A Chinese national, charged with fraud by the SEC, just sent Donald Trump $18 million

(As is said on my other favorite blog, Our Failed Political Press at work again. sigh The money graf here: A foreign national under federal fraud prosecution making a purchase that results in $18 million cash payment to the president-elect has all the makings of a major scandal. But it has been virtually ignored by several major media outlets.

But the entire piece makes it make better sense.)

by Judd Legum Read on Substack

Chinese Crypto entrepreneur Justin Sun paid $6.2 million for a banana — sold by Sotheby’s as conceptual art — and then ate it last Friday.

The banana is not Sun’s most notable recent purchase.

On November 25, Sun purchased $30 million in crypto tokens from World Liberty Financial, a new crypto venture backed by President-elect Donald Trump. Sun said his company, TRON, was committed to “making America great again.”

World Liberty Financial planned to sell $300 million worth of crypto tokens, known as WLF, which would value the new company at $1.5 billion. But, before Sun’s $30 million purchase, it appeared to be a bust, with only $22 million in tokens sold. Sun now owns more than 55% of purchased tokens.

Sun’s decision to buy $30 million in WLF tokens has direct and immediate financial benefits for Trump. A filing by the company in October revealed that “$30 million of initial net protocol revenues” will be “held in a reserve… to cover operating expenses, indemnities, and obligations.” After the reserve is met, a company owned by Donald Trump, DT Marks DEFI LLC, will receive “75% of the net protocol revenues.”

So before Sun’s purchase, Trump was entitled to nothing because the reserve had not been met. But Sun’s purchase covered the entire reserve, so now Trump is entitled to 75% of the revenues from all other tokens purchased. As of December 1, there have been $24 million WLF tokens sold, netting Trump $18 million.

Sun is also joining World Liberty Financial as an advisor, making Sun and the incoming president business partners.

While Trump has the cash, Sun’s tokens are effectively worthless. To comply with U.S. securities law, WLF tokens are “non-transferable and locked indefinitely in a wallet or smart contract until such time, if ever, [WLF tokens] are unlocked through protocol governance procedures in a fashion that does not contravene applicable law.” The only thing that Sun can do with his tokens is participate in the “governance” of World Liberty Financial. Right now, the only thing World Liberty Financial does is sell tokens.

Any foreign national paying an incoming president $18 million weeks before entering the White House should raise red flags. Sun’s purchase is even more alarming because the Securities and Exchange Commission (SEC) is currently prosecuting him for fraud.

The SEC’s ongoing prosecution of Sun

On March 22, 2023, the SEC charged Sun and three companies he owns. The SEC accused Sun of marketing unregistered securities and “fraudulently manipulating the secondary market” for a crypto token “through extensive wash trading.” Wash trading involves “the simultaneous or near-simultaneous purchase and sale of a security to make it appear actively traded without an actual change in beneficial ownership.” In other words, according to the SEC, Sun made it seem like there was a lot of interest in crypto tokens he issued when much of the trading was fraudulent and manufactured by Sun.

The SEC also charged Sun with “orchestrating a scheme to pay celebrities to tout” his crypto tokens “without disclosing their compensation.” Federal law requires people who endorse securities to “disclose whether they received compensation for the promotion, and to specify the amount.” The celebrities involved included Lindsay Lohan, Jake Paul, and Soulja Boy.

Lohan paid $40,000, and Paul paid about $100,000 to settle the charges against them without admitting liability. Soulja Boy did not respond to the lawsuit, and a default judgment was issued against him.

Sun posted on X that he believes the SEC “complaint lacks merit” and complained that “the SEC’s regulatory framework for digital assets is still in its infancy and is in need of further development.”

The litigation against Sun is ongoing, with a federal judge considering a motion by Sun’s attorneys to dismiss the charges. The current SEC Chairman, Gary Gensler, who announced the charges against Sun, will step down when Trump takes office in January. A new SEC commissioner appointed by Trump could settle or dismiss the charges against Sun.

How Trump can use the power of the presidency to unlock hundreds of millions in profits for himself

Through World Liberty Financial, Trump can reap massive personal profits from creating a more permissive regulatory environment for crypto ventures.

