You know that “creating more public roads just creates more traffic” talking point trotted out by people who want to ban your car?
Yeah, not so much.
The first two thirds of the video covers other topics, like how economies of scale don’t necessarily drive down prices uniformly, and as you scale, you incur new costs that might make a product less profitable. (One example is China’s overbuilt high speed rail network.)
The last portion deals with the “roads create traffic” myth, directly delving into the study the anti-road types cite:
“What [building new highways[ doesn’t do is create entirely new demand.”
“New roadways, especially interstates, tend to be more direct, and can take a larger volume of traffic than alternative routes through urban areas.”
“The study itself has also been widely criticized for making assumptions that other economists were not able to replicate in follow-up studies.”
“Its methodology was also questionable. It measured interstate kilometers traveled. Building out more interstates might make people use those roads more, but that doesn’t mean that there are more cars overall, because a lot of that traffic would have been taken away from non-interstate roads, which were not measured in the study.”
“More roads won’t create more congestion unless they are designed very poorly, and reducing the supply of roads won’t ease congestion, either.”
The original study authors didn’t even suggest reducing roads; they were in favor of congestion charges.
Here’s a video where Ex-LA Sheriff Alex Villanueva discusses how the Homeless Industrial Complex racket works there.
Five people a day die on the streets of LA in the gutter like a dog. Five a day. Like, five on drugs from overdosing overdosing on drugs, from illnesses that are treatable. But if you’re not being treated, like, for example, you’re insulin dependent type one [diabetes]. Without insulin you die. That’s what happens, because these are people are not in a state of mind to actually accept and seek medical care for a problem, so it goes untreated they die, or they overdose and they die, or they do both and they die. I think in 2020-2021, they registered, I think, over 1,800 deaths of that type on the street, which is mind-boggling, but it’s consistent.
“If you don’t pay attention, people are going to die. So the people, the activists, they want to get in the way. ‘Don’t touch them, you’re criminalizing poverty!’ or this or that. Yet they have no answer. And their solution is just to let people die on the street. That’s not a solution.”
“The [homeless] count is getting bigger, not smaller.”
“There’s a perception in the entire nation that, if you’re homeless and you like to use drugs, go to LA. Until that train stops, it doesn’t matter what you do locally in LA. You can’t defeat 49 other states sending all their homeless their derelicts their drug addicts to LA.” I don’t know, a lot still seem to be going to San Francisco. And we need to do more to spread the word to Austin’s drug addicted transients in hopes they move there.
When he started trying to clean things up, he got immediate pushback from the Los Angeles County Board of Supervisors. They had “no desire whatsoever” to work with him.
“They’re not doing anything about it because the homeless industrial complex is alive and well. Look at the career arc of Holly Mitchell, supervisor. Karen Bass, mayor. Community organizers. Now they’re running non-profits. Now they’re receiving contracts from the county, from the city. Now they’re in public office. Those two in particular prime example of it, and that’s the wave of the future.”
“You’ve got a whole community of people that are in the 501c3s, the non-profits, and uh Boards of Directors, CEOs. The amount of money is pouring into the nonprofits is just incredible. There’s no governance, there’s no oversigh, there’s no accountability on the results. They just keep shoveling money at them, and the problem keeps getting worse and worse.”
“This has become a system for people to to get in and get involved, and actually build a career and build a path to politics. The top 10 CEOs of non-profits eight hundred thousand dollar a year. They were making more than twice what I was making as sheriff, and the size of my operation dwarfed all of them probably combined. But that tells you the influence the money involved.”
“From 2011 to 2021, L.A. County spent 6.5 billion dollars on homeless initiatives. The homeless count went from 39,000 to over 80,000. it doubled in size.”
“It’s engulfing every corner of life in L.A County.”
Happy Good Friday! The Biden Recession continues it’s downward spiral…
…a deep dive into how the Russian Conspiracy Hoax has corrupted institutions, Chicago doubled down on failure, and unions want to take your packages away. It’s the Friday LinkSwarm!
“Small Businesses File For Bankruptcy At Record Pace, Surpassing COVID Crash.” So much for a Biden presidency helping the little guy…
They could either keep doing what reporters had done since the beginning of time, confining themselves to saying things they could prove. Or, they could adopt a new approach, in which you can say anything is true or confirmed, so long as a politician or intelligence official told you it was.
We know how that worked out. I was never invited back, nor for a long time was any other traditionally skeptical reporter, while Nance — one of the most careless spewers of provable errors ever to appear on a major American news network — became one of the Peacock’s most familiar faces.
I don’t know Malcolm and don’t mean to get nasty about this, but: even before that January 2017 broadcast, he had an extraordinary record, one that should have scared away any retraction-averse producer. On August 20th, he went on with Joy Reid and said the Green Party’s Jill Stein “has a show on Russia Today.” This wasn’t true, as Stein quickly pointed out, but MSNBC refused to acknowledge the error. Media watchdog FAIR repeatedly asked for a correction, as did friend Glenn Greenwald at The Intercept, but they refused to budge.
This may not seem a big deal, but at the time it was still weird and something of a pioneering move for a major news organization to just refuse to fix a clear error.
Nance went on to make a lot more, some I would classify as important. A tweet of his in late 2016 was a major source for the pre-election misconception that the Wikileaks-leaked emails of Clinton campaign chief John Podesta were “riddled with forgeries” and “#blackpropaganda.” He would regularly make all sorts of claims without evidence, like that the K.G.B. had “been surveilling Donald Trump since 1977,” and that “little” comes from Trump’s mouth that isn’t “carefully planned to benefit the Russian Republic,” and all sorts of other nonsense.
I was quiet until he said Glenn “shows his true colors as an agent of Trump and Moscow,” “reports in to his masters in Russia,” and is “deep in the Kremlin pocket.” This was outrageous. I was shocked MSNBC didn’t fire him on the spot. Still, I voiced objections in a measured way I hoped might get through, either to Nance or to someone at the network. “I’ve been on the air with Malcolm Nance and he seemed like a nice guy,” I tweeted, “but this awful practice of calling people traitors and foreign agents based on no evidence has really gotten out of hand.”
Nance’s response was “Ok, you’ve convinced me. You need to be blocked. #Bye.” He remained a regular guest on the network, which didn’t cool on booking him until the Russia story fell apart with the release of the Mueller report the next year.
The Nance situation was symbolic of what happened at the network from the beginning of Trump’s term, really beginning in early 2017. It went from being a place where you had to be at least in the ballpark of demonstrably true to being a place where the factual standard was, “Whatever dogshit drops out of the mouth of any hack or spook.”
