Latest / THE DAILY BRIEF / 'World bribery financial' Reaction to Trump family crypto venture getting bank status

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'World bribery financial' Reaction to Trump family crypto venture getting bank status · THE DAILY BRIEF

• 0:00
  Speaker 1: Market's open two minutes ago, So let's get down to business.
• 0:03
  Speaker 1: The Trump family is now moving to expand its crypto
• 0:06
  Speaker 1: venture after getting an initial sign off from a Trump
• 0:09
  Speaker 1: administration regulator, and Armor of the Treasury Department has given
• 0:13
  Speaker 1: World Liberty Financial preliminary approval to become a bank. Once
• 0:17
  Speaker 1: that becomes final, World Liberty will be able to offer
• 0:20
  Speaker 1: its cryptocurrency, known as USD one to clients, as well
• 0:25
  Speaker 1: as earn interest on the business it does. This story
• 0:28
  Speaker 1: has one of our viewers, Donna of Philadelphia, asking the
• 0:31
  Speaker 1: question what are the implications, risks and legal and constitutional
• 0:35
  Speaker 1: questions of Trump and Wood call families chartering their own bank. Donna,
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  Speaker 1: you are nail and at sister, I want to know
• 0:42
  Speaker 1: the same thing. Joining me a veteran Washington correspondent, John Harwood.
• 0:45
  Speaker 1: He's a distinguished fellow at Duke University and a columnist
• 0:48
  Speaker 1: versiteo on Substack. And Rick Newman is here, author of
• 0:51
  Speaker 1: the Pinpoint Press on subsac and former senior colonists at
• 0:54
  Speaker 1: Yahoo Finance.
• 0:56
  Speaker 2: I mean, what do you think that this.
• 0:57
  Speaker 3: Is crazy world bribery financial Michell, Let's call it that.
• 1:01
  Speaker 3: I mean, this is just the next step in Trump's
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  Speaker 3: self enrichment scheme. This is not going to be a
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  Speaker 3: bank that holds customer deposits. So if you're a Trump
• 1:08
  Speaker 3: lover and you really want to put your savings in
• 1:10
  Speaker 3: Trump's bank, you can't do that.
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  Speaker 2: Sorry.
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  Speaker 3: But what is going to be able to allow them
• 1:14
  Speaker 3: to do, I think is sort of graduate from pettigraph
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  Speaker 3: to institutional grafts. So one of the things they will
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  Speaker 3: be able to do with this bank is handle deposits
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  Speaker 3: for institutions, hedge funds or money firms or anybody else,
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  Speaker 3: foreign institutions, things like that where they have a lot
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  Speaker 3: of connections. They will make more money handling that stuff
• 1:34
  Speaker 3: under the guise of this is all part of a
• 1:35
  Speaker 3: crypto company. So here we go.
• 1:39
  Speaker 1: Okay, John, I got a two parter. I need your reaction.
• 1:42
  Speaker 1: I mean, the regulator who made this decision was appointed
• 1:45
  Speaker 1: by Trump himself. But also, where are the big voices
• 1:49
  Speaker 1: in the banking industry? Okay, these our public face and
• 1:54
  Speaker 1: public CEOs. Where are the Jamie Diamonds, the David Solomons,
• 1:58
  Speaker 1: the Larry things of the world. Why aren't need these
• 2:00
  Speaker 1: gentlemen weigh in on this? What Rick just laid out.
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  Speaker 1: They all knows the truth.
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  Speaker 2: Of course they do. But they're all hiding and cowering
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  Speaker 2: in the corner because they know Trump is likely to
• 2:10
  Speaker 2: go after them. Look. Donald Trump, when he's out of office,
• 2:15
  Speaker 2: tries to get his voters all riled up by talking
• 2:18
  Speaker 2: about corruption, insider trading, the swamp. And then he gets
• 2:23
  Speaker 2: into office and he cuts the inspector generals out of
• 2:27
  Speaker 2: the government, He cuts the expanded IRS enforcement, and when
• 2:33
  Speaker 2: people complained about that, he just jacks the volume up
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  Speaker 2: even louder. So he now wants an immunity deal from
• 2:39
  Speaker 2: the IRS. He starts He doesn't just make crypto deals
• 2:43
  Speaker 2: to enrich himself. He starts a bank and he gets
• 2:46
  Speaker 2: himself deeper into the industry. He strikes a deal or
• 2:51
  Speaker 2: issues in order to curtail the tracking of money laundry.
• 2:56
  Speaker 2: Why would Trump do that, Well, he's been investigated for
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  Speaker 2: money launering himself in the past. This is a grotesque
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  Speaker 2: picture that we're seeing and I don't know where it
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  Speaker 2: ends other than a Democratic victory this fall that puts
• 3:10
  Speaker 2: some curbs on him.
