Archives for category: Billionaires

Kelly Edgar taught music in Clark County, Nevada (Las Vegas) for 25 years. She recently wrote this article in The Nevada Independent about the dangers of charter schools.

She wrote:

Charter schools have been touted as the solution to our “failing public schools.” To be fair, the original intention was good. Those who founded the charter school movement envisioned it as a way to collaborate with public schools by finding creative solutions for students who weren’t thriving in traditional educational settings. 

But that’s not what’s happening today. Since retiring from the Clark County School District in 2024, I’ve developed my own theory: Between the dismantling of the Department of Education and free market ideologues wanting in on public school tax dollars, it’s now clear that the goal of privatizing education has been decades in the making. And charter schools are the stepping stones to get the job done.

Most people assume that charter schools are public schools because they’re free to attend and publicly funded. However, unlike traditional public schools, many are managed by private, for-profit companies — such as Academica in Nevada — and they filter enrollment via applications and lotteries.

Moreover, they do not have publicly elected school boards. In other words, we have no say on how our tax dollars are spent in charter schools because oversight is lax. Yet a charter school principal, a charter school founder and members of Moms For Liberty (which has direct ties to the school privatization movement) can sit on our school board.

Public education certainly has its challenges. I devoted decades to working inside the system and spent my final years sounding the alarm about overcrowded classrooms, insufficient resources, district leaders with ulterior motives and a lack of teacher autonomy. 

What I didn’t realize was that we were being sabotaged by the very people selling taxpayers the solutions

According to a July 2026 report by the Network for Public Education, there’s a direct correlation between academic achievement and per-pupil funding. States that support public schools outperform those that do not. So why is Nevada’s education system still ranked 48th in the nation despite “historic education funding” being passed in 2023?

Because you can’t pour water into a leaky bucket and expect it to hold. The funding was a start, but it wasn’t enough to compensate for the fact that Nevada also aggressively redirects public funds toward “private alternatives” such as charter schools. As the Network for Public Education puts it, “Privatization and disinvestment go hand in hand.”

The groundwork for all this was laid when the President Ronald Reagan’s administration, ahead of his 1984 re-election campaign, convinced Americans that we were A Nation at Risk, public schools were to blame and only Reagan could save us. This report simmered with “apocalyptic rhetoric” and the media seized on it like a dog with a bone because nothing grabs attention better than lines such as “the educational foundations of our society are presently being eroded by a rising tide of mediocrity.” 

What A Nation at Risk and major news outlets failed to mention, however, was a statistical sleight of hand called Simpson’s paradox. Students weren’t actually doing worse; more students, not just the privileged few, were taking the Scholastic Aptitude Test. In fact, President George Bush’s own commissioned study concluded that on nearly every measure, scores held steady or improved. But those findings were suppressed, and politicians on both sides of the aisle doubled down on the same flawed premise that public schools were failing America.

Rather than addressing systemic poverty, which we know affects educational outcomes, politicians and corporate philanthropists wasted billions of dollars micromanaging teachers and student learning with policies and programssuch as No Child Left Behind, Race to the Top and Common Core.

And when public schools didn’t crumble under those “reforms” as anticipated, the Council for National Policy (CNP), a conservative network, manufactured a new crisis: convincing the American people that teachers are indoctrinating their children with radical, anti-American ideologies.

The impact of this conspiracy on teacher morale has been brutal. We went from being treated as professionals to villains overnight, pouring ourselves into our work just to be disparaged by the media and pundits who would never survive a day in our shoes.

But sadly, breaking us was the point so they could justify defunding public education, sell parents on charter schools and other private alternatives under the guise of “school choice,” and “save” Americans from the crisis they created.

In 2017, the council provided the Trump administration with a blueprint to return education to “free-market private schools, church schools, and home schools as the normative American practice.” This “Education Reform Report” became the foundation of Chapter 11 of Project 2025. 

And while we haven’t seen every part of their mandate unfold in Nevada, there are red flags. Clark County schools are seeing their lowest enrollment numbers in decades, with many parents opting for alternatives, citing “lax classroom discipline” and “poorly performing public schools.” One would assume lower enrollment could have been an opportunity for the district to address parents’ concerns by decreasing class sizes and offering more individualized attention. But instead, the district was forced to declare a reduction in force that affects 60 licensed professionals because when students leave, the funding follows the child

And where are those tax dollars going? To Academica-managed schools, and more ideologically driven ones such as Founders Classical Academy, run by Hillsdale College, whose leadership has ties to the CNP network that wrote the privatization blueprint. 