In addition to his 75% share of revenues over $30 million, Trump’s company was also awarded 22.5 billion WLF tokens. At the current sale price, these tokens are worth more than $300 million. That is more than 20 billion tokens being offered for sale publicly. (This makes the “governance” value of WLF tokens, which was already questionable, effectively worthless. No matter how many tokens you own, Trump will always be able to outvote other token holders.)

Right now, Trump’s tokens — like those purchased by Sun — are worthless because they cannot be transferred. But Trump could appoint a new SEC chairman who is friendly to the crypto industry and who would create new rules allowing the WLF tokens and similar crypto assets to be legally traded. If the price of the tokens increases when they hit the open market, which is a possibility for a crypto token backed by the President of the United States, the value of Trump’s tokens could be in the billions.

That appears to be exactly the path Trump is taking. WIRED reports that Trump is “asking the crypto industry to weigh in on potential picks.” Among the leading contenders is Paul Atkins, a former SEC Commissioner, who, since leaving the agency in 2008, has run a consulting firm that works with crypto companies. Atkins is also co-chair of the Token Alliance, an initiative of the Chamber of Digital Commerce, the lobbying group for the crypto industry. He is also a member of the Chamber of Digital Commerce’s Board of Directors.

Another top contender, former SEC General Counsel Robert Stebbins, has said that the SEC should “pause most of its crypto lawsuits while clearing a path for the firms to do business without the overhang of litigation.” But Stebbins’ candidacy underscores the need for Sun to forge a favorable relationship with Trump. Stebbins acknowledged that, even if it takes a more permissive view toward the crypto industry, it may want to consider continuing to pursue litigation involving fraud.

Major media outlets obsessed with banana, ignore Sun’s payment to Trump

A foreign national under federal fraud prosecution making a purchase that results in $18 million cash payment to the president-elect has all the makings of a major scandal. But it has been virtually ignored by several major media outlets.

The New York Times, for example, has published five articles about Sun’s purchase of the banana but none about Sun’s $30 million purchase of WLF tokens and his business partnership with Trump. The Washington Post has published three articles about the banana, but its coverage of Sun’s purchase of WLF tokens was limited to one short paragraph in a larger editorial about the crypto industry. (The paragraph does not explain how Trump personally profits from Sun’s token purchase.) The Wall Street Journal did publish a short piece about Sun’s token purchase on its “Live Update” blog, but the piece was not viewed as significant enough to be included in the print edition. The paper published two articles, plus a video, focused on the banana. One of the Wall Street Journal articles about the banana was published on the front page of the paper.

Republicans feel emboldened to do the worst things possible

NPR took a hard right turn from impartial reporting years ago.  Maybe some time around 2005.  All studies show the main stream media has a right bias overall.  But nothing but complete agreement with and capitulation to them will ever please republicans now.  Also notice in all the talk of slashing government programs and services to save money none of the subsidies to corporations along with SpaceX and Tesla.   Hugs

Dr. Bhattacharya, who is not a practicing physician, has called for overhauling the N.I.H. and limiting the power of civil servants who, he believes, played too prominent a role in shaping federal policy during the pandemic.

Trump just picked Dr. Jay Bhattacharya to lead the National Institutes of Health.In 2020, Bhattacharya pushed anti-COVID lockdown theories that were promptly dismissed as crankery — fringe policy prescriptions that would have led to millions of unnecessary deaths. http://www.nytimes.com/2024/11/26/u…

Kyle Griffin (@kylegriffin1.bsky.social) 2024-11-27T02:45:10.287Z

"Everything You Need to Know About Donald Trump’s NIH Pick" – @walkerbragman.bsky.social brings receipts. He's bad, really bad:

Mehdi Hasan (@mehdirhasan.bsky.social) 2024-11-27T02:26:59.508Z

Fine resigned from the Florida Senate on Monday shortly after Trump posted an endorsement, urging him to run for the US House.

He has appeared here many times for his vicious anti-LGBTQ actions and threats of violence.

