPWORLD FIGURE Steve Bannon is taking a lot of heat this month as newly released Jeffrey Epstein files show he maintained close ties with the notorious sex trafficker, even after many of Epstein’s worst crimes were exposed. But that’s not the only perilous legal matter on Bannon’s plate. The influential conservative podcaster also finds himself in hot water for his management of the disastrous “Fuck Joe Biden” cryptocurrency. On Thursday, aggrieved Missouri-based investor Andrew Barr filed a lawsuit against Bannon, fellow MAGA bigwig Boris Epshteyn, and others involved in the operation of the “FJB” coin, alleging that he had lost $58,730.98 on the venture. The lawsuit, which is awaiting certification by a judge to become a class-action case, offers a tantalizing look at the Wild West that is the cryptocurrency industry. It’s the type of stuff that would normally pique the interest of regulators, if not for the fact that the White House has shown a general indifference to regulating this market—and that the Trump family has its own failed memecoins to deal with.

Bannon didn’t respond to a request for comment. And Epshteyn couldn’t be reached for comment. Problems with the now-defunct “FJB” coin are familiar to cryptocurrency critics. It came with an unusually high 8 percent fee on transactions, with the commitment that it would be divided between 3 percent coin management and promotion and 5 percent going to charitable donations. But after Bannon and Epshteyn purchased ownership of the FJB coin business in December 2021, the coin’s operators could only produce proof of small charitable donations, angering buyers who had thought their money would go to causes like veterans’ care.

Since cryptocurrency wallets are public, the problems became evident fairly quickly. One crypto expert told ABC News in 2023 that some of the money earmarked for “charity” was instead being directed to a wallet that appeared to use the money on “high-risk investments in obscure coins.” But Barr’s lawsuit offers more details into how “FJB”—whose acronym was re-spelled as “Freedom Jobs Business” under Bannon and Epshteyn’s ownership—sank into oblivion. Early on, Bannon and Epshteyn billed “FJB” as the basis of an entirely new “uncancelable” MAGA economy. The coin was promoted by other MAGA figures like Jack Posobiec and Benny Johnson. But according to the lawsuit, Bannon and Epshteyn ran it straight into the ground. Amid a broader decline in memecoins values in 2023, the price of “FJB” price plummeted and both Bannon and Epshteyn distanced themselves from the project. The lawsuit alleges that $2.7 million in transaction fees meant for charity or efforts to promote the coin instead disappeared entirely.

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