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The Age
4 days ago
- Business
- The Age
Which conflicts of interest? Trump doubles down on crypto
Trump's plunge into crypto – assets that he once described as a 'scam' – isn't without controversy, even from within the crypto community itself, which backed him in the election with more than $US100 million of donations. Some of those crypto billionaires are now concerned that the controversies surrounding Trump's holdings will rebound on the industry, just as Trump's backing was about to bring crypto into the mainstream of the US financial system. Loading There are obvious conflicts of interest in a president who is ultimately responsible for regulating the sector - and who in March signed an executive order to create a national strategic reserve of bitcoin and other crypto assets - being so deeply invested in the sector. On some assessments, nearly 40 per cent of his net worth (and rising) is now tied up in crypto. What hasn't dispelled the concerns is that Trump is behaving in a most unpresidential fashion, embracing the conflicts. He has been spruiking his meme coin on social media – 'I LOVE $TRUMP – SO COOL!!! The Greatest of them all!!!!!!!!!!!!!!!' – promoting the sector and loosening its regulation even as he has become more deeply engaged within it. More to the point, there have been dealings in his crypto assets that have raised more than a few eyebrows and caused a backlash within Congress. At a private dinner and tour of the White House last week for a select few guests who had won invitations by becoming one of the top 220 holders of $TRUMP coins was a Chinese crypto billionaire, Justin Sun. Loading Sun had been sued by the US Securities and Exchange Commission during the Biden administration for allegedly illegally distributing crypto assets and inflating their value. He was an early investor in World Liberty's tokens last year, investing $US30 million in November and following that up with a subsequent investment of another $US45 million. He's now an adviser to World Liberty. After Trump regained office, the SEC asked a judge to put the case on hold. More broadly, the US Justice Department, under the Trump administration, has shut down its national cryptocurrency enforcement team and declared that it's not a digital assets regulator, criticising the Biden administration for a 'reckless strategy of regulation by prosecution.' It has credited a Trump executive order for the shift in approach. There's another controversy surrounding World Liberty. This month, a state-backed Abu Dhabi investment fund, MGX, announced it would use its stablecoin to make a $US2 billion investment in the crypto exchange, Binance. That deal will provide credibility and generate significant revenue for World Liberty, which had promoted its stablecoin as an asset that should be attractive to sovereign wealth funds and other government institutions, but also raises some awkward issues. Binance pleaded guilty in 2023 to money laundering charges and agreed to pay a $US4.3 billion penalty. Its founder and former chief executive, Changpen Zhao, who owns 90 per cent of the platform, served a four-month jail term last year. He has said that he is seeking a pardon from Trump. The Trump family have also reportedly discussed acquiring an interest in Binance's US business. What a tangled web they weave! The conflicts in the Trump family's dealings in crypto have derailed what was a bi-partisan consensus on crypto regulation. Earlier this month, the so-called GENIUS Act, which would have provided a regulatory framework for stablecoins where none currently exists – a bill supported by the crypto sector – was voted down in the Senate because of Trump's perceived conflicts and the potential for crypto assets to be used as conduits for corruption of public officials. Trump's VIP dinner and tour for buyers of his meme coin may have played a role in the bill's rejection. Senate Democrats have proposed their own crypto legislation – the 'End Crypto Corruption Act' -- that would ban presidents, lawmakers and their families from issuing or endorsing crypto assets. Even if it passed, Trump could veto it, which would add another layer of conflict. Loading Crypto investors and entrepreneurs are uneasy with Trump's dealings because they fear that, on the verge of success after years of lobbying for their preferred legislative and regulatory models, the Trump family has jeopardised their goals with its pursuit of crypto schemes. Only Trump would see no conflict of interest in his role as president, who with executive orders and sponsorship (or vetoing) of legislation is shaping regulation of the sector in which a growing proportion of his net worth is invested in, or in his control of businesses that are touting for foreign government investment even as he wages trade wars around the world. He might claim to be at arms-length from the family's crypto dealings because he says his assets are in a trust managed by his eldest son Don Jr, but his repeated promotion of crypto and his meme coin in particular undermines his assertions.