From my Saturday post…

Randy Fine, the sponsor of Florida’s “Don’t Say Gay” bill, appeared here last month when he was held in contempt for flipping off a judge during a virtual hearing about an election lawsuit.

Before that he appeared here when DeSantis vetoed funding for a “woke zoo” because it wouldn’t host a fundraiser for Fine.

Fine also appeared on JMG in May 2022 when he tweeted what many interpreted as a threat to assassinate President Biden. That tweet remains online.

Before that, Fine appeared on JMG when he called for felony charges after Florida Democrats staged a sit-in over the racist US House map submitted by DeSantis. 

And before that, he appeared here when he threatened to defund a Florida Special Olympics event and called a local school board member a “whore” because she’d been invited to its fundraiser gala and he was not.

Fine was a sponsor of the bill that stripped Disney’s self-governing status. His family owns annual passes to the “woke” theme park giant. In April 2023 he declared, “Damn right, we ought to erase” LGBTQs.

In 2022, he arranged for a Florida town to honor a war criminal who was convicted of executing four Iraqi prisoners.

Fine is also a sponsor of Florida’s bill criminalizing drag shows in view of minors. Of note, his wife runs a self-described “sultry” burlesque show that would violate her husband’s law.

So no it will be illegal for these “ladies” to use the men’s restroom.

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Pete Hegseth’s Radical Push for a Convention of States Raises Concerns

https://meidasnews.com/news/pete-hegseths-radical-push-for-a-convention-of-states-raises-concerns

A convention of states could abolish freedoms currently guaranteed under the Constitution

Pete Hegseth, a nominee for Secretary of Defense under Donald Trump, has voiced enthusiastic support for a convention of states, a controversial proposal that has long been championed by far-right groups. Speaking during a promotional interview with his wife in June, Hegseth revealed not only his alignment with the cause but his active participation in its efforts, which included joining Zoom calls dedicated to advancing the movement and named dropped Mark Meckler, a proponent of the movement.

Pete Hegseth
 

Pete Hegseth

Facebook

A convention of states, enabled under Article V of the Constitution, would allow state legislatures to propose sweeping amendments to the Constitution without Congressional approval. Because this process would allow for the Constitution to be rewritten, critics warn of the potential for chaos and extremism, with the possibility of unraveling fundamental protections enshrined in the Constitution.

Hegseth’s endorsement of the effort aligns with a growing push by far-right activists who hope to capitalize on Republican control in state legislatures. His suggestion that such a convention would become “more relevant than ever” due to the political scrutiny facing Trump underscores the ideological motivations behind this proposal.

Pete Hegseth with Trump
 

Pete Hegseth with Trump

Instagram

The idea of a convention of states is seen by many as a fringe concept that threatens to undermine the delicate checks and balances of the American system, and therefore, is opposed by groups on both sides of the political divide. During a convention of states, far right groups could enshrine a nationwide abortion ban, end marriage equality, and abolish term limits for the presidency which means it could be a path for Trump to serve longer than 4 additional years.

Hegseth’s vocal advocacy for this cause as a potential Secretary of Defense would put him in a position to back decisions made by convention of states with military might. At a time when democracy itself faces numerous challenges, Hegseth’s support for such a radical initiative should give both lawmakers and voters pause about his fitness for a role as critical as Secretary of Defense.

 

Ohio Gov. Mike DeWine signs transgender bathroom ban bill into law

I am sorry but how does this protect any student or adult … it also includes higher education.  Notice this part … About 3% of high school students identify as transgender, according to recent data from the Centers for Disease Control and Prevention.  That is in a country of 337 million people. 

This is only a hate bill based on the absurd idea that trans women want to assault girls.  Notice it is always trans girls / women they talk about never trans boys or trans men.  It is a made up problem that never happened so they have to destroy a small minority of people’s lives to prove a point of their bigotry.  I am so sick of this posturing on the part of republicans trying to do to trans what they couldn’t do to the gays 30 years ago.  It is the same tactics and hate they promote.  If you want to know the real cost listen to the trans students who quit school because they had nowhere to go to the bathroom, or the trans students who were given approved bathrooms so far from their classes that they missed some and got bad marks for simply needing to pee before the class started.  These bills have real world consequences for young people in every state.  It is not just the bathroom issue but it makes a trans person a target even if there is a “trans bathroom” assigned.  It means any student using it is outing themselves to the ones that want to target them for abuse.   

