
Takeaways from the AP's reporting on Trump's business deals
That flood of money — from billionaires, foreign governments and cryptocurrency tycoons, often with interests before the federal government — has permitted the president to leverage the power of his office for personal gain unlike any of his predecessors.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
Inverse Finance snags $2.6m from DeFi investors to plug bad debt hole
DeFi lending protocol Inverse Finance, with more than $178 million in investor funds, has patched a $2.6 million bad debt hole in the project's finances. A bad debt happens when a loan position cannot be repaid because the collateral used to borrow funds has lost a lot of its value, which leaves the lender with a hole in their finances. It can happen due to malicious exploits that drain liquidity from lending pools or a massive market decline that causes the price of collateral tokens to plummet. Shop Top Mortgage Rates A quicker path to financial freedom Personalized rates in minutes Your Path to Homeownership On Monday, Inverse Finance secured funds to service the bad debt by selling 104,000 of its native Inverse tokens to a cohort of DeFi investors. The token sale was for 25 Dola per Inverse token, to raise the $2.6 million required. Dola is the protocol's dollar-pegged stablecoin, while the Inverse token controls the protocol and absorbs financial risks. The latter is also the governance token for the DAO that controls the protocol. Given the relationship between both tokens, the deal effectively means investors are betting that the Inverse token's long-term growth potential can cover the bad debt liability, and the DAO proposal for the move did not hide this trade-off. 'This is our way of sending a message to everyone that Inverse DAO never abandons its users always repays its debts,' Nour Haridy, Inverse Finance founder, told DL News. Haridy called the repayment 'an investment into the future.' The Inverse tokens acquired by the investors will be locked for six months. Inverse tokens traded for more than $43 on Monday, a 72% premium on the cost basis of the DeFi investors. The bad debt traces back to malicious exploits on Inverse Finance lending markets that have since been deprecated. Those defunct lending markets suffered two malicious exploits in April and June 2022 that resulted in more than $24 million in losses. A portion of the bad debt also comes from Euler Finance's $200 million flash loan attack of March 2023. Euler has since recovered the hack and now holds more than $1 billion in investor assets, a 10-fold growth in 2025. 'A moral obligation' Monday's repayment whittles the protocol's bad debt exposure to $3.4 million, which the DAO plans to cover by borrowing from another lending protocol. Haridy said the protocol didn't have a choice but to cover the bad debt. 'Dola would've collapsed due to the elevated bad debt levels back then and more people would lose their money,' Haridy said. 'We had a moral obligation towards people who trusted Dola with their hard earned money and we chose to fulfill this obligation.' The repayment also comes as the protocol reached $100 million in loans on its fixed-rate lending market platform FiRM, another sign of recovery for a protocol that has suffered multiple crises. Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him atosato@ Sign in to access your portfolio
Yahoo
9 minutes ago
- Yahoo
I Asked ChatGPT What Elon Musk's ‘America Party' Means for My Taxes, Here's What it Said
As the rift between Elon Musk and Donald Trump grows, Musk's recent announcement of the potential launch of an 'America Party' has splashed across the headlines. While the Tesla billionaire's 'America Party' is in its nascent stages, it could make an impact on the future of politics. For You: See Next: The entry of a new and potentially popular third party into American politics could shake things up. While no one can predict the future, I asked ChatGPT to give me an assessment of what Musk's 'America Party' would mean for my taxes — here's what it had to say. Potential Party Platform Musk hosted a poll on X asking whether or not he should launch the America Party. After a few days, he announced the results and that he would be starting the American Party. Although the America Party has launched, it doesn't have an official platform yet. Even so, ChatGPT summarized what the party might stand for. 'Elon Musk launched the America Party in early July 2025, positioning it as a centrist, fiscally responsible and tech-forward alternative to both Republicans and Democrats,' according to ChatGPT. Check Out: Potential Tax Impacts If fiscal conservatism is the focus of the new party, it's likely to have some impact on everyone's taxes, especially if it ever gains power. ChatGPT claimed the new party tax policies might focus on the following: Fiscal conservatism and deficit-focused: 'The America Party's platform likely emphasizes deficit reduction via tax restraint, potentially favoring higher taxes on wealthy earners, reducing loopholes or phasing out regressive tax cuts,' ChatGPT said. Green energy and tech incentives: 'Expect the America Party to advocate for restoring or expanding clean-energy tax credits, R&D incentives and other supportive structures for sustainable tech,' the chatbot said. Pro-business and tech-friendly tax reforms: With a potential focus on 'tech-driven, low-regulation attitudes,' ChatGPT predicted this could translate into business tax reforms, such as lower corporate tax rates and tax incentives for startups. Potential Impacts Vary Across Households If the America Party came to power and enacted its agenda, different households would see different impacts. '[Top earners] could face marginal increases if deficit-driven reforms target high-income brackets. But they may benefit from enhanced R&D or green-business credits,' ChatGPT said. For mid-income families, the chatbot claimed they 'could see relief if payroll tax adjustments or retention of EV or green subsidies are part of the agenda.' And for low-income households, the chatbot predicted 'direct gains likely from restored rebates, tax credits and possibly expanded earned income tax credit, contingent on the America Party's social policy platform.' Likely Impacts Right Now While the party's platform might be interesting, it's worth pointing out that it's not even on the ballot nationwide right now. Although the America Party is trying to get started, it's initially set it's sights on a few congressional races, which wouldn't immediately push the country toward its agenda. 'Minimal direct impact on your taxes for the short-term — unless America Party candidates win seats in 2026 and influence future bills, ChatGPT said. The America Party is getting off the ground. While it's building out a platform, it has yet to win any elections. Until it gains real influence, it likely cannot influence tax policies or your taxes directly. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates 7 Things You'll Be Happy You Downsized in Retirement This article originally appeared on I Asked ChatGPT What Elon Musk's 'America Party' Means for My Taxes, Here's What it Said
