Wednesday, April 3, 2024

"Truth" Social Propped Up By Shady Russian-American




In an exclusive report this morning, the Guardian's Hugo Lowell writes that Trump Media, the parent of Truth Social, was propped up in 2022 with loans from a Russian-American under investigation for insider trading and money laundering. Once again, the Malignant Loser found a helping hand from Russians eager to keep him on their side:

"Donald Trump’s social media company Trump Media managed to go public last week only after it had been kept afloat in 2022 by emergency loans provided in part by a Russian-American businessman under scrutiny in a federal insider-trading and money-laundering investigation.

The former US president stands to gain billions of dollars – his stake is currently valued at about $4bn – from the merger between Trump Media and Technology Group and the blank-check company Digital World Acquisition Corporation, which took the parent company of Truth Social public.

But Trump Media almost did not make it to the merger after regulators opened a securities investigation into the merger in 2021 and caused the company to burn through cash at an extraordinary rate as it waited to get the green light for its stock market debut.

The situation led Trump Media to take emergency loans, including from an entity called ES Family Trust, which opened an account with Paxum Bank, a small bank registered on the Caribbean island of Dominica that is best known for providing financial services to the porn industry.

Through leaked documents, the Guardian has learned that ES Family Trust operated like a shell company for a Russian-American businessman named Anton Postolnikov, who co-owns Paxum Bank and has been a subject of a years-long joint federal criminal investigation by the FBI and the Department of Homeland Security (DHS) into the Trump Media merger." [snip]

Paxum Bank does not offer loans in the US as it lacks a US banking license and is not regulated by the FDIC. Postolnikov appears to have used the trust to loan money to help save Trump Media – and the Truth Social platform – because his bank itself could not furnish the loan." (our emphasis)

Read the whole article for an understanding of the shady world of offshore "banking" of the kind that ES Family Trust and Paxum Bank represent, in this instance in service to the Kremlin.  

(image: Jonathan Raa/Associated Press)

 

Trump Losing Significant Segment Of Republican Voters

 

There were four Republican primaries yesterday, and the Malignant Loser is still seeing the loss of upwards of 20% of the Republican vote to dropped- out Nikki Haley and other candidates.  Voters went to the polls in Connecticut, New York, Rhode Island, and Wisconsin;  all but Wisconsin are safely blue states.  Looking at AP's results for battleground Wisconsin, it's clear the Malignant Loser is in trouble :

But, you say, how did President Biden do among Democratic voters?


While would- be dictator Trump is repelling a significant segment of registered Republican voters (enough to make a difference in a battleground state like Wisconsin), President Biden is continuing to consolidate Democratic Party voters behind him, and is working to woo sane Republicans and Republican- leaning independents for their votes, or at least to keep their votes out of the Malignant Loser's reach.

Ezra Klein took note of a flipped script earlier this year: The cliché used to be that Democrats fell in love and Republicans fell in line. The reality, in recent years, has been that Democrats fall in line and Republicans fall apart.”  We've seen that in the infighting in the House Republican chaos caucus, and now we're getting strong signals of it in the primaries.  Let's see how much more the needle moves once the Malignant Loser begins his trials roulette and Democrats hammer him on reproductive freedom and saving democracy.

More coverage here.


Tuesday, April 2, 2024

Biden Ad On Trump's Anti-Choice Record

 

This ad from the Biden campaign should run in every swing state (and more) regularly until the November election.


Not only doesn't the Malignant Loser not trust women, he assaults, demeans and represses women. Make that clear, too.
 

