If it wasn’t clear from yesterday’s roundup, it appears that a whole lot of Islamic Republic of Iran leaders were physically meeting at Ayatollah Ali Khamenei’s bunker in Tehran when the successful decapitation strike was carried out as part of Operation Epic Fury/Roaring Lion. The operations are still ongoing, and here are some news updates.
“‘All’ of [Ali Khamenei’s] likely successors are ‘probably dead’ following US-Israeli strikes.”
Mick Mulvaney, former Trump OMB head and Chief of Staff: “A high risk, high reward type of operation.”
A “once in a lifetime opportunity” to both end the nuclear program and effect regime change. “All the [Iranian] senior leadership gathered together at one place at one time.”
The daylight attack must have meant we had really solid intel on the regime meeting. Most of our Middle East strikes happen at night during a new moon. “An opportunity they simply couldn’t pass up.”
“All of [Ali Khamenei’s] likely successors are probably dead as well.”
“The chances of getting a pro-Western, pro-American regime in Iran were as high as it ever was going to be.”
John Bolton was lamenting that these actions weren’t taken six or seven years ago, but the situation on the ground now is very different. “Everything has to come together at the same time for this to work.”
“This can’t be a forever war.”
Taking out the mullahs is “a step toward peace.”
New Guy steps into the leadership crosshairs. “Iranian Vice President Mohammad Reza Aref informed officials of plans to have him take charge of the nation during wartime, according to a report from the Iranian Students’ News Agency (ISNA) published on social media late Saturday night. There was no explicit note of President Masoud Pezeshkian’s ability to carry out presidential duties.”
Simon Whistler covers the strikes:
Much of this covers information included here yesterday, but here are a few new tidbits.
Whistler states Iran is claiming they hit Riyadh in Saudi Arabia. LiveUAMap shows a strike against Prince Sultan Air Base, which is over a 100 miles from Riyadh. I mean, they’re both in central Saudi Arabia, but, eh.
In Yemen, Houthis threaten retaliation. Nothing yet.
The gulf states are plenty pissed at Iran tossing drones and missiles at them.
Russia issued a single proforma condemnation of U.S. attacks. China, on the other hand, hasn’t even done that.
A lot of Chinese MilTech deals were supposedly in the works when things kicked off, but it looks like very little (if any) actually made it to Iran.
Suchomimus video the first:
“It is quite telling that [Khamenei]’s death is being celebrated on the streets.”
Khamenei was likely killed in the opening strike. “A few sources are now saying it was Israel that hit this.”
“Iran isn’t showing any signs of giving up. Well, these could just be the last temper tantrum of the finished regime. The generals and remaining politicians lashing out knowing their time is over and that a surrender is inevitable and just trying to inflict damage.”
Suchomimus sees regime change as unlikely without “boots on the ground.”
Suchomimus video the second, which is all damage assessment:
One Iranian frigate hit, but two more showing no signs of damage.
Bandar Abbas radar site hit. Bandar Abbas is the port city directly north of the Strait of Hormuz.
Four MiG-29 fighters destroyed out of 30 in service.
Israel took out a Basij installation in northern Tehran, they being the hated Iranian religious police. The video shows four large buildings all exploding in a matter of seconds. “Iran’s air defense is completely ineffective here.”
Iran’s counterstrikes have had some limited success. In Kuwait “Ali al-Salim air base was hit.” The image shows smoke rising up from three different points, one evidently from a fuel storage strike. “One of Iran’s most successful strikes to date.” Plus a car park and a support facility.
Iran also hit Erbil air base in Iraq, where a large fire was seen burning. No information yet on what was hit.
Iran also hit Al-Udeid air base in Qatar. “This is the largest American base in the Middle East.” Videos show Patriot intercepting Iranian vehicles, but also one miss and one Patriot interceptor wandering off course and hitting the ground.
I see Tomahawks, F-18s and F-35s, and a lot of Iranian targets going boom. And other American assets are poised to join the action:
B-2s will likely show up tonight, making direct attacks on key targets in a way no other platform can. Yes this could include MOPs, but also lots of JDAMs against less fortified targets. They can achieve massive effects in a single sortie. One B-2 can carry 80 500lb JDAMs. Entire… pic.twitter.com/d0ztfmHYVN
TAMPA, Fla. – As of 9:30 am ET, March 1, three U.S. service members have been killed in action and five are seriously wounded as part of Operation Epic Fury.
Several others sustained minor shrapnel injuries and concussions — and are in the process of being…
🚫Iran’s IRGC claims to have struck USS Abraham Lincoln with ballistic missiles. LIE. ✅The Lincoln was not hit. The missiles launched didn’t even come close. The Lincoln continues to launch aircraft in support of CENTCOM’s relentless campaign to defend the American people by… pic.twitter.com/AjaeHMemtA
Plus President Trump was stating that Iranian retaliation was less than expected.
Also this: “Imagery circulating points to Iranian attacks in the vicinity of France’s naval base in Abu Dhabi in the United Arab Emirates.” In other news, there’s a French naval base in Abu Dhabi…
Beware of Astroturf protesters. “CCP-Linked NGO Network Prepares “Emergency Protests” In US After Trump’s Iran Strikes Jeopardize Oil Flows To China.”
Planned demonstrations branded “Hands Off Iran” or “Stop The War On Iran” are scheduled to take place this afternoon in major cities across the U.S. From New York to Los Angeles, left-wing organizers have circulated digital flyers, coordinated social media blasts, and activated email lists urging supporters to mobilize within hours of the announcement. This activation alert for the protest-industrial complex occurred shortly after the Department of War’s “Operation Epic Furry” began in Iran.
To the average person, this afternoon’s protests may look like a groundswell of outrage over the U.S. strikes on Iran, especially given that the Trump administration campaigned on no new foreign wars. But the speed, uniform messaging, and coordinated national footprint suggest something highly more organized – and familiar for readers, as we’ve diligently followed the activities of the protest-industrial complex.
This is the same mobilization network that has repeatedly demonstrated its ability to move tens of thousands of social justice warriors into the streets in under 12 hours.
Earlier this year, that same protest infrastructure powered nationwide pro-Maduro demonstrations almost immediately after developments in Venezuela made national headlines. In the months prior, overlapping coalitions were instrumental in organizing the anti-Israel encampments at Columbia University and other campuses, as well as anti-ICE demonstrations in Los Angeles and other sanctuary cities. The causes shift. The slogans change. The logistical infrastructure – or the machine that makes this spark – remains the same.