Herald Sun
20-05-2025
- Herald Sun
What happens to Sean ‘Diddy' Combs's mansion, jet and assets if he's found guilty? What we know
The sex-trafficking trial of Sean 'Diddy' Combs has entered its second week, Following nearly a week of gruelling testimony from Casandra 'Cassie' Ventura, who was partners with Combs for more than a decade, enjoying his lavish lifestyle, federal prosecutors are trying to build a broader racketeering charge that accuses Combs of heading a criminal enterprise that was involved in arson, kidnapping and bribery. Combs, 55, also faces sex trafficking charges. If convicted, the one-time rich and powerful figure in the music industry could land in prison for life. He has pleaded not guilty on all counts and vehemently denies all allegations against him. The rapper's trial comes eight months after he was arrested and indicted by federal agents in New York City on September 16, 2024, following which he has remained behind bars in a Brooklyn prison. For his bail hearing, Combs put up his US$48 million (A$75m) Miami mansion as collateral for his $50 million bond (A$78m). It was this mansion on Star Island that was raided by US Homeland Security agents in March 2024. But federal agents also raided his sprawling Los Angeles mansion in Holmby Hills, which the rapper had just listed for $61.5 million (A$95m). That 10 bedroom, 13 bathroom property has sat on the market since Combs's arrest, and as the trial grinds on and more shocking allegations come to light, the question remains if the mogul is allowed to proceed with a sale if he is found guilty by the criminal trial. Can Combs proceed with the sale of his home? Legally, Combs can sell the property even if convicted and sentenced for the charges. But the money may not be his to be disbursed. Could the government seize the home as part of his assets? If Combs gets a sale offer but he is also convicted, the federal government can put a lien on the asset and determine where the money goes, according to If Combs is found guilty the money from the sale of the house may go towards settling the many lawsuits against him. Crisis manager for White Collar Advice, Justin Paperny said that if the fallen mogul is handed a guilty sentence, paying off lawsuits could help reduce the sentence. But Combs 'will need a huge number to offer up to the courts to get leniency,' he said. What would Combs use the money for? In addition to paying out alleged victims, Combs will be left with gigantic legal costs resulting from his charges, whether he is found guiilty or not. Who would want to buy Sean 'Diddy' Combs's house? Given the stigma around the property, and some of the alleged activities that took place there, a sale at the current asking price might be unlikely. Wealthy buyers would still be expecting a deal, given that the mogul is in financial distress, a fire sale price meaning that he has less capital to work with. It was initially purchased for US$39 million in 2014. Despite a US30 million offer from Bo Belmont, of Belwood Estates, a real estate investment firm, it remains unsold, according to multiple news sources. Annual taxes are US$500,000, which could add pressure on Combs to sell. Could Combs rent out the property instead? Combs could take the property off the market and rent it out, Airbnb style. There would likely be no shortage of bookings, especially out of curiosity about the mogul's lifestyle. Nightly rental estimates at the higher end of the market are around $10,000 to $20,000 per night. What is Diddy's LA mansion like inside? The gated estate is 1580 square metres set on 1.3 acres, and is described in a property listing as 'one of the most spectacular and beautiful estates in Holmby Hills.' There is a movie theatre, wine cellar, office, a gourmet kitchen, a family dining room, and a separate kitchen for caterers. Upstairs is the master suite with dual bathrooms, large wardrobes, and a wide hallway leading to guest and family suites. There is also a two-storey guesthouse with gym, a recording studio, and guest bedrooms. The grounds feature manicured lawns, box privacy hedges, mature trees, a swimming pool with a waterfall and grotto, a basketball court, spa house, and an outdoor covered loggia with a barbecue, bar, and pizza oven. Has Combs received any offers? It seems only one, from Bo Belmont, who offered half the asking price. Belmont initially told 'I want to remove the stigma and focus on the charming elegance of this remarkable property. We intend major renovations and especially want to recapture the beautiful, bucolic setting of the outside grounds, with its picturesque trees, foliage, and walkways.' Belmont made news when he bought Kanye West's derelict Malibu beach house for US$21 million, which had previously been listed for US$39 million. What other assets does Diddy own? Combs owns another house in LA near the Hollywood sign; a Gulfstream G550 jet valued at more than US$25 million, known as LoveAir, which he rents out; an art collection; and a fleet of 20 luxury cars including a Rolls-Royce, Bentley, Ferrari, Lamborghini and luxury Mercedes known as a Maybach. He also has Badboy Records, which earns money from its recording artists and copyright royalties. Diddy previously had a partnership with liquor company Diageo, the company that owns Cîroc vodka, Diddy's brand, but their partnership ended in 2024 after a settlement of disputes. How much is Diddy worth overall? In 2024, Forbes magazine estimated Sean Combs's net worth at US$400 million (A$625m), which had dropped substantially from the 2019 estimate of US$740 million (A$1.1bn).