Moreover the network didn’t just re-report this stuff, it became the favored launching pad for all the most blatant blue-Anon disinformation, like California congressman Adam Schiff saying he had “more than circumstantial” evidence of collusion, or former Obama defense official Evelyn Farkas suggesting the Trump administration would try to destroy evidence if they “found out how we knew what we knew about the Trump staff’s dealing with Russians.” Farkas later testified under oath that she “didn’t know anything” about collusion.
Snip.
As we later found out, among other things via Jeff Gerth’s gigantic piece in the Columbia Journalism Review, the FBI said nothing about many stories it knew to be wrong, including the influential New York Times exposé, “Trump Campaign Aides Had Repeated Contacts With Russian Intelligence.” The possibility that officials can lie to us in this way — leaking, asking that attribution be limited to uncheckable “sources familiar with the matter,” then saying nothing as stories start taking water — is exactly why we don’t stick our necks out for such people.
Snip.
the network doubled down, seemingly hiring as contributors every unemployed prosecutor or natsec official they could find, especially from failed Russiagate probes. They’d already spent on names like ex-CIA head John O’Brennan, former assistant FBI counterintelligence chief Frank Figliuzzi, House Intel Director of Investigations and future congressman Dan Goldman (who met Adam Schiff in an MSNBC green room), and federal prosecutor Glenn Kirschner. Now, they added cadaverous Mueller sidekick Andrew Weissmann and, astonishingly, Weissmann’s deputy, the fired FBI lawyer Lisa Page. They also began bringing in Page’s lover, fellow FBI firee Peter Strzok, as a commentator.
America became familiar with Page and Strzok after their texts — referring to the Trump-Russia investigation as an “insurance policy,” and ripping “sandernistas,” among other things — became public. These were living monuments to press excesses of the Trump era. As Gerth wrote, Strzok quietly reported to bosses after the Times’s “repeated contacts” story came out, saying, “We are unaware of ANY Trump advisers engaging in conversations with Russian intelligence officials.” Strzok in other words was exactly the kind of person to whom Rachel might have been referring when she rhapsodized about FBI “not saying anything” to dissuade us from believing errors.
Page on April 10, 2017 got a text from Strzok, saying he wanted to talk to her “about [a] media leak strategy with DOJ.” This was a day before a Washington Post story that cited “law enforcement and other U.S. officials” in saying the secret FISA court found probable cause to believe former Trump aide Carter Page (no relation) was an “agent of a foreign power.” Whoever leaked this was sabotaging not just the Post, but every downstream media org picking up the story, because the story at its roots was wrong: Carter Page was not an “agent of a foreign power,” as the FISA court had been misled, by Steele and the FBI. MSNBC was one of the first outlets to regurgitate this thing.
When sources lie to you, you should be mad. At minimum, you should be ripping their names out of your Rolodex (or modern equivalent). MSNBC did the opposite, hiring seemingly everyone who’d helped them down this reputation-tarnishing path.
MSNBC bet everything on its switch in 2017, and though it paid handsomely at first — in spring of 2017 they became the first cable network in two decades to unseat Fox for the #1 spot, with Rachel owning the top-rated non-sports program on cable — the collapse of the Mueller investigation triggered a long, frankly earned, post-trout-fishing slide. No doubt the indictment of Donald Trump will reanimate things, but prior to that it was grim, as Fox was beating CNN and MSNBC combined by the end of January. The ratings picture for March showed that MSNBC’s top show was The Last Word with Lawrence O’Donnell, rated 11th, followed by The Beat With Ari Melber at 16th.
After all this, after throwing away all their standards, clowning themselves with years of wrong stories, doling out rice bowls to the procession of spooks who now clog their airwaves, and watching as their ratings predictably collapsed, now they want to give me a hard time. Not because I got anything wrong, but because they don’t like my opinions, or where things like the Twitter Files reports came from.
Stuck on stupid. “Far-Left Democrat Brandon Johnson Wins Chicago Mayoral Race.”
Johnson, 47, is a Cook County commissioner, a former social studies teacher, and a paid lobbyist for the radical Chicago Teachers Union. He ran as a decidedly far-left activist, and was backed by Bernie Sanders and the Democratic Socialists of America.
Johnson campaigned on promoting racial justice and uplifting the working class. He is an opponent of charter schools. In order to pay for a variety of new social programs, he has called for increased taxes on large corporations, wealthy residents, and suburbanites who visit the city. During his campaign, Johnson promised $1 billion in new spending.
Because Lori Lightfoot’s administration wasn’t enough of a disaster…
Speaking of unions behaving badly, the Teamsters are planning a UPS strike.
Yet another reason for the Trump charges to be thrown out. “The progressive daughter of judge presiding over Donald Trump’s hush money case in Manhattan who worked for Kamala Harris and Joe Biden…Manhattan Judge Juan Merchan’s daughter, Loren, 34, works for progressive digital strategies firm Authentic Campaigns. She was a digital director for Vice President Kamala Harris’ 2020 presidential campaign and has worked for a slew of other Democratic campaigns.”
Dispatches from the Soros-funded decline of New York City: “On Saturday, the New York Police Department announced that a man who shot a thief in self defense will be charged with attempted murder despite being shot twice and having to wrestle the firearm away from the thief.” (Update: Soros tool Alvin Bragg changed his mind.) (Hat tip: Ed Driscoll at Instapundit.)
“Texas Bill Would Create State-Issued Gold-Backed Digital Currency.” This would be a super-interesting story if I thought there was a snowball’s chance in hell of this passing and the Federal Reserve not quashing it.
One quarter of the year gone! Career criminals coddled by Soros Stooges, crazy woman who thinks she’s a man murders children, lots of Flu Manchu fraud, and Botox makes you crazy(er). It’s the Friday LinkSwarm!
Everyone and their dog is covering the ham sandwich Trump indictment, so I’ll leave that to others. I will note that Alan Dershowitz is not impressed. “Based on what we know about this case, it may be one of the weakest cases in my six years of experience.”
On the morning of Election Day last November, William French went to his local polling place in Freeland, Pennsylvania, to cast his vote. But the qualified and registered voter wasn’t allowed to. The disabled U.S. Army veteran was told that the precinct had run out of paper for ballots and he had to come back later in the afternoon.
So that’s what he did, returning at 3:30 p.m. But the precinct still didn’t have ballots. Election workers told him to return yet again. But by nightfall, it was too difficult. French has endured 17 surgeries on his destroyed leg and uses a cane to walk. But the sidewalks are a mess, and he was worried about the risk of falling and further injury.
That same morning, Melynda Reese and her husband went to their polling location in Shickshinny, Pennsylvania. But only Reese’s husband was allowed to vote, and for the same reason: The precinct had run out of paper. They came back at 4:00 p.m. and were told there would be a lengthy wait.