What we are witnessing is not a loose collection of anti-war activists or 1970s-style hippies responding independently to global events. It is a coordinated ecosystem of dark-money funded nonprofits, advocacy groups, campus organizations, and ideological networks that can rapidly repurpose whatever geopolitical flashpoint dominates the news cycle. From the George Floyd riots to pro-Palestine protests to anti-Tesla protests to anti-Trump protests and anti-Elon Musk protests to anti-DOGE protests to anti-ICE protests/riots, these movements are not dedicated to a single issue. They are part of omni-cause mobilizers, sowing chaos deep within the nation’s core.
Whether the banner reads “Free Palestine,” “Hands Off Venezuela,” “Abolish ICE,” or now “Hands Off Iran,” the same names frequently appear on sponsorship lists. The same fiscal sponsors provide infrastructure. The same activist pipelines appear.
This brings us to far-left billionaire Neville Roy Singham, whom The New York Times recently described as “known as a socialist benefactor of far-left causes” and as someone who “works closely with the Chinese government media machine and is financing its propaganda worldwide.”
Singham’s network, shortly after Operation Epic Furry began, announced on X “New York City Emergency Protest” to “Stop The war On Iran.”
“The U.S. and Israel are carrying out an unprovoked, illegal bombing campaign on Iran. This war serves no one but a tiny elite and oil executives and is a continuation of more than two years of genocide in Palestine and US-Israeli aggressions throught the region,” the People’s Forum, a Manhattan far-left non-profit also linked to Singham, wrote on X.
Other left-wing groups on the flyer tied to Singham’s network include the ANSWER Coalition and CODEPINK. Also on the list are the Democratic Socialists of America, American Muslims for Palestine, the National Iranian American Council, the Palestinian Youth Movement, Black Alliance for Peace, and 50501.
November 4, 1979 — almost 47 years ago — Iran seized the American embassy in Tehran and held its staff hostage. Ever since then, American presidents have struggled with what to do.
Jimmy Carter temporized for many months, even as ABC’s newly created Nightline — a nighttime news show created specially to cover the hostage crisis — opened every night with “America held hostage, day XXX.” His wife, First Lady Rosalynn Carter, finally prodded him to do something. The “something” turned out to be a shambolic rescue mission that ended in disaster.
President Reagan intimidated the mullahs a bit, but never seriously retaliated for the Beirut barracks bombing that killed over 200 Marines along with over a score of other service personnel. George H.W. Bush invaded Iraq but left the mullahs largely alone. Bill Clinton did nothing of substance. George W. Bush had a chance to bring the Iranians to heel after the conquest of Iraq, but inexplicably failed to press his advantage. Barack Obama was, basically, complicit in their nuclear program, to the point of famously sending them pallets of cash totaling over a billion dollars.
President Trump, on the other hand, killed General Soleimani and told other Iranian leaders that they could be next. And now they are next.
So what have we learned, and what’s likely to happen in the future?
Well, first, with the capture of Maduro and now this, we’ve learned that our military can do things no one else can. We seized a leader of a hostile nation from his largest military base and brought him to custody without losing a single American life. Now we’ve killed the single biggest threat to American interests in the Mideast, along with much of his senior leadership, again without losing a single American life.
Why didn’t we do this before? And why could we do it now? The reason we can do it now is mostly leadership. Secretary of War Pete Hegseth quickly prioritized precision and lethality in the military; President Trump was willing to use the military in ways prior presidents were not.
Why didn’t we do this before? Part of that is because the foreign policy establishment, like the domestic policy establishment, doesn’t exist to solve problems. It exists to manage those problems in ways that keep its members cushily employed. To, in Myres McDougal’s words, “maintain tensions at a level short of unacceptable violence.”
Trump, on the other hand, wants to solve things, even if it involves inflicting unacceptable violence on the enemy. Also, he regards our enemies as actual enemies, not as “foreign colleagues” or “partners in peace.” To quote author Keith Laumer, “there’s nothing as peaceful as a dead troublemaker.” Khamenei is now peaceful.
In fact, Trump’s approach across the board, which has brought him success after success in his first 13 months back in office, is to solve problems the way the guys in the bar say they would do it. Too much illegal immigration? Close the border and deport the illegals. Problems with Iran? Kill their leaders and encourage a revolution. Venezuela shipping drugs and gangs to the U.S.? Capture their leader and encourage his successor to cooperate or share his fate. You can just do things.
The thing is, though, that there’s a subtlety in this approach. Just doing things turns out to work. But if you take a step back from these actions of Trump’s, the big picture shows a pretty coherent strategy. Trump wants to weaken China without going to war with China. He has now cut off two major suppliers of oil to the PRC, which produces hardly any oil of its own. (It’s worse than that, because China wasn’t paying for that oil with dollars, and now it will need dollars to buy oil elsewhere.) That applies a squeeze to an already squeezed CCP, and will make Xi’s position, domestically and internationally, weaker. Also the military excellence recently displayed has to inspire second, third, and fourth thoughts about invading Taiwan.
Trump’s tactics typically have two characteristics: He goes after his opponents’ source of sustenance (usually that means money, but not always) and he accomplishes more than one thing at a time. In neutralizing Iran, Trump accomplishes a lot of things. First, of course, he neutralizes a major hostile regional threat.
But second, he cuts the ground out from under what’s left of Hamas and Hezbollah. He also shuts off the pipeline of cash that was being used to bribe politicians and journalists in Europe (the Iranians have basically admitted that they do that) and support various NGOs and the like that serve anti-American and anti-Israeli ends. Iran has been a major sponsor of terrorism around the world; that will end.
With Iran gone (and India, thanks to tariffs, eager to be on our team) the threat of the BRICS has been sharply reduced. Brazil under Lula isn’t friendly, but isn’t a power house. Russia and China don’t like us but China needs oil and Russia is broke and mired in an endless and ruinous war of its own devising.
With Iranians free to say what they think of the mullahs’ regime, he also delegitimizes the left’s narrative that fundamentalist Islam somehow has some sort of anti-colonial virtue. In fact, the mullahs ran Iran as a Persian colony of an Arab ideology. The Iranian public is well aware of this, and will be saying that a lot.
And if he’s able to see a new pro-American government in Iran (distinctly likely) we’ll have a regional ally that will encourage the Arab states, currently friendly to us and Israel out of fear of Iran, to remain friendly to us and Israel out of a different sort of fear of Iran.
Iranian President Masoud Pezeshkian claims he’s alive and in charge:
Iranian President Masoud Pezeshkian is alive, stating this morning on state-run television that the Interim Leadership Council is now operational and has assumed constitutional control of the Islamic Republic of Iran. Pezeshkian adds that, “We will continue the path of the Leader… pic.twitter.com/QIhDTeRxub
Power struggle between him and Mohammad Reza Aref, or just confusion?
