A kangaroo trial reaches its kangaroo conclusion, Biden’s ludicrous Gaza pier floats away and sinks, ESG lawsuits get the green light, the Libertarians nominate a hard left social justice warrior, and the NRA picks up a Supreme Court win. It’s the Friday LinkSwarm!
The kangaroo trial where they tried Trump on supposed violation of a federal offense in a state courtroom and the judge decreed that the jury didn’t need to come to a unanimous opinion to find Trump guilty found Trump guilty. I expect this to result in expedited appeal and equally expedited overturning.
Result? “Today, the Trump campaign announced a record-shattering small-dollar fundraising haul following the sham Biden Trial verdict totaling $34.8 million – nearly double the biggest day ever recorded for the Trump campaign on the WinRed platform.” (Hat tip: Stephen Green at Instapundit.)
While the CIA is strictly prohibited from spying on or running clandestine operations against American citizens on US soil, a bombshell new “Twitter Files” report reveals that a member of the Board of Trustees of InQtel – the CIA’s mission-driving venture capital firm, along with “former” intelligence community (IC) and CIA analysts, were involved in a massive effort in 2021-2022 to take over Twitter’s content management system, as Michael Shellenberger, Matt Taibbi and Alex Gutentag report over at Shellenberger’s Public (subscribers can check out the extensive 6,800 word report here).
According to “thousands of pages of Twitter Files and documents,” these efforts were part of a broader strategy to manage how information is disseminated and consumed on social media under the guise of combating ‘misinformation’ and foreign propaganda efforts – as this complex of government-linked individuals and organizations has gone to great lengths to suggest that narrative control is a national security issue.
According to the report, the effort also involved;
a long-time IC contractor and senior Department of Defense R&D official who spent years developing technologies to detect whistleblowers (“insider threats”) like Edward Snowden and Wikileaks’ leakers;
the proposed head of the DHS’ aborted Disinformation Governance Board, Nina Jankowicz, who aided US military and NATO “hybrid war” operations in Europe;
Jim Baker, who, as FBI General Counsel, helped start the Russiagate hoax, and, as Twitter’s Deputy General Counsel, urged Twitter executives to censor The New York Post story about Hunter Biden.
Jankowicz (aka ‘Scary Poppins’), previously tipped to lead the DHS’s now-aborted Disinformation Governance Board, has been a vocal advocate for more stringent regulation of online speech to counteract ‘rampant disinformation.’ Jim Baker, in his capacity as FBI General Counsel and later as Twitter’s Deputy General Counsel, advocated for and implemented policies that would restrict certain types of speech on the platform, including decisions that affected the visibility of politically sensitive content.
Furthermore, companies like PayPal, Amazon Web Services, and GoDaddy were mentioned as part of a concerted effort to de-platform and financially de-incentivize individuals and organizations deemed threats by the IC. This approach represents a significant escalation in the use of corporate cooperation to achieve what might essentially be considered censorship under the guise of national security.
Nina Jankowicz And The Alethea Group
Remember Nina? A huge fan of Christopher Steele – architect of the infamous Clinton-funded Dossier which underpinned the Trump-Russia hoax, and who joined the chorus of disinformation agents that downplayed the Hunter Biden laptop bombshell, Jankowicz previously served as a disinformation fellow at the Wilson Center, and advised the Ukrainian Foreign Ministry as part of the Fulbright-Clinton Public Policy Fellowship. She also oversaw the Russia and Belarus programs at the National Democratic Institute.
Jankowicz compares the lack of regulation of speech on social media to the lack of government regulation of automobiles in the 1960s. She calls for a “cross-platform” and public-private approach, so whatever actions are taken are taken by Google, Facebook, and Twitter, simultaneously.
Jankowicz points to Europe as the model for regulating speech. “Germany’s NetzDG law requires social media companies and other content hosts to remove ‘obviously illegal’ speech within twenty-four hours,” she says, “or face a fine of up to $50 million.”
By contrast, in the US, she laments, “Congress has yet to pass a bill imposing even the most basic of regulations related to social media and election advertising.” -Public
In a 2020 book, How to Lose the Information War: Russia, Fake News, and the Future of Conflict, Jankowicz praises a NATO cyber security expert for having created a “Center of Excellence,” a concept promoted by Renée Diresta of the Stanford Internet Observatory, in which she made the case for the (now failed) Disinformation Governance Board that Jankowicz would briefly head up.
One year later, Jankowicz began working with ‘anti-disinformation’ consulting firm, Althea Group, staffed by “former” IC analysts.
Lots more at the link.
Remember when fast food was cheap food you bought to treat kids or didn’t feel like cooking? Now 78% of Americans surveyed think it’s a luxury good they can’t afford. Thanks, Joe Biden!
Also, one of Putin’s dachas burned down, though it’s so far from the theater of operations that it may be unrelated.
“Biden’s Gaza ‘Pier to Nowhere’ a Disaster and National Embarrassment, Breaks Apart.” Evidently the pier can only work in seas with waves smaller than three feet, and 4.5′ chop and 20 MPH gusts KO’d it. Also, no less than four U.S. vessels have run aground in the process of trying to build and move this thing. That’s some mighty fine pier-building, Lou.
The Supreme Court unanimously handed the National Rifle Association a win Thursday in the gun rights group’s effort to revive a 2018 First Amendment lawsuit accusing a New York official of causing damage to the NRA’s relationships with banks and insurers.
Justice Sonia Sotomayor wrote a unanimous opinion that found the NRA “plausibly alleged” that Maria Vullo, a former superintendent of New York‘s Department of Financial Services, illegally retaliated against the pro-Second Amendment group after the Parkland, Florida, high school mass shooting that left 17 people dead.
The question before the justices was whether Vullo used her regulatory power to force state financial institutions to cut off ties with the NRA in violation of constitutional First Amendment protections.
Vullo, who worked in former Democratic Gov. Andrew Cuomo’s administration, said her regulations targeted an insurance product that is illegal in New York, which is dubbed by critics as “murder insurance.” In essence, such insurances are third-party policies sold via the NRA that cover personal injury and criminal defense costs after the use of a firearm.
“Here, the NRA plausibly alleged that Vullo violated the First Amendment by coercing DFS-regulated entities into disassociating with the NRA in order to punish or suppress gun-promotion advocacy,” Sotomayor, an appointee of former President Barack Obama, wrote in her decision.
A mysterious shooting in North Carolina north of Fort Liberty, formerly Fort Bragg, not far from where some of America’s most elite U.S. Special Operations forces live and train is under investigation by the Army Criminal Investigation Division as well as local police. The shooting in Carthage, North Carolina occurred May 3 at 8:15 p.m. following a phone call about a suspected trespasser near a Special Forces soldier’s property.
Two Chechen men who spoke broken English were found near the soldier’s home. The family alleges the suspected intruder, 35-year-old Ramzan Daraev of Chicago was taking photos of their children. When confronted near a power line in a wooded part of the property, an altercation ensued and Daraev was shot several times at close range. A second man, Dzhankutov Adsalan, was in a vehicle some distance from the incident and was questioned by authorities and then released. The Moore County Sheriff’s office is leading the investigation.