Reese is a corrections officer and her husband’s primary caregiver. He had recently suffered two cardiac arrests and a stroke. He required regular medication and attention and couldn’t be left alone. Long waits were also too much to bear. The couple returned at 6:30 p.m., and saw a line that stretched so long that they knew they couldn’t wait. Around 9:15 p.m., an election official called Reese and told her that ballots were finally available and she could vote. But her husband had just taken his sleeping pills and she couldn’t leave him unattended.
French and Reese are just two of the thousands of voters affected by poor election administration in Luzerne County, Pennsylvania. The two just sued Luzerne County, its Board of Elections and Registration, and its Bureau of Elections in federal court for violations of their constitutional right to vote.
“Voters in Luzerne County through no fault of their own, were disenfranchised and denied the fundamental right to vote. William French and Melynda Reese are two of those voters. They bring suit to vindicate the denial of their sacred right to vote, to make sure voters are not disenfranchised in the future, and to bring integrity back to elections in Luzerne County,” said Wally Zimolong, lawyer for French and Reese.
The House Oversight Committee is investigating the explosive claims by Dr. Gal Luft, a former Israel Defense Forces lieutenant colonel with deep intelligence ties in Washington and Beijing, who says he was arrested to stop him from revealing what he knows about the Biden family and FBI corruption — details he told the Department of Justice in 2019, which he says it ignored.
Luft, 56, first made the claims on Feb. 18 on Twitter, after being detained at a Cyprus airport as he prepared to board a plane to Israel.
“I’ve been arrested in Cyprus on a politically motivated extradition request by the U.S. The U.S., claiming I’m an arms dealer. It would be funny if it weren’t tragic. I’ve never been an arms dealer.
“DOJ is trying to bury me to protect Joe, Jim, and Hunter Biden.
“Shall I name names?”
Luft remains in jail awaiting extradition to the US over what he says are trumped-up charges of arms trafficking to China and Libya, and violations of the Foreign Agents Registration Act.
Luft claimed that he tried to reach out to the DOJ about the Chinese energy company CEFC paying Hunter $100,000 and James Biden, Joe’s brother, $65,000 “in exchange for their FBI connections and use of the Biden name to promote China’s Belt and Road Initiative around the world.”
James O’Keefe has not allowed his forced exit from Project Veritas to stop him. His new journalism outfit, O’Keefe Media Group (OMG), just released a video uncovering evidence of what O’Keefe calls a possible “money-laundering scheme” for the Democrats. Some individuals reportedly appear to have donated thousands of times over a relatively short period to the tune of hundreds of thousands of dollars to ActBlue and Biden for President, based on Federal Election Commission records.
“FEC data shows that some senior citizens across the U.S. have been donating thousands of times per year,” O’Keefe began. “Some of these individuals’ names and addresses are attached to over $200,000 in contributions. We went and knocked on a few of their doors to corroborate the data that we received from a group of citizen journalists called Election Watch in Maryland.” The video then showed O’Keefe visiting someone who is listed as donating over $217,000, through 12,000 separate contributions. This money was earmarked for various entities through leftist platform ActBlue over three years’ time. Some of the donations were made with variations of the person’s name and address, O’Keefe stated.
The data he obtained was state and FEC data, O’Keefe said. “We’re wondering if these donors are victims of what appears to be a money-laundering scheme, or [if] these residents actually participated in the scheme. We’re making phone calls, we’re knocking on doors, these are things that you can do, we hope you do that.” There are “bizarre amounts of data” on homes and individuals making many thousands of dollars of donations, O’Keefe said, urging others to help him investigate.
The first person shown opening the door to O’Keefe, a Marylander listed as donating $32,000 in 3,000 different contributions, said he was unaware of the donations but advised O’Keefe as a solution to hit Donald Trump “with a bat.” The man added, “I want to see a scar on his f**king head. Now stop f**king with me,” and slammed the door.
Another donor, Cindy, according to O’Keefe, supposedly donated over $18,000 in 1,000+ donations to ActBlue in 2022, which would necessitate donating “three times a day, every day, for the whole year.” When asked if she’d donated over $18,000, Cindy responded with a quick laugh, “I doubt that. No, I don’t think so… I wish I could have donated $18,000 to Biden’s presidency.”
Meanwhile Carolyn Lenz, in Tucson, Ariz., told OMG that she “absolutely [did] not” donate over 18,000 times for $170,000+ to ActBlue. She looked at the data showing “she” donated multiple times a day, often in $5 to $15 increments, and insisted that the donations were not hers. “They must be” fraudulent, Lenz said.
After rejecting her in 2018, the voters of Alameda County, California selected Pamela Price as their new District Attorney last year. Price had taken hundreds of thousands of dollars from George Soros for her two campaigns. That probably tells you most of what you need to know, since Soros only funds candidates who are soft on crime and willing to empty the jails as much as possible. Price quickly proved herself no exception, seeking to cut a plea deal with a killer who had been arrested for one triple murder for hire, was accused in the murder of a court witness, and several other violent crimes. Rather than the 75 years to life sentence that Delonzo Logwood was eligible for, Price wanted to cut him loose after fifteen years. Thankfully, a County District Judge stepped in and rejected the deal out of hand. (Free Beacon)
A California judge this week blocked a newly-elected progressive prosecutor’s effort to slash a triple murderer’s sentence.
Alameda County district judge Mark McCannon rejected District Attorney Pamela Price’s plea deal for a 31-year-old man jailed for a 2008 triple murder-for-hire, among other crimes. Price, who took office in November and has taken hundreds of thousands of dollars from the progressive billionaire George Soros, attempted to sentence Delonzo Logwood to just 15 years in prison, though he was eligible for a sentence of 75 years to life.
You can’t keep a bad man down. Keith Chastain, 38, is a one-thug crime spree.
Chastain racked up an impressive array of arrests in Fresno County, California, (of course). Between Feb. 19 and March 21, he was arrested 10 times for a menagerie of crimes encompassing 15 misdemeanors and 18 felonies, including:
six stolen cars
fraud
DUI (duh)
drugs (duh)
vandalism
Chastain was hit with three additional charges — DUI, trespassing, and auto theft — but those were dropped when cops failed to file the charges in time.
Snip.
“Unfortunately, this is not as unique of a situation as it seems,” Tony Botti, spokesman for the Fresno County Sherriff’s office, stated. “California has watered down the laws so much over the years for property criminals and repeat offenders that they are not held accountable like they should be. Sadly, it is our community members who suffer due to these soft-on-crime policies.”
According to court documents, Edwin Maldonado spent many months thumbing his nose at what he was ordered by the court to do.
His punishment for that is more like a prize.
“You’ve got someone who was rewarded for being a failure, and this guy was a failure over 1,000 and some odd times,” said Andy Kahan with Crime Stoppers.
First, Maldonado gets a felony charge for drug possession. A few weeks later, he’s charged with aggravated robbery with a deadly weapon. He makes his $30,000 bond and walks out of jail.