Iranian foreign minister is suggesting that no one is actually in charge, that the chain of command has broken down and the military is just sort of acting on general vibes:
Iranian Foreign Minister Araghchi:
What happened in Oman was not our choice.
We have already told our Armed Forces to be careful about the targets they choose.
Our military units are now, in fact, independent and somewhat isolated, and they are acting based on general… pic.twitter.com/g0l9Te2HNa
Which is not what you want to hear less than 48 hours into a shooting war…
Mojtaba Khamenei, Ayatollah heir apparent, is apparently dead as well.
Iranian media: Khamenei’s son, Mojtaba Khamenei, who has long been discussed as one of the potential successors, has been eliminated. pic.twitter.com/6Fy8mkHe47
That four building complex previously described as Basij headquarters is here described as “Sarallah Headquarters” or “security crisis management command center of the Islamic Revolutionary Guard Corps (IRGC) in Tehran”:
Israeli Air Force strikes that hit Tehran this morning targeted a complex the IDF described as the “headquarters of the terror regime.”
Now technically, the Basij is a subset of the IRGC, so that may be where the confusion comes in. Or the complex could be both. Google Maps isn’t helping me out here…
More of Iran’s classic aircraft destroyed:
Video published this morning by the Israeli Air Force showing the targeting and destruction of a two awaiting to takeoff F-4 Phantom IIs and an F-5 Tiger II with the Iranian Air Force, during strikes on Tabriz Air Base in the East Azerbaijan Province on Northwestern Iran. pic.twitter.com/n8NkNhGjle
Despite claims of not being involved, UK fighters are reportedly flying CAP over the Persian Gulf:
British Royal Air Force Typhoons officially started flying combat air patrols over the Persian Gulf today, have already shot down multiple Iranian drones headed towards Qatar. pic.twitter.com/hQ7WOiZYjr
"Iran’s chief of army staff and defense minister were killed in an airstrike targeting a meeting of the country’s defense council, Iranian state television reported Sunday.
Gen. Abdol Rahim Mousavi and Defense Minister Gen. Aziz Nasirzadeh were…
“Gen. Abdol Rahim Mousavi and Defense Minister Gen. Aziz Nasirzadeh were killed at the meeting alongside the head of Iran’s paramilitary Revolutionary Guard and security adviser Ali Shamkhani.”
❗️Iranian state media confirmed the killing of seven senior Armed Forces commanders in the US-Israeli strikes. Those killed include Supreme Leader's office chief Mohammad Shirazi, his deputy Akbar Ebrahimzadeh, Armed Forces intelligence deputy Saleh Asadi, logistics deputy Mohsen… pic.twitter.com/6ptzq6r06Q
“Iranian state media confirmed the killing of seven senior Armed Forces commanders in the US-Israeli strikes. Those killed include Supreme Leader’s office chief Mohammad Shirazi, his deputy Akbar Ebrahimzadeh, Armed Forces intelligence deputy Saleh Asadi, logistics deputy Mohsen Darreh Baghi, police intelligence chief Gholamreza Rezaeian, Armed Forces operations planning chief Bahram Hosseini Motlaq, and Armed Forces logistics chief Hasanali Tajik.”
More regime buildings go boom:
Iran's Ministry of Intelligence (VAJA/Vezarat-e Ettela'at Jomhuri-ye Eslami-ye Iran) has been struck in central Tehran. #Iranpic.twitter.com/aQjeTwoed4
U.S. President Donald Trump announced Sunday that nine Iranian naval ships have been sunk as part of combat operations against Iran.
“I have just been informed that we have destroyed and sunk 9 Iranian Naval Ships, some of them relatively large and important,” Trump wrote in a post on X, adding that Iran’s naval headquarters has been “largely destroyed” in a different attack.
“We are going after the rest — They will soon be floating at the bottom of the sea, also!” Trump wrote.
U.S. Central Command officials said earlier Sunday that an Iranian Jamaran-class corvette was struck by U.S. forces at the beginning of Operation Epic Fury.
“The ship is currently sinking to the bottom of the Gulf of Oman at a Chah Bahar pier,” the statement reads. “As the president said, members of Iran’s armed forces, IRGC and police ‘must lay down your weapons.’ Abandon ship.”
❗️A suspected strike has hit the British RAF Akrotiri base in Limassol, Cyprus, with a loud explosion heard in the area, alarms sounding at the base, and aircraft scrambled, Israeli Channel 14 journalist Hallel Bitton Rosen reported. #Iranpic.twitter.com/xB6mvhrbFt
Result: Craven jihad apologist Keir Starmer grows something vaguely resembling a spine and gives the U.S. permission to use Cyprus base for “defensive purposes.” With so many Middle East bases to chose from, I’m not sure the US actually has any assets they can usefully deploy there, but still.
Clarification: Here Starmer makes clear that “defensive purposes” includes letting American assets use British bases, including those in the Persian Gulf, to hunt Iranian missile launch sites and storage facilities:
Uncle Sam assembles another big stick for Iran, the radical leftwing networks in Minnesota continue to get exposed, silver shatters, two state Democrats get clipped in separate forgery cases, the rise of the Amelia memes, Microsoft update breaks everything (again), and are malls actually reviving?
And Neville Roy Singham’s fingerprints are visible everywhere.
It’s the Friday LinkSwarm!
As of right this moment, America hasn’t gone kinetic on the Mullahs yet, but we’re assembling an awful big stick.
USS Abraham Lincoln has gone dark, with no transponder or communication, signaling possible preparation for action against Iran.
A third US carrier strike group, USS George H.W. Bush (CVN-77), is moving into the Middle East theater.
Snip.
Some very interesting developments in the last 48 hours indicate something big is about to happen.
The EU all of a sudden has decided the next thing on their agenda is to declare the IRGC a terrorist group. Curious timing, that.
Minnesota agitators, including elected officials, have been organizing efforts to stalk, harass, and even hunt ICE agents in a Signal group chat that was infiltrated by Cam Higby and others.
It has been insane looking at the messages and the actual people involved.
And now DataRepublican has the donor list … you know, the people actually paying to make sure this all happens.
DataRepublican has also helpfully linked to their social media profiles.
You can download he data yourself. And DataRepublican has already turned in all the captured information to the Feds…
This is the story of how Minnesota became a political laboratory—first for the 2020 George Floyd protests, then for a sustained campaign against federal immigration enforcement. The players are the same. The money flows through familiar channels. And the strategy, according to those who designed it, was always meant to be replicated.
Snip.
Understanding how The People’s Forum operates requires following the money. And the money leads to Shanghai.
Neville Roy Singham is an American tech entrepreneur who sold his software company, ThoughtWorks, for approximately $785 million in 2017. He now lives in Shanghai, where, according to a 2023 New York Times investigation, he “works closely with the Chinese government media machine and finances propaganda worldwide.”