The FBI told Fox News, “Our law enforcement partners at the Moore County Sheriff’s Office contacted the FBI after a shooting death in Carthage. A special agent met with investigators and provided a linguist to assist with a language barrier for interviews.”
A district judge has granted a pilot’s request for a class-action lawsuit against American Airlines for allegedly investing pension funds into environmental, social, and governance (ESG) funds.
The case revolves around the allegation that American Airlines—headquartered in Fort Worth, Texas—violated its fiduciary obligation to the Employee Retirement Income Security Act (ERISA) “by investing millions of dollars of American Airlines employees’ retirement savings with investment managers and investment funds that pursue political agendas” through ESG initiatives.
“By pursuing ESG goals, Defendants gave Plan assets to fund managers, such as BlackRock, who allegedly ignored financial returns as the exclusive purpose and lowered the value of Plan participants’ investments,” the order states.
In addition to being disloyal to the employees, the plaintiff, Bryan Spence, argues that American Airlines’ investments were “imprudent because it is well known that ESG funds are associated with poor performance given the detrimental effects of such activism on stock prices.”
“To remedy these alleged ERISA violations, Plaintiff filed this lawsuit individually and on behalf of a proposed class of Plan participants and beneficiaries,” the order says. “ERISA authorized participants in a qualifying plan to bring an action on behalf of other participants to enforce the statute’s fiduciary obligations and remedial provisions, as well as recover all losses to a plan caused by a breach of a fiduciary duty.”
Two weeks before Russia invaded Ukraine in February 2022, a large, mysterious new Internet hosting firm called Stark Industries Solutions materialized and quickly became the epicenter of massive distributed denial-of-service (DDoS) attacks on government and commercial targets in Ukraine and Europe. An investigation into Stark Industries reveals it is being used as a global proxy network that conceals the true source of cyberattacks and disinformation campaigns against enemies of Russia.
At least a dozen patriotic Russian hacking groups have been launching DDoS attacks since the start of the war at a variety of targets seen as opposed to Moscow. But by all accounts, few attacks from those gangs have come close to the amount of firepower wielded by a pro-Russia group calling itself “NoName057(16).”
As detailed by researchers at Radware, NoName has effectively gamified DDoS attacks, recruiting hacktivists via its Telegram channel and offering to pay people who agree to install a piece of software called DDoSia. That program allows NoName to commandeer the host computers and their Internet connections in coordinated DDoS campaigns, and DDoSia users with the most attacks can win cash prizes.
Microsoft’s announcement of the new AI-powered Windows 11 Recall feature has sparked a lot of concern, with many thinking that it has created massive privacy risks and a new attack vector that threat actors can exploit to steal data.
Revealed during a Monday AI event, the feature is designed to help “recall” information you have looked at in the past, making it easily accessible via a simple search.
While it’s currently only available on Copilot+ PCs running Snapdragon X ARM processors, Microsoft says they are working with Intel and AMD to create compatible CPUs.
Recall works by taking a screenshot of your active window every few seconds, recording everything you do in Windows for up to three months by default.
These snapshots will be analyzed by the on-device Neural Processing Unit (NPU) and an AI model to extract data from the screenshot. The data will be saved in a semantic index, allowing Windows users to browse through the snapshot history or search using human language queries.
Who wouldn’t want AI recording and monitoring their every move? Yet another reason never to turn on Windows Copilot+…or use a Windows machine at all.
Time for an update to this old classic
Though Texas House Speaker Dade Phelan survived by the skin of his teeth, a majority of Republican Texas House members say they won’t vote for him for speaker.
A majority of the 2025 Republican House caucus opposes Democratic committee chairs, and effectively will not support another term for Speaker Dade Phelan (R-Beaumont), the group said in a letter released on Friday.
“In a collective effort to respond to Republican voters and reform the Texas House, we will only vote for a candidate for speaker pursuant to the Platform and the Caucus By-Laws who will only appoint Republicans as committee chairs,” the brief letter and joint statement reads.
It adds, “The absence of a member’s or nominee’s name from this statement does not necessarily mean the individual is opposed to this statement. All members and nominees are invited to sign on to this statement.”
Forty six current or presumptive members signed the letter, including 23 members who voted for Phelan’s speakership last year.
One of those signatories, GOP nominee in House District 70 Steve Kinard, has a difficult general election fight against state Rep. Mihaela Plesa (D-Dallas) in a D-52% district.
The letter includes signatures from each of the 21 “Contract with Texas” signatories, most of whom campaigned specifically against Phelan’s speakership. That contract also includes a ban on Democratic committee chairs, though has 11 other planks to its demands as well.
Last session, a parliamentary maneuver precluded a vote on the question of banning Democratic chair appointments, though the idea had gained steam among GOP House members and was included in the party’s list of legislative priorities. It is likely to be featured again.
In a March interview after being pushed to a runoff and state Rep. Tom Oliverson (R-Cypress) announcing his challenge for the gavel, Phelan said he would not back down on the appointment of Democrats as committee chairs.
Snip.
This release makes Phelan’s path toward a third term as speaker much more difficult. Should this group hold, ostensibly opposed to Phelan, it will be impossible for him to win the Texas House Republican Caucus endorsement. However, the speaker could give in on some concessions, such as Democratic chair appointments, and win back this group’s support.
GOP caucus rules require members to vote for the body’s nominee, presumably enforced by the bylaws, though no section exists in that portion of the document laying out penalties for voting differently than the caucus has chosen. It’s happened before, for example last year when three members — state Reps. Tony Tinderholt (R-Arlington) and Nate Schatzline (R-Fort Worth), and now-former member Bryan Slaton (R-Royse City) — voted against the caucus nominee, Phelan, and for Tinderholt.
Article IX of the Texas Republican House Caucus bylaws lays out the procedure for selecting a speaker candidate. It requires the selection process to be conducted by secret ballot until a member receives two-thirds support from the body, currently 58 votes; if no candidate reaches that line, the last-placed candidate will be eliminated from the contest and that will be repeated until one candidate reaches 58.
Should the vote reach a third round, the threshold needed will drop to three-fifths support — currently at 52 votes. Should nobody reach that line, after a fourth round of voting, all nominations will be withdrawn and the floor reopened.
Depending on what happens in November with potential flips, those 58- and 52-lines may shift.
This intra-caucus vote will occur in early December, per the rules.
Libertarians nominate a social justice warrior Chase Oliver for their Presidential candidate. A fair number of Libertarians are saying they’ll vote for Trump now…
“I believe this is one of the most important elections of my lifetime, and I’m supporting Trump. I know that I’ll lose friends for this. Some will refuse to do business with me. The media will probably demonize me, as they have so many others before me. But despite this, I still believe it’s the right thing to do.”
The physics PhD said that he refuses to live in a society where people are afraid to speak their minds.
Red Lobster followup: Turns out Red Lobster is privately owned by seafood supplier Thai Union. And just who did Red Lobster buy all that “endless shrimp” from? No prizes for guessing…
“George Miller’s Furiosa is projected to take in only $31 million at the box office. When adjusted for inflation, that’s the worst Memorial Day box-office haul in 43 years.”
Will wokeness and the Biden recession kill off comic shops? Also, is Disney looking to outsource comics from Marvel?