Today's Cartoons

 

(click on images to enlarge)

(Nick Anderson, Reform Austin News, TX)

(Clay Jones, claytoonz.com)

(David Horsey, The Seattle Times)

(Andy Marlette, Creators.com)

(Mike Luckovich, Atlanta Journal-Constitution)

(Pat Bagley, The Salt Lake Tribune)

(Robert Ariail, Spartanburg Herald-Journal, SC)

(Michael de Adder, The Globe and Mail, Canada)

(Drew Sheneman, The Star-Ledger, Newark, NJ)

(Rob Rogers, Tinyview.com)

(Gary Markstein, Creators.com)

(Brooke Bourgeois, @b_a_bourgeois)


Tweets / Xeets Of The Day


Law and order champion my ass, continued --


 


About the source of that $175 million bond for the Malignant Loser -- 

 

 

Points well made --


 

 


Not a careless smoker? -- 



Major Kremlin propagandist says the quiet part out loud. Fair warning -- 



What's that Musk-y smell? His touch of death --


 

RNC nepo plant Lara Trump, would-be singer, butchers song, gets dissed -- 



 

Now available in prison orange -- 


 

 

 

Auditor Doubtful Trump Media Survives

 



As we noted yesterday, the Malignant Loser's "pump and dump" sucker stock is tanking bigly.  This auditor's report shouldn't help its prospects:

An auditor has raised doubts about the ability of former President Donald Trump's publicly traded company to stay in business, according to a new regulatory filing.

Trump Media and Technology Group, which operates the Truth Social platform, reported it lost $58.2 million in 2023 while generating total revenues of $4.1 million, according to the Monday filing with the Securities and Exchange Commission. Trump Media listed its largest expense for the year as interest payments totaling more than $39 million.

The filing includes a note from an independent accounting firm, Colorado-based BF Borgers CPA PC, warning that Trump Media's "operating losses raise substantial doubt about its ability to continue as a going concern." In a separate filing Monday, Trump Media cited the auditor's analysis in describing the risks facing the business. Borgers has worked with Trump Media since 2022.

The note is dated March 25, the day before Trump's company started trading on the Nasdaq stock exchange under the symbol DJT, surging at first and earning comparisons to so-called meme stocks.

Shares of the company fell more than 21% to $48.66 on Monday. Its market value stood at more than $6.5 billion.  [snip]

Trump Media went public last week and gave the former president a paper net worth of around $7 billion. However, Trump is barred from selling the shares he owns in the company for six months. Even before the latest losses were revealed, analysts said the value of the company would plummet if Trump were to sell his shares.

“If he goes ahead [with selling], it could sink DJT by at least 15% to 40% based on option pricing,” said Ben Emons, senior portfolio manager and head of fixed income at NewEdge Wealth, in a research note.

In a filing, the company cited Trump's candidacy for the presidency in warning that "he may divest his interest in Truth Social and may cease any involvement in its management."

Analysts also expect trading in the stock to be volatile while the legal and political fortunes of the former president shift as he seeks a new term in the White House. John Rekenthaler, vice president for research at Morningstar financial services group, likened the company's stock to a cryptocurrency.

"As with bitcoin, people buy Trump Media not for future cash flows but because: 1) they expect its price to rise, and 2) they feel an affiliation for the asset," Rekenthaler wrote. "Bitcoin owners are members of a club. So, too, are Trump Media investors, to an even greater degree. For them, DJT shares represent a currency by which they can express their beliefs and commitment. (our emphasis)

Comparing this "pump and dump" grift to bitcoin (whose price also crashed yesterday) is really making our sucker antennae vibrate.  If your "currency" is the Malignant Loser, you're going to go broke -- and deserve to, because it means you've ignored a cardinal truth: ETTD (which should be his media stock's ticker symbol).

(Image:  Getty Images/ Alyssa Powell/ BI)


QOTD: MAGA Scrambling On Abortion Issues




Washington Post columnist Jennifer Rubin on America's newest third rail for MAGA Republicans, by the numbers:

"Republicans’ zealotry for forced-birth laws might be the best thing ever to happen to the pro-choice movement. 'A record 59 percent of surveyed Americans believe abortion should be legal, according to a new Fox News poll,' the Hill reported last week. 'Support for abortion rights has increased by double digits since early 2022, just before the Supreme Court’s Dobbs decision. 'The Supreme Court’s decision shredding Roe v. Wade 'created a cascading effect of abortion restrictions in Republican-controlled states nationwide and sparked a new movement of abortion rights activism.'