The Network Contagion Research Institute (NCRI), a Rutgers University-affiliated research organization, published a comprehensive report in May 2024 documenting what it calls the “Singham Network”—a web of nonprofits, fiscal sponsors, and alternative media outlets that share funding, personnel, and messaging.
According to NCRI, The People’s Forum received over $20 million from Singham and his wife, Jodie Evans (co-founder of the anti-war group CODEPINK), between 2017 and 2022. The money moved through a complex network of donor-advised funds and shell companies, including the Justice and Education Fund, the United Community Fund, and the Goldman Sachs Philanthropy Fund.
The People’s Forum has acknowledged receiving Singham funding. In a December 21, 2021 post on X (then Twitter), the organization defended its financial relationship with Singham against critics.
Congressional investigators have taken notice. On September 4, 2025, House Ways and Means Committee Chairman Jason Smith sent a formal letter to [People’s Forum Executive Director Manolo] De Los Santos demanding records and alleging that The People’s Forum had “acted as a foreign agent of the Chinese Communist Party” while enjoying tax-exempt status.
“Public reporting suggests that The People’s Forum has received over $20 million from Mr. Singham and his wife,” Smith wrote. “Multiple reports have found that The People’s Forum is part of Mr. Singham’s network of non-profit organizations that serve as his conduits to spread pro-CCP narratives.”
The Senate Judiciary Committee separately requested that the Department of Justice investigate whether The People’s Forum should register under the Foreign Agents Registration Act.
De Los Santos himself has deep ties to Cuba. According to his biography at the Black Alliance for Peace, he “was based out of Cuba for many years” and “worked toward building international networks of people’s movements and organizations.” The New York Post reported that De Los Santos first traveled to Cuba in 2006 and was there as recently as March 2024. He has been photographed meeting with Cuban President Miguel Díaz-Canel.
Footnotes excised. Snip.
What makes Minnesota different from other immigration flashpoints is the degree to which organizers have been explicit about their strategy.
The NCRI report notes that activists in the Singham network view the 2020 protests as proof that “the ability for mass struggle now exists inside the United States.” This framing treats George Floyd’s death not as a singular tragedy but as a tactical validation—evidence that the right combination of outrage, infrastructure, and outside support can produce transformational results.
De Los Santos’s April 2024 call to recreate “the violent protests of the summer of 2020” was not a slip of the tongue. It was a statement of doctrine.
The IDN’s establishment before Operation Metro Surge began—funded by nearly $1 million from the Bush Foundation—demonstrates pre-positioning rather than organic response. The explicit training of thousands in “rapid response” and “legal observation” tactics, the encrypted communication networks, the coordinated media strategies: none of this materialized spontaneously after Good’s death.
It was waiting.
The evidence assembled here—from congressional investigations, foundation records, tax filings, academic research, and organizers’ own statements—establishes that what is happening in Minnesota is neither spontaneous nor accidental.
The same network that helped turn George Floyd’s death into a national uprising has spent five years building the capacity to do it again. They have studied what worked in 2020, professionalized their operations, secured substantial funding, and pre-positioned infrastructure across Minnesota.
When Renée Good was killed on a Minneapolis street, that infrastructure activated precisely as designed.
Minnesota was chosen—first as the place where 2020 proved the model, then as the laboratory where that model would be refined and redeployed. The current crisis is not an accident of geography or politics.
A collection of far-left groups — led by a Communist activist network tied to CCP-linked millionaire Marxist Neville Roy Singham — is attempting to organize a nationwide anti-ICE school and business shutdown, with anti-Israel activist Linda Sarsour declaring that “we will bring this country to a halt.”
The general strike effort, scheduled for this Friday, is an attempt to replicate a Minnesota-wide anti-ICE shutdown which occurred last Friday and which was organized by many of the same far-left groups — but now with designs to do so on a national scale. The planned “National Shutdown” announced early this week includes plans for large-scale marches and a day of “no work, no school, no shopping” around the country.
The Manhattan-based Marxist revolutionary People’s Forum, the left-wing BreakThrough News media outlet, the Party for Socialism and Liberation (PSL), the far-left Code Pink anti-war group, and the Act Now to Stop War and End Racism (ANSWER) Coalition are all involved in either promoting or organizing the nationwide shutdown effort.
Just the News recently reported on how the forum, its propaganda machine, and the PSL were key players in pushing last week’s Minnesota-focused shutdown effort. Just the News also previously reported on how these and other radical activist groups have leadership links or financial ties to the funding network backed by Singham, whom others in his network call “Comrade.”
Social media used as organizing platform
The plans for Friday allegedly started with calls by a number of student groups at the University of Minnesota — the Somali Student Association, the Liberian Student Association, the Ethiopian Student Association, and the Black Student Union — who called for “Justice for Alex Pretti & Renee Nicole Good — NATIONWIDE SHUTDOWN” on Instagram on Sunday.
An investigation by Just the News shows that the forum was likely involved in creating the “National Shutdown” website which is now serving as an organizational hub for the coming Friday strike.
Did anyone notice a “nationwide shutdown” today? Mother Nature did a 100,000% better job shutting things down with Winter Storm Fern…
You gotta hand it to those Soros-sponsored district attorneys across the nation because when it comes to playing with fire, they play like they’ve never been burned.
The latest example is Philadelphia DA Larry Krasner. Not exactly a household name across the country,
But one that should be well-known to BattleSwarm readers.
Soros-linked groups have been his single largest financial backing source — helping him bypass traditional party fundraising and local contribution limits.
About a decade ago, Soros contributed about $1.7 million to the Philadelphia Justice and Public Safety PAC while Krasner was still a relative unknown in a seven-candidate race for district attorney. The Philly PAC is part of Soros’s nationwide Justice and Public Safety groups that fund “progressive” DAs in blue city contests.
According to public sources, in 2017, Soros’s donation to just one candidate accounted for nearly 30% of all campaign spending in the seven-person race. For his 2021 reelection, Soros groups gave Krasner another $1.2 million, including $259,000 for Philadelphia Justice and Public Safety PAC to run ads on Krasner’s behalf. Soros supported Krasner again last year, although I wasn’t able to find the dollar amounts before going to press.
Prior to getting all that Soros money to run for D.A., Krasner defended Black Lives Matter and Occupy Philadelphia members in court — and let’s just say Soros got his money’s worth. Or maybe it’s our money, given how intermingled Soros’s private funds are with taxpayer-funded NGOs purpose-tuned to push his causes.
Snip.
Here’s the quick and dirty transcript of Krasner talking about ICE officers: “This is a small bunch of wannabe Nazis — that’s what they are — in a country of 350 million. We outnumber them… If we have to hunt you down the way they hunted down Nazis for decades, we will find your identities, we will find you, we will achieve justice.”
