This Week's Corruption Scorecard
As usual, there are the money scams, and an example of abject immorality
168 is a newsletter emailed on an unscheduled basis in which I share my thoughts on various topics for discussion. Archived newsletters can be found at www.1hundredsixty8.substack.com. Please add your comments by clicking the REPLY button at the end of this piece.
1-Would you buy a used car from this man?
For years, Donald Trump’s critics have accused him of behaving like a crooked used-car salesman. Yesterday afternoon, he did it for real on the White House South Lawn. (Charlie Warzel, The Atlantic, March 13)
On Tuesday, Donald Trump used the driveway of the South Lawn of the White House to display five Tesla models. His motive was transparent- he was using his bully pulpit as President to help out his favorite billionaire, Elon Musk, in the sales department.
This stunt was provoked by the precipitous drop in Tesla’s stock price (it is down nearly 50 percent from its peak in December) and a drop in sales as a result of the backlash to Trump’s tariffs. Special Advisor to the President Musk is the CEO and largest shareholder of Tesla stock. Many of us are thinking, “Why, that Donald Trump is so smart. I don’t remember another President who ever thought to use the office to hawk products for a supporter.” Of course, besides the odor of favoritism wafting over the proceedings1, there are also the uncomfortable truths that: 1) Musk is a pubic official overseeing the scorched-earth DOGE efforts to cut staff and funding of Federal agencies; 2) Musk’s businesses have billions of dollars in contracts with Federal agencies and are vying for more; and, 3) some of those businesses are being investigated by some of these same agencies. It would not be wrong to describe such multiple, blatant conflicts of interest as corruption or scandal.
2- If it smells like a scam, walks like a scam, and talks like a scam, guess what?
The Wall Street Journal reported this week that:
Representatives of President Trump’s family have held talks to take a financial stake in the U.S. arm of crypto exchange Binance, according to people familiar with the matter, a move that would put Trump in business with the firm that pleaded guilty in 2023 to requirements.
At the same time, Biance’s billionaire founder, Changpeng Zhao—who served four months in person after pleading guilty to a related charge—has been pushing for the Trump administration to grant him a pardon… Zhao, widely known as CZ, remains Binance’s largest shareholder.
Back in 2021, Trump was singing a different tune about cryptocurrency, specifically Bitcoin.:
"Bitcoin, it just seems like a scam," Mr Trump said. "I don't like it because it's another currency competing against the dollar." He added that he wanted the dollar to be "the currency of the world".2
However, Trump clearly had his come to Mammon moment about crypto: the worm, so to speak, has turned. Days before his inauguration, Trump and his wife, Melania, each announced the release of meme coins3 ($Trump and $Melania). Earlier this month, he issued an executive order stating his intention to create a government “crypto strategic reserve” that would include bitcoin and ethereum, two of the popular cryptocurrencies, plus three lesser-known and riskier issues. The plan is to fund the reserve with crypto funds seized by federal law enforcement.
So, what’s the problem?
For one, crytocurrencies are speculative and, therefore, volatile. As such, they do not meet the requirements of either a strategic play or a reserve currency. There are two domains where crypto operates: in marketplaces where they are bought and sold as speculative investments, and in anonymous transactions favored by criminals and rogue states such as North Korea.
Two, if the government stockpiles cryptocurrency, it will exert upward pressure on the price. In an article in Forbes after Trump’s announcement, Alison Durkee reported that:
[S]ome economists have raised concerns about the proposal. They point to cryptocurrency’s volatility, arguing the government purchasing cryptocurrency is a gamble that would primarily benefit existing crypto holders and could ultimately result in billions’ worth of taxpayer money getting wiped out, should the industry take a downturn
All of which adds to the familiar cloud of insider advantage being emitted following the news of the Trump family’s involvement with a crypto exchange (making them ‘existing crpto holders’). It’s also easy to find crypto fans among Trump’s cabinet and other appointees. Commerce Secretary Howard Lutnick, for example, headed the Wall Street firm Cantor-Fitzgerald before taking a Cabinet post. Cantor-Fitzgerald is very active in the crypto sector. 4
It doesn’t end there.
In December, Trump announced he would be part of World Liberty Financial, a crypto platform started by billionaire real estate developer Steve Witkoff, whom Trump designated to be Special Envoy to the Middle East. At the time, World Liberty Financial was joining forces another platform, Tron, which had been founded by Justin Sun. Both Tron, the largest invester in World Liberty Financial, and Sun are problematic partners for Trump and Witkoff. Tron has been associated with terror groups including Iranian-backed Hamas and Hezbollah. And though Son had been facing several fraud charges by the SEC, the agency announced in February that they were “pausing the case.” It may be that the $75 million Sun pumped into World Liberty Financial helped slow the wheels of justice, specifically since Trump and Witkoff reportedly receive 75 percent of the revenue from the sales of WCT tokens.5
As President, Donald Trump has found the perfect side-hustle.
3- A Weird Interpretation of ‘No Child Left Behind’
Robert Morris—the televangelist who “spiritually advised” Trump during his 2016 campaign—has been indicted by an Oklahoma grand jury for indecent acts with a 12-year-old girl beginning in the 1980s.
Why are all the real pedophiles prominent Republicans? -Josh Marshall, reposting Andrew L. Seidel on BlueSky)
The girl was 12 years old. He’s one of Trump's biggest promoters and legitimizers. He's prayed over Trump in the White House. Trump's been to his church. Greg Abbott tapped him on the anti-trans bathroom bills. Now he faces 100+ years in prison.
Also, let me add, why are so many real pedophiles white Christian pastors?
If you would like to support my efforts here, consider becoming a paying subscriber for $5.00 per month. An annual subscription is $50.00 for 12 months.
If you don’t wish to become a regular subscriber, consider contributing occasionally by leaving a tip. Click below:
If you would like to submit a piece for 168, please email me at nicrosato2@gmail.com.
And please remember to click the Like button.
The Hatch Act of 1939 prohibits civil-service employees in the executive branch of the federal government, except the president and vice president, from engaging in some forms of political activity.
From Wikipedia: A meme coin (also spelled memecoin) is a cryptocurrency that originated from an internet meme or has some other humorous characteristic… The term is sometimes used interchangeably with the term shitcoin, which typically refers to a cryptocurrency with little to no value, authenticity, or utility.[2] It may be used in the broadest sense as a critique of the cryptocurrency market in its entirety — those based on particular memes such as Dogecoin, celebrities like Coinye, and pump-and-dump schemes such as BitConnect — or it may be used to make cryptocurrency more accessible.
Note: Dogecoin is a favorite of Elon Musk.