The impact of abortion criminalization has been profound. The percentage of Americans who say abortion should always be legal rose from 27 percent in April 2022 to 35 percent. Moreover, a record number now consider this an important issue (41 percent) while voters believe President Biden (53 percent) would do a better job on abortion issues than his almost certain 2024 rival, Donald Trump (41 percent).

Republicans, scrambling to avoid the backlash against abortion bans, have seized upon the idea of a six- or 15-week limit. That does not solve their political problem. 'When asked if they supported a six-week abortion ban, only 38 percent said yes, while 58 percent said they opposed the idea.' the poll showed. 'On a 15-week ban, 43 percent said they supported the idea, with 54 percent saying no — a complete flip in numbers from a Fox News poll from last year.'”  (our emphasis)

While anti-choice voters have decreased over time, they're still a menace to reproductive freedom. It's noteworthy that the solid Trump voter (the 41 percent cited) believes he'd do a better job on abortion issues, by which they mean restricting choice.

States that put reproductive choice on the ballot have shown it's potent power against Republicans. They're about to find out in Florida in November, where that state's reprehensible law nearly banning abortion will be tested by vote of the people aiming to enshrine protections in their state constitution.

BONUS:  The folks at electoral-vote.com on the Florida November implications --

...[E]ven if the pro-choice and/or pro-marijuana forces can't get to 60%, there are lots of important races that are determined by a simple majority, or, in the absence of a majority, a plurality. The state's electoral votes. The U.S. Senate race, featuring the never-won-any-election-by-more-than-2% Sen. Rick Scott (R-FL). The various House races, which could return a Congress that protects abortion access nationwide. The state legislative races, which could seat a legislature that overturns the 6-week ban...

(photo: Jason DeCrow/AP Photo)

 

Trump Posts Bond, Gag Order Expanded

 

There have been developments in the Malignant Loser's civil fraud trial and in his hush- money- for- porn- stars trial.  First, the Malignant Loser has posted his bond in the civil fraud trial:

Donald Trump posted a $175 million bond on Monday in his New York civil fraud case, halting collection of the more than $454 million he owes and preventing the state from seizing his assets to satisfy the debt while he appeals, according to a court filing.

A New York appellate court had given the former president 10 days to put up the money after a panel of judges agreed last month to slash the amount needed to stop the clock on enforcement.

The bond Trump is posting with the court now is essentially a placeholder, meant to guarantee payment if the judgment is upheld. If that happens, the presumptive Republican presidential nominee will have to pay the state the whole sum, which grows with daily interest. 

If Trump wins, he won’t have to pay the state anything and will get back the money he has put up now. [snip]

The company that underwrote the bond is Knight Specialty Insurance, which is part of the Knight Insurance Group. The chairman of that company, billionaire Don Hankey, told The Associated Press that both cash and bonds were used as collateral for Trump’s appellate bond.

“This is what we do at Knight Insurance, and we’re happy to do this for anyone who needs a bond,” said Hankey, who is best known in the business world for making high-risk, high-interest loans to car buyers with flawed credit histories. Hankey told the AP he has never met or spoken with Trump...  (our emphasis)

(Good luck with that, Mr. Hankey.  You're demonstrating the true spirit of Christmas!)

Second, in the hush money trial, the gag order imposed on the Malignant Loser has been expanded:

A Manhattan judge expanded the limited gag order imposed on former President Donald Trump over his upcoming hush money trial after a series of attacks on the judge and his family.

Judge Juan Merchan barred the former president from going after his family members or those of Manhattan District Attorney Alvin Bragg, saying Trump’s efforts served “no legitimate purpose.”

