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برچسب: Interest

  • Conflict of Interest? No Problem. Trump Family Will Collect Hundreds of Millions

    Conflict of Interest? No Problem. Trump Family Will Collect Hundreds of Millions


    David Yaffe-Bellany of The New York Times reported on a startling development in Dubai that will enrich the Trump family by hundreds of millions of dollars. Is it a conflict of interest? Of course. Will it matter to the Republican leaders in Congress? No. Has there ever been a President who used his office for financial gain so brazenly? No. Trump is #1.

    Gaffe-Bellamy writes:

    Sitting in front of a packed auditorium in Dubai, a founder of the Trump family cryptocurrency business made a brief but monumental announcement on Thursday. A fund backed by Abu Dhabi, he said, would be making a $2 billion business deal using the Trump firm’s digital coins.

    That transaction would be a major contribution by a foreign government to President Trump’s private venture — one that stands to generate hundreds of millions of dollars for the Trump family. And it is a public and vivid illustration of the ethical conflicts swirling around Mr. Trump’s cryptofirm, which has blurred the boundary between business and government.

    Zach Witkoff, a founder of the Trump family crypto firm, World Liberty Financial, revealed that a so-called stable coin developed by the firm, would be used to complete the transaction between the state-backed Emirati investment firm MGX and Binance, the largest crypto exchange in the world.

    Virtually every detail of Mr. Witkoff’s announcement, made during a conference panel with Mr. Trump’s second-eldest son, contained a conflict of interest.

    MGX’s use of the World Liberty stablecoin, USD1, brings a Trump family company into business with a venture firm backed by a foreign government. The deal creates a formal link between World Liberty and Binance — a company that has been under U.S. government oversight since 2023, when it admitted to violating federal money-laundering laws.

    And the splashy announcement served as an advertisement to crypto investors worldwide about the potential for forming a partnership with a company tied to President Trump, who is listed as World Liberty’s chief crypto advocate.

    “We thank MGX and Binance for their trust in us,” said Mr. Witkoff, who is the son of the White House envoy to the Middle East, Steve Witkoff. “It’s only the beginning.”

    Mr. Witkoff and Eric Trump were speaking on a panel at Token2049, a major crypto conference in the United Arab Emirates, where more than 10,000 digital currency enthusiasts have gathered for a week of networking. It was the latest stop in an international tour by Mr. Witkoff, who visited Pakistan last month with his business partners to meet the prime minister and other government officials. Eric Trump, who runs the family business, has spent the week in Dubai, where he announced plans to back a Trump-branded hotel and tower.

    There is more.

    This is a gift article so you should be able to read it in full even without a subscription.



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  • Jamelle Bouie: Trump Has No Interest in Governing

    Jamelle Bouie: Trump Has No Interest in Governing


    Jamelle Bouie, one of the most insightful columnists for The New York Times, observes that Trump has no interest in governing. He is interested in ruling. He thinks he has a mandate, even though he did not win 50% of the popular vote. He thinks his will is as powerful as law. He does not share power with Congress, and he’s testing how far he can go to diminish the courts.

    Bouie reflects on Trump’s indifference to the other branches of Govenment in this newsletter:

    I think it’s obvious that neither President Trump nor his coterie of agents and apparatchiks has any practical interest in governing the nation. It’s one reason (among many) they are so eager to destroy the federal bureaucracy; in their minds, you don’t have to worry about something, like monitoring the nation’s dairy supply for disease and infection, if the capacity for doing so no longer exists.

    But there is another, less obvious way in which this observation is true. American governance is a collaborative venture. At minimum, to successfully govern the United States, a president must work with Congress, heed the courts and respect the authority of the states, whose Constitutions are also imbued with the sovereignty of the people. And in this arrangement, the president can’t claim rank. He’s not the boss of Congress or the courts or the states; he’s an equal.

    The president is also not the boss of the American people. He cannot order them to embrace his priorities, nor is he supposed to punish them for disagreement with him. His powers are largely rhetorical, and even the most skilled presidents cannot shape an unwilling public.

    Trump rejects all of this. He rejects the equal status of Congress and the courts. He rejects the authority of the states. He does not see himself as a representative working with others to lead the nation; he sees himself as a boss, whose will ought to be law. And in turn, he sees the American people as employees, each of us obligated to obey his commands.

    Trump is not interested in governing a republic of equal citizens. To the extent that he’s even dimly aware of the traditions of American democracy, he holds them in contempt. What Trump wants is to lord over a country whose people have no choice but to show fealty and pledge allegiance not to the nation but to him.

    What was it Trump said about Kim Jong-un, the North Korean dictator, during his first term in office? “Hey, he’s the head of a country. And I mean he is the strong head. Don’t let anyone think anything different,” Trump said in 2018. “He speaks, and his people sit up at attention. I want my people to do the same.”

    He wants his people to do the same.

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