The Clark County School District is not alone. Data indicate that by 2031, public school enrollment is projected to decline nationwide. 

This begs the question: If by 2031, more students are enrolled in charter schools, then aren’t charter schools just glorified public schools without the safeguard of public oversight? 

That absence of oversight is key when profit is the goal. It’s in the best interests of management companies to keep costs down. This inevitably leads to shrinking school budgets and compromising standards through raising class sizes, lowering pay and hiring less experienced teachers. And our students? Commodities. 

Which brings us back to square one. But this time, instead of pulling our children out of one free school to attend another free school, parents will be forced to either pay for private education or send their children to a potentially substandard charter school. As we face rising inflation and artificial intelligence replacing jobs, private school tuition is out of reach for most families.

The paradoxes of “school choice” can’t be ignored. Public schools educate every child who walks through the door, including those who need more trauma-informed care, more expensive interventions or who face severe learning challenges. These are often the same students that the “choice schools” didn’t have room for. Comparing the educational outcomes of a school that accepts every child to one that does not is, frankly, illogical, especially since the system is rigged against us: per-pupil funding follows the child while proposed federal budget cuts gut the very resources our students need most: Title I and Title II funding, Individuals with Disabilities Education Act protections and ample resources for arts education and mental health services. 

Healthcare in this country is run for profit, yet we have the highest maternal mortality rate of any high-income nation. We don’t blame doctors or hospitals. We point to the economic disparities built into a broken system. Let’s not repeat the same mistake with our children’s education.

Kelly Edgar taught in the Clark County School District for 25 years, specializing in music education.

Nobel-Prize winning economist Paul Krugman wrote about the public awakening to the menace of billionaires who hoard wealth and buy power. Not all billionaires are bad. McKenzie Scott, ex-wife of Jeff Bezos, has given away billions to worthy causes. But she is not typical. Others are using their money, like Larry Ellison, to destroy our independent media, or to buy elections, usually for reactionaries who promise them lower taxes.

Krugman’s post:

Suddenly it’s OK to sound the alarm about the political power of billionaires. And I do mean suddenly. The chart above, from political scientist Andrew Hall, examines fundraising emails to track the extent to which politicians say negative things about the hyper-wealthy. Not surprisingly, almost all mentions are negative. Until 2025 there were remarkably few such mentions – that is, until the cavalcade of fawning tech bros at the Trump inauguration abruptly made criticism of billionaires and their influence mainstream.

Hall calls this “billionaire bashing.” Tyler Cowencalls it “billionaire derangement syndrome,” as if it were unreasonable to worry about the political power of a handful of incredibly wealthy menwho are bestowing tens of millions in favors to the Trump administration and the Trump family, as well as spending vast sums to influence elections and Supreme Court nominations. The real puzzle is why it didn’t happen sooner.

You don’t need statistics to realize that there has been an explosion of wealth at the very top of the scale. From their titanic yachts to their life extension treatments, the hyper-wealthy are flaunting their billions almost everywhere one looks. For example, a few days ago the Wall Street Journal published a report on a new trend: “landmaxxing,” as in, the hyper-wealthy are increasingly buying giant estates:

And the statistics bear out the impressionistic evidence: there has been an explosion of wealth at the very top. In last Sunday’s primer I noted that in 1982, the first year Forbes compiled its list of the 400 richest Americans, the combined wealth of the 400 was only $92 billion. In 2025 it was $6.6 trillion. Even adjusting for inflation, the growth of wealth at the top has dwarfed gains in income and wealth for the average American:

So why should the rest of us care about how the other 0.0002% live? One important reason is that wealth at the top is, to a significant extent, coming at the expense of American workers. As a recent report from the New York Feddocuments, the share of national income going to workers is at an 80-year low:

 Line chart tracking labor share in percentage (vertical axis) from 1945 through 2025 (horizontal axis); starting in the early 2000s, labor share entered a sustained decline, with a particularly sharp drop during the global financial crisis.

Source: Liberty Street Economics

A second, even more important reason is the fact that the hyper-wealthy aren’t just landmaxxing — they’re powermaxxing.They are seriously undermining American democracy as well as lowering the living standards of ordinary Americans.