“It merely injects fear in those assigned or called to participate in the proceedings, that not only they, but their family members as well, are ‘fair game’ for Defendant’s vitriol,” Merchan wrote on Monday. “It is no longer just a mere possibility or a reasonable likelihood that there exists a threat to the integrity of the judicial proceedings. The threat is very real.”

His previous order blocked Trump from disparaging or making public comments about witnesses, prosecutors, court staff or jurors.

Bragg’s office on Monday asked Merchan to expand the order after Trump took aim at the judge’s daughter, spreading false claims about her on social media.

“Defendant’s dangerous, violent, and reprehensible rhetoric fundamentally threatens the integrity of these proceedings and is intended to intimidate witnesses and trial participants alike — including this Court,” the district attorney wrote in a court filing.

“[Trump] knows what he is doing, and everyone else does too.” (our emphasis)

CNN expands on the order and possible penalties should the Malignant Loser defy it:

... The revised order leaves room still for Trump to let off steam at Merchan – and it’s almost certain he will as he heads back out onto the campaign trial in the coming weeks, with stops in Michigan and Wisconsin on Tuesday. And if past experience with partial gag orders in other cases is any guide, the former president will claim his constitutional rights as a defendant and to free speech as an active presidential candidate are being compromised. But thanks to the expanded measure announced Monday, the family of Merchan and relatives of the Manhattan district attorney will be off limits. The gag order had previously prevented Trump making statements about witnesses, jurors, prosecutors, court staff or the family members of prosecutors and court staff.  [snip]

... What will the judge do if Trump defies the order? A first step might be fines to try to bring the most famous criminal defendant in the world into line. But at least in theory, there would be the possibility of detention – even if the idea of a former president being sent to jail until he is willing to respect the court strains credulity... (our emphasis)

It doesn't strain our credulity, if we're to be a nation of laws that no man is above.

This should be a lesson for jurists handling the Malignant Loser's criminal trials:  giving him any leeway is a mistake that will eventually have to be corrected or, if not, could lead to dangerous collateral consequences and to undercutting the integrity of the trials themselves.  It's his modus operandi and it needs to be quashed.

BONUS:  Here's the expanded gag order from Judge Merchan (pdf).

 

Monday, April 1, 2024

Meme Of The Day -- Trump Shares Their Spiritual Values!

 

(click on image to enlarge)

 

(h/t democraticunderground.com)

Trump Media Stock Drops Sharply [UPDATED]




After their Securities and Exchange Commission filing showed a $58 million loss in 2023, Trump Media stock fell 14% Monday morning. The Malignant Loser has significant stock holdings (57%) in the company. From CNBC:

"The share price of Trump Media fell sharply Monday morning after the social media app company closely tied to former president Donald Trump reported a net loss of $58.2 million on revenue of just $4.1 million in 2023.

Despite that plunge, the company's market capitalization was still more than $6 billion after its 8-K filing with the Securities and Exchange Commission revealed the loss for last year. [snip]

The losses last year by Trump Media — the owner of the Truth Social app routinely used by the former president — could continue for some time, the company told regulators.

'TMTG expects to incur operating losses for the foreseeable future,' says the filing, which came a week after the company began trading under the ticker DJT on the Nasdaq.

The filing also warns shareholders that Trump's involvement in the company could put it at greater risk than other social media companies."  (our emphasis)

Trump Media's initial offering seems to have focused on extracting money from the Malignant Loser's cult members in a suspicious "pump and dump" scheme. The board that oversees the company is loaded with his toadies who will try their best to enrich their cult leader, unless the SEC or investors intervene. The report continues:

"Analysts note that the company's high valuation is partly due to stock purchases by Trump's political supporters, who are enthusiastic about owning part of a company so closely associated with the presumptive Republican presidential nominee.

That enthusiasm creates unique risks for the company, however. The new 8-K filing says that Trump Media 'may be subject to greater risks than typical social media platforms because of the focus of its offerings and the involvement of President Trump.'