What have I been repeating since the first attempt on President Donald Trump’s life last summer?
The left paints its enemies — we are no longer mere political rivals — as enemies, over and over, until some crazy decides to take justice into his own hands.
The FBI raided a Fulton County election office, evidently looking for evidence of the elction fraud carried out against president Trump in 2020. And it might be connected to…Nicolas Maduro?
Silver prices just plunged plunged over $30 an ounce today after a huge run-up. This means I’m either a genius when I sold a small amount of it last week (when prices were above where they are now), or an idiot for not selling all of it…
For three years, the world has waited for the Russian economy to implode. Instead, we watched a “Kalashnikov economy” defy gravity, fueled by high oil prices and a “friendship without limits” with Beijing. But as of January 2026, the gravity of basic math has finally caught up with Vladimir Putin.
The catalyst isn’t just the stalemate on the front lines; it’s a legislative “kill shot” from Washington and a quiet betrayal from the East. Between the new Graham-Trump Sanctioning Russia Act and a mounting domestic liquidity crisis, the Kremlin isn’t just running out of options—it’s running out of time.
The most significant development of 2026 isn’t a new missile system; it’s a tariff. The Graham-Trump Bill, greenlit by the White House on January 7, has fundamentally rewritten the rules of economic warfare. By threatening a mandatory 500% tariff on any country—including China and India—that continues to purchase Russian petroleum or uranium, the U.S. has finally weaponized the one thing Russia’s allies value more than cheap crude: access to the American consumer.
The shockwaves were instantaneous. On January 15, reports emerged that China’s largest state banks, including ICBC and Bank of China, began halting Ruble-denominated settlements. They aren’t waiting for the bill to be signed into law; they are pre-emptively cutting Russia loose to save their own export margins. When Beijing chooses its $500 billion trade surplus with the U.S. over its “strategic partner” in Moscow, the Russian war machine loses its primary life support system.
While the external walls are closing in, the internal floor is rotting. On New Year’s Day, Russia’s VAT officially jumped to 22%. This isn’t a sign of strength; it’s an act of desperation. The Kremlin is cannibalizing its own middle class to plug a federal budget revenue gap that fell 20% short of targets in 2025.
We are now seeing the first signs of a systemic banking fracture. In cities like Yekaterinburg and Novosibirsk, reports of ATM shortages are no longer fringe rumors—they are the physical manifestation of a “liquidity trap.” When the state raises taxes while inflation remains double-digit and interest rates hover near 20%, the result is a “medically induced coma” for the civilian economy.
Federal officials have charged two contractors with conspiring to disrupt Immigration and Customs Enforcement officers in Knoxville earlier this month.
The U.S. Attorney’s Office for the Eastern District of Tennessee unsealed a multi-count indictment on Friday against Tyler Shane Wells, 33, of Morristown, and 18-year-old Alexander Bonilla Servin of Smyrna.
They are charged with conspiracy to conceal and harbor illegal aliens, conspiracy to forcibly impede federal agents while engaged in performance of official duties, and conspiracy to prevent, by force, intimidation, or threat, federal agents from discharging their official duties from January 5 through January 13.
Bonilla-Servin is also charged with forcibly impeding federal agents engaged in the performance of their official duties.
Wells appeared in court on Friday and pleaded not guilty to the charges and a detention hearing is set for Monday. A trial date has been set for March 31, 2026.
Federal authorities accuse the two of plotting to block the entrance to a Hardin Valley construction site with Bonilla-Servin’s pickup truck in an effort to impede ICE agents. According to a Department of Justice release, the vehicle was put in position after federal agents were seen surveilling the site. Servin is also accused of hitting agents’ vehicle with the truck as it attempted to enter the site on January 13.
After more than a year of digging, Statehouse candidate Bailey Templeton’s most public records collection shows 1,085 Illinois children under 18 without SSNs had Medicaid bills of $66 million in 2025. That’s up 725% from $8 million for 450 children in 2021.
“It’s roughly $40 million spent on inpatient treatment, that’s a lot of time for children to be in hospitals,” Templeton told The Center Square Friday.
The data only generates more questions for Templeton.
“It raises questions about what would be called medical trafficking, where things are conducted on to children when they’re too young to be able to consent to these things,” she said.
Why, it’s almost like Democrats imported millions of illegal aliens and put them on welfare rolls…
Man tries to kill mayor in the Philippines with an RPG. (Never mind that The Sun calls it a bazooka.)
Idiot Hawaiian Democrat Senator Brian Schatz asks Marco Rubio a really stupid question, and Rubio hands him his ass:
“That’s statutory. The Helms Burton Act, the US embargo on Cuba, is codified. It was codified in law and it requires regime change in order for us to lift the embargo.”
Transportation Secretary Sean Duffy just dropped what I’ve been calling the nuclear option.
In an appearance on Katie Pavlich Tonight Thursday, Duffy made clear that withholding $200 million in federal funding isn’t the end of this fight. If California doesn’t come into compliance on the non-domiciled CDL issue, Duffy said, “we will eventually pull their ability to issue commercial driver’s licenses to anybody in California.”
Not just the 17,000 non-domiciled CDLs at the center of this fight. Every single CDL in the state.
I’ve written extensively about this standoff since the FMCSA released its audit findings last September, which showed that roughly 25% of California’s non-domiciled CDLs were improperly issued. I’ve covered the $160 million funding hit. I’ve warned about the decertification authority in 49 U.S.C. 31312 and 49 CFR 384.405, which most people in this industry didn’t even know existed.
This didn’t start with the Trump administration’s September 2025 emergency rule restricting non-domiciled CDLs to certain visa categories. That rule, which limited eligibility to H-2A, H-2B, and E-2 visa holders, has been stayed by the D.C. Circuit since November. The court found that petitioners were “likely to succeed” on their claims that the FMCSA violated federal law in its rulemaking.
The California problem predates all of that.
FMCSA’s August 2025 Annual Program Review found California had been violating federal regulations that existed long before Duffy took office. The state was issuing CDLs with expiration dates extending years beyond drivers’ lawful presence documentation. In one case that still makes my blood boil, California issued a driver from Brazil a CDL with passenger and school bus endorsements that remained valid months after his legal presence expired.
That’s not a new rule problem. That’s a California screwed-up problem.
California agreed in November to revoke all 17,000 improperly issued licenses by January 5, 2026. Then, on December 30, the California DMV unilaterally announced a 60-day extension to March 6, citing the need to ensure it doesn’t wrongfully terminate licenses for drivers who actually qualify.
Duffy’s response on X was blunt: “Gavin Newsom is lying.”
