So long as money keeps flowing in and out
Every year I am required by my job to complete an Anti-Money Laundering training course. Some details evolve each year, but the fundamentals stay the same.
Learning about money laundering has offered me a different perspective on the story of TFP’s journey from his inherited millions to “billions”, despite multiple bankruptcies, class action lawsuits, rulings of criminal fraud, and the ongoing series of branded merchandise that seem improbable anyone might personally want (steaks, bottled water, NFTs, gold sneakers, and now fragrances).
I can’t assert that TFP has ever engaged in money laundering, but it also happens to be true that so long as money keeps flowing in and out of a variety of legitimate “businesses”, it doesn’t matter to a money launderer whether those businesses are profitable or not.
True, most banks won’t lend TFP money because of his history of using bankruptcy to get out of paying them back. But some may also be hesitant to adhere to their obligations to file Suspicious Activity Reports connected to a former president of the United States (or to face the civil and criminal risks of failing to file them).
I can’t assert that TFP engages in bribery, fraud, or money laundering, but to someone who has received a surface level training in the issues there is very little of TFP’s business activity that doesn’t look like bribery, fraud, or money laundering, at a level that would require reporting/escalation if I saw it at my job. (Being elected president only increases the risk profile, by now placing TFP—and his entire family—in the category of Politically Exposed Persons.)
When looking through the details of the 34 felony counts of falsifying business records that TFP was found guilty of this summer, it strains credulity to imagine that these were the only 34 times he has ever disguised the nature of a financial transaction by pretending it was something else. (I will refrain from asserting what Occam’s razor might suggest instead.)
During TFP’s first term, if one happened to be a rich person (or government) who wanted to “gift” TFP a large sum of money, perhaps as a way to request a meeting or earn favor, one could for example book a number of rooms at TFP’s “money-losing” hotel in Washington DC.
Today it would be easier than ever for a rich person or government to make legitimate, not-at-all-criminal purchases that might happen to make money for TFP, such as a $100,000 watch (or several!), or millions of shares of stock in his money-losing social media platform. And if one happened to have been charged for fraud by the SEC during Biden’s term, what better time to invest in TFP’s new cryptocurrency venture.
The fact that billionaires (and multi-millionaires) spend so much of their time avoiding taxes, financial regulations, and other forms of accountability does not—to me—make a case that there should be no taxes, financial regulations, or other forms accountability in a society that is made up of mostly non-rich people.
But it will be difficult in the coming years to tax, regulate, or hold accountable the ultra-wealthy, with 14 billionaires already put forward as names in TFP’s new administration.
I would never assert that any of these individuals have ever engaged in criminal money laundering. But we know that at least two of them (TFP and Charles Kushner) have been convicted of felonies.
It is perhaps a flaw in my character that I do not consider it quaint to care about that.
All the @#$%ing things
Night 30: Turned to the words of Frederick Douglass
Night 29: Canceled my OpenAI subscription
Night 28: Donated money to three orgs
Night 27: Addressed a hazardous tile floor
Night 26: Picked up trash with the Trash Falcons
Night 25: Learned more about Pete Hegseth than I wanted to
Night 24: Canceled recurring subscriptions I no longer need
Night 23: Dwelt in gratitude
Night 22: Picked up pie from a favorite local business
Night 21: Downsized my clothes closet
Night 20: Increased my monthly contribution to the ACLU
Night 19: Deleted a blog from two decades ago
Night 18: Researched nonprofit board opportunities
Night 17: Contributed to Trans Lifeline
Night 16: Spent time together with loved ones
Night 15: Bought from a not-for-profit online store
Night 14: Refined an icon and wordmark
Night 13: Contributed to the LGBTQ+ Victory Fund
Night 12: Contributed to The Guardian
Night 11: Read, reflected, and rested
Night 10: Sent money to support vaccinations in Nigeria
Night 9: Sent money to a friend in need
Night 8: Gave gifts and spoke words of appreciation aloud
Night 7: Contributed to a California-focused nonprofit newsroom
Night 6: Made homemade donuts for my team
Night 5: Opted into a paid Buttondown tier
Night 4: Reviewed my local election results
Night 3: Deactivated my X account
Night 2: Contributed to my local nonprofit newsroom
Night 1: Started by starting
Words, sorts, thinks, and actions by Chris Ereneta, from Oakland, California. Thanks for reading! Consider forwarding this to a friend! Thoughtful feedback and questions are welcomed at that.often@gmail.com