“I’ve certainly had clients hauled back into court on violations, maybe two or three times that have been alleged,” said criminal defense attorney Emily Detoto.
Associate Judge Tiffany Hill presided over a bond revocation hearing for Maldonado.
“For obvious reasons, you are not abiding by your rules and conditions period, and God knows what he was doing when he wasn’t where he was supposed to be,” Kahan said.
According to court documents, Maldonado failed to comply with any of his bond conditions for eight months.
According to his GPS monitor, he left his curfew zone 847 times, was called 453 times about his whereabouts, and had more than 1,000 GPS monitor violations.
A suspect arrested and charged in a recent brutal “jugging” robbery in Houston that left a woman paralyzed was out on a $100 bond for a weapons-related charge.
On the morning of February 13, Nung Truong, 44, withdrew money from a bank ATM but was followed for approximately 24 miles by two suspects. Surveillance video released by the Houston Police Department shows a black male bumping into Truong and causing her to drop her belongings. The suspect initially fled with an envelope but returned seconds later to body-slam Truong to the ground before taking $4,300 in cash.
A mother to three children aged 13, 15, and 20, Truong is now paralyzed and unable to walk or care for herself.
Last Friday, Houston Police arrested Joseph Harrell, 17, and Zy’Nika Ayesha Woods, 19, for the attack and charged both suspects with Aggravated Robbery with Serious Bodily Injury.
According to court records, on January 26, 2023, Harrell had been granted a General Order bond of $100 for Unlawful Possession of a Weapon. He also faces charges of Aggravated Assault with a Deadly Weapon related to an incident in February in which he threatened another victim with a gun. Harrell is currently being held in the Harris County jail on bonds totaling $240,000.
Snip.
Although Harrell’s Unlawful Possession of a Weapon charge was assigned to Harris County Court 2 under Judge Paula Goodhart, his bond was signed by Judge David Singer.
Elected to Harris County Criminal Court 14 in 2018, Singer lost in the March 2022 Democratic primary election and his term ended December 31, 2022. As a one-term judge, Singer is not eligible under state code to serve as a visiting judge.
The 11th Administrative Judicial Region confirmed to The Texan that Singer is not listed as a visiting judge.
The Harris County Office of Court Management emailed the following statements to The Texan:
“David Singer was appointed as associate judge pursuant to Section 54A.002 of the Texas Government Code and the Local Rules for Harris County Criminal Courts at Law. His start date was Jan. 1, 2023.”
Finland gets the green light to join NATO, with Turkey and Hungary approving their membership. Sweden’s application is still under negotiation. As I noted previously, tangling with the Finns has not been a source of happiness for Russia.
Poor priorities. “European Ammo Maker’s Growth Stymied By TikTok Data Center Sucking Up Electricity.”
LA City Council member Mark Ridley-Thomas convicted of taking bribes. “He was convicted of one count of bribery, one of conspiracy, one count of honest services mail fraud, and four counts of honest services wire fraud. The jury acquitted him on 12 other counts.”
Veterans Affairs assistant secretary Kurt DelBene is married to Rep. Suzan DelBene (Wash.), chairwoman of the DCCC. It’s a big club, and you’re not in it. (Hat tip: Stephen Green at Instapundit.)
Federal prosecutors announced a 58-year-old Plainview man is facing 102 years in prison after pleading guilty to stealing $4 million in federal relief funds passed during the COVID-19 pandemic.
On Friday, Andrew Johnson pleaded guilty in the Northern District of Texas to three counts of bank fraud, one count of aggravated identity theft, and one count of engaging in monetary transactions in property derived from unlawful activity, according to a news release published by the U.S. Department of Justice (DOJ).
Johnson swindled millions from the Paycheck Protection Program passed in the early weeks of the pandemic to help stave off the economic effects of business closures, government restrictions, and shelter-in-place mandates. As part of the fraud, Johnson applied for and received forgiveness for 27 bogus loans.
He spent more than $3.5 million of the stolen funds on “home renovations, vacations, clothing, cosmetic surgery, college tuition, cars, wedding expenses, and equipment for an unrelated business venture,” according to the DOJ.
After an investigation that took longer than a year, the Office of the City Auditor in Austin said it found Central Texas Allied Health Institute (CTAHI), a nonprofit City of Austin contractor, committed fraud against Austin Public Health and falsified health records.
According to the investigative report, CTAHI misrepresented over $1.1 million in financial transactions across three contracts with Austin Public Health and was incorrectly paid roughly $417,000 between December 2020 and September 2021 because of fraudulent contract claims. The report also claimed CTAHI falsified its COVID-19 vaccine contract performance by overstating vaccination totals and fabricating patient data.
“This is up there with some of the biggest cases we’ve investigated on my team,” said Brian Molloy, chief of investigations at the Chief of the City Auditor.
CTAHI, President Todd Hamilton, and Dr. Jereka Thomas-Hockaday — both of whom were named in the report — denied the claims made in the report in a statement Thursday.
Snip.
CTAHI’s three contracts with Austin Public Health were for COVID-19 testing, workforce development, and COVID-19 vaccines, according to the city. Between December 2020 and September 2021, the city said CTAHI submitted 23 claims for reimbursement to APH under the workforce development and COVID-19 vaccine contracts.
Flu Manchu is the fraud fount that just keeps giving… (Hat tip: Dwight.)
NHL might stop pushing gay pride after backlash from players and fans. “Philadelphia Flyer’s player Ivan Provorov didn’t want to participate in a ‘Pride’ event during warmups…Soon, other players also refused to participate after Povorov showed it could be done, and some entire team organizations dropped their planned LGBT pride events. And thanks to this one man’s stand, the NHL is considering dropping the whole ‘Pride’ push.”
Gordon Moore, one of the founders of Intel and coiner of Moore’s Law, is dead at age 94. Semiconductors have radically changed just about every facet of the world.
The term of Austin Mayor Steve Adler was so disasterous that it’s wrecking havoc on Austin even after he’s out of office. The massive scores of drug-addicted transients still plague Austin, and the defunding attempt that, at heart, was a massive cash grab for far leftwing activists. All that, and the election of Soros-backed leftwing DA Jose Garza, has brought about a crisis in Austin policing.
Severely understaffed, defunded Austin PD on verge of retirement wave after city council ‘pulls rug out’ again
Police sources told Fox News Digital that 150 officers have made appointments inquiring about their retirement options
Austin police facing staffing shortages as 911 wait times soar…
Austin police officers past and present are warning Fox News Digital that the Texas capital’s police force critically depleted as a result of defunding in 2020 is on the verge of losing another wave of officers in response to a breakdown between the city and the police on a new contract.
An Austin Police Department source told Fox News Digital this week that 40 officers have filed their retirement papers following a 9-2 city council vote a few weeks ago to scrap a four-year contract that the city had previously agreed to in principle and instead pursue a 1-year contract that the police union’s board has rejected.
