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The Herald Scotland
24-05-2025
- Business
- The Herald Scotland
Trump speaks with presidential seal at crypto dinner billed as private
Trump's official @GetTrumpMemes site promoted the dinner on May 5, saying, the "President of the United States is having Dinner with his top $TRUMP Coin holders. Who does that? Only The Crypto President." Ethics watchdogs blasted Trump for hosting the dinner that included former NBA star Lamar Odom and where investors spent an estimated $148 million on the $TRUMP meme coin to secure their seats, according to crypto intelligence firm Inca Digital. About 100 protesters across the street from Trump National Golf Course Washington D.C. in Sterling, Virginia, held signs with messages such as "Stop Crypto Corruption" and "Release the guest list." More: Trump's crypto dinner: Black ties, a Chinese billionaire and ethics questions "This is one of the most blatant and appalling instances of selling access to the presidency I've ever seen," said Donald Sherman, executive director and chief counsel of Citizens for Responsibility and Ethics in Washington. The Securities and Exchange Commission sued Sun and his companies - Tron Foundation, BitTorrent Foundation, and Rainberry - in March 2023. But under the Trump administration the SEC asked for the case to be put on hold in February to explore a resolution. More: Ex-NBA player Lamar Odom met with boos from hecklers at Trump's crypto dinner White House press secretary Karoline Leavitt told reporters the dinner was a private rather than public event. "The president is attending it in his personal time," Leavitt said. "It's not a White House dinner." She dismissed questions about the ethics of holding the dinner for people who invested in his crypto coin. "The president is abiding by all conflict of interest laws that are applicable to the president," Leavitt said. "The American public believe it is absurd for anyone to insinuate that this president is profiting from the presidency." Contributing: Reuters
CNN
22-03-2025
- Automotive
- CNN
The Trump administration can't stop shilling for Tesla
The White House appears to have a carrot-and-stick approach to making America love Teslas. Buy the car and the stock, officials say. And anyone caught vandalizing a charging station should expect to be labeled a 'terrorist thug,' one possibly bound for a Salvadorean prison, as President Donald Trump wrote Friday. The Trump administration's unique affection for Tesla is just one of the ways that officials appear to be using their power to advance their own business interests in ways that ethics experts say are both unprecedented and alarming. 'This is just not done,' Hui Chen, an anti-corruption expert and former federal prosecutor, told CNN. 'This endorsement of a domestic brand in a space where there are many domestic players is unconventional, to say the least.' The latest warning from Trump came Friday, when he suggested that acts of vandalism against Tesla showrooms and vehicles were more concerning than the January 6, 2021, attack on the US Capitol, when a violent mob tried to overturn the 2020 election that Trump lost. 'When I looked at those showrooms burning and those cars… exploding all over the place, these are terrorists,' Trump said in an Oval Office briefing. 'You didn't have that on January 6… these people are terrorists.' Of course, vandalism isn't terrorism unless you drastically stretch the word's meaning, Chen notes. Vandalism is a crime, but 'to call vandalism against Tesla in this unique set of circumstances an act of terrorism… There's just simply no basis for saying that,' she said. Trump's comments Friday underscored a consistent message from his administration: that Tesla is special and should be treated as such. But any upside for Tesla's business would directly enrich CEO Elon Musk, who is a special government employee overseeing an unofficial department that is trying to gut federal services and employment rolls. Last week, Trump staged a live Tesla ad on the White House's South Lawn, telling reporters he would write Musk a check for one of them for himself. The spectacle offered Tesla shares a sharp but short-lived bump. It is not unusual for the US government to try to boost certain domestic industries broadly. But they don't single out one business over and over the way they have with Tesla, an American company with several American rivals, said Jordan Libowitz, vice president for communications at the advocacy group Citizens for Responsibility and Ethics in Washington, or CREW. The Tesla cheerleading reached a new apex on Wednesday. As Tesla's stock was tumbling, Secretary of Commerce Howard Lutnick went on Fox News to urge viewers to buy Tesla's 'cheap' stock — a moment that appeared to violate government ethics rules and simultaneously offer misleading investment advice. (Despite Tesla shares losing about half their value since December, they are not, in fact, 'cheap.' By traditional metrics, Tesla shares remain some of the most expensive on Wall Street, trading at 60 times its projected 2026 earnings, per Fortune.) Lutnick's Tesla comments didn't end up helping much, as Tesla's stock — weighed down by falling sales and a growing brand crisis — fell 1.7% in premarket trading following his appearance. 'Saying 'buy the stock' is something we can't think of ever seeing before,' Libowitz said, noting that a large portion of Musk's wealth is tied up in Tesla stock. 'It's hard to see it as anything other than the White House doing a solid for one of its senior people.' The White House, Commerce Department and Tesla didn't immediately respond to CNN's request for comment.