Again this solves no problem but does promote hate and bigotry … and it is driven by religious bigotry because of the fundamentalist belief that their god created them male and female only.  They are demanding we run our society, or 2024 understands on the book written by religious leaders 2,500 years ago.  Think about it, these people had no idea of everything we take for granted today, yet the fundamentalist who demand we ;deny rights to trans people do it based on that book of people who did not even understand germs!  These bills are designed to promote a religion and a religious view of life / morality in the public life.   I am an old gay man, this still affects me.  Because bigotry against one group’s rights is bigotry against all people’s rights!  If these people get the right to exclude trans people from bathrooms what is next?  Gay people on the same idea that we are a threat?  Or hell watch about the old segregation idea that blacks are a threat to whites in bathrooms?  See this is the same playbook.  This is not different from black people shouldn’t be in white people’s bathrooms.   Hugs

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Ohio Gov. Mike DeWine has signed a bill into law banning transgender students from using school bathrooms and locker rooms that match up with their gender identity.

The law requires people at Ohio K-12 schools and universities use the restroom that aligns with their gender assigned at birth. It also bans students from sharing overnight accommodations with people of the opposite sex from their assigned sex at birth at K-12 schools.  

This does not prevent a school from having single-occupancy facilities and does not apply to someone helping a person with a disability or a child younger than 10 years old being assisted by a parent, guardian or family member. 

The law will take effect 90 days after DeWine signed the bill.

A lawsuit is expected to be filed against this. The Ohio Capital Journal interviewed a Cleveland attorney over the summer about potential legal challenges with the bill, such as who would police such a policy? 

Several transgender Ohioans, allies and educators called on DeWine to veto the bill. The Ohio Capital Journal recently talked to a family who plans on moving out of Ohio because of anti-transgender legislation at the Statehouse. 

The bathroom ban (House Bill 183) was added to a bill that revises College Credit Plus (Senate Bill 104) in the eleventh hour of a House Session at the end of June before the lawmakers went on an extended break.

The Ohio Senate concurred with the changes made to S.B. 104 during their first session back from break

State Reps. Beth Lear, R-Galena, and Adam Bird, R-New Richmond, introduced H.B. 183. State Sen. Jerry Cirino, R-Kirtland, introduced S.B. 104. 

About 3% of high school students identify as transgender, according to recent data from the Centers for Disease Control and Prevention

The American Medical Association officially opposes policies preventing transgender individuals from accessing basic human services and public facilities consistent with gender identity.

Slightly more than half of transgender and nonbinary youth in Ohio considered suicide in 2022, according to the Trevor Project. 

About a third of LGBTQ+ students were prevented from using the bathroom that aligned with their gender and slightly more than a quarter were stopped from using the locker room that aligned with their gender, according to Ohio’s 2021 state snapshot by GLSEN, which examines the school experiences of LGBTQ middle and high school students.

 Ohio Gov. Mike DeWine gives his 2024 State of the State address in the Ohio House chambers at the Ohio Statehouse on Wednesday afternoon. (Pool photo by Barbara J. Perenic, Columbus Dispatch.)

 

Forty-two percent of transgender and nonbinary students were unable to use the bathroom that aligned with their gender and 36% couldn’t use the locker room that aligned with their gender, according to the Ohio GLSEN report. 

Transgender youth who can’t use the bathroom that aligns with their gender are at a greater risk of sexual violence, according to a 2019 study published in the journal Pediatrics.  

Other states with transgender bathroom bans

Arkansas, Idaho, IowaKentuckyOklahoma, Tennessee, AlabamaLouisianaMississippiNorth Dakota, Florida, and Utah have laws that ban transgender people from using the bathroom that matches their gender identity in schools. 

Florida, Oklahoma, Idaho, and Tennessee’s laws have all been challenged. The U.S. Court of Appeals for the 9th Circuit blocked Idaho’s law last year.  

