In the wake of financial disclosures showing that President Donald Trump has profited wildly off his presidency over the past year, the Newsweek editors have published a detailed analysis in which they assert that he is “raking in eye-watering sums of money from cryptocurrency gamblers, most of whom were losers in this trade, and also his supporters.”According to Newsweek, while his supporters theoretically set out to “drain the swamp” in corrupt Washington, “The truth is, MAGA always knew Trump was like this. In fact, it’s a big part of why they backed him in the first place.”As Newsweek details, “Trump’s 2025 disclosure lists CIC Digital LLC, described as wholly owned by the Donald J. Trump Revocable Trust, receiving royalties from a license agreement with Celebration Coins and reports the amount as $635,068,835. The same filing reports $236.25 million in token-sale proceeds distributed by World Liberty Financial, plus $65.6 million from the sale of equity in its holding company. Those numbers are politically explosive… because they involve a sitting president, his family business network and an industry his administration is figuring out how to, and if it should, regulate.”Critics say crypto is “a haven for criminals and scammers,” and Newsweek suggests it’s the most “Trumpian” of Trump’s grifts yet. “The $TRUMP coin launched days before Trump returned to office and surged from under $10 to as high as $74.59 before falling back, with four-fifths of its supply held by CIC Digital and an entity called Fight Fight Fight,” explains Newsweek. “The coin described itself as ‘an expression of support,’ not an investment or a security — a distinction that should have cooled anyone foolish enough to be treating it as a retirement plan.”Ultimately, “there were losses, though not for Trump. Roughly two-thirds of investors in the memecoin are underwater, according to the Wall Street Journal, and the Reuters tally put buyers’ collective losses near the family’s $2.3 billion in gains.”As Newsweek notes, “No supporter deserves to be fleeced because a favorite leader put his name on a speculative asset,” but “the naivete defense has limits.” Experts and regulators have long warned not only about the “exceptionally volatile and speculative” nature of crypto, which poses a significant risk of total loss, but about the shady nature of Trump’s dealings. With that in mind, “a voter can call Trump’s crypto dealings unseemly all they like, but a speculator who bought a president-branded token after years of such warnings has a hard time arguing the house owed him a win.”According to Newsweek, “It is easy to see the new crypto numbers as a betrayal of Trump’s voters, many of whom are struggling middle-and-working class voters who can never hope to own even a tiny fraction, if that, of what these deals alone made for him. But this is the kind of transaction many Trump supporters were primed to admire… The problem was not his instinct for aggressive self-interest, in Trump’s telling, but stupid leaders who failed to turn pursuit of self-interest into national advantage.”Whether all the crypto corruption scandal will impact Trump depends on “how his voters parse it, especially those who bought the coin and experienced losses — as personal betrayal, or as the cost of playing near power. Will the Trump supporters among the two-thirds of memecoin buyers now sitting on losses begin to defect, or simply shrug and stay with him?”
A 12-yr-old boy, flanked by President Donald Trump, shared his story about what a school in California forced him to do during a recent hearing of the […]
People across the country are preparing to celebrate America’s 250th birthday this weekend — a process that has been made more challenging as event organizers scramble to deal with the extreme heat. President Trump is headed to South Dakota late on Friday, where he’s expected to make remarks at the Mount Rushmore National Memorial and…
Record-breaking heat is having an impact on one of the biggest celebrations for the United States’ 250th birthday, with organizers of the Freedom 250 Salute to America are delaying the event’s start time from 1pm to 5pm because of the expect triple-digit heat in Washington. It comes as President Donald Trump prepares to visit Mount Rushmore ahead of July 4 celebrations. NBC’s Gabe Gutierrez reports for TODAY.