World’s largest Buc-ee’s to open. “The new center is located in Luling, Texas, and will open its doors to the public the morning of June 10, according to a news release from the company. The new 75,000-square-foot center is symbolic for the Luling community, as it will replace the city’s current Buc-ee’s store, which was the first Buc-ee’s travel center built in 2003.” (Hat tip: Dave.)
“Donald Trump Found Guilty Of Being Donald Trump.” “‘It was an open and shut case,’ said prosecutor Joshua Steinglass. ‘There wasn’t any way he could sit there being Donald Trump and just get away with it. We were given strict orders to hold him accountable for being Donald Trump, and that’s what we’ve done.'”
Welcome to spring! More evidence the Biden clan lied under oath, lots of illegal alien news, Ukraine hits more Russian oil refineries, and BlackRock and Planet Fitness enjoy the consequences of getting woke. It’s the Friday LinkSwarm!
In his opening statement before the House Oversight Committee on Wednesday, Hunter Biden’s former business partner Tony Bobulinski publicly accused the first son and his uncle, Jim Biden, of lying under oath about the nature of their business dealings with Chinese conglomerate CEFC.
Bobulinski is testifying on Wednesday about the Biden family’s foreign business dealings, the subject of the House GOP’s impeachment inquiry into President Joe Biden. He testified behind closed doors last month and vividly recalled meeting Hunter, Joe, and James Biden in May 2017 to discuss a proposed joint venture with CEFC.
Bobulinski cited three examples of alleged perjury from Hunter Biden’s sworn testimony last month, accusing Hunter of lying about: the timeline of his business relationship with CEFC, his father’s interactions with his business associates, and the threatening text he sent a Chinese businessman in which he demanded payment and said he was sitting next to his father.
“Hunter Biden gave his transcribed interview to the House Oversight Committee on February 28 and lied throughout his testimony,” Bobulinski said in his written testimony.
Hunter Biden said his work for CEFC began with a retainer in 2017. However, Bobulinski insists, based on conversations he said he had with Hunter, that the Biden business relationship with CEFC goes back further, possibly to Joe Biden’s time as vice president.
Hunter Biden claimed his father never interacted with his son’s business partners and repeatedly denied his father’s involvement in those dealings. However, Hunter Biden confirmed Joe Biden met Bobulinski and multiple foreign business partners, and spoke to business associates on speakerphone.
James Biden denied in his closed-door testimony that he attended that May 2017 meeting, contradicting Hunter’s sworn testimony.
“The sole reason Hunter wanted me to meet his father was because I was the CEO of SinoHawk, the Bidens’ partnership with CEFC. I was a business associate. In his transcript, Hunter confirms that that meeting with Joe took place and incriminates his Uncle Jim for perjury by confirming it,” Bobulinski’s statement reads.
In his written testimony and the opening statement he delivered, Bobulinski also accuses Hunter of lying about the details of a text he sent to a Chinese business associate in July 2017 where he appeared to leverage his father’s influence. Hunter Biden testified that he was embarrassed by the text and claimed he sent it to the wrong Chinese business partner, a person not connected to CEFC.
“He leveraged his father’s presence next to him in that infamous text to strongarm CEFC into paying Hunter immediately,” Bobulinski said.
In March 2017, Hunter Biden’s then-business partner Rob Walker received a $3 million payment from State Energy HK, an account linked to CEFC.
Walker distributed roughly $1 million of the State Energy HK funds to bank accounts linked to Hunter Biden and other members of the Biden family, bank records show. The $3 million wire to Walker took place after Hunter Biden and his business associates held meetings with CEFC and helped explore business deals, according to Walker’s testimony and Hunter Biden’s federal tax indictment. Joe Biden’s vice presidency concluded only weeks before the State Energy HK payment came in.
Bobulinski also accused James Biden of lying under oath about the details of his involvement with Bobulinski and CEFC.
Testifying behind closed doors last month, James Biden repeatedly denied meeting Bobulinski, contradicting the testimony given by Bobulinski and Hunter Biden, according to a transcript of his testimony. Despite being shown exhibits to the contrary, James Biden doubled down on his denial that the May 2017 meeting with Bobulinski and Joe and Hunter Biden took place. Likewise, James Biden denied signing any agreement to get into business with Bobulinski through Oneida Holdings, a holding company created for the CEFC proposal.
When presented with a signed copy of the Oneida agreement, James Biden said he could not recall being part of the Oneida arrangement. The CEFC proposal involving Bobulinski fell apart, and the Bidens entered a separate joint venture with CEFC called Hudson West III to help CEFC explore U.S. energy deals.
“There are many other examples of Hunter’s and Jim’s lies, which I am happy to discuss during my testimony here today, and I hope this Committee will hold them accountable for their perjury before you,” Bobulinski’s written statement adds. When questioned by Republican lawmakers, Bobulinski repeated his accusations Hunter and James Biden committed perjury during their closed-door testimonies last month.
Alongside Bobulinski, imprisoned former Biden associate Jason Galanis is testifying virtually about the business enterprise he worked on with Hunter Biden and other business partners. Galanis’ opening statement on Wednesday mirrors private testimony in which he claimed Joe Biden helped his son finalize deals with Chinese and Russian business partners.
“The entire value-add of Hunter Biden to our business was his family name and his access to his father, Vice President Joe Biden,” Galanis testified. He believes he is risking his safety to testify because of alleged retaliation by the Justice Department during his time in prison for participating in a fraudulent bond scheme.
Bobulinski’s testimony will be no surprise to regular BattleSwarm readers following the scandal.
I’ll confine myself to one typical example, although many could be cited. On page 55 of the transcript, Hur asks Biden in what workspaces he kept documents at the vice president’s residence (the Naval Observatory); Biden’s response runs seven pages — although it was not a sensible response to the very simple question asked.
The president began by recounting that “I was the guy who wrote the Violence Against Women Act”; that agriculture is “a $4 billion industry in Delaware and the Delmarva peninsula”; that in a law-school torts class he was applauded for speaking ten minutes about a case he had not read; that “to make a long story short” he got a job out of law school at a firm in Delaware; and that “to make a long story not quite so long” he participated in a case while he was waiting for his bar results involving “this poor kid [who was] down a hundred-foot vessel, chimney, scraping the hydrogen bubbles off of the inside” but “was wearing the wrong pants, wrong jeans, and he —a spark caught fire and got caught in the containment vessel and he lost part of his penis and one of his testicles and he was 23 years old.” The senior partner told Biden to write a memo supporting a motion to dismiss the case, “and son of a bitch, it prevailed,” whereupon Biden thought “son of a bitch I’m in the wrong business, I’m not made for this.”
Thereupon, the senior partner invited him to go to the Wilmington Club, where “no blacks, Catholics are allowed — have been allowed to be members. The DuPont family name.” (Biden elsewhere in the seven pages repeatedly refers to the DuPont family, whom he describes as “Rockefeller Republicans” highly influential in Delaware.) Biden recalled being so taken aback by the Wilmington Club invitation that, in “the only time I ever lied that I can remember looking somebody in the eye,” he made up a story that his father was coming to visit that day. Then he immediately walked through “the basement on a public building and walked in with a guy named Frank and I said I want a job as a public defender.” This began “what got me — I had been involved in the civil-rights movement. That got me deeply involved in trying to reform the Democratic Party, which was a southern Democratic Party. We were a slave state by law.”