The Age
14-05-2025
- Entertainment
- The Age
‘You know George': Biden failed to recognise Clooney at major fundraiser, new book says
Washington: Joe Biden failed to recognise mega-star George Clooney at a major fundraiser the actor hosted for Biden's campaign, according to a new book that investigates the former president's physical and mental decline and his team's efforts to play down its significance. The book, by CNN journalist Jake Tapper and Axios reporter Alex Thompson, paints a picture of an elderly man who by 2024 was struggling to manage the demands of the presidency and the intense schedule of a re-election campaign. It reports that Clooney flew from Europe, where he was working on a film, to Los Angeles for the June 15, 2024 fundraiser that ultimately raised a record-breaking $US30 million for Biden. The president, too, had jetted in from the G7 in Italy, and arrived at the Peacock Theatre looking 'diminished'. Clooney, a major Democratic donor, had not seen Biden since an event in Washington in December 2022. The book says the actor knew Biden might be tired, but the man before him – shuffling and seemingly guided by an aide – looked 'as if he'd aged a decade' in 18 months. The book quotes an unnamed Hollywood identity who watched as Biden greeted guests at the shindig. 'It was like watching someone who was not alive,' the person said. 'It was startling. And we all looked at each other. It was so awful.' Biden gave Clooney the same generic greeting – 'thank you for being here' – as everybody else. 'You know George,' an aide prompted. 'Yeah, yeah,' Biden reportedly responded. The two men then had an exchange in which Clooney asked Biden how he was, and enquired about his G7 trip. 'It was fine,' the president said. It seemed clear to those involved in the encounter that Biden had not recognised Clooney, one of the world's most famous people, Tapper and Thompson write.
Sydney Morning Herald
14-05-2025
- Entertainment
- Sydney Morning Herald
‘You know George': Biden failed to recognise Clooney at major fundraiser, new book says
Washington: Joe Biden failed to recognise mega-star George Clooney at a major fundraiser the actor hosted for Biden's campaign, according to a new book that investigates the former president's physical and mental decline and his team's efforts to play down its significance. The book, by CNN journalist Jake Tapper and Axios reporter Alex Thompson, paints a picture of an elderly man who by 2024 was struggling to manage the demands of the presidency and the intense schedule of a re-election campaign. It reports that Clooney flew from Europe, where he was working on a film, to Los Angeles for the June 15, 2024 fundraiser that ultimately raised a record-breaking $US30 million for Biden. The president, too, had jetted in from the G7 in Italy, and arrived at the Peacock Theatre looking 'diminished'. Clooney, a major Democratic donor, had not seen Biden since an event in Washington in December 2022. The book says the actor knew Biden might be tired, but the man before him – shuffling and seemingly guided by an aide – looked 'as if he'd aged a decade' in 18 months. The book quotes an unnamed Hollywood identity who watched as Biden greeted guests at the shindig. 'It was like watching someone who was not alive,' the person said. 'It was startling. And we all looked at each other. It was so awful.' Biden gave Clooney the same generic greeting – 'thank you for being here' – as everybody else. 'You know George,' an aide prompted. 'Yeah, yeah,' Biden reportedly responded. The two men then had an exchange in which Clooney asked Biden how he was, and enquired about his G7 trip. 'It was fine,' the president said. It seemed clear to those involved in the encounter that Biden had not recognised Clooney, one of the world's most famous people, Tapper and Thompson write.
The Age
13-05-2025
- The Age
America's privately owned, high-speed train service beats flying
The train: Brightline The journey: Orlando to Miami. The train departed on time from Orlando at 12.50pm, arriving in Miami at 4.15pm Frequency: Hourly departures daily Train: Brightline, Florida's modern, high-speed train service Class: Smart Saver, coach 5, seat 14D Travel time: Scheduled and actual was three hours and 25 minutes Checking in Booking is easy through the Brightline website (I'm still avoiding downloading apps unless they're ones I'll use regularly), where I select my seat and receive a digital ticket. Brightline Orlando Station is airy, clean and spacious, with plenty of seating and a sleek, modern design. The check-in process here was efficient, with minimal waiting and clear signage all around. Baggage For an additional fee starting at $US30 ($47) per item, you can add checked baggage to your Smart Saver fare. If you're bringing more than one bag, it's best to pre-add them to your booking through the Brightline app or website. The seat Brightline has two service classes: Smart (standard seating with essential amenities) and Premium (extra perks like lounge access, free snacks, and priority boarding). My Smart Saver seat is comfortable, with adequate legroom and a good reclining option. That said, because someone sat next to me partway through the journey, I move to seat 15D in the row of two behind, which is free. This seat does not recline. None of the seats in Smart Saver have fold-out tray tables, but there are cupholders, and a small fixed table between paired seats for holding drinks or devices.