FMCSA never agreed to the extension. California proceeded anyway. On January 7, DOT made good on its threat and withheld approximately $160 million in National Highway Performance Program and Surface Transportation Block Grant funds. That’s on top of the $40 million already withheld over California’s refusal to enforce English language proficiency requirements.
California has more than 700,000 CDL holders. The state is home to the nation’s largest trucking workforce, with over 138,000 truck drivers moving freight through the ports of Los Angeles and Long Beach, the agricultural heartland of the Central Valley, and every retail distribution center feeding the country’s largest consumer market.
Under full decertification, California would be prohibited from issuing, renewing, transferring, or upgrading any commercial learner’s permits or commercial driver’s licenses until FMCSA determines the state has corrected its deficiencies. Previously issued CDLs would technically remain valid until their stated expiration dates, but here’s where it gets ugly.
Other states could refuse to recognize California credentials during the noncompliance period. FMCSA could issue guidance declaring CDLs issued by a noncompliant state invalid for interstate commerce. The Commercial Driver’s License Information System, which enables interstate verification, could flag every California license.
For the 700,000 CDL holders in the Golden State, decertification wouldn’t just be an administrative headache.
It would effectively ground them from operating in interstate commerce.
Blue state governors should stop trying to protect their precious illegal aliens and start following federal law.
TikTok has finalized a deal to create a new American entity, avoiding the looming threat of a ban in the United States that has been in discussion for years on the platform now used by more than 200 million Americans.
The social video platform company signed agreements with major investors including Oracle, Silver Lake and the Emirati investment firm MGX to form the new TikTok U.S. joint venture. The new version will operate under “defined safeguards that protect national security through comprehensive data protections, algorithm security, content moderation and software assurances for U.S. users,” the company said in a statement Thursday. American TikTok users can continue using the same app.
Tesla North America announced the completion of a major lithium refinery in Robstown, Texas, with Elon Musk calling it “the most advanced lithium refinery in the world.”
Robstown is just west of Corpus Christi.
In the promotion video, Jason Bevon, the site manager at the Gulf Coast lithium refinery, explains that the refining process used in Robstown is “inherently much more environmentally friendly.” The company claims that the process used by the refinery eliminates hazardous byproducts of the refining process and is more sustainable than traditional methods.
Bevon explained that the refinery “enables us to have access to the critical minerals for energy storage, for battery manufacturing, and ultimately for [electric vehicle (EV)] growth.”
“It enables us to accelerate Tesla’s mission by regionalizing supply chains for battery minerals and materials, by providing jobs, by cutting emissions from the transportation network that is required for these supply chains.”
“It really allows us to usher in energy independence for North America.”
Columbia University’s Center on Global Energy Policy explains that raw lithium needs to be processed into a “chemical in the form of lithium carbonate or lithium hydroxide, before being used in batteries,” which is done through refining. Currently, China dominates the global trade and production of key minerals, and leads the world in lithium refinement capabilities.
The need for lithium batteries has grown exponentially in recent years, with lithium batteries being required for EVs, smartphones, laptops, and renewable energy receptacles such as solar panels.
Also, you’re partially paying for it:
This political shift and the operation of the refinery are complemented by recent grants through the Texas Semiconductor Innovation Fund (TSIF), which was established when the Texas CHIPS Act, House Bill 5174, was signed into law in 2023. The TSIF totals “approximately $948 million in total appropriations” and is used for “semiconductor manufacturing and design,” according to the Texas Economic Development and Tourism Office.
Webb County’s sheriff and his assistant chief are facing federal charges for allegedly using office resources to create and profit from a disinfecting business during the COVID-19 pandemic.
Sheriff Martin Cuellar Jr., 67, and Assistant Chief Alejandro Gutierrez, 47, have both appeared before a federal grand jury after turning themselves in. Their indictments have now been unsealed, revealing that they both are accused of misappropriating Webb County Sheriff’s Office funds between 2020 and 2022.
Cuellar is the brother of U.S. Rep. Henry Cuellar (D-Laredo).
According to the indictment, around April 2020 Cuellar opened a for-profit business called Disinfectant Pro Master (DPM), which used resources belonging to the WCSO. He reportedly enlisted Gutierrez and Ricardo Rodriguez, an assistant chief, to assist in the start of the venture that provided disinfecting services to local businesses, residents, and the local school district.
Federal prosecutors allege none of the three made any personal investments in the startup company but used county resources, vehicles, and equipment. DPM also reportedly used county funds on multiple occasions to purchase supplies for the company. Staff from the sheriff’s office were often utilized to conduct the company’s operations during their regularly scheduled shifts according to the indictment.
The indictment also claims records show that payroll was not ever issued from the company to compensate the staff that was utilized to carry out its business.
During its operation, DPM received multiple contracts with local businesses, including a $500,000 contract with the United Independent School District, where Rodriguez served on the school board.
The company eventually closed in August 2022 after UISD did not renew its contract following media coverage and public scrutiny at a school board meeting over the contract being awarded to a board member’s company.
During the duration of the company’s operation, Cuellar, Gutierrez, and Rodriguez each reportedly received over $175,000. It is alleged in the indictment that Cuellar used his revenue to purchase a 10-acre property in Laredo.
As you might expect, Martin Cuellar is a Democrat.
Dwight documents not one but two of state-level Democrat congresscritters (state rep Ayshia “Ajay” Pittman in Oklahoma and former state senator Sonya Jaquez Lewis in Colorado) being involved in forgery scandals.
Nose-ringed leftist “Grace Carol Brown is charged with arson and burglary, and is ‘accused of smashing an exterior window, unlawfully entering the Comal County (TX) Republican Party headquarters, and starting a deliberate fire inside the building’ overnight on January 13/14.”
Oh, for fuck’s sake! “Parents say their trans son killed himself because his church employer wouldn’t let him wear French maid outfit, cat ears.”
Simon Whistler on Every Saudi Gigaproject in Vision 2030. Neom is still a ridiculous pipe dream, and Whistler is far too easily impressed with “zero carbon” claims, but some of these projects are actually worth doing and on-track.
Keir Starmer’s Labour government created the character of Amelia, a purple-haired nationalist Goth girl, for a lame Flash-style game to “combat far right extremism” (i.e., anyone who objects to importing illegal alien Islamist rapists into the UK), but now that she’s been adopted and memed by the right, that move backfired big time.
Louis Rossmann reports that downgrading to an earlier operating system bricks the latest OnePlus Android phone. I’d never heard of OnePlus, but it turns out it’s a Chinese brand, so you shouldn’t be buying it in the first place…
Surprise! American shopping malls aren’t dying off.