CNN
21-03-2025
- Automotive
- CNN
The Trump administration can't stop shilling for Tesla
The White House appears to have a carrot-and-stick approach to making America love Teslas. Buy the car and the stock, officials say. And anyone caught vandalizing a charging station should expect to be labeled a 'terrorist thug,' one possibly bound for a Salvadorean prison, as President Donald Trump wrote Friday. The Trump administration's unique affection for Tesla is just one of the ways that officials appear to be using their power to advance their own business interests in ways that ethics experts say are both unprecedented and alarming. 'This is just not done,' Hui Chen, an anti-corruption expert and former federal prosecutor, told CNN. 'This endorsement of a domestic brand in a space where there are many domestic players is unconventional, to say the least.' The latest warning from Trump came Friday, when he suggested that acts of vandalism against Tesla showrooms and vehicles were more concerning than the January 6, 2021, attack on the US Capitol, when a violent mob tried to overturn the 2020 election that Trump lost. 'When I looked at those showrooms burning and those cars… exploding all over the place, these are terrorists,' Trump said in an Oval Office briefing. 'You didn't have that on January 6… these people are terrorists.' Of course, vandalism isn't terrorism unless you drastically stretch the word's meaning, Chen notes. Vandalism is a crime, but 'to call vandalism against Tesla in this unique set of circumstances an act of terrorism… There's just simply no basis for saying that,' she said. Trump's comments Friday underscored a consistent message from his administration: that Tesla is special and should be treated as such. But any upside for Tesla's business would directly enrich CEO Elon Musk, who is a special government employee overseeing an unofficial department that is trying to gut federal services and employment rolls. Last week, Trump staged a live Tesla ad on the White House's South Lawn, telling reporters he would write Musk a check for one of them for himself. The spectacle offered Tesla shares a sharp but short-lived bump. It is not unusual for the US government to try to boost certain domestic industries broadly. But they don't single out one business over and over the way they have with Tesla, an American company with several American rivals, said Jordan Libowitz, vice president for communications at the advocacy group Citizens for Responsibility and Ethics in Washington, or CREW. The Tesla cheerleading reached a new apex on Wednesday. As Tesla's stock was tumbling, Secretary of Commerce Howard Lutnick went on Fox News to urge viewers to buy Tesla's 'cheap' stock — a moment that appeared to violate government ethics rules and simultaneously offer misleading investment advice. (Despite Tesla shares losing about half their value since December, they are not, in fact, 'cheap.' By traditional metrics, Tesla shares remain some of the most expensive on Wall Street, trading at 60 times its projected 2026 earnings, per Fortune.) Lutnick's Tesla comments didn't end up helping much, as Tesla's stock — weighed down by falling sales and a growing brand crisis — fell 1.7% in premarket trading following his appearance. 'Saying 'buy the stock' is something we can't think of ever seeing before,' Libowitz said, noting that a large portion of Musk's wealth is tied up in Tesla stock. 'It's hard to see it as anything other than the White House doing a solid for one of its senior people.' The White House, Commerce Department and Tesla didn't immediately respond to CNN's request for comment.
Chicago Tribune
09-02-2025
- Business
- Chicago Tribune
Elon Musk dodges DOGE scrutiny while expanding his power in Washington
WASHINGTON — Elon Musk made a clear promise after Donald Trump decided to put him in charge of making the government more efficient. 'It's not going to be some sort of backroom secret thing,' Musk said last year. 'It will be as transparent as possible,' maybe even streamed live online. It hasn't worked out that way so far. In the three weeks since the Republican president has been back in the White House, Musk has rapidly burrowed deep into federal agencies while avoiding public scrutiny of his work. He has not answered questions from journalists or attended any hearings with lawmakers. Staff members for his so-called Department of Government Efficiency, or DOGE, have sidelined career officials around Washington. It is a profound challenge not only to business-as-usual within the federal government, which Trump campaigned on disrupting, but to concepts of consensus and transparency that are foundational in a democratic system. Musk describes himself as 'White House tech support,' and he has embedded himself in an unorthodox administration where there are no discernible limits on his influence. Donald K. Sherman, executive director of Citizens for Responsibility and Ethics in Washington, said Trump has allowed Musk to 'exert unprecedented power and authority over government systems' with 'maximal secrecy and little-to-no accountability.' The White House insisted that DOGE is 'extremely transparent' and shared examples of its work so far, such as canceling contracts and ending leases for underused buildings. House Republicans said the Trump administration also discovered that Social Security benefits were being paid to a dozen people listed as 150 years old. Trump, Musk and their allies are betting the American people will support their efforts to wipe out excessive spending, regardless of concerns about how it is being done. The president said Friday that Musk is 'finding tremendous fraud and corruption and waste.' Trump was particularly enthusiastic about efforts to shut down the U.S. Agency for International Development, where Musk has worked to choke off funding. Asked if Musk should publicly answer questions about his work, the president said, 'Oh sure.' 