That move is believed by many to be due to intense pressure from anti-police activists in the city who look to hold off a long term deal until after voters decide on competing ballot initiatives dealing with “police oversight” that go before voters in May.
“It’s my opinion that the radicals and activists in the city have such a grip on our elected officials that at some point in time over the last year or so their plans changed,” the source, who is an Austin Police Department officer, said. “They said O.K. now we’re going to get signatures for this ballot initiative in May and switch gears and put pressure on city leadership to move away from a four-year deal to a one-year deal because the four-year is detrimental to what we are trying to accomplish.”
Dennis Farris, president of the Austin Police Retired Officers Association, told Fox News Digital he knows of 35 officers from the department that have filed retirement papers and at least six of them are “high ranking officers.”
“I fear we’re going to see a mass exodus of the senior people with longevity to where you’re going to have a department where maybe the average service time was in the high teens now and I think it’s going to drop into the low teens,” Farris said, explaining that departments without strong senior leadership often experience more problems due to “inexperience.”
Farris said that two waves of retirements, officers who have already filed and officers who will file when the contract officially expires at the end of March, could result in as many as 100 retirements. Two police sources told Fox News Digital that 150 officers have reached out to the retirement board in the last few days to discuss options.
Is there hope on the horizon? Some. Newly installed mayor Kirk Watson, though a Democrat, rejects Adler’s Social Justice Warrior “police defunding” policies. And Watson has helped forge a stopgap solution to the immediate crisis: Having DPS troopers assist with Austin policing.
The Texas Department of Public Safety (DPS) will supplement troopers to Austin Police Department (APD) shifts for assistance with the city’s staffing crisis.
The City of Austin announced the partnership with DPS on Monday, with Mayor Kirk Watson saying, “During my run for mayor, I promised we would make city government work better in providing basic services.”
“This is an example of that. It’s a common-sense, practical response to a serious need and arose out of a positive working relationship between the Capital City and the Capitol of Texas. I want to thank Gov. Greg Abbott, Lt. Gov. Dan Patrick, and DPS Director Steven McCraw for being willing to step in and work with us to ensure the safety of our shared constituents.”
DPS officers’ primary focus in conjunction with the agreement will be on traffic response, but may provide backup to city police during emergencies.
APD Chief Joseph Chacon added, “This is a wonderful resource and partnership that will provide relief to our APD officers and detectives who want nothing more than to focus on keeping Austin safe — whether that’s responding to domestic violence incidents, combatting DWI, or investigating criminal activity.”
Similar agreements have been implemented in Dallas and San Antonio, and Austin says it will come at no cost to the city. DPS has assisted APD before, including during last month’s breakout of street takeovers.
This is only a stopgap. The real solution is to immediately start recruiting and training more APD officers, and voting out Garza and all the pro-defunding, anti-police Austin City Council members who helped Adler get the city into this mess.
More on the collapse of Silicon Valley Bank, Syria gets spicy again, woke companies like Disney are having massive layoffs, and Sig Saur gets into the Killbot business. It’s the Friday LinkSwarm!
Courtesy of Bloomberg’s reporting, it appears that not only were insiders dumping their shares faster than syphilitic hooker, there were loading up on loans from the bank at a scale that makes a mockery of any regulatory oversight…
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Yes, that’s real.
Loans to officers, directors and principal shareholders, and their related interests, more than tripled from the third quarter last year to $219 million in the final three months of 2022 – a record dollar amount of loans going back over 20 years.
Many questions come to mind – what were the terms, who were the recipients, what was the collateral?
But, sadly, we will likely never know.
However, we do note that the banking execs may be facing a serious shortfall (like their bank): if the loans were collateralized by SVB shares for example, those shares are now worthless, leaving the loan-heavy C-suite left to come up with the cash to repay the loans (and no, these loans don’t disappear with the bank’s liquidation).
Between that and the insider share dumping, people need to go to jail.
After the implosion of the FTX crypto exchange run by Sam Bankman Fried, questions of due diligence and competency immediately arose, suggesting that perhaps the company mishandled assets “accidentally” and that Fried was naive and “in over his head.” Numerous central bank officials and globalist organizations jumped into the debate almost immediately, arguing that FTX was a perfect example of why centralized regulation of crypto and digital currencies was necessary. They claimed that without oversight by banking elites, disaster was inevitable.
Of course, what they did not mention was that FTX and Sam Fried already had extensive connections with globalist groups including the World Economic Forum. In fact, the very basis of Fried’s business model was the WEF’s “Stakeholder Capitalism” theory, which he often referred to as “Effective Altruism.”
Stakeholder Capitalism is essentially the opposite of free markets – It is a socialist/globalist framework which uses corporations as a kind of economic enforcement tool. Corporations are already highly socialistic in their operations, and their existence is completely dependent on their special relationship with government. Corporations are created through government charter, enjoy special protections under “corporate personhood” laws and avoid direct consequences for criminal activities through limited liability.
Many corporations are not even allowed to fail because governments backstop their operations. That’s socialism, not free markets. However, “stakeholder capitalism” expands on this dynamic a hundred-fold.
Where free markets assert that businesses must make profit their primary objective for the overall economy to function, the WEF asserts that companies including banking institutions have a social obligation that goes beyond making money. To the typical leftist this probably sounds like a Utopian vision filled with promise, but to anyone that actually understands economics it sounds like a recipe for the collapse of civilization.
The WEF paints stakeholder capitalism an effort to reign in the power of the corporate system in favor of social causes. In reality, it’s a way to give corporations ultimate power over everything, including ultimate influence over public behavior.
We have seen extensive evidence of this through widespread corporate ESG investment programs implemented in the past several years. It is no coincidence that the invasion of woke ideology into the mainstream happened at the exact same time that ESG-based lending accelerated.
The institutions lending to various companies were able to set social rules for access to credit, and these rules required businesses to adopt far-left politics in their marketing and policies as a result. Stakeholder capitalism is about homogenizing all business into a single ideological entity – Instead of competing with each other for market share through innovation, companies have been abandoning merit based competition and are colluding to saturate the mainstream with social justice cultism, climate change propaganda and globalist rhetoric.
By making corporate elites “responsible” for society, we give them the power to engineer society.
However, the WEF’s model of false altruism is turning out to be a disaster for corporate survival. I have to wonder now if this was the intent all along – To create a kind of ESG fueled woke financial bubble that was always intended to come crashing down, leaving the western world in ruins.
Snip.
Looking into SVB’s operational history, the company was a woke nightmare.
Take a gander at their 66 page ESG report compiled in 2021 to get a sense of how far to the extreme political left the bank was. SVB is the pinnacle example of why “Get Woke, Go Broke” is more than a mantra, it’s a rule.