Shopping malls, long an economic and cultural fixture of American life, are facing sustained pressure but are not disappearing altogether.
Instead, the sector is undergoing creative destruction, as traditional mall formats give way to new concepts that reflect shifting consumer behavior and market conditions, according to recent industry data.
A research report by Capital One Shopping (COS) outlines the magnitude of the challenge facing the mall sector, citing rising mall closures that remain vacant for an average of nearly four years, as well as vacancy rates that are 112 percent higher than the overall retail vacancy rate.
COS also estimates that as many as 87 percent of large shopping malls could close over the next decade.
At the same time, COS data indicate a reversal of earlier trends. From 2021 through 2025, mall openings exceeded mall closures, suggesting adaptation rather than terminal decline. In 2025 alone, 9,410 new mall stores opened, nearly double the number that closed.
Additional evidence of revival appears in a recent article published by Growth Factor. Author Clyde Christian Anderson reported that indoor mall foot traffic in March 2024 rose 9.7 percent year over year, open-air shopping center traffic increased 10.1 percent, and outlet mall traffic climbed 10.7 percent—each exceeding pre-COVID-19 pandemic levels.
Every book I bought in 2025, most from early in the year when I still had a contract job and money in the bank…
Welcome to day three of the Schumer Shutdown! January 6 was an entirely Fed operation, Hegseth reads the brass the riot act, the Trump Administration claws back some taxpayer dollars, Ukraine hits more Russian oil refineries, Tricolor’s numerous scams, a couple of hacking attacks, Fiddy gets 50, and a Beatles demo tape leads to lunch with Sir Paul.
It’s the Friday LinkSwarm!
The “FBI disclosed to Congress that there were 275 ‘plain clothes’ agents interspersed with the crowd that gathered at the U.S. Capitol on January 6, 2021.” So it was a Fed operation top to bottom. And, of course, they lied about it to congress. I guess calling “Operation MAGA Entrapment” would have been too obvious…
There are some familiar names in this Jason Curtis Anderson list of organizations setting America on fire, but a few new ones as well.
If I were investigating the organizations who are setting America on fire, I’d start here:
Foundations:
1. Open Societies 2. Tides 3. The Neville Roy Singham funds
-Community Justice Exchange -Unity & Justice Fund -Peoples Support Foundation -United Community Fund -Arc of…
-The People’s Forum
-Party for Socialism & Liberation
-Answer Coaliton
-Code Pink
-Tricontinental Institute
-Breakthrough News
-International People’s Assembly
-Venceremos Brigade
2. PAL Action
3. Palestinian Youth Movement
4. Within Our Lifetime
5. Stop Cop City
6. Samidoun (still no arrests)
7. SJP
8. National Lawyers Guild
9. DSA (planning to disrupt military supply chain)
10. AROC (blocks ports)
11. Alliance for Global Justice
12. Dissenters
13. Indivisible
Defense Secretary Pete Hegseth gathered hundreds of the nation’s top military leaders in Quantico, Virginia Tuesday morning to lay out his vision for restoring the military’s “warrior ethos” by rolling back the left-wing indoctrination that’s taken hold at the Pentagon in recent years.
Warning the assembled generals to “do the honorable thing and resign” if they rejected his message, Hegseth called out the leaders for allowing physical fitness standards to slide while diverting valuable time and resources towards politically fashionable causes related to race, gender, and the environment.
“No more identity months, DEI offices, no more dudes in dresses,” Hegseth said. “No more climate change worship. No more division, distraction, or gender delusions. We are DONE with that sh**.”
The secretary announced that female physical fitness standards will be eliminated from combat roles, reiterating a directive that was first issued in March.
“I don’t want my son serving alongside troops who are out of shape or in combat units with females who can’t meet the same combat arms physical standards as men,” the Pentagon chief said.
All soldiers in combat roles, regardless of gender, must now meet the male physical fitness standards, Hegseth said, “because this job is life or death.”
“Each service will ensure that every requirement for every combat MOS, for every combat arms position, returns to the highest male standard only,” Hegseth said.
Basic physical fitness standards will also be applied to the highest ranking officers.
“It’s unacceptable to see fat generals and admirals in the halls of the Pentagon, and leading all around the world. It’s a bad look, and it’s not who we are!” Hegseth said. “You need to meet the height and weight standards.”
“Today, at my direction, every member of the Joint Force at every rank is required to take the PT test twice a year, as well as meet height and weight requirements twice a year. EVERY year of service.”
Summary: ““The military has been forced by foolish and reckless politicians to focus on the wrong things.”
Analysis: True.
At least the shutdown did give us this:
President Trump is trolling Chuck Schumer and Hakeem Jeffries over their obsession with giving free healthcare to criminal aliens
One story that broke a bit late to include in last week’s LinkSwarm is the Des Moines school district superintendent who turned out to be an illegal alien with a deportation order. With further digging, it seems that Guyana-born Ian Roberts lied about pretty much his entire list of academic accomplishments.
So, he went to St. John’s with his student visa, but got his EdD from an online university no one has heard of and has a plethora of other universities listed without degrees attached.
In addition to this largely inflated and apparently fabricated professional record, Powell notes that there are some dubious awards Roberts claims which are unverifiable as well as claims to police and military service which are hard to confirm.
So who hired him? Would you believe board chair Jackie Norris, former Chief of Staff to Michelle Obama?
More: “Head of Iowa school district arrested for avoiding deportation, found with handgun after chase.”
In a 6-3 vote last Friday, the United States Supreme Court has granted the Trump administration’s emergency appeal to withhold nearly $4 billion in foreign aid funds appropriated by Congress.
The ruling by the conservative majority of the court permits the White House to withhold the funds through a pocket rescission under the Impoundment Control Act.
The move also permanently stays a lower court’s order by U.S. District Judge Amir Ali who had ruled that the administration’s freezing of the funds was likely illegal and that Congress would have to approve the decision to withhold the funding.
The lower court ruling had been temporarily blocked by Chief Justice John Roberts on Sept. 9 after a federal appeals court had declined to put Ali’s ruling on hold.
A tweet from the Department of State celebrated the ruling as a win for the president’s America First foreign policy and for Secretary of State Marco Rubio and lauded the administration’s efforts to rein in what it called, “wasteful, woke, and weaponized foreign assistance and international organization spending.”
Office of Management and Budget director Russ Vought announced that nearly “nearly $8 billion in funding for climate-related projects, which he labeled as ‘Green New Scam funding to fuel the Left’s climate agenda,’ is being canceled.”
So Keir Starmer, the man who refuses to stop importing unassimilated Muslim illegal aliens into the UK, now says they can only solve the illegal alien problem by imposing a mandatory digital ID on all citizens, without which they will not be permitted to work. “The government said the digital ID would be held on people’s mobile phones and become a mandatory part of the checks employers have to make when hiring staff. Over time, it would also be used to provide access to services such as childcare, welfare and access to tax records.”