“And the whole point of telling you all this,” he continued, “is that I had a lot of material that I kept notes on” about the Democratic Party. And at that point, when he was 26 or 27 years old, Biden elaborated, “I went to work part time for a criminal-defense firm mainly, a real estate — there were five people. And so I was no longer a public defender. . . .” Then “one thing led to another” and Biden joined a group seeking to reform the Democratic Party. Even though he was young, they wanted him to run for the state senate. But he wanted to start his own law firm instead. “So to make a long story short,” he ended up running for county council, but “wanted to be sure that I was going to lose,” so he ran in a district that no Democrat had ever won. “And I won it. And next thing you know, I’m in a tough position. My generic point was that there was a lot of material that I had amassed that I wanted to save. I probably still have it somewhere. And so that stuff would travel wherever the hell I was.”
At that point, mercifully, Hur interjected, “trying to steer us back to the end of your vice presidency.”
To repeat, what I’ve outlined above comes from a single, uninterrupted, utterly non-responsive answer to a question about where Biden kept documents while living in the Naval Observatory circa 2016.
I would say that Grandpa Simpson is running the country, except it’s his Obama-retread aides who are doing that, and Grandpa Simpson is markedly more focused and coherent than Slow Joe is now. (Hat tip: Powerline.)
A senior official with United States Customs and Border Protection (CBP) revealed Wednesday that CBP agents in El Paso arrested a man for attempting to enter the country illegally, and a further search led to the discovery of gang connections and alarming images contained on the man’s phone.
CBP Chief Jason Owens announced the arrest on social media, saying the man was from Colombia and shared images of tattoos that connect him with the Clan Del Gulfo (CDG) cartel.
A federal law, Section 922 of Title 18 of the U.S. Code, bars illegal immigrants from carrying guns or ammunition. Prosecutors charged Heriberto Carbajal-Flores, the illegal alien, in 2020 after he was found in Chicago carrying a semi-automatic pistol despite “knowing he was an alien illegally and unlawfully in the United States.”
U.S. District Judge Sharon Johnson Coleman rejected two motions to dismiss, but the third motion, based on a 2022 U.S. Supreme Court ruling, triggered the dismissal of the case on March 8.
“The noncitizen possession statute, 18 U.S.C. § 922(g)(5), violates the Second Amendment as applied to Carbajal-Flores,” Judge Coleman, appointed under President Barack Obama, wrote in her 8-page ruling. “Thus, the court grants Carbajal-Flores’ motion to dismiss.”
“Tyson closed down a pork plant in Iowa to hire ‘asylum seekers’ in New York. Tyson Foods just axed 1,200 jobs in Perry, Iowa, a town of just a few thousand people, and have moved those jobs, as well as others, to places like New York where they know there are ‘asylum seekers’ ready to replace American workers.”
The Biden administration announced Wednesday that it will impose the strictest vehicle-emissions regulations ever enacted as part of an effort to push the American car industry toward electric vehicles.
The emissions standards, which will cover light-duty vehicles — cars, SUVs, and pickup trucks — are set to apply to models produced from “2027 through 2032 and beyond,” the Environmental Protection Agency said in a statement.
The new rules set targets for the number of electric models produced in the United States as a percentage of all light-duty vehicles created each year. For instance, in 2030, hitting the EPA’s new targets would require somewhere between 31 percent and 44 percent of new cars, SUVs, and pickup trucks to be fully electric, with the exact percentage depending on the amount of emissions from other vehicles.
Though the regulations announced Wednesday are the strictest in the country’s history, they are a step back from the EPA’s April 2023 proposal, at least in terms of the rollout speed. While the target in 2032 is still for carbon emissions to be cut in half from the total produced by cars that went on sale in 2026, the shift will be more gradual than the changes the administration proposed last year and the targets in the earlier years easier to meet.
Another difference is the inclusion of hybrid vehicles. The April 2023 proposal called for two-thirds of cars sold in 2032 to be electric, but the new regulations amend that number to 56 percent of cars sold being electric and another 13 percent hybrid.
The electric car market is already saturated and EV sales are falling. Americans don’t want them, so the Biden administration is going to punish (and possibly destroy) the American car industry in their relentless pursuit of green graft.
“Texas School Fund Divests $8.5 Billion From BlackRock Over Anti-energy Policies. State Board of Education Chairman Aaron Kinsey said BlackRock was not in compliance with new legislation that prohibits state funds from being given to organizations that boycott energy companies.” Good. BlackRock’s “Environmental Social Governance” is bad for investors and bad for America.
Well, I’ve had better weeks. In addition to my job ending, my dog had to get $1,700 worth of veterinary work done (removing and testing a lump on his chest, and while he was getting that I got his teeth cleaned). So feel free to hit the donation jar at the bottom of the post.
A prosecutor overseeing the Hunter Biden tax probe likely intervened to protect President Biden from Department of Justice scrutiny, Eileen O’Connor, former assistant attorney general for the Justice Department’s Tax Division, testified at the first House Oversight impeachment hearing Thursday.
The impeachment inquiry, which was formally opened earlier this month without a full House vote, builds on the committee’s months-long probe into Biden’s alleged foreign influence peddling.
U.S. attorney for the District of Delaware David Weiss led the investigation into Hunter Biden’s taxes, which began in 2018, and was assisted by assistant U.S. attorney Lesley Wolf.
IRS whistleblowers who worked on the probe, and have since provided a trove of information to the committee, identified many deviations from standard procedure, which they claim were driven by Weiss and his staff as well as officials at main Justice in an attempt to slow walk or otherwise obstruct the probe.
The whistleblowers highlighted the fact that attorneys from the DOJ’s tax division suggested the removal of Hunter’s name from documents, including subpoenas, and pointed out that prosecutors at the U.S. attorney’s office in Delaware prohibited IRS and FBI investigators from asking about or referring to “the big guy” or “dad” in witness interviews.
Wolf also ordered investigators not to escalate the tax probe into a campaign-finance probe, according to a document the GOP committee obtained from the whistleblowers. Specifically, she told them not to pursue the possibility that a hefty sum Hunter received from a major Democratic donor to pay his back taxes may have constituted an illegal campaign-finance contribution.
Why, it’s almost as if there’s a different rule for powerful Democrats than for other Americans…
“Adam Schiff Funneled Millions To Defense Contractors After Taking Donations.” Of course he did. “This financial maneuvering coincided with Schiff receiving $8,500 in contributions from PMA Group PAC and two family members of Paul Magliocchetti, founder and owner of the lobbying firm retained by both defense companies. In 2011, Paul Magliocchetti was sentenced to 27 months in prison for making illegal campaign contributions.”
Target closes nine stores in Portland, San Francisco, Oakland, Seattle and New York City, citing losses from crime.
States are fighting back against ESG companies trying to destroy their oil and gas industries.
“Oklahoma is a natural gas and oil industry state,” [Oklahoma State Auditor Cindy Byrd] said. “These things are very important to us, and we’ve seen that shut down over the last few years, which is really hurting Oklahoma.”