Digging even deeper we then find that SVB’s leadership was highly involved in the WEF and their Stakeholder Capitalism Metrics (SCM), along with corporate governance. SVB was not only implementing every single policy the WEF outlines in its agenda, they were reporting back to the WEF on their progress.
SVB’s capital exposure was heavily tied up in securities, but also venture capital for woke tech startups, climate change related projects and leftist activist groups which qualified for ESG loans; everything from BLM to Buzzfeed. In other words, they were investing aggressively into money-pit projects that devoured cash and gave nothing back. The real question is, how many US banks are involved in ESG and WEF operations at the same level as SVB? Dozens? Hundreds?
“U.S. Carries Out Airstrikes in Syria after Iranian Drone Kills U.S. Contractor, Wounds Five Service Members.” As I’ve mentioned before the withdrawal of most U.S. troops from Iraq and Syria doesn’t mean all. And the same goes for Africa.
“56% of liberal white women age 18-29 have been diagnosed with a mental health condition.” Well, you already said “liberal”…
Louisiana state Rep. Francis Thompson switched from the Democratic to the Republican Party, given Republicans a super-majority in both houses and thus the ability to override any veto by Democratic Governor John Bel Edwards. ““The push the past several years by Democratic leadership on both the national and state level to support certain issues does not align with those values and principles that are a part of my Christian life,” said Thompson.
World Athletics, the governing body for international track and field competition, has banned men from international competition. “I’ll take ‘Headlines no one in the 20th century would understand’ for $600, Alex.”
“Dallas Bar Cancels All-ages Drag Event.” Funny how the threat of having your TABC license yanked concentrates the mind…
Get Woke, Go Broke Part 1: After a string of expensive bombs and streaming losses, Disney to lay off 7,000 employees.
Get Woke, Go Broke 1.5: “Woke Marvel Producer Victoria Alonso Gone From MCU.” She was one of the central figures pushing Disney to adopt a pro-groomer position in Florida. The ostensible reason for her firing was breach of contract for producing a non-Marvel movie, but a lot of industry insiders think her outspoken wokeness was a key reason for her getting the axe.
Get Woke, Go Broke Part 2: “Twitch Streaming Service To Sack 36% Of Employees.”
SIG Sauer announced late last week it has acquired General Robotics, one of the world’s premier manufacturers of lightweight remote weapon stations and tactical robotics for manned and unmanned platforms as well as anti-drone applications. The companies have been working in concert for some time, a fact made obvious at January’s SHOT Show when they debuted a Polaris ATV equipped with a General Robotics PitBull remote weapons station that aimed and fired the vehicle-mounted SIG MG 338 belt-fed machine gun remotely.
“This acquisition will greatly enhance SIG Sauer’s growing portfolio of advanced weapon systems,” said Ron Cohen, president and CEO of SIG Sauer. The team at General Robotics is leading the way in the development of intuitive, lightweight remote weapon stations with their battle-proven solution.”
Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping. The “magic” behind Block’s business has not been disruptive innovation, but rather the company’s willingness to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology, and mislead investors with inflated metrics.
There’s also a negative side.
Even the summary is pretty breathtaking in the rang of allegations:
Most analysts are excited about the post-pandemic surge of Block’s Cash App platform, with expectations that its 51 million monthly transacting active users and low customer acquisition costs will drive high margin growth and serve as a future platform to offer new products.
Our research indicates, however, that Block has wildly overstated its genuine user counts and has understated its customer acquisition costs. Former employees estimated that 40%-75% of accounts they reviewed were fake, involved in fraud, or were additional accounts tied to a single individual.
Core to the issue is that Block has embraced one traditionally very “underbanked” segment of the population: criminals. The company’s “Wild West” approach to compliance made it easy for bad actors to mass-create accounts for identity fraud and other scams, then extract stolen funds quickly.
Even when users were caught engaging in fraud or other prohibited activity, Block blacklisted the account without banning the user. A former customer service rep shared screenshots showing how blacklisted accounts were regularly associated with dozens or hundreds of other active accounts suspected of fraud. This phenomenon of allowing blacklisted users was so common that rappers bragged about it in hip hop songs.
Block obfuscates how many individuals are on the Cash App platform by reporting misleading “transacting active” metrics filled with fake and duplicate accounts. Block can and should clarify to investors an estimate on how many unique people actually use Cash App.
CEO Jack Dorsey has publicly touted how Cash App is mentioned in hundreds of hip hop songs as evidence of its mainstream appeal. A review of those songs show that the artists are not generally rapping about Cash App’s smooth user interface—many describe using it to scam, traffic drugs or even pay for murder…
“I paid them hitters through Cash App”— Block paid to promote a video for a song called “Cash App” which described paying contract killers through the app. The song’s artist was later arrested for attempted murder.
Cash App was also cited “by far” as the top app used in reported U.S. sex trafficking, according to a leading non-profit organization. Multiple Department of Justice complaints outline how Cash App has been used to facilitate sex trafficking, including sex trafficking of minors.
There is even a gang named after Cash App: In 2021, Baltimore authorities charged members of the “Cash App” gang with distribution of fentanyl in a West Baltimore neighborhood, according to news reports and criminal records.
Beyond facilitating payments for criminal activity, the platform has been overrun with scam accounts and fake users, according to numerous interviews with former employees.
Examples of obvious distortions abound: “Jack Dorsey” has multiple fake accounts, including some that appear aimed at scamming Cash App users. “Elon Musk” and “Donald Trump” have dozens.
To test this, we turned our accounts into “Donald Trump” and “Elon Musk” and were easily able to send and receive money. We ordered a Cash Card under our obviously fake Donald Trump account, checking to see if Cash App’s compliance would take issue—the card promptly arrived in the mail.
Former employees described how Cash App suppressed internal concerns and ignored user pleas for help as criminal activity and fraud ran rampant on its platform. This appeared to be an effort to grow Cash App’s user base by strategically disregarding Anti Money Laundering (AML) rules.
The COVID-19 pandemic and nationwide lockdowns posed an existential threat to Block’s key driver of gross profit at the time, merchant services.
In this environment, amid Cash App’s anti-compliance free-for-all, the app facilitated a massive wave of government COVID-relief payments. CEO Jack Dorsey Tweeted that users could get government payments through Cash App “immediately” with “no bank account needed” due to its frictionless technology.
Within weeks of Cash App accounts receiving their first government payments, states were seeking to claw back suspected fraudulent payments—Washington State wanted more than $200 million back from payment processors while Arizona sought to recover $500 million, former employees told us.
Once again, the signs were hard to miss. Rapper “Nuke Bizzle”, made a popular music video about committing COVID fraud. Several weeks later, he was arrested and eventually convicted for committing COVID fraud. The only payment provider mentioned in the indictment was Cash App, which was used to facilitate the fraudulent payments.