The Journal article about mega-estates name-checked Larry Ellison, who is America’s 2ndrichest man, and Ken Griffin, who is only the 21strichest, with a mere $50 billion in net worth. In addition to buying huge compounds, both men are very much buying political influence. Ellison’s family has taken control of CBS, which it is rapidly corrupting into a right-wing mouthpiece, and is trying to take over CNN too. And the day after the report on landmaxxing, the Journal published this:

Again, statistical data bear out the impressionistic evidence. As recently as the 2000s, the hyper-wealthy played little direct role in campaign finance, although influence campaigns by the likes of the Koch brothers and Richard Mellon Scaife were already having a major effect on the politics of taxation, climate and more. Since then the combination of soaring billionaire wealth and the Citizens United decision by the Roberts Supreme Court — a court whose Trump-enabling, anti-democraticslant was itself largely engineered by the Kochs — have opened the floodgates. Billionaires accounted for almost 20 percent of campaign spending in 2024, and that surely understates their influence:

Massive political spending has given billionaires massive political power. True, some of what the Trump administration does reflects Trump’s personal whims, obsessions and vanity — which is why the Iran debacle happened and is turning into a quagmire. But a large part of federal policy now is government of the billionaires, by the billionaires, for the billionaires.

What do billionaires want and get? Money isn’t their only object. Some of them genuinely believe in causes beyond their own further enrichment. Unfortunately, these causes are on average loathsome. Elon Musk, to take the most prominent example, appears to be personally committed to white supremacy and right-wing extremism. Peter Thiel, who bought JD Vance his Ohio Senate seat, appears to be genuinely crazy: he’s called for a return to monarchy and is now ranting about the antichrist. As Henry Farrellargues, we shouldn’t be talking about billionaire derangement syndrome, we should be talking about deranged billionaire syndrome.

Obligatory disclaimer: not all billionaires are deranged, and some are public-spirited figures who try to use their wealth and power to help others. However, the Citizens United decision, along with the Trump administration’s raw corruption, opened the door for the all too numerous predatory billionaires to acquire more political power in order to further rig a system that is already greatly tilted in their favor. Want to pollute air and water? Want your anti-competitive merger approved? Want a big tax cut that benefits the billionaire class while stripping ordering people of their healthcare? Want to eliminate financial regulation so that you can play games with and siphon off other people’s money? No problem on all those counts.

Above all, the billionaires want low taxes for themselves. A recent paper by Balkir et alestimates that because we tax income from wealth at much lower rates than income from wages, the wealthiest 400 people in American pay an average tax rate of 24%, compared with 30% for the population at large and 45% for high-income Americans who derive their income from earnings rather than ownership of assets.

As I noted Sunday, low taxes on the hyper-wealthy feed a downward spiral of oligarchy in which low taxes make it easier for huge fortunes to grow even larger, and in which the power of vast wealth keeps increasing, leading to even more favorable policies for the few.

This downward spiral has been taking place for decades. As I said, the real question about the backlash against billionaires is why it didn’t happen sooner.

Please open the link to finish.

Senator Chris Murphy of Connecticut gave a stunning speech about the normalcy of corruption in the Trump White House. Senator Murphy spoke about “500 Days of Corruption,” in which he detailed numerous deals that enriched the Trump sons, Don Jr. and Eric. Typically, they invested in a company and with days or weeks, that company received a government contract.

Set aside 30 minutes and watch this speech. It is startling, infuriating, outrageous.

Just yesterday (June 29), the media reported that President Trump made $2.2 billion in 2025. $2.2 billion!

The New York Times reported:

President Trump reaped a stunning windfall in his first year back in the White House, including about $1.4 billion from his family’s cryptocurrency businesses, a new filing shows.

All told, the president pulled in at least $2.2 billion, a figure that includes other parts of his vast holdings, such as his real estate assets. That compares to a minimum of $622 million his enterprises pulled in for all of 2024, before he returned to the presidency.

One of his biggest hauls in 2025 came when an investment firm tied to the United Arab Emirates bought nearly half of the Trump family’s main crypto company, World Liberty Financial, a transaction that blurred the line between foreign policy and private enterprise.

Mr. Trump also collected hundreds of millions of dollars from sales of his $TRUMP memecoin and World Liberty’s sale of its own digital tokens.

Remember how the Republicans in Congress excoriated Hunter Biden because he was paid to serve as a board member for a company called Burisma in Ukraine? How many times did Trump and his allies speak with derision about “the Biden crime family”?

Penny-ante when compared to the shameless profiteering of the Trump family.