Increasingly, the environmental social and governance (ESG) industry is coordinating efforts among banks, insurance companies, and asset managers to cut America’s production of fossil fuels. It coordinates these efforts through a coalition of net-zero associations under the umbrella of the U.N.-affiliated Glasgow Financial Alliance for Net Zero (GFANZ).
The net-zero clubs that are part of GFANZ encompass virtually all elements of global finance, including the Net Zero Banking Alliance (NZBA), the Net Zero Insurance Alliance (NZIA), the Net Zero Asset Managers initiative (NZAMi), the Net Zero Asset Owners Alliance (NZAOA) and the Net Zero Financial Service Providers Alliance (NZFSPA). Members of these alliances pledge to work together to achieve UN goals of net zero CO2 emissions by 2050 or sooner.
We thought about investments, getting good returns, trying to make money with your money, and that was the prominent thought when I first got in office,” said Kentucky State Treasurer Allison Ball. “I remember when I first started coming to events, I began to hear about an initiative called ESG, and I thought at the time that this was academic; I didn’t really take it very seriously.
“In the course of the last couple of years, it began to become very aggressively pushed,” she told The Epoch Times. “There’s been an effort to really make it the only game in town, to really shift that mentality from investing to make money, making sure you’re getting good returns, to using investments as leverage to push certain mostly political ideas.
“Coal and oil and gas industries, those are signature industries in Kentucky,” Ms. Ball said. “And they’ve been targeted very strongly by the E part of ESG, so I began to see real impacts on the economy of Kentucky, my home area.”
The felony convictions of four former Navy officers in one of the worst bribery cases in the maritime branch’s history were vacated Wednesday due to questions about prosecutorial misconduct, the latest setback to the government’s years-long efforts in going after dozens of military officials tied to Leonard Francis, a defense contractor nicknamed “Fat Leonard.”
U.S. District Judge Janis Sammartino called the misconduct “outrageous” and agreed to allow the four men to plead guilty to a misdemeanor and pay a $100 fine each.
California Democratic Senator Dianne Feinstein dead at 90.
“A group of five Harris County residents filed a petition in state district court on Friday seeking to remove Harris County Judge Lina Hidalgo from office, arguing that she has abandoned her duties and responsibilities as the elected chief executive of the state’s most populous county….petitioning to remove Hidalgo under Texas Local Government code allowing for removal of an unfit or incompetent elected official.” She’s been on “mental health leave” since July.
“Prosper ISD Taxpayers Debate Priciest High School Stadium in Texas.” As in $94.8 million pricey. And that’s after they already built one for $53 million, the fifth priciest in the state, that opened in 2019. And they’ve already built two high schools that cost $200 million each, presumably with gold-plated microscopes and Tito Puente as the music teacher…
The O’Keefe Media Group has published a new story focusing on perhaps James O’Keefe’s most powerful investigative subject to date, BlackRock Inc.
In the footage, a BlackRock Recruiter named Serge Varlay describes how BlackRock is able to ”run the world” in about 7 minutes of riveting undercover footage. The footage was captured over the course of several meetings in New York by one of OMG News’ rockstar undercover journalists.
BlackRock Inc is the world’s largest asset management company that’s gained more notoriety as of late due to its large acquisitions. Varlay says it’s easier for BlackRock to do things when “people aren’t thinking about it” and the asset giant “doesn’t want to be anywhere on the radar. This story is a peek into why.
Serge Varlay told our journalist that BlackRock manages $20 trillion dollars worldwide. According to him, “it’s incomprehensible numbers.” BlackRock has over $9.5 trillion of assets under management, that’s larger than the GDP of all countries on the globe except the US and China.
“The senators…are f***ing cheap – you got 10 grand, you can buy a senator,” Varlay remarked in what is arguably the most unabashed description of corruption and bribery from their own company we’ve ever heard. The extended soundbite from Varlay is below:
You can take this big f*** ton of money and buy people, I work for a company called BlackRock…It’s not who is the president it’s who is controlling the wallet of the president. You could buy your candidates. First, there is the senators these guys are fuckin cheap. Got 10 grand you can buy a senator I’ll give you 500k right now It doesn’t matter who wins they’re in my pocket.
Here’s the video:
Right after that video drops, O’Keffe’s org email starts filling up with spam mail preporting to be from state governments.
We’re getting crazy emails into our proton mail, crazy emails. It appears to be a denial of service attack. Every state government, North Dakota, Oregon, State Department. We’re getting inundated every second every minute with emails from every state department of labor, government transportation agency. So somehow we’ve been signed up immediately on all 50 states email this serve.
BlackRock, of course, is one of the companies pushing ESG the hardest. They also seem to be one of the primary vectors into the corruption of our government.
If O’Keffe is receiving this much flak, he must be over the target…
Florida Governor Rob DeSantis has made it official that he’s running for President in 2024. Right now I’m backing DeSantis over Trump, not for the reasons floated by the TDS-riddled, cruiseship class “conserving conservatism” crowd, but because DeSantis has constantly, consistently and repeatedly taken the fight to the social justice warrior set to combat their quest to fundamentally alter America in the name of neo-Marxist victimhood identity politics.
Also, he signed a pro-school choice vouchers bill, which attacks the SJW/teacher’s union education establishment by letting parents remove children from their clutches.
And much more in that vein.
We can debate various other positions of Trump and DeSantis, but DeSantis has been much more active in fighting the far-left social justice warrior agenda than Trump was while President. DeSantis has crushed his SJW enemies, driven identitarians before him and heard the lamentations of their shemales.
Trump may drive the left crazy, but it’s DeSantis that has the hill of skulls surrounding his throne.
As the 88th Texas legislature regular session races toward sine die on May 29, here’s a quick update on two bills that caught my attention:
The senate is debating a bill to prevent banks from tracking firearms purchases. Good. We should not be letting the government set up a gun confiscation list, or banks a list to start banning law-abiding gun owners based on the goal of goosing their ESG scores.
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.
Mutiny! Bank runs! Twitter files! It’s a ginormous LinkSwarm full of interesting (and alarming) links!
And I finally get a chance to talk more about the FTX scandal.
The Twitter files revelations continue to roll out. And Democrats aren’t happy that the workings of their thought police apparatus are being unmasked.
As one might expect, the Judiciary hearing on the “weaponization” of federal agencies, featuring Matt Taibbi and Michael Shellenberger as witnesses was full of fireworks, facts, and ad hominem friction.
Out of the gate, Ranking Member Democratic Del. Stacey E. Plaskett labeled the two “so-called journalists” as dangerous and a “threat” to former Twitter employees.
She claimed that Republicans brought “two of Elon Musk’s ‘public scribes'” in “to release cherry-picked out-of-context emails and screenshots designed to promote his chosen narrative – Elon Musk’s chosen narrative – that is now being parroted by the Republicans” for political gain.
“I’m not exaggerating when I say you have called two witnesses who pose a direct threat to people who oppose them,” Plaskett said after the video.
Chairman of the House Judiciary Committee, Republican Rep. Jim Jordan of Ohio, had a simple response to her accusations:
“It’s crazy what you were just saying.”
“You don’t want people to see what happened,” Jordan continued.