We filed public records requests to learn more about Block’s role in facilitating pandemic relief fraud and received answers from several states.
Massachusetts sought to claw back over 69,000 unemployment payments from Cash App accounts just four months into the pandemic. Suspect transactions at Cash App’s partner bank were disproportionate, exceeding major banks like JP Morgan and Wells Fargo, despite the latter banks having 4x-5x as many deposit accounts.
In Ohio, Cash App’s partner bank had 8x the suspect pandemic-related unemployment payments as the bank that processed the most unemployment claims in the state, even though the latter bank processed 2x the claims as Cash App’s, according to data we obtained via a public records request.
The data shows that compared to its Ohio competitor, Cash App’s partner bank had nearly 10x the number of applicants who applied for benefits through a bank account used by another claimant – a clear red flag of fraud.
Block had obvious compliance lapses that made fraud easy, such as permitting single accounts to receive unemployment payments on behalf of multiple individuals from various states and ineffective address verification.
In an apparent effort to preserve its growth engine, Cash App ignored internal employee concerns, along with warnings from the Secret Service, the U.S. Department of Labor OIG, FinCEN, and State Regulators which all specifically flagged the issue of multiple COVID relief payments going to the same account as an obvious sign of fraud.
Block reported a pandemic surge in user counts and revenue, ignoring the contribution of widespread fraudulent accounts and payments. The new business provided a sharp one-time increase to Block’s stock, which rose 639% in 18 months during the pandemic.
As Block’s stock soared on the back of its facilitation of fraud, co-founders Jack Dorsey and James McKelvey collectively sold over $1 billion of stock during the pandemic. Other executives, including CFO Amrita Ahuja and the lead manager for Cash App Brian Grassadonia, also dumped millions of dollars in stock.
With its influx of pandemic Cash App users, our research shows Block has quietly fueled its profitability by avoiding a key banking regulation meant to protect merchants. “Interchange fees” are fees charged to merchants for accepting use of various payment cards.
Congress passed a law that legally caps “interchange fees” charged by large banks that have over $10 billion in assets. Despite having $31 billion in assets, Block avoids these regulations by routing payments through a small bank and gouging merchants with elevated fees.
Block includes only a single vague reference in its filings acknowledging it earns revenue from “interchange fees”. It has never revealed the full economics of this category, yet roughly one-third of Cash App’s revenue came from this opaque source, according to a 2022 Credit Suisse research report.
Competitor PayPal has disclosed it is under investigation by both the SEC and the CFPB over its similar use of a small bank to avoid “interchange fee” caps. A Freedom of Information Act (FOIA) request we filed with the SEC indicates that Block may be part of a similar investigation.
Block’s $29 billion deal to acquire ‘buy now pay later’ (BNPL) service Afterpay closed in January 2022. Afterpay has been celebrated by Block as a major financial innovation, allowing users to buy things like a pair of shoes or a t-shirt and pay over time, only incurring massive fees if subsequent payments are late.
Afterpay was designed in a way that avoided responsible lending rules in its native Australia, extending a form of credit to users without income verification or credit checks. The service doesn’t technically charge “interest”, but late fees can reach APR equivalents as high as 289%.
The acquisition is flopping. In 2022, the year Afterpay was acquired, it lost $357 million, accelerating from 2021 losses of $184 million.
Fitch Ratings reported that Afterpay delinquencies through March 2022 had more than doubled to 4.1%, from 1.7% in June 2021 (just prior to the announced acquisition). Total processing volume declined -4.8% from the previous year.
Block regularly hypes other mundane or predatory sources of revenue as technological breakthroughs. Roughly 31% of Cash App’s revenue comes from “instant deposit” which Block says it pioneered and works as if by “magic”. Every other major competitor we checked provides a similar service at comparable or better rates.
On a purely fundamental basis, even before factoring in the findings of our investigation, we see downside of between 65% to 75% in Block shares. Block reported a 1% year over year revenue decline and a GAAP loss of $540.7 million in 2022. Analysts have future expectations of GAAP unprofitability and the company has warned it may not be profitable.
Despite this, Block is valued like a profitable growth company at (i) an EV/EBITDA multiple of 60x; (ii) a forward 2023 “adjusted” earnings multiple of 41x; and (iii) a price to tangible book ratio of 13.1x, all wildly out of line with fintech peers.
Despite its current rich multiples, Block is also facing threats from key competitors like Zelle, Venmo/Paypal and fast-growing payment solutions from smartphone powerhouses like Apple and Google. Apple has grown Apple Pay activations from 20% in 2017 to over 70% in 2022 and now leads in digital wallet market share.
In sum, we think Block has misled investors on key metrics, and embraced predatory offerings and compliance worst-practices in order to fuel growth and profit from facilitation of fraud against consumers and the government.
We also believe Jack Dorsey has built an empire—and amassed a $5 billion personal fortune—professing to care deeply about the demographics he is taking advantage of. With Dorsey and top executives already having sold over $1 billion in equity on Block’s meteoric pandemic run higher, they have ensured they will be fine, regardless of the outcome for everyone else.
That’s just the high level summary. There’s a whole lot more detail in the report.
I have never once used Cash App. I have an ancient Square Reader floating around in a bag somewhere, but I never actually ran any transactions on it. I do have PayPal, because I pretty much have to in order to buy or sell on eBay (though I’ve gotten to the point I do almost no selling there). I don’t even use Apple Pay, despite having a MacBook Pro and iPhone.
Speaking of fees, here Louis Rossmann rants about how Square refuses to return fees for refunds:
Anyway, if you’re using Square or CashApp, maybe it’s a good time to look into alternatives…
I meant to mention something about the Credit Suisse situation in Friday’s LinkSwarm but ran out of time. I’m not an expert on European banking in general or Swiss banking in specific. (As opposed to being a squinty, one-eyed, myopic man in the land of the blind sort of expert on American banking, which is not very.) But it’s a big story, so I suppose I should post something about Credit Suisse.
So here’s something.
First, as of this writing, it appears that fellow Swiss bank UBS is about to take over Credit Suisse, probably with the financial backing of the Swiss National Bank (SNB)
Late on Thursday, just hours after the SNB had launched the first (of many) bailout attempts of Swiss banking giant Credit Suisse, Bloomberg blasted the following headline:
*UBS, CREDIT SUISSE SAID TO OPPOSE IDEA OF A FORCED COMBINATION
This lack of enthusiasm by UBS to acquire its struggling rival of course forced the Swiss National Bank to front CS a CHF50 billion credit line to hold it over for the next four days amid a furious bank run, one which we said would be woefully insufficient to restore confidence in the collapsing lender, and which we probably used up in just a few hours.