North Carolina made history in 2016 by becoming the first state to ban bathroom access to transgender people. The law was quickly appealed in 2017 and settled in federal court in 2019, but the state ended up losing hundreds of millions of dollars as the NBA All-Star Game and NCAA events were moved out of state. 

Follow OCJ Reporter Megan Henry on X.

 

Texas Board Won’t Review Pregnancy-Related Deaths

 

The Washington Post reports:

The Texas committee that examines all pregnancy-related deaths in the state will not review cases from 2022 and 2023, the first two years after Texas’s near-total abortion ban took effect, leaving any potential deaths related to abortion bans during those years uninvestigated by the 23 doctors, medical professionals and other specialists who make up the group.

Leaders of the Texas Maternal Mortality and Morbidity Review Committee said the change was made to “be more contemporary” — allowing them to skip over a backlog of older cases and review deaths closer to the date when they occurred, and therefore offer more relevant recommendations to policymakers. At least three women have died in Texas because of delays in care related to the abortion bans, according to reporting from ProPublica.

Read the full article.

Texas bill would reclassify abortion drugs as controlled substances

https://www.texastribune.org/2024/11/25/abortion-texas-pills-controlled-substance/

The bill is modeled after a Louisiana law that doctors say has created chaos for other gynecological issues best treated by these drugs.

 
Boxes of mifepristone, the first pill given in a medical abortion, are prepared for patients at a clinic in New Mexico on Jan. 13, 2023.
Credit: REUTERS/Evelyn Hockstein
 
 

Texas roots for a Louisiana law

 
 
 

Restrictions on medication

 
 

Peace & Justice History for 11/27

November 27, 1095
Pope Urban II called on all Christians to liberate Jerusalem from the Muslims and reclaim the Holy Land: “Deus vult (God wills it)!” What is currently called the Middle East was then in control of the Turks who frequently barred Christian pilgrims entrance to the city.
At the Council of Clermont in France, the pope promised absolution and remission of sins for all who died in the service of Christ. The mobilization of 60,000 to 100,000 Christians throughout Europe in this effort became known as the First Crusade.
 
November 27, 1914
The No-Conscription Fellowship (NCF) was founded by two English pacifists, Clifford Allen and Fenner Brockway. They opposed the Military Service Act which introduced conscription, and then mounted a vigorous campaign against the punishment and imprisonment of conscientious objectors.
They were consistently opposed to the war in Europe.


Early Fellowship members 

Fellowship members at a recent protest

Read more about Clifford Allen, Fenner Brockway and No-Conscription Fellowship 
More on the No-Conscription Fellowship from the Swarthmore College Peace Collection 
November 27, 1957
Jawaharlal Nehru, India’s first Prime Minister, made an impassioned speech appealing to the United States and the Soviet Union (Union of Soviet Socialist Republics) to end testing and begin nuclear disarmament. The two superpowers were the only nations with atomic weapons at the time.
Nehru had fought to free his country from British colonial authority through acts of nonviolent passive resistance with Ghandi, and they achieved independence. He stressed the urgency for the U.S. and U.S.S.R. to “save humanity from the ultimate disaster.”Nehru’s Congress Party government nevertheless pursued an aggressive nuclear program, starting in 1948, publicly committed to peaceful purposes exclusively. Nehru acknowledged that the possession of fissionable materials and growing expertise could readily be directed toward production of such weapons. In the absence of universal nuclear disarmament, he feared acquisition of such weapons by potential adversaries. In particular for India, this meant Pakistan or China.


India’s first prime minister, Jawaharlal Nehru
Nuclear India – a short history 
November 27, 1965
In Washington D.C., 35,000 anti-war protesters circled the White House then marched on to the Washington Monument for a rally against the war in Vietnam.
November 27, 1967
Reverend Martin Luther King, Jr. announced the Southern Christian Leadership Conference’s Poor People’s Campaign, a movement to broadly address economic inequalities with nonviolent direct action. “It must not be just black people,” argued King, “it must be all poor people. We must include American Indians, Puerto Ricans, Mexicans, and even poor whites.”