“The full video, transparency. You don’t want that, and you don’t want two journalists who have been named personally by the Biden administration, the FTC in a letter. They say they’re here to help and tell their story, and frankly, I think they’re brave individuals for being willing to come after being named in a letter from the Biden FTC.”
Taibbi was having none of it.
Matt Taibbi epic comeback:
"Ranking Member Plaskett, I'm not a 'so-called journalist'. I've won the National Magazine Award, the I.F. Stone Award for Independent Journalism, and I've written 10 books including 4 NYT Best Sellers." pic.twitter.com/crXlWjScEr
— Citizen Free Press (@CitizenFreePres) March 9, 2023
As Glenn Greenwald chimed in from Twitter: “To Democrats, “journalist” means: one who mindlessly and loyally endorses DNC talking points. ”
Unshaken, Matt Taibbi continued, when he was allowed to respond, laid out what he and Shellenberger had found in their research of The Twitter Files:
“The original promise of the Internet was that it might democratize the exchange of information globally. A free internet would overwhelm all attempts to control information flow, its very existence a threat to anti-democratic forms of government everywhere,” Taibbi said.
“What we found in the Files was a sweeping effort to reverse that promise, and use machine learning and other tools to turn the internet into an instrument of censorship and social control. Unfortunately, our own government appears to be playing a lead role.”
Taibbi pointedly added that “effectively, news media became an arm of a state-sponsored thought-policing system.”
“It’s not possible to instantly arrive at truth. It is however becoming technologically possible to instantly define and enforce a political consensus online, which I believe is what we’re looking at.”
Democrats only response to Taibbi and Shellenberger’s facts was to get personal…
Snip.
As we detailed earlier, journalists Matt Taibbi and Michael Shellenberger are testifying before the House Judiciary Committee’s Select Subcommittee on the Weaponization of the Federal Government today. Both journalists were involved in the ‘Twitter Files’ disclosures, in which we learned that the government was directly involved in censoring disfavorable speech.
“Our findings are shocking,” writes Shellenberger at his blog. “A highly-organized network of U.S. government agencies and government contractors has been creating blacklists and pressuring social media companies to censor Americans, often without them knowing it.”
Ahead of the appearance, Taibbi released his prepared remarks. He also dropped a new and related Twitter Files mega-thread on ‘THE CENSORSHIP-INDUSTRIAL COMPLEX’ which will be submitted to the Congressional record which, according to Taibbi, ‘contains some surprises.’
But Twitter was more like a partner to government. With other tech firms it held a regular “industry meeting” with FBI and DHS, and developed a formal system for receiving thousands of content reports from every corner of government: HHS, Treasury, NSA, even local police…
But equally concerning was how those driving The Narrative used NGOs that agreed with them as Arbiters of Truth.
We came to think of this grouping – state agencies like DHS, FBI, or the Global Engagement Center (GEC), along with “NGOs that aren’t academic” and an unexpectedly aggressive partner, commercial news media – as the Censorship-Industrial Complex.
Who’s in the Censorship-Industrial Complex? Twitter in 2020 helpfully compiled a list for a working group set up in 2020. The National Endowment for Democracy, the Atlantic Council’s DFRLab, and Hamilton 68’s creator, the Alliance for Securing Democracy, are key…
Twitter execs weren’t sure about Clemson’s Media Forensics Lab (“too chummy with HPSCI”), and weren’t keen on the Rand Corporation (“too close to USDOD”), but others were deemed just right.
NGOs ideally serve as a check on corporations and the government. Not long ago, most of these institutions viewed themselves that way. Now, intel officials, “researchers,” and executives at firms like Twitter are effectively one team – or Signal group, as it were:
The Woodstock of the Censorship-Industrial Complex came when the Aspen Institute – which receives millions a year from both the State Department and USAID – held a star-studded confab in Aspen in August 2021 to release its final report on “Information Disorder.”
The report was co-authored by Katie Couric and Chris Krebs, the founder of the DHS’s Cybersecurity and Infrastructure Security Agency (CISA). Yoel Roth of Twitter and Nathaniel Gleicher of Facebook were technical advisors. Prince Harry joined Couric as a Commissioner.
Why the fuck is Prince Harry on a committee deciding how free American citizens should be censored?
Their taxpayer-backed conclusions: the state should have total access to data to make searching speech easier, speech offenders should be put in a “holding area,” and government should probably restrict disinformation, “even if it means losing some freedom.”
Snip.
The same agencies (FBI, DHS/CISA, GEC) invite the same “experts” (Thomas Rid, Alex Stamos), funded by the same foundations (Newmark, Omidyar, Knight) trailed by the same reporters (Margaret Sullivan, Molly McKew, Brandy Zadrozny) seemingly to every conference, every panel.
The #TwitterFiles show the principals of this incestuous self-appointed truth squad moving from law enforcement/intelligence to the private sector and back, claiming a special right to do what they say is bad practice for everyone else: be fact-checked only by themselves. While Twitter sometimes pushed back on technical analyses from NGOs about who is and isn’t a “bot,” on subject matter questions like vaccines or elections they instantly defer to sites like Politifact, funded by the same names that fund the NGOs: Koch, Newmark, Knight.
#TwitterFiles repeatedly show media acting as proxy for NGOs, with Twitter bracing for bad headlines if they don’t nix accounts. Here, the Financial Times gives Twitter until end of day to provide a “steer” on whether RFK, Jr. and other vax offenders will be zapped.
Well, you say, so what? Why shouldn’t civil society organizations and reporters work together to boycott “misinformation”? Isn’t that not just an exercise of free speech, but a particularly enlightened form of it?
The difference is, these campaigns are taxpayer-funded. Though the state is supposed to stay out domestic propaganda, the Aspen Institute, Graphika, the Atlantic Council’s DFRLab, New America, and other “anti-disinformation” labs are receiving huge public awards.
Meant to cover this back in February, but FTX founder Sam Bankman-Fried, in additional to all those federal fraud charges, was charged with “12 new counts, including illegally making over 300 political contributions to the tune of tens of millions of dollars through straw donors and using corporate funds.” The overwhelming majority went to Democrats and left-leaning causes. “Bankman-Fried was the second largest individual donor during the 2022 US midterm elections, contributing $39 million to various Democrat causes.” Also: “FTX’s former CEO wanted to give at least $1 million to a pro-LGBTQ political action group, but couldn’t find anyone bisexual or gay at the company whom he trusted, the document said.”
Speaking of Bankman-Fried: “The previously sealed names of two people who co-signed Sam Bankman-Fried’s $250 million bail package have been publicly released. The guarantors were identified in the unredacted bonds as Andreas Paepcke, a Stanford research scientist, and Larry Kramer, former dean of Stanford law school…How the fuck did these Stanford faculty members get so rich as to guarantee that size of a bail?”
Speaking of crypto, Silvergate, a California bank that was a heavy player in the crypto space, is shutting down and liquidating after huge bank runs in the crypto-winter. Want to guess who was a big booster of Silvergate? Would you believe Sam Bankman-Fried?
