Wall Street Bankers Offered Lucrative Access to Join the Pentagon
Source: NYT > U.S. > Politics · Bias: Center Left
Summary
A presentation from a headhunting firm aimed to recruit Wall Street investors to the Pentagon by offering “unmatched access” to government officials and fund-raising opportunities among foreign sovereigns.
Wall Street Bankers Offered Lucrative Access to Join the Pentagon
Center Left
A presentation from a headhunting firm aimed to recruit Wall Street investors to the Pentagon by offering “unmatched access” to government officials and fund-raising opportunities among foreign sovereigns.
In a speech marking America’s 250th anniversary, New York City Mayor Zohran Mamdani rejected President Donald Trump’s view of the nation, and especially its immigrants, without naming him directly.
The Wall Street Journal’s editorial board published a Wednesday op-ed slamming President Trump and his family for “cashing in on the presidency” after his financial disclosures showed the president brought in $2 billion last year alone. Trump’s crypto venture, effectively managed by the Trump Organization, reaped in more than $526.8 million in proceeds from tokens…
New York Mayor Zohran Mamdani will offer a competing vision of America on the eve of the nation’s 250th birthday, not just counterprogramming President Donald Trump but signaling his emergence as the national face of the Democratic Party. Mamdani’s address comes after a string of victories by Democratic Socialists of America-backed candidates has expanded his […]
Being president of the United States is by far the most lucrative business venture of Donald Trump’s checkered business career. The June 30 release of his financial disclosure report makes this official. Trump has turned the American presidency into an extractive industry. In 2025, Trump mined more than $2.2 billion in income from being president, most of it from crypto, from which he extracted $1.4 billion. That’s all the more remarkable when you remember that crypto entered a slump last year and that investors in Trump’s crypto ventures who were not members of the Trump family lost $2.3 billion, according to a June 9 investigation by Tom Bergin of Reuters. It’s almost as if Trump’s ability to draw income from business ventures did not depend on those ventures being successful!A cynic might observe that Trump’s special treatment is no different from that of American chief executives in the private sector who are similarly insulated from failure. But Trump’s payday puts theirs in the shade. The only CEO whose compensation exceeded Trump’s last year was Elon Musk, who (for now) is a category of one. Musk’s $158 billion pay package from Tesla last year was more than 15 times larger than the combined pay packages of the other 391 chief executives surveyed in late June by The Wall Street Journal. If we set Musk aside, the highest-paid chief executive in the Journal’s ranking was Shankh Mitra, chief executive of Welltower, “a real estate investment trust focused on senior housing and healthcare.” Let’s leave for another day the ethics of harvesting a vast personal fortune from the physical and mental decline of one’s fellow human beings. My point here is that Mitra’s obscene pay package last year of $821 million was less than half of Trump’s $2.2 billion. Plus, I bet Mitra had to put in at least some actual work.I observed a year ago that Trump is America’s first rentier president. A rentier is someone who makes his money through the possession of assets rather than the exertion of labor. Rentiers are capitalism’s nepo babies. Prior to Trump, the main rentier occupations were real estate and finance. Trump himself was a classic rentier capitalist, a rich kid who joined the family real estate business, exaggerated his success to a credulous tabloid press, and inherited $413 million from his more successful father. Trump moved the family business from dowdy apartment buildings in Brooklyn and Queens to luxury apartments and hotels in Manhattan and beyond, but many of these went bankrupt. In 2018, The Economist concluded Trump would have made more money had he been a more conventional rentier and invested daddy’s money in index funds. The rentier presidency is a much more lucrative proposition than rentier capitalism, and one with which index funds can’t possibly compete. Crucially, there is no index fund that lets you acquire a stake without investing money or labor. During the 2024 presidential campaign the Trump family acquired a 60 percent stake in World Liberty Financial and was granted 75 percent on net revenues from token sales. (The Trump family stake in the company, the less valuable part of this deal, has since fallen to 38 percent.) Trump did not pay for these privileges, yet last year he earned more than $594 million from them. Neither is there any evidence, according to Reuters’ Bergin, that Trump ever paid for his stakes in the crypto firms ALT5 Sigma, American Bitcoin, or Celebration Coins. This last alone netted Trump more than $636 million last year. The business press often notes these days that Trump has become less a real estate investor than a crypto investor. But to call Trump a crypto investor is a misnomer because investors, um, invest. Trump doesn’t invest. He receives. Nor should we call Trump a media investor, because Trump didn’t pay one cent to acquire his majority stake in Trump Media & Technology Group. This company owns Truth Social, on which Trump posts his late-night rants, and “has engaged,” Michael Hiltzik observed last March in The Los Angeles Times, “in a number of baroque financial transactions.” It works out well for Trump that he didn’t put money into Trump Media & Technology Group because it lost $715 million last year on revenue of $3.7 million. Yet Trump’s stake in this money-losing venture somehow remains, according to his latest filing, worth more than $50 million. Nice work if you can get it.The business model for a rentier presidency might puzzle the untutored, given the extensive losses involved. Why would anyone invest with the president of the United States? Some of them are just suckers, still bedazzled by the phony business-genius image he created during 14 TV seasons of “The Apprentice” and “Celebrity Apprentice.” But others derive value in other ways.
Chancellor Friedrich Merz’s coalition agreed on €10 billion ($11.4 billion) in annual income tax relief and a range of measures to bolster Germany’s labor market as part of a set of reforms designed to revive economic growth and stabilize the budget.
Tragedy struck Senatobia, Mississippi, when police were called to Walmart for a shoplifting call. When police confronted a pair of adults, one allegedly drove a car toward the officers, who then shot at the car — killing 1-year-old Kohen Wiley.“They are arguing that they weren’t running their car into the police and there was no reason for the police to shoot into the car,” BlazeTV host Jason Whitlock says.However, regardless of what the truth is, Whitlock has found the mother’s reaction tragic as well.The mother, Vellesiya Wiley, posted photos of herself at the funeral, fanning out a stack of cash and holding a stuffed animal.“The mother looks like a child. That looks like a teenage mother. That looks anywhere from age 15 to 20 years old to me, is what this mother looks like. But this is at the funeral,” Whitlock says. “What are you doing?”“I have some sympathy because she’s a child, the mother seems to be. And so she’s reacting like a child,” he adds.Attorney Ben Crump didn’t waste time chiming in on the devastating news, writing in a post on X that he “will be commissioning an independent autopsy for baby Kohen Wiley because this family deserves the truth.”“We are calling on the Senatobia Police Department to release the body camera footage now. Kohen Wiley will never get the chance to grow up. His mother will carry this pain for the rest of her life. There must be full transparency and accountability in this case,” he continued. “Justice for baby Kohen!”“Ben Crump, the ambulance chaser. The illiterate ambulance chaser that barely has command of the English language,” Whitlock comments.“There doesn’t seem to be much disagreement. The child was shot. What’s the autopsy going to show?” he asks, before pointing out that regardless, “one of the major takeaways” should be, “Don’t use your child if you’re planning on committing any sort of crime.”“Don’t take your child with you if you’re planning on shoplifting. If you’re planning on doing anything illegal, leave your child with a babysitter at home. Don’t carry your child. And if you decide to get in your car and drive away as police try to detain you, really don’t have your child involved,” he continues.“But we’ve created a society and a mentality and a culture that says, ‘No, other people are responsible for my safety’ ... This is a toxic, poisonous, deadly mindset and culture that we’ve created that too many black people have fallen for,” he adds.Want more from Jason Whitlock?To enjoy more fearless conversations at the crossroads of culture, faith, sports, and comedy with Jason Whitlock, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American dream.
