Tag: Joe Biden

As anticipated, President Joe Biden has granted amnesty to his son Hunter Biden, despite prior assurances to the contrary. This move, while controversial, underscores a deeper issue: the U.S., often hailed as a beacon of democracy, stands as a striking example of systemic corruption. A glance at the lengthy list of convicted or indicted U.S. state governors reads more like a corruption manual than a record of public service.

Hunter Biden, son of U.S. President Joe Biden, faces fresh accusations from federal prosecutors in his ongoing tax evasion case, who allege he accepted payments from a Romanian oligarch seeking to exert influence over U.S. government agencies. The charges form part of a broader legal case against Hunter Biden, who is accused of evading $1.4 million in taxes between 2016 and 2019 while allegedly spending millions on luxury items, drugs, and escorts.

US lawmakers are calling for urgent intervention to secure the release of Tigran Gambaryan, a Binance executive currently detained in Nigeria. Nigeria’s Minister of Information and National Orientation, Mohammed Idris, has stated that the trial of Binance and Gambaryan, who is accused of illegal crypto trading in Nigeria, is proceeding according to Nigeria's laws. The statement followed a letter sent to President Joe Biden, urging the US hostage affairs unit to facilitate Gambaryan's release.

The U.S. Senate has passed a resolution aimed at overturning the U.S. Securities and Exchange Commission's (SEC) Staff Accounting Bulletin 121 (SAB 121). This bulletin establishes specific accounting standards for firms that custody cryptocurrencies, mandating that firms holding cryptos on behalf of customers record these holdings as liabilities on their balance sheets. The resolution, passed with a 60-38 vote, now moves to President Joe Biden's desk, where it is expected to be vetoed.

Elon Musk, CEO of Tesla recently faced a staggering $30 billion decline in his net worth. This came as Tesla, once the beacon of EV industry, announced its weakest quarterly earnings per share in two years, a full 10% below already gloomy analyst predictions. This news sent shockwaves through the stock market, causing Tesla's shares to dive over 17%, erasing a colossal $138B from its market capitalization in just two trading days.

Gary Gensler, the 65-year-old old Chair of the U.S. Securities and Exchange Commission (SEC), has been calling for an aggressive approach to regulate the crypto industry. Its surging growth has rattled the financial world and raised concerns about its potential for fraud and abuse. Most recently, the SEC has brought lawsuits against Binance and Coinbase, and they are fighting back with the best and most expensive lawyers. The SEC Chair may lose his job over this ridiculous fight against the crypto industry.

Records obtained from four separate banks by the Republican-led House Oversight Committee allegedly reveal that the Biden family and their business associates have received millions of dollars from foreign entities during and after Joe Biden's tenure as vice president. Via nearly two dozen companies, the Biden network has reportedly amassed a minimum of $10 million from Chinese and Romanian nationals through deals primarily orchestrated by Hunter Biden, the president's son.

It's not easy to be a Russian oligarch at this time. According to a New York Times report, some Russian oligarchs have used Concord Management LLC, a financial advisory company in Tarrytown, New York, to secretly invest money in large US hedge funds and private equity firms. Allegedly, the bulk of the funds belonged to Roman Abramovich, a close ally of Russian President Vladimir Putin. Concord and its founder, Michael Matlin, said it oversaw between $4 billion and $8 billion.

The Russian invasion in Ukraine is a war. Putin and his Western allies are at odds over how it came about. For Putin, the discussed admission of Ukraine into NATO and the threat it posed to Russia was the reason. The Western allies are currently taking massive action against the Russian oligarchs accused of corruption. They would have made their money only with the help of the Russian kleptocracy. This accusation is undoubtedly true, but one must not forget that Ukraine was a highly corrupt state that Ukrainian politicians and oligarchs looted. With the help of the Western allies!

SEC Chairman Jay Clayton is leaving his position at the end of the year that after serving for more than three and a half years. He will conclude his tenure at the end of this year though his term runs through June. While Clayton is considered the man of Wall Street and Trump's likely successor Joe Biden is expected to tighten regulations and focus on retail investors and investor protection. Hence, he put Gary Gensler in charge of his financial policy transition team and maybe makes him Clayton's successor.