When China began to require Western corporations to establish Chinese Communist Party (CCP) cells, businesses brushed off the move as benign. For example, when HSBC HBA 0.0% became the first international financial institution at which workers established a Chinese Communist Party cell in its investment banking venture in China in July, the bank stated that the CCP committee does not influence the direction of the firm and has no formal role in its day-to-day activities. But the CCP may have begun to flex its muscle in other ways. This week, the CCP cell inside the Beijing office of Big Four accounting firm EY demanded that party members wear CCP badges at work in the run-up to China’s annual parliamentary meetings.
Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank.
All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.
Silicon Valley Bank had 17 branches in California and Massachusetts. The main office and all branches of Silicon Valley Bank will reopen on Monday, March 13, 2023. The DINB will maintain Silicon Valley Bank’s normal business hours. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Silicon Valley Bank’s official checks will continue to clear. Under the Federal Deposit Insurance Act, the FDIC may create a DINB to ensure that customers have continued access to their insured funds.
As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers.
SVB was a bank that primarily counted venture capital firms and technology startups as clients. It achieved financial stardom during the COVID-19 pandemic because major cash deposits from the booming firms increased its deposits from $60 billion in the first quarter of 2020 to over $200 billion in December 2022, the Wall Street Journal reported. Its securities portfolio rose from roughly $27 billion in 2020’s first quarter to approximately $127 billion at the end of 2021.
The fact that most of SVB’s assets were seemingly secure — they were mainly longer-term government bonds — led many investors to feel the bank was secure. Those feelings would be dashed in just two days. The bank suddenly announced Wednesday that it needed to raise over $2.2 billion, sending its stock plunging by more than 60% in a matter of days.
The government securities bought by SVB pay a fixed rate, so when market interest rates were raised, a gap began to grow between how much the securities were worth on the open market and what they were valued on the bank’s books. The unrealized losses in SVB’s securities portfolio in December had grown to more than $17 billion, a number expected to grow, as the securities could only be sold at a loss.
Crack the whip: unacceptable because of origins in slavery
Waiter or waitress: server should be used instead
Biological gender, biological sex, biological woman, biological female, biological man, or biological male
Illegal immigrant or illegal alien
Cake walk: “originated during slavery” and thus perpetuates “racist motifs”
In reference to illegal migration: onslaught, tidal wave, flood, inundation, surge, invasion, army, march, sneak and stealth
Anchor baby
Chain migration: this is a term used by “immigration hard-liners”
Peanut gallery: “the cheapest seats often occupied by Black people and people with low incomes”
Third-world countries: too “derogatory”
Oh, it does not end there. Politico reporters are also not allowed to say that a transgender person “identifies as” a certain gender, or describe the current situation at the border as a “crisis.” The guide also warned reporters to make sure not to portray migrants as a “negative, harmful influence.”
Want some more? “Pro-choice” is frowned upon in favor of “abortion rights supporter,” and (of course) “pro-life” is outlawed, with “anti-abortion” taking its place. “Late-term abortion” is also a no-no; reporters are told to use “abortion later in pregnancy.”
College student accused of stealing more than half a million dollars via credit card fraud working part-time at a mall jewelry store where most of the items are under $50. She marked up items, then returned them at the original price and somehow pocketed the difference. She made eight fake transactions totally more than $540,000. As though somehow the store wasn’t going to notice something funny going on.
I’m pro-life but this is stupid. “Texas Lawmaker Looks to Restrict Online Access to Materials Assisting or Facilitating Abortion.” You can’t ban access to information you don’t like, that’s prior restraint and illegal under the U.S. Constitution.
Speaking of violating rights, a judge was suspended for not allowing a defendant access to legal council. Again. The dumbass in question was Kenton County District Judge Ann Ruttle in Kentucky.
Sunday and Monday this week, I gathered up all my dead branches from the ice storm along the curb in advance of Tuesday’s announced neighborhood-wide branch pickup. I know it’s going to take some time, but it’s Friday and I see no signs that brush has been cleared from anyone’s curbs…
He said ESG poses a threat to the American Economy and individual economic freedom, he further said it’s an attempt for corporate’s elite to discriminate against those who do follow a particular “ideological agenda.” His proposal will outlaw this.
“By applying arbitrary ESG financial metrics that serve no one except the companies that created them, elites are circumventing the ballot box to implement a radical ideological agenda. Through this legislation, we will protect the investments of Floridians and the ability of Floridians to participate in the economy,” DeSantis said, at the news conference.
Heh. “Federal District Court Judge Orders Illinois to Show Examples of Every Newly-Banned Firearm.” (Hat tip: Instapundit.)
Maybe they should spend more time on schools instead. “Not A Single Student Can Do Math At Grade Level In 53 Illinois Schools.”
“Judy Monro-Leighton, one of three women who accused now-Justice Brett Kavanaugh of sexual assault, was found to have lied during a congressional investigation and is now being charged with making materially false statements and obstruction.”
Nicaragua’s scumbag commie government sentences Roman Catholic bishop Roland Alvarez to 26 years in prison for “treason” for daring to stand up for Catholics and refusing to be exiled.
What began as a trickle is now a flood: the US government is using the banking sector to organize a sophisticated, widespread crackdown against the crypto industry. And the administration’s efforts are no secret: they’re expressed plainly in memos, regulatory guidance, and blog posts. However, the breadth of this plan — spanning virtually every financial regulator — as well as its highly coordinated nature, has even the most steely-eyed crypto veterans nervous that crypto businesses might end up completely unbanked, stablecoins may be stranded and unable to manage flows in and out of crypto, and exchanges might be shut off from the banking system entirely. Let’s dig in.
For crypto firms, obtaining access to the onshore banking system has always been a challenge. Even today, crypto startups struggle mightily to get banks, and only a handful of boutiques serve them. This is why stablecoins like Tether found popularity early on: to facilitate fiat settlement where the rails of traditional banking were unavailable. However, in recent weeks, the intensity of efforts to ringfence the entire crypto space and isolate it from the traditional banking system have ratcheted up significantly. Specifically, the Biden administration is now executing what appears to be a coordinated plan that spans multiple agencies to discourage banks from dealing with crypto firms. It applies to both traditional banks who would serve crypto clients, and crypto-first firms aiming to get bank charters. It includes the administration itself, influential members of Congress, the Fed, the FDIC, the OCC, and the DoJ. Here’s a recap of notable events concerning banks and the policy establishment in recent weeks:
On Dec. 6, Senators Elizabeth Warren, John Kennedy, and Roger Marshall send a letter to crypto-friendly bank Silvergate, scolding them for providing services to FTX and Alameda research, and lambasting them for failing to report suspicious activities associated with those clients
On Dec. 7, Signature (among the most active banks serving crypto clients) announces its intent to halve deposits ascribed to crypto clients — in other words, they’ll give customers their money back, then shut down their accounts — drawing its crypto deposits down from $23b at peak to $10b, and to exit its stablecoin business
On Jan. 3, the Fed, the FDIC, and the OCC release a joint statement on the risks to banks engaging with crypto, not explicitly banning banks’ ability to hold crypto or deal with crypto clients, but strongly discouraging them from doing so on a “safety and soundness” basis
On Jan. 9, Metropolitan Commercial Bank (one of the few banks that serve crypto clients) announces a total shutdown of its cryptoasset-related vertical.