The President should have no problem paying his $5 million debt to E. Jean Carroll, which the U.S. Supreme Court refused to overturn or even the $83 million judgment that Carroll won in state court but Trump is litigating to avoid paying.

Who are the big donors funding the 2026 midterm campaigns? Typically, the billionaires spend big on Presidential elections, but now they are pouring hundreds of millions into 2026 because it will determine control of Congress.

Republicans have a much bigger war chest than Democrats.

This is a gift article from the Washington Post. That means you can open the link without a subscription. I pay for it so you don’t have to.

https://wapo.st/3QZmR2g

What this shows above all is the need for campaign finance reform, specifically, limits on individual and corporate donors.

The only way to defeat Big Money is to vote.

Hundred of millions of dollars are pouring into the midterm elections.

Who are the big donors? The Republicans get far more money than Democrats.

This article in The Washington Post identifies them. It is a gift article. That means you can open it and read it without a subscription.

https://wapo.st/3QZmR2g

George Soros is by far the biggest giver to Democrats. That helps explain why the MAGA folks demonize him.

The conclusion I draw from this article is that our political system is warped by the influence of unlimited money. We desperately need a Congress that will limit campaign spending.

Until then, we have a government for sale.

Most give to Republicans.

wapo.st/3QZmR2g

Andy Spears is an experienced journalist who writes a blog called The Education Report, where he revealed that billionaire Jeff Yass is funding a pro-voucher candidate in the race to replace Governor Bill Lee.

Lee pushed hard to enact voucher legislation, and he too benefited from Jeff Yass’s giving. Tennessee public schools are suffering as a result of Republicans’ devotion to vouchers.

Spears writes:

Thanks to Bill Lee’s leadership, Tennessee has gone from 44th in the nation in school funding when he became governor in 2018 to 51st – dead last – as Lee is on his way out this year.

In addition to leading Tennessee to the bottom – $1.9 billion below Mississippi – in school funding, Lee has also led the way to a $300 million private school voucher scheme. 

Lee was helped in his voucher quest by the School Freedom Fund and its top donor, New York billionaire Jeff Yass. Yass’s group spent more than $4 million to support pro-voucher GOP legislative candidates – winning key primaries and delivering the votes to get Lee’s voucher scheme across the finish line.

Now, Yass is taking sides in the race to replace Lee. Yass is the largest single contributor in the gubernatorial race, giving $1 million to a political action committee (PAC) supporting Marsha Blackburn, according to Tennessee Lookout.

Yass is known for his investment in TikTok’s parent company and for being a major financial supporter of President Donald Trump’s 2024 campaign.

He’s now the largest single contributor in Tennessee’s gubernatorial election after donating $1 million to Team Tennessee, a PAC that is backing U.S. Sen. Marsha Blackburn’s bid for the top job.

Blackburn is a vocal advocate for private school vouchers.

Ivanka Trump Kushner was recently interviewed about her and her husband’s plans to develop Sazan Island, off the coast of Albania, into a major resort. Five miles of private beachfront. Thousands of hotel rooms. She says she wants it to be the kind of setting that people want. It’s clear that she has no contact with most “people.”

Sazan Island is owned by the state. The Kushners intend to privatize and develop it. The president of Albania welcomes foreign investment because Albania is poor, and he wants to bolster the economy and create jobs.

Albanians are not happy. In fact, thousands of them are rioting against the deal, due to the threat to the island’s natural beauty and biodiversity. It’s possible that their riot is intensified by their views of the Trump family.

The people in the streets may block it.

Mike DeGuire, retired Denver educator, warned Coloradans that the usual billionaires are lining up behind Mike Bennett for the Democratic nomination for Governor. Bennett is currently a Senator but previously was Superintendent of Schools in Denver, where he promoted the NCLB agenda of test-and-punish, charters schools, and corporate reform. He never was an educator so he swallowed corporate reform hook, line, and sinker.

DeGuire wrote:

Colorado’s Democratic primary for governor between Attorney General Phil Weiser and U.S. Sen. Michael Bennet is heating up. TV ads are everywhere, and social media is abuzz with supporters extolling their favorite candidate’s strengths or the opponent’s weaknesses. Colorado has elected only one Republican governor in 50 years, so many pundits believe whoever wins the Democratic primary will likely win the November election. 

Money is becoming a big factor in this campaign. Bennet has a distinct advantage thus far, primarily due to one group of funders: billionaires. More than half of Bennet’s super PAC donations are from billionaires, individuals and groups affiliated with organizations run by billionaires, and from a “dark money” group. Research shows that billionaires “are swaying elections all across America.”