Then, late on Friday, both banks “unexpectedly” changed their minds and we got the following 180 degree U-Turn report from the FT:
*UBS IN TALKS TO ACQUIRE ALL OR PART OF CREDIT SUISSE: FT
So a deal is inevitable after all… but as always, there is a footnote one which we predicted yesterday when we said that a deal would only happen if the acquiring bank – in this case UBS – got a full central bank backstop.
That now appears to be the case with Bloomberg, Reuters and the WSJ all reporting that UBS is asking the Swiss government for a backstop to cover future risks if it were to buy Credit Suisse Group AG, after the Swiss National Bank and regulator Finma have told international counterparts that they regard a deal with UBS as the only option to arrest a collapse in confidence in Credit Suisse. The FT reported that deposit outflows from the bank topped CHF10bn ($10.8bn) a day late last week as fears for its health mounted.
Here’s Patrick Boyle on how Credit Suisse brought itself low:
One big take-away: It wasn’t bad investments per se that wrecked confidence in the bank, it was involvement in a series of scandals, as they have “a strong, liquid balance sheet.” “Credit Suisse has instead been plagued by repeated scandals. From spying on a former employee, a criminal conviction for allowing drug dealers to launder money, a massive leak of client data to the media, Archegos, Greensill, Mozambique ‘tuna bonds,’ the list is too long.”
UK courts are at the heart of a spate of litigation arising out of the Mozambique “Tuna bond” or “hidden debt” scandal. The scandal involved $2 billion of bank loans and bond issues from Swiss bank Credit Suisse and Russian bank VTB. The bank loans were taken out in secret by Mozambican state-owned companies, without the legally required approval of the Mozambique Parliament and backed with hidden government guarantees.
The loans were intended to finance contracts between the state companies and a Lebanese-UAE based ship builder, Privinvest, between 2013-2016 for three maritime projects. These projects were intended to boost maritime security and develop the country’s fishing industry. However, a 2017 audit by Kroll found that $500 million of loans could not be accounted for and that Privinvest may have over-inflated prices by $713 million. The audit also found that $200 million of the loans were spent on bank fees and commissions.
So it turns out that Mozambique’s political and business elites are at least as corrupt as our own political and business elites.
Good to know.
Ironically, according to Boyle, the reason European banks may be in better shape than our own is because they had to deal with the fallout of the Euro crisis. “This is not because European banks are very good — it is precisely because they have historically been quite bad.”
Practically every banking regulation in existence commemorates a time when things went badly wrong, and Europe spent a decade toughening up banking regulation because it went through a rolling multiyear euro crisis. The European regulators have a detailed set of standards for testing interest rate risk, with the idea that they will be applied to every significant bank in Europe. Unrealized losses are not ignored under this regime and the global Basel standards on stable funding are applied across the entire banking sector. This is quite different to the regulations applied to community banks in the United States who lobbied the government for regulatory exemptions over the years.
“The economist Matthew Klein argued in a blog post that banks today can be seen as speculative investment funds grafted on top of critical infrastructure, and that this structure is designed to extract subsidies from the rest of society by threatening civilians with crises if the banks’ bets are ever allowed to fail.”
Was Credit Suisse infected with the radical transexual social justice warrior madness as the rest of our elites? Of course they were:
Fear not! The banks that are failing are not woke! OK, they’re woke, but they’re not broke! OK, they’re broke, but they are not without allies who realize that they must support this house of cards freak show. OK, the contagion will take the little people down, but so what? https://t.co/D76Y8svHTL
A Chinese company based out of Hong Kong which paid at least $3 million to several members of the Biden family has since been revealed to have ties with the ruling Chinese Communist Party (CCP).
According to the Daily Caller, State Energy HK Limited sent $3 million via wire transfer to Robinson Walker LLC, a company run by an associate of the Biden family named John Robinson Walker. The wire transfer took place in March of 2017, shortly after Joe Biden’s term as Vice President came to an end, according to a report released on Thursday by the House Oversight Committee.
One of the direct subsidiaries of State Energy HK is State Energy Group International Assets Holdings Limited (SEIAH). At the time of the wire transfer, SEIAH’s chairman was Ren Qingxin, who previously worked for the CCP as a representative at a business organization.
Shortly after the $3 million transfer, Ren was succeeded in his leadership position by Lei Donghui, who had been a member of the CCP since 2002, where he served as Secretary General of the International Engineering Business Bureau of China State Construction (CSC). CSC has since been designated by the Department of Defense as a “Communist China military company.”
Subsequently, the $3 million sent to Robinson Walker was then transferred to four different members of the Biden family: Joe Biden’s son Hunter, brother James, daughter-in-law Hallie, and a fourth unidentified family member, the Oversight Committee reports. The transfers were sent in several transactions, both to the family members directly and to several of their companies, including Owasco PC, JBBSR Inc, and RSTP II, LLC.
The previously-unknown involvement of Hallie – the widow of Biden’s elder son Beau, who later became Hunter’s girlfriend after Beau’s death – has proven to be one of the biggest bombshells yet in the GOP’s investigations into Biden family corruption.
Dutch Farmer’s Party poised to win 16 or 17 seats in parliament thanks to opposing that country’s mad global warming anti-meat mandates. “The Boer-Burger Beweging (BBB), or Farmer-Citizen Movement, is set to become the largest party in the country’s senate, winning more seats than Prime Minister Mark Rutte’s ruling conservative VVD party.”
Red Guards come to Maine. “Kristen Day said students affiliated with one of RSU 14’s Civil Rights Teams harassed her daughter. When her daughter refused to speak about her sexuality, two students affiliated with the club began to bully her and call her homophobic.” (Hat tip: Stephen Green at Instapundit.)
Eric Weinstein on Joe Rogan about what really happened with Kayne West. He suggests that West’s Hitler comments were simply him trying to channel Thomas à Kempis.
Don’t attempt to steal a helicopter unless you can actually, you know, fly a helicopter.
Multiple helicopters were broken into and one was operated before crashing on Wednesday morning at the Sacramento Executive Airport, according to the Sacramento Police Department.
Police say that they received several reports of multiple helicopters being broken into early Wednesday morning.
Officers that responded found a helicopter with major damage that “appeared to have been operated,” police said in a statement.
The damaged helicopter was left on its side and is a Bell 429 model, according to the Federal Aviation Administration.
A further investigation showed that when the helicopter crashed it also damaged several other helicopters.
Yeah, I’d say there was some serious damage.
I have so many questions about this. Like: What did they think they were going to do with the helicopter after they stole it? Take it for a joy ride and return it? Try to sell it? Just how do you go about selling a stolen helicopter? Did they think regional air traffic control was just going to ignore it? (“Hey, stray helicopter! No biggee!”) Did he not realize Sacramento Police have helicopters to chase you with? (Oh yeah: There was an alert.)
No suspect in custody, so police are looking for a doubly lucky dumbass…
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