More at the link. I’ve long been skeptical of cryptocurrency advocates assertion that crypto provides a useful alternative to government-backed fiat currency. But it sure looks like the federal government is acting like that’s the case…
An important message about eternal truths from well-known biologist Fred Rogers:
TRIGGER WARNING. ⚠️ This is the most upsetting thing you will see all weekend. pic.twitter.com/eVLPZ3J3RI
CRT-pushing commie Angela Davis finds out that one of her ancestors was on the Mayflower.
A British farmer reviews Clarkson’s Farm. He says despite obvious setup bits, a lot of it (like the unexpected catastrophes and intractable town council bureaucracy) rings true.
Governor Ron DeSantis said in his victory speech that, not only did he win the Florida gubernatorial race, but he has also “rewritten the political map.” It is difficult to argue with that assessment. He beat Democrat Charlie Crist by 20 percentage points and flipped Democratic strongholds such as Miami-Dade County.
A particularly potent force in his campaign has been culture-war issues — battles DeSantis won by going on the offensive. “We fight the woke in the legislature,” he said in his speech. “We fight the woke in the schools. We fight the woke in the corporations. We will never, ever surrender to the woke mob. Florida is where woke goes to die.”
As with Trump, DeSantis’s political aggressiveness wins him admirers. The tactics that some conservatives consider morally or philosophically dubious appear only to intensify his popularity.
In March, the Republican Florida legislature passed the Parental Rights in Education Act, preventing teachers from instructing kindergarten through third-grade students in gender identity and sexuality. “I would say when you oppose a parent’s rights and education bill, which prevents six-, seven-, eight-year-olds from having sexuality, gender ideology injected in their curriculum, you are the one that’s waging the culture war,” DeSantis said in defense of the bill. DeSantis also signed the Stop W.O.K.E. (Wrongs to Our Kids and Employees) Act, preventing critical race theory from being promoted or advanced in schools and corporations.
When Walt Disney executives criticized the education law as a “Don’t Say Gay” bill, DeSantis retaliated by questioning whether the corporation’s 50-year-old “independent special district” status should go under “review” to ensure that it is “appropriately serving the public interest.” Charles C. W. Cooke warned about the dangers of this move. Yet, however short-sighted, it was undoubtedly effective culture-war politics. DeSantis’s enemies fell into the trap: Democrats revealed their hypocrisy by rushing to the defense of big business.
DeSantis has also won the PR fight on immigration. His morally dubious decision to fly asylum seekers to Martha’s Vineyard revealed Democrats’ hypocrisy. His hard line on immigration does not dampen support among Hispanics. According to a Telemundo/LX News poll, DeSantis had a 51 percent to 44 percent lead over Crist among Hispanic voters. A bilingual pollster who conducted the survey explained: “There are lots of Hispanic voters in this state who really like the governor’s style, this strongman who won’t back down.”
On transgenderism, DeSantis has been utterly fearless. He stated that, in children, most “dysphoria resolves itself by the time they become adults” and “it’s inappropriate to be doing basically what’s genital mutilation.” While other Republican states have tried to use legislation to stop gender experiments, DeSantis appointed a state medical board that banned doctors from prescribing puberty blockers, hormones, and gender-transition surgeries. This way, his enemies can’t claim that politicians are interfering in the medical profession. Rather, it’s medical professionals keeping politics out of health care.
FTX’s new CEO and liquidator, John Ray III, who also oversaw the unwinding and liquidation of Enron, admits that “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”
And just in case his shock at FTX’s fraud of epic proportions was not quite clear enough, he adds that “from compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”
Snip.
Below we excerpt some of the most notable highlights from the affidavit, which we embed at the bottom of the post and which everyone should read to get a sense of just how massive Sam Bankman-Fried’s fraud was.
I have over 40 years of legal and restructuring experience. I have been the Chief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures in history. I have supervised situations involving allegations of criminal activity and malfeasance (Enron). I have supervised situations involving novel financial structures (Enron and Residential Capital) and cross-border asset recovery and maximization (Nortel and Overseas Shipholding). Nearly every situation in which I have been involved has been characterized by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity.
Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.
For purposes of managing the Debtors’ affairs, I have identified four groups of businesses, which I refer to as “Silos.” These Silos include:
(a) a group composed of Debtor West Realm Shires Inc. and its Debtor and non-Debtor subsidiaries (the “WRS Silo”), which includes the businesses known as “FTX US,” “LedgerX,” “FTX US Derivatives,” “FTX US Capital Markets,” and “Embed Clearing,” among other businesses;
(b) a group composed of Debtor Alameda Research LLC and its Debtor subsidiaries (the “Alameda Silo”);
(c) a group composed of Debtor Clifton Bay Investments LLC, Debtor Clifton Bay Investments Ltd., Debtor Island Bay Ventures Inc. and Debtor FTX Ventures Ltd. (the “Ventures Silo”);
(d) a group composed of Debtor FTX Trading Ltd. and its Debtor and non-Debtor subsidiaries (the “Dotcom Silo”), including the exchanges doing business as “FTX.com” and similar exchanges in non-U.S. jurisdictions. These Silos together are referred to by me as the “FTX Group.
Each of the Silos was controlled by Mr. Bankman-Fried. Minority equity interests in the Silos were held by Zixiao “Gary” Wang and Nishad Singh, the co-founders of the business along with Mr. Bankman-Fried. The WRS Silo and Dotcom Silo also have third party equity investors, including investment funds, endowments, sovereign wealth funds and families. To my knowledge, no single investor other than the co-founders owns more than 2% of the equity of any Silo.
Much, much more at the link, including an eye-dropping, deeply incriminating Twitter thread by founder Sam Bankman-Fried about the step-by-step decisions they made that weren’t really illegal because they had such good intentions.
BlackRock’s energetic focus on ESG investing is affecting its bottom line. The index fund’s performance is deteriorating, and risks are accumulating. In the face of this situation, UBS Wealth Management recently downgraded ratings for BlackRock (NYSE: BLK) by now listing it as a “Neutral” recommendation rather than a “Buy.” The bank also cut the target stock price to $585 from $700.
The new recommendations were made based entirely on BlackRock’s reckless ESG positioning. UBS says that stubborn insistence on this course could also trigger increased regulatory inspections and investor withdrawals.
Thus, the company pressuring countless firms to adopt more “woke” positions has suddenly found a boomerang coming in its direction. Investors and analysts are now telling BlackRock that ESG shenanigans are bad business and want it stopped.
Another one of those things that makes you go “Hmmmm“: “The Funeral Business Is Booming (And Not Because Of COVID)…We’re having to do at one point of time 20 percent more funerals which is unheard of…the third quarter of this year, we did 15% more calls than we did in the third quarter of 2019.”
Jay Leno is expected to make a full recovery after getting seriously burned in a gasoline fire from one of his many cars. Conan O’Brien should call him up and go “Jay, when I said ‘die in a fire,’ I meant it figuratively, not literally!”
“This was a close call,” said one Republican leader in Washington. “We were worried that we would achieve massive victories tonight, but we thankfully snatched defeat from the jaws of victory to achieve a much more proper and sensible red trickle, like the proper gentlemen we are.”