Why a Poor People’s Campaign? 
November 27, 1969
Over one hundred members of the U.S. 71st Evacuation Hospital and the 44th Medical Detachment at Pleiku, Vietnam, organized a Thanksgiving protest fast called the “John Turkey movement.” In Home before Morning, nurse Lynda Van Devanter recalled her change in attitude.

Nurse Lynda Van Devanter
“Earlier in my tour, when I had heard about the war protesters, I had felt angry at them for not supporting us.  Now I wished I could march with them . . . Most others in Pleiku felt the same way . . . We even held our own Thanksgiving Day fast—the John Turkey movement — as a show of support for those who were trying to end the war through protests and moratoriums. We heard that the fast had spread to units all over Vietnam.” The fast received considerable media coverage when Denise Murray, a nurse at Pleiku and daughter of a distinguished admiral, made antiwar statements to the press.

https://www.peacebuttons.info/E-News/peacehistorynovember.htm#november27

Walmart becomes latest — and biggest — company to roll back its DEI policies

https://apnews.com/article/walmart-dei-inclusion-diversity-34b06922e60e5116fe198696201ce4d9

Again this crusade is marketed as protecting the children from sexualized content.  What do they call sexualized content?  Chest binders for teenage girls and drag queens!  Neither are sexualizing for children.  Drag queens can run the gambit from guys dressed as grandmothers to guys dressed as sexy sex workers.  It depends on the venue, and minors are not allowed in adult entertainment events.  That is already the laws.  But to the fundamentalist any guy dressed in anything thought of as women’s attire is sexualizing and a threat to children.  Why?  Kids don’t care if a man wears pants or a dress.  And chest binders are not sexualizing nor confusing.   They are a medical assistance tool.  If a girl identifies as a boy and hates her body, he needs to hide or remove the sign or his boob development.  Would these people be so outraged at binders if it was a boy with gynecomastia, which is when boys grow breasts, uses a bind to feel better about themselves?  No it is because the person transitioning is trans that outrages them.  We are losing the discussion on this topic because we are let the vocal outraged right set the narrative such as all drag is sexual and confusing kids, and anything trans is forced on kids sexualizing them so it also confuses them.  Remember when they said gays recruit boys by molesting them so they would turn gay?  That was easily shown to be ridiculous.  We went on the offense then and won.  We need to go back on the offense and show the haters are repressively backwards in their thinking who don’t understand the changing evolving society.  Hugs

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FILE – A Walmart logo is displayed outside of a Walmart store, in Walpole, Mass., Sept. 3, 2019. (AP Photo/Steven Senne, File)

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Republicans being assholes and the damaging effects on people it has

The bible lessons were pushed by Jonathan Covey [photo], head of the anti-LGBTQ hate group Texas Values, which has appeared here multiple times in the past. In February 2015, on the tenth anniversary of the Texas state ban on same-sex marriage, Texas Values held a “banniversary” celebration complete with a cake-cutting ceremony. The actual tenth “banniversary” wasn’t until November 2015, but Texas Values held their little party months early because they rightly feared what the Supreme Court would ultimately rule in June of that year.

 

I had a classmate tell me that Dems would do better if we dropped the “whole bathroom thing.” I educated him that this was not a fight we chose and that trans people have been around for decades using the bathrooms they fit in best. It was Republicans that made it a “thing.”

All of the “hot button social issues” are issues created and kept alive by Republicans.
People are just trying to live their lives, and the GQP decides they’re doing it wrong.

Exactly, because Rethugs always know what triggers their fragile, fearful, deeply insecure base the most.

American People: We don’t have enough money to buy gas, groceries, healthcare or pay rent. We need help!

Republicans: We’re banning trans women from Capitol restrooms.

A Trump supporting, anti-trans, anti-gay Republican was elected commissioner of the county where I grew up. He won despite being in jail on election night for a sexual assault in Vegas. It’s now come out that the woman he assaulted was his daughter. fox59.com/news/indycri…

Radley Balko (@radleybalko.bsky.social) 2024-11-20T01:22:20.078Z

Three wives, adultery with an employee, and an alleged sexual assault is what Jesus would want.

Let’s talk about taxing the poor to feed the rich in Louisiana….