The Trump administration concluded a recent mineral deal with Kazakhstan that, not surprisingly, enriches not only President Donald Trump’s own family but that of his secretary of commerce, Howard Lutnick. Trump’s two eldest sons, part owners of Dominari Securities, are set to profit from the Kazakh tungsten deal. So is Cantor Fitzgerald, the investment firm run by Lutnick’s two sons.As The New York Times pointed out in its investigation of the scheme, “Their sons were soon doing business with partners in a deal that their fathers were negotiating, continuing a pattern of self-enrichment in the second Trump administration that has few precedents in American history.”The phrases “self-enrichment” and “few precedents” are interesting ways of characterizing this latest instance of the administration’s corruption. Isn’t self-enrichment a good thing, in the sense of profiting from your own hard work? By contrast, the article doesn’t mention the word “corruption” at all. Perhaps the Times is worried about getting hit by yet another Trump legal challenge (in October last year, Trump refiled a $15 billion defamation suit against the paper for its coverage of his 2024 presidential campaign).There are indeed several precedents in American history for what Trump is doing. These previous corruption scandals—Credit Mobilier, Whiskey Ring, Teapot Dome—wrecked the reputations of presidents and cast long shadows over American politics. They also helped to produce the kind of safeguards that Trump is now destroying.Foreign policy is a tool by which the administration levies a toll on any entity that has the temerity to be a country other than the United States. As with much of Trump’s disrespect for norms, his corruption has been massive and largely in full view. The two outstanding questions are: Will Trump and company ever be held accountable for their graft and will this corruption have an enduring impact on political institutions in the United States?Tracking the DamageIf scandalous behavior unfolds in full view of everyone, is it still a scandal? “Scandal” suggests something hidden, something whispered about, something revealed. Trump’s actions are full frontal. They are both brazen and matter-of-fact.According to the Trump administration and its extended family, the money skimmed off the top of economic transactions is just smart politics. The administration has endeavored to negotiate every peace deal, trade agreement, investment arrangement, and mineral pact in such a way as to deliver Trump, his family, and their circle of close supporters a good chunk of change.This is Trump’s interpretation of the American dream: Folks would be downright foolish not to profit from their position. All the great tycoons made their money, from railroads to AI, by being in the right place at the right time with the right amount of ruthlessness. In Trump’s case, however, he is using taxpayer money to cover the risk. And most the time, given the terms of the arrangement, there is hardly any risk because Trump is using his presidential power to game the system. That’s what he really means by the “art of the deal.” Trump only deals from a marked deck of cards.The Center for American Progress runs Trump’s Take, which estimates that the president has received a little over $2.6 billion in cash and gifts since he took office in January 2025.The graft is not secret, though sometimes the actual amounts involved are obscured by layers of complex finance. Trump’s recent mandatory financial disclosure offers some details. But thanks to a number of websites, it’s become quite easy to track in real time the growing amount of Trump’s slice of the pie.The Center for American Progress runs Trump’s Take, which estimates that the president has received a little over $2.6 billion in cash and gifts since he took office in January 2025. Much of this money has come from various crypto schemes, including the Trump meme coin, but also such dubious ventures as the documentary about Melania Trump and a number of legal settlements (more colloquially known as shakedowns). Corruption Counter puts the value at $2.2 billion and includes such recent items as the $100 million savings for Trump from the recent effort to bar the Internal Revenue Service from auditing the president. (Courts blocked the overall $1.8 billion “settlement fund,” but the Justice Department is upholding the IRS amnesty.)If you want to keep track just of the crypto deals, the Democrats on the House Oversight Committee maintain the Trump Family Digital Grift Wealth Tracker. Senator Chris Murphy (D-Conn.) keeps his own list, which highlights the insider trading around the Iran War and a defense contract with Dell after the president invested in the company. David Kirkpatrick, at The New Yorker, has been keeping a running total of Trump’s ballooning assets. In January, he updated his total to $4 billion, which details, among other things, the Gulf money flowing into Trump pockets.
As triple-digit temperatures engulf much of the United States, the Trump administration wants grid managers to require the use of backup power that often goes unused.
July 4th events for America's milestone birthday are being threatened by a brutal heat wave. And, Russia has struck Ukraine's capital, killing several people in what it calls retaliatory attacks.