Yahoo
9 minutes ago
- Yahoo
Fact Check: Video shows Trump cheating at golf in Scotland
Claim: A video authentically shows U.S. President Donald Trump cheating at golf by violating rules while playing at his Trump Turnberry resort in Turnberry, Scotland, in late July 2025. Rating: A rumor that circulated online in late July 2025 claimed a video showed U.S. President Donald Trump cheating at golf by violating rules while playing at his Trump Turnberry resort in Turnberry, Scotland. Trump's trip to his golf course, scheduled for July 25-29, also featured an on-site meeting with British Prime Minister Keir Starmer, among other official matters and meetings. Snopes received reader emails and website searches asking about the rumor. For example, one user emailed, "Did Trump get caught on video cheating at golf while playing in Scotland?" Another reader shared a link with the words, "Video of Trump's caddie helping him cheat at golf." That reader's link led to a Facebook post (archived) featuring the video with the caption, "The Golf Cheat Caught Red Handed. The undefeated Trump Club Champion exposed: Watch his caddie magically drop a ball for him without anyone noticing." The post, receiving over 5 million views, shows Trump driving a golf cart with two men walking nearby, both accompanying him as caddies. In the video, one of the caddies leans down and, without fully turning around, tosses a golf ball behind him on the fairway. The ball then bounces and rolls a short distance before settling, presumably making it easier for Trump to hit than where his previous stroke landed. Users also shared this clip on Bluesky (archived), Instagram (archived), Threads (archived), TikTok (archived), X (archived) and YouTube. The video truly showed Trump golfing at his Turnberry resort, either on July 26 or 27, as confirmed by comparing the clip to photos hosted by Getty Images, as well as several publishers' YouTube videos. While the casual, competitive or other nature of the round remained unknown, the clip authentically depicted Trump as violating — with the assistance of a caddie — golf rules that might allow a player to achieve a better outcome. Further, users' usage of the term "cheating" correctly aligned with some of Merriam-Webster's definitions of the word, including "to violate rules dishonestly" and "to use unfair or dishonest methods to gain an advantage." Snopes contacted the White House by email to ask about the cheating allegations and will update this article if we receive more information. Official golf rules and second video The United States Golf Association (USGA), based in the U.S., and Royal and Ancient Golf Club of St. Andrews (R&A), based in Scotland, are two primary governing bodies for the game of golf. The organizations maintain the sport's rules. Their book, "Rules of Golf," displays both the USGA and R&A logos. According to the R&A website (archived), if a player needs to perform what's known in golf as a drop, "Rule 14.3b(2)/1" requires the player to "drop the ball from a location at the player's knee height when in a standing position." Rules require a drop when a player cannot play a ball as it lies, as in penalty areas such as a pond, or in an unplayable position or out of bounds. The USGA website (archived) further clarifies, "Your caddie is not allowed to drop your ball." Another video circulating from the same weekend shows Trump getting out of a golf cart, walking several steps, leaning down and placing his ball on the fairway. He then brushes aside unidentifiable debris with his hand from around the ball. The clip depicts the green as visible nearby in the background. His placement of the ball directly onto the fairway violates the aforementioned knee-height drop rule. An X user posted (archived) the clip with the caption, "He lies and cheats at everything." Users also shared this clip on Threads (archived), TikTok (archived) and X (archived). Trump's history of cheating allegations in golf In 2019, sportswriter and author Rick Reilly published a book titled "Commander in Cheat: How Golf Explains Trump," alleging Trump has a long history of cheating at golf. That December, The Guardian reported on Reilly's claims. and also published articles regarding Reilly's allegations. In March 2024, reported that a Trump spokesperson denied Reilly's claims of cheating. For further reading, a previous fact check examined whether a video truly showed Trump swinging a golf club, missing the ball and then picking up the ball off the tee. "14 Procedures for Ball: Marking, Lifting and Cleaning; Replacing on Spot; Dropping in Relief Area; Playing from Wrong Place." R&A, "Definition of CHEAT." Merriam-Webster, Getty Images. McCool, Mary. "Security Tightens as Donald Trump Plays Golf at Turnberry." 26 Jul. 2025, McRae, Donald. "Rick Reilly: 'Donald Trump Will Cheat You on the Golf Course and Then Buy You Lunch.'" The Guardian, 10 Dec. 2019, Reilly, Rick. "How and Why President Trump Cheats at Golf — Even When He's Playing against Tiger Woods." 2 Apr. 2019, "Rule 9 - Ball Played as It Lies; Ball at Rest Lifted or Moved." USGA, Speakman, Kimberlee. "How Donald Trump Cheats at Golf, According to a Sportswriter: 'He Will Do Anything.'" 27 Mar. 2024, "The Rules of Golf 2023." R&A Publications, "Topic - Dropping." USGA, Weissert, Will. "Trump Talks Gaza, Ukraine and His Golf Course, in Meeting with UK's Prime Minister." The Associated Press, 28 Jul. 2025, ---. "Trump Will Visit Scotland, Where His Family Has Golf Courses, and Will Talk Trade with Starmer." The Associated Press, 17 Jul. 2025, Zurcher, Anthony. "Tee Time with Trump - Striking Balls and Deals over 18 Holes." 26 Jul. 2025,