• 3:12
  Speaker 1: Okay, John, and I want to just lay that out
• 3:14
  Speaker 1: for our audience again in case people missed it. Last week,
• 3:17
  Speaker 1: we learned that the Treasury Department is scaling back a
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  Speaker 1: regulation for shell companies, and the point of this regulation
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  Speaker 1: is meant to crack down on money laundering. David Frum
• 3:28
  Speaker 1: from the Atlantic called the move a huge gift for
• 3:31
  Speaker 1: financial crooks. I mean, what is your take on this?
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  Speaker 1: I mean, like, I can't even understand the point of
• 3:38
  Speaker 1: getting The Treasury Department is calling this red tape. I
• 3:40
  Speaker 1: get that there are instances where we have too much
• 3:43
  Speaker 1: prohibitive red tape. But when you see them cutting things
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  Speaker 1: like this, to me, this is how they're paying off
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  Speaker 1: the industry. From the industry ever speaking up in terms
• 3:53
  Speaker 1: of right and wrong because they're getting what they're getting
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  Speaker 1: is just so damn good.
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  Speaker 3: And there's another part of this, which is the data
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  Speaker 3: that they have on companies that may have done this.
• 4:01
  Speaker 3: They want to get rid of all, literally roy the
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  Speaker 3: data data. I mean, it costs almost nothing to store data.
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  Speaker 3: Why would you get rid of the data? I mean,
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  Speaker 3: that's the easy part. Every time something like this happens,
• 4:12
  Speaker 3: I go, I say it myself, Okay, everything Trump is
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  Speaker 3: all about what's in it for me? How do I
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  Speaker 3: enrich myself? So I'm asking the question, what does Trump
• 4:19
  Speaker 3: personally get out of this? I don't know what he
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  Speaker 3: gets out of it. We know that he's had his
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  Speaker 3: own personal bank accounts closed for a suspicion of money laundering.
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  Speaker 3: That was in twenty twenty one. So is he just
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  Speaker 3: is he just like trying to get back at the
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  Speaker 3: banking system.
• 4:33
  Speaker 1: I don't.
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  Speaker 3: I think there's probably more to it than that somebody
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  Speaker 3: wants a favor. I hope we find out who wants
• 4:39
  Speaker 3: the favor and who's going to benefit from it. I mean,
• 4:41
  Speaker 3: we just need to stay on this because this is
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  Speaker 3: I don't know if you call it legalized graph, but
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  Speaker 3: this is like the government of graft John.
• 4:48
  Speaker 1: This is absolutely somebody getting a big, fat favor. I mean,
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  Speaker 1: when I talk to senior people in the financial industry,
• 4:55
  Speaker 1: they avoid me like the plague right now because they
• 4:57
  Speaker 1: don't want to discuss any of these topics because the
• 5:00
  Speaker 1: going is so good for them. They cannot believe the
• 5:03
  Speaker 1: fat city they're in.
• 5:05
  Speaker 2: Well, look at the market. The market's doing quite well.
• 5:08
  Speaker 2: This is a recovery or an economic cycle in which
• 5:12
  Speaker 2: job creation has slowed, growth has slowed, but the market's
• 5:16
  Speaker 2: doing extremely well, and some people want to step aside
• 5:18
  Speaker 2: and just let that continue to happen. But look, you know,
• 5:22
  Speaker 2: David Frump's peace was excellently Atlantic, and he talked about
• 5:25
  Speaker 2: a white collar criminals being the last loyal constituency of Trump.
• 5:29
  Speaker 2: Look how he gaters to that constituency. Look at the
• 5:32
  Speaker 2: pardons he's issued while claiming that the administration is going
• 5:36
  Speaker 2: after fraud, by which he means small scale fraud by people,
• 5:41
  Speaker 2: generally people of color. And all of the pardons he's
• 5:44
  Speaker 2: been issuing to high level frausters, obviating their need to
• 5:50
  Speaker 2: pay back their victims. This guy is openly sympathetic with
• 5:55
  Speaker 2: criminals because those are his people. He's one of them.
• 5:59
  Speaker 1: Isn't it amazing? Because when you think about when Trump
• 6:02
  Speaker 1: ran for office in twenty fifteen, when you think about
• 6:05
  Speaker 1: the early Trump rallies, who Trump's original base was. The
• 6:08
  Speaker 1: whole idea was, we are going to go after those
• 6:12
  Speaker 1: people at the top who are stealing from you, the
• 6:15
  Speaker 1: reverse Robin Hood's dreams. Exactly, We're done, and now white
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  Speaker 1: collar criminals are his last loyal constituents or maybe his
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  Speaker 1: just latest gentlemen, thank you for joining me,