'He's not shy,' Trump said. 'Elon's not shy.' That is true, at least judging by Musk's social media, where no thought appears to be suppressed. His X account is a flood of internet memes, attacks on critics and professions of loyalty to the president. He has made clear the grand scope of his ambitions, talking in existential terms about the need to reverse the federal deficit, cut government spending and roll back progressive programs. 'This administration has one chance for major reform that may never come again,' he posted on Saturday. 'It's now or never.' Musk is used to doing things his own way. The world's richest person, he became wealthy with the online payment service PayPal, then founded the electric car manufacturer Tesla and the rocket company SpaceX. More recently, he bought Twitter and rebranded it as X, cutting jobs and remaking its culture. He seems to be taking a similar approach to the federal government, but he can be tightlipped about his plans. For example, he has not explained how his team will utilize access to payment systems that include sensitive data on people in the United States. Much of DOGE's work is happening behind the scenes. Team members have shown up at the Department of Veterans Affairs, the Treasury Department, the Federal Emergency Management Agency and the National Oceanic and Atmospheric Administration, among other agencies. Their arrival is never publicly announced, and career staff members are looking over their shoulders for unfamiliar faces in the hallways. At the Education Department, DOGE employees are working out of a conference room on the seventh floor, which also houses the secretary's office. Sheria Smith, president of a federal employees union that represents some of the agency's staff, said it is unclear what internal systems have been accessed by Musk's team and for what reason. 'It's the lack of transparency that's alarming,' she said. While longtime staff members fret about their future, DOGE workers have been spotted cheerfully trading high-fives with each other. 'They don't seem to answer to anyone and are not engaging with anyone in our agency,' Smith said. Sometimes a rumor circulates that Musk himself is making the rounds. But he generally has been at the White House complex, where he has an office. David Sacks, a Musk ally working on artificial intelligence and cryptocurrency issues for the administration, said he stopped by to check on the DOGE team. 'The whole room was full of young coders,' he said during The All-In Podcast, which Sacks hosts with three other venture capitalists. 'The facilities people don't know what to do because they've never had people ask to stay late on Friday night before.' Journalists have been piecing together the identities of people who work for DOGE, discovering a cadre of young acolytes with technology and engineering backgrounds. Some were previously employed by Musk's companies, and Musk has said it is a crime to reveal their names. He has not cited any law that would be broken by such a disclosure. It does not appear to be an idle threat. Ed Martin, the Trump-appointed interim U.S. attorney in the nation's capital, said last week that 'we will pursue any and all legal action against anyone who impedes your work or threatens your people.' Martin followed up on Friday to thank Musk for referring suspects who were 'stealing government property and/or threatening government employees.' No additional information was provided by Martin's office or the White House. Energy Secretary Chris Wright defended DOGE's work, saying in a CNBC interview Friday that members of Musk's team were like 'young gun management consultants coming in to take a critical look at how things are run.' 'They're part of a team assembled by DOGE, friends in Elon's broader circle that are very good at IT and very good at systems,' Wright said. It took more than two weeks after Trump's inauguration on Jan. 20 to figure out that Musk had formally joined the administration as a special government employee. The White House said Musk will file a financial disclosure report, but it will be kept secret. Because of Musk's sprawling business interests, the report would likely be among the most extensive ever compiled. It's unclear whether Musk swore an oath to the Constitution like other federal workers. Even though Trump promised that Musk would steer clear of any areas where he has a conflict of interest, no details have been provided on how that is being evaluated. A test of that arrangement could come soon, with Musk set to review spending at the Pentagon, where SpaceX has billions of dollars in contracts to put satellites in orbit. Democrats on the House Oversight and Government Reform Committee tried to issue a subpoena to force Musk to testify, but the effort was blocked by Republicans. 'Who is this unelected billionaire, that he can attempt to dismantle federal agencies, fire people, transfer them, offer them early retirement, and have sweeping reform or changes to agencies without any congressional review, oversight, or concurrence?' said Rep. Gerald Connolly of Virginia, the committee's top Democrat. House Democratic leader Hakeem Jeffries of New York said Republicans were 'doing the bidding of an unelected, out of control, billionaire puppet master.' Trump said he was still in charge of Musk, saying 'I'll tell him to go here, go there, he does it.' He also backed Musk's aggressive approach. 'We have to take some of these things apart to find the corruption,' he said.
