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Cashing In on the Presidency: How a Shadowy Global Network Helped Trump Make Millions in Memecoins as Regular People Lost Money (Bloomberg)
No one wants to claim credit for helping the first couple launch cryptocurrencies that plummeted more than 90% from their peak.
The coins soared
so high that, for a few hours, the Trumps and their business partners were sitting on at least $50 billion worth. Then they crashed. Hundreds of thousands of regular people lost money. The Trump team likely cashed out more than $350 million, according to estimates from crypto analysis firms Chainalysis Inc. and Bubblemaps SAS.
Critics alleged corruption, arguing Trump’s coin was a scheme that would allow foreign investors to steer unlimited, anonymous payments to the incoming president. Crypto traders complained that the Trumps had scammed them. The new administration assured the public that everything was above board.
The whole operation had happened
more or less out in the open. But no one seemed to know how Trump and his wife had come to launch their coins. Someone must have explained to them what memecoins are and how profitable they can be. An elderly politician and a middle-aged ex-model hadn’t likely created digital tokens on the blockchain themselves. But who were their mystery partners? Those people would know just how the Trumps had extracted so much money from their fans.
Crypto Meltdown: Bitcoin Breaches $86,000 While Sinking Toward Year’s Lows (Bloomberg)
Bitcoin dropped below $86,000 for the first time
in two weeks with investor sentiment weakening as the largest cryptocurrency slips deeper into bear market territory.
Today in Jobs: Labor Department to Release Backlogged Market Data After Shutdown (Wall Street Journal)
The Labor Department, after pausing its data collection for weeks during the government shutdown, will publish a report today with not one but two months’ worth of data on the health of the US job market.
The report will reveal the unemployment rate for November and some data on hiring in October. That information looks backward, but is expected to fill in the blanks on the status of the job market at a tumultuous time for workers.
The report won’t, however, include the unemployment rate for October. The Labor Department couldn’t conduct the survey needed to calculate that rate while the government was shut down. It will mark the first time in nearly 80 years that the agency is unable to calculate the jobless rate.
Overpromise, Underdeliver: Trump’s Promised Big Tax Cuts Are Expected to Disappoint the Average Worker (Bloomberg)
President Trump promised Americans big tax refunds next year. Many filers — particularly those who could most use the financial boost — may soon be disappointed.
“Your sort of typical W-2 worker with no kids will see very little
change year-over-year,” said Adam Michel, director of tax policy studies at the libertarian Cato Institute. He estimates slightly more than half of taxpayers fall into that group.
Consumer sentiment is hovering near its lowest level on record, and Americans’ views of their personal finances are the worst since 2009. Meanwhile, wage gains have slowed to a crawl and job prospects have dimmed thanks to a slowdown in the labor market.
Defamation Fight:
Trump
Sues BBC for $10 Billion Over 2024 Documentary Edit (Bloomberg)
President Trump sued the BBC for at least $10 billion over a misleading edit in a documentary last year that gave the impression he’d made a direct call for violence in a speech leading up to the Jan. 6, 2021, attack on the US Capitol by his supporters.
US Extreme Weather: Residents Near Seattle Ordered to Flee After Floods Breach Levee (Bloomberg)
Residents in Washington’s King County have been told to evacuate after a levee breached as the state and region is deluged with more torrential downpours sweeping through the Pacific Northwest.
The storms stand to drop 7 inches to 10 inches of rain in areas just a week after record flooding prompted evacuation warnings for more than 100,000 people.
Peace Push: US Offers Security Deal in Ukraine Talks But Territory Still Key (Bloomberg)
US negotiators offered more substantial security guarantees to Kyiv as part of President Trump’s renewed push to end the Russia-Ukraine war, but the effort still appeared to be part of a bid to pressure President Volodymyr Zelenskiy on territory.
The US side wants to finalize
a
deal with Ukraine that they can turn around and present to the Russians. The two main friction points during several weeks of talks have been the security guarantees Ukraine would receive from the US and its European allies, and the location of the post-war lines of control, according to Axios.
Chile Moves Right: Conservative Hardliner Wins Chile’s Presidency in Election Landslide (Financial Times)
Hardline conservative José Antonio Kast has won a landslide victory in Chile’s presidential election as concern over crime and immigration propels one of Latin America’s wealthiest countries to the right.
Kast will be Chile’s most right-wing president
in 35 years of democracy when he takes office in March. He has spent the past decade preaching a severe law and order and anti-immigrant message after splitting from the country’s mainstream conservative bloc in 2016.
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News from Cambridge: Harvard President to Stay on Indefinitely Amid Trump Clash (Bloomberg)
Harvard University President Alan Garber agreed to stay on for “an indefinite time beyond” mid-2027, extending his leadership of the oldest and richest US university as it faces off against President Trump.
This year, he has led Harvard amid a withering assault by the Trump administration, which froze $2.6 billion in federal research funding and threatened the school’s ability to enroll foreign students.
Hope for Future of NYC Transit: Hudson Tunnel Digging Work to Start as Boring Machines Ready (Bloomberg)
Work to begin digging a new Hudson Tunnel is set to begin this spring as two tunnel boring machines custom-built for the project are on their way to New Jersey.
The new rail tunnel, called the Gateway program, will serve Amtrak and New Jersey Transit and provide a vital link between the Garden State and Manhattan, as the existing tube is more than 100 years old.
The
Gateway Development Commission,
which is overseeing the project, said Monday that the first of the new machines will arrive in January. That will mark a milestone as they will begin the first digging work after years of delays to excavate a new tunnel.
A Healthier SantaCon: Santa Runs Are Taking Over The World: Inside The Festive Global Race Craze (Forbes)
Steadily, year after year, the Santa Run races have been growing to become a staple of Christmas celebrations in
many cities and towns worldwide, with thousands of people of all ages dressed in Santa Claus outfits and running for a good cause.
From Vancouver to Tokyo and Milan and from Mexico City to Rīga in Latvia and Vilnius in Lithuania — and including Finland, the Philippines, Greece, The Netherlands and Germany among many others — the list of places that have adopted the festive fun-run extends around the planet.
Typically held in December and most of the time organized by community groups and charities, the festive, family-friendly Santa Runs combine mass participation, local tourism and fundraising.
In addition, the non-profit aspect, which taps into festive giving season, has been successful in raising money for charities. Some events donate portions of entry fees while others raise money through sponsorships.
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