So the Syrian immigrant who shot up a Manchester synagogue was named Jihad Al-Shamie. You put that in a novel and your editor would reject it as being too on-the-nose. (Hat tip: Stphen Green at Instapundit.)
Would-be Brett Kavanaugh assassin Nicholas Roske sentenced to eight years in prison. Prosecution asked for 30.
“ICE sting at Dallas strip club nabs 41 illegal aliens, rescues sex-trafficking victims.” “ICE busted into the Chicas Bonitas Cabaret and discovered that a tip they received was correct: Illegal aliens were sex trafficking girls to dance at this strip club. Out of 41 illegal aliens, 29 illegally worked at the club. Five were previously convicted criminals.”
“Plano Private School Teacher Gets 20 Years for Sex Crimes Against Student. Jacob Allred pleaded guilty to sexually exploiting a 15-year-old girl at Great Lakes Academy, which specializes in students with learning disorders.”
Virginia Democrats are using the power of the legal system to protect a transgender sex offender from being prosecuted for his crimes. The policy is in line with Democratic gubernatorial candidate Abigail Spanberger’s views.
Democratic leaders in Fairfax County, the largest county in Virginia, have repeatedly refused to prosecute Richard Cox, a man who has allegedly regularly exposed himself to women and girls in the girls’ locker rooms at two high schools and a recreation center. Cox is being charged for his crimes in Arlington County, where a detective testified he had child pornography and a Fairfax County children’s swim class schedule on his phone.
Republican Jack Ciatterelli has brought the race to a dead heat between himself and Democrat Mikie Sherrill.
But that’s not all.
AFTER this poll was taken, more news broke about Sherrill’s less than stellar record at the United States Naval Academy.
“A cheating scandal in the Naval Academy prevented her from walking at graduation.” Evidently her friends cheated and she refused to testify against them.
“Tricolor Auto’s Failure Has It All – ESG, Woke Capital, Illegal Immigration, Securities Fraud, Government Diversity Programs, BlackRock, etc.”
Tricolor Auto Group, the nation’s seventh largest used car dealer (and 3rd biggest in Texas and California), just filed for Chapter 7 bankruptcy – e.g. liquidation. Its target customer had been illegal aliens, and with President Trump deciding to start enforcing the nation’s immigration laws, there has suddenly been a major “market correction” in that market segment. Not only has the customer base largely evaporated, but so have loan repayments, which Tricolor also serviced.
The “tri colors” that the name references are the colors of the Mexican flag – red, white, and green.
While the sudden loss of customers and loan repayments was the catalyst that caused the final collapse of Tricolor, its failure has revealed so much more, including securities fraud, Wall Street ESG gimmickry, race-based federal programs, etc.
Tricolor has securitized more than $2 billion of its very high risk auto loans over the past seven years. The most recent issuance was in June of this year, with JP Morgan Chase and other money center banks peddling more than $200 million of “social bonds” to credulous investors. These securities are certified as “social bonds” by the US Treasury’s CDFI (“Community Development Financial Institution”) program because Tricolor focuses on selling its cars and financial services to underserved communities, specifically Spanish-speaking non-citizens. Tricolor’s CEO, Daniel Chu, was quoted by Barron’s in 2022 as stating, “No one else is providing meaningful dollar credit to an illegal immigrant.”
As documented in this recent Barron’s article (“Tricolor Files for Bankruptcy, The Auto Lender Was Once an ESG Favorite,”) “Financial institutions until recently touted their social bond purchases as part of their commitment to ESG—or environmental, social and governance—principles. BlackRock took a $90 million stake in Tricolor in 2021 as part of its Impact Opportunities Fund focusing on businesses and projects owned, led by, or serving members of minority groups.” Of course BlackRock was involved.
You may recall that a major contributor to the financial crash of 2008 was Wall Street wizards packaging up a bunch of sub-prime mortgages, securitizing them, and then selling those “mortgage backed securities” to investors as something other than perfumed garbage. That is effectively what Tricolor has been doing with its auto loans, with the help of Wall Street.
In a Tricolor press release from March of this year titled “Tricolor Closes $328 Million Securitization to Advance Financial Inclusion at Scale in Underserved Communities,” CEO Chu stated, ”By providing deserving people with access to reliable, affordable transportation, Tricolor, which operates across six states and ranks as the third largest used auto retailer in Texas and California, helps move them into the financial mainstream and reverse systemic financial inequities in America.” Like the other securities issuance I referenced, JP Morgan Chase also promoted these odious securities, along with Barclay’s and Fifth Third Bank.
Per Car Dealership Guy, Tricolor’s bonds have collapsed to a value of 12 cents on the dollar, virtually wiping out the investors who bought those bonds. But as bad as this all sounds so far, it’s actually worse. There was massive fraud by Tricolor, which is causing losses to all parties who did business with it.
The banks who were packaging Tricolor’s securities also had lines of credit extended to Tricolor. There was a recent regulatory filing by Fifth Third Bank revealing that it was booking a $200 million impairment (loss) for fraud involving one of its customers. In this filing, Fifth Third disclosed that there was “recently discovered alleged external fraudulent activity at a commercial borrower,” and that it “is working with the appropriate law enforcement authorities in connection with this matter.” Barron’s confirmed that this commercial borrower was Tricolor. JP Morgan Chase also has about $200 million in loans outstanding to Tricolor, so it too will almost certainly be booking a massive impairment charge for this unrecoverable debt.
Some of the news reports about the Tricolor fraud state that collateral was “double pledged,” meaning that unbeknownst to the banks lending money to Tricolor, the collateral they thought was backing up their loans was also pledged to other banks.
Tricolor was also the servicer of its “buy here – pay here” loan portfolio, remitting collected payments to the banks who securitized their loans. From my experience dealing with fraud in this arena, it is quite likely that there was some level of kiting / ponzi scheme at work, and a constant inflow of new debt was necessary to keep servicing old debt that was not supported by actual assets.
Working in Tricolor’s favor to perpetuate the fraud was the aura of woke virtuosity that kept the money flowing in, which also helped shield Tricolor from appropriate due diligence by those same woke banks throwing money at it.
Working against Tricolor was President Trump’s immigration enforcement. The Department of Homeland Security issued this press release earlier this week: “Over 2 million Illegal Aliens Out of the United States in Less than 250 days.”
Funny how, after the company’s disasterous social justice rebrand, Keir Starmer’s Labour government bailed out Jaguar/Range Rover to the tune of £1.5 billion after a hack attack, despite the company being owned by India-based Tata.