'These risks include active discouragement of users, harassment of advertisers or content providers, increased risk of hacking of TMTG's platform, lesser need for Truth Social if First Amendment speech is not suppressed, criticism of Truth Social for its moderation practices, and increased stockholder suits.'" (our emphasis)

In other words, the Malignant Loser is the primary risk factor due to his unhinged sociopathic, narcissistic, and defamatory behavior, among other traits. His cultists deserve to lose their savings over this latest scam, if they have any left over from purchasing his golden high tops and $60 Bibles.

UPDATE: The stock closed 21% lower today, as the Malignant Loser lost $1 billion in value.

 

QOTD -- Facts Don't Have Two Sides

 

"... The truth is that Donald Trump undermined faith in our elections in his false bid to retain the presidency. He sparked an insurrection intended to overthrow our government and keep himself in power. No president in our history has done worse.

This is not subjective. We all saw it. Plenty of leaders today try to convince the masses we did not see what we saw, but our eyes don’t deceive. (If leaders began a yearslong campaign today to convince us that the Baltimore bridge did not collapse Tuesday morning, would you ever believe them?) Trust your eyes. Trump on Jan. 6 launched the most serious threat to our system of government since the Civil War. You know that. You saw it.

The facts involving Trump are crystal clear, and as news people, we cannot pretend otherwise, as unpopular as that might be with a segment of our readers. There aren’t two sides to facts. People who say the earth is flat don’t get space on our platforms. If that offends them, so be it..."  -- excerpt from an editorial by the editor of the Cleveland Plain Dealer, Chris Quinn, simply laying out what every news media should be telling its readers/ viewers, whether they want to believe it or not, and whether or not it costs them business.  Too many have temporized, become numb, or otherwise have downplayed the existential threat posed by the Malignant Loser.  It appears to be a hard habit to break (see Tweets below).

 

Tweets / Xeets Of The Day

 

The Bible- hawking grifter was too busy for church;  he had Christian love a "truth" to shit out --

 

 

 

Cut to the chase --

 

 

The totes arbitrary and situational Constitution --

 

 


Why is she still employed? --

 

 

Proud he's our Governor (and Baltimore's mayor claps back, too) --

 

 

 

 

Ukraine fights on (stop jerking around on the aid package, MAGA Mike) --

 

 

April Fools message --

 

 


April (And Every Month's) Fool!

 

Now that "independent" crazy anti-vaxer RFK, Jr., has selected his equally dangerous and wealthy vice presidential running mate, we understand he's lined up a few folks for his cabinet:


His proposed choices, pictured from left, Michael Flynn, Secretary of Defense, RFK, Jr., anti-vaxxer Charlene Bollinger, HHS, and Roger Stone, Attorney General, fools one and all.

We'll periodically run this photo to remind everyone of the company RFK, Jr. keeps. Here's more, in case you missed it.


Today's Tomorrow Cartoon

 

(click to enlarge)


 

Sparky provides a dose of reality as the faint praise of the late Joe Lieberman starts to fade in the broken media. On health care issues, he was a vote for the insurance industry and against struggling Americans. Despite his disloyalty in the 2008 election, Dems allowed him to retain his cushy committee assignments.

His latest role, which he seemed to relish, was as a potential spoiler with the organization "No Labels," a front for traditional corporate Republicans who wouldn't have a problem with drawing votes from President Biden and electing the Malignant Loser. Quite a guy, with a lasting impact.
 

The Good, The Bad, And The Ugly

 

The good:

Turkey's main opposition party has claimed big election victories in the main cities of Istanbul and Ankara.

The results are a significant blow for Recep Tayyip Erdogan, who had hoped to regain control of the cities less than a year after he claimed a third term as president.

He led the campaign to win in Istanbul, where he grew up and became mayor.

But Ekrem Imamoglu, who first won the city in 2019, scored a second victory for the secular opposition CHP.

Mr Erdogan had vowed a new era in Turkey's megacity of almost 16 million people, but the incumbent mayor of Istanbul secured more than 50% of the vote, defeating the president's AK Party candidate by more than 11 points and almost one million votes.

This was also the first time since Mr Erdogan came to power 21 years ago that his party was defeated across the country at the ballot box.

In the capital Ankara, opposition mayor Mansur Yavas was so far ahead of his rival on 60% that he declared victory when less than half the votes were in. Supporters blocked all the main roads in the city, waving flags and sounding their car horns.

Significantly, the CHP - the Republican People's Party - also seized control of Turkey's fourth-biggest city Bursa and Balikesir in the north-west, and retained control of Izmir, Adana and the resort of Antalya.

President Erdogan, 70, acknowledged the election had not gone as he had hoped, but he told supporters in Ankara it would mark "not an end for us but rather a turning point"... (our emphasis)

The only "turning point" we want to see is turning authoritarian Erdogan out of office (his term ends in 2028, and this defeat means he's less likely to try and stay in power like another authoritarian we loathe).

The bad:

Michigan U.S. Rep. Tim Walberg suggested that nuclear weapons should be dropped on Gaza, which his office said was a metaphor to “support Israel’s swift elimination of Hamas.”

“It should be like Nagasaki and Hiroshima. Get it over quick,” Walberg says in a video circulating on social media, referencing the Japanese cities that the U.S. dropped atomic bombs on at the end of World War II.

Walberg, a Republican from Lenawee County, also is heard in the video speaking out against humanitarian aid for those in the Gaza Strip, the Palestinian territory on the brink of famine after more than five months of Israel's war against Hamas, militant group that set off the conflict with its Oct. 7 attack on Israeli citizens, killing 1,200 and taking 240 hostages.

“We shouldn’t be spending a dime on humanitarian aid," Walberg said.

Walberg spokesman Mike Rorke said Saturday the eight-term congressman’s answer was in direct response to a question about American troops being deployed into Gaza to build a port to send aid to Palestinians...

Walberg is one of the worst of the worst;  in other words, he falls right into the mainstream of his rotted out party.  In addition to his reckless talk and Islamophobia, he's an election denier, a climate change denier, a forced- birther, anti- same sex marriage, and an Obama birther conspiracist.  To the folks in Michigan's 5th Congressional District:  you are who you vote for.

The ugly:

On Monday, thousands of children and their families will gather on the White House South Lawn for the annual Egg Roll, an Easter tradition that dates back to the nineteenth century.

But this year’s celebrations have been marred as Republican politicians and commentators falsely accused President Joe Biden’s administration of banning religious themes and symbols from the celebration’s art contest — failing to note that the policy has been in place during every administration for almost 50 years.

Much of the backlash began after Fox News published an article with the headline, “Religious-themed designs banned from White House Easter egg art contest,” citing a poster about the event that said religious symbols and themes are banned from submissions. Mr Trump shared the article on his social media platform, Truth Social — however, he did not comment on the article in his post.

The rule, however, began in 1978 under former president Jimmy Carter — and has remained in place ever since, including during Donald Trump’s administration.

The Fox News article and subsequent reaction prompted Elizabeth Alexander, Communications Director for First Lady Jill Biden, to explain the rule had been in place for 45 years. Then, the American Egg Board — an organisation that helps facilitate the event — had to make their own statement clarifying the rule had been enforced by previous presidents.

“The American Egg Board has been a supporter of the White House Easter Egg Roll for over 45 years and the guideline language referenced in recent news reports has consistently applied to the board since its founding, across administrations,” the organisation said... (our emphasis)

The article goes on to quote some of the high-minded Christofascist supporters of the Orange Calf, eager to get another phony culture war started over ...  the Easter Egg Roll.  What a bunch of small- bore cretins.  (More on the "stupid-dangerous" effort to rile up the rubes here.)