As of the May 18 filing deadline, Bennet had over $11.5 million in total donations compared to Weiser’s $7 million. Over $7 million of Bennet’s money is from his super PAC, Rocky Mountain Way, which includes over $1 million from an independent expenditure dark money organization called Brighter Future for Colorado. Weiser has $1.1 million from his super PAC, Fighting for Colorado, and just over $6 million from individual donations.

Michael Bloomberg is the 18th richest man in the world with a net worth of over $109 billion, and he is the largest individual donor to Bennet’s super PAC, giving $2.5 million thus far. But he is not the only billionaire donor in Bennet’s camp. These billionaires also contributed to Bennet’s super PAC: Steve Mandel and his wife ($175,000,); Tench Coxe and his wife ($100,000); Edythe Broad ($3,000); Marc Heising ($75,000); Eric Mindich ($25,000); Deborah Simon ($25,000); and Robert Fanch ($25,938).

In addition to the billionaires’ money, over a dozen hedge fund managers and venture capitalists contributed between $10,000 and $100,000 each to Bennet’s super PAC. The ultra-wealthy use their donations to gain loyalty from candidates who will enact policies that align with their values and protect their wealth through tax breaks, financial incentives and limited regulations on their corporations. They also use nonprofit foundations to fund organizations they support philosophically. 

Tax filings published by ProPublica for the years 2022-24 show that billionaires Reed Hastings and John Arnold used their nonprofit, City Fund, to give money to Denver Families for Public Schools, which contributed $45,000 to Bennet. The former CEO of City Fund, Neerav Kingsland, donated $2,000. The Bloomberg Family Foundation donated millions to the Charter School Growth Fund. That nonprofit also funds the Colorado League of Charter Schools which, along with 50Can and Stand for Children, gave $470,000 to Bennet’s super PAC. Bloomberg’s dark money group, the American Opportunity Action, gave $45,000. The total investment from Bloomberg and other billionaire-funded nonprofits surpasses $3 million. 

Bloomberg’s support for Bennet’s candidacy reflects a relationship and shared philosophy on education reform that stretches back nearly two decades. Before Bennet entered the U.S. Senate, he served as Denver’ school superintendent from 2005 to 2009, the same time that Bloomberg was serving as New York mayor, where he had control of the city’s schools. Like Bennet, Bloomberg promoted corporate education reforms, oversaw the expansion of charter schools, test-based accountability systems, and market-oriented policies. 

Both Bennet and Bloomberg ran for president in 2020. Bloomberg spent over $37 million of his own money on his unsuccessful campaign. Bennet received money for his candidacy from over 32 billionaires who were hedging their bets on who would eventually win the party’s nomination. Several billionaires supporting Bennet for president included some of the richest people in Colorado: the Ergen family, Pat Stryker and Ken Tuchman.

While Bloomberg often wins when he donates money to candidates, there are exceptions. Last year, Bloomberg joined with 26 other billionaires to support former Gov. Andrew Cuomo in the New York mayoral race, donating $13 million to his campaign. New Yorkers resoundingly said no to the billionaire money and elected Zohran Mamdani. 

The money involved so far in this year’s gubernatorial Democratic primary pales in comparison to the $34 million spent in the last contested Colorado Democratic primary, in 2018.Many observers believe that Gov. Jared Polis basically bought the governor’s seat by contributingmore than $22 million of his own money to defeat three other candidates. Bloomberg was also involved in the 2018 gubernatorial race, donating $2 million to Mike Johnston who came in third to Polis. Five years later, Bloomberg helped Johnston win his 2023 race for Denver mayor when he and another billionaire, Reid Hoffman, donated nearly $2 million to Johnston’s election. 

Ballots drop June 8 for the June 30 Democratic primary. Will the independent and Democratic voters buck the trend of billionaires swaying elections and elect Weiser, or will this billionaire investment pay off for Bennet? 

Paul Waldman was a top journalist at The Washington Post who left after Post publisher Jeff Bezos changed the newspaper’s political orientation and initiated staff cuts. Waldman now writes a blog called “The Cross Section,” where this post appeared.

Waldman writes:

Former Google CEO Eric Schmidt is not just an incredibly rich guy, with a net worth standing at a tidy $43.6 billion. He also fancies himself a thought leader, eager to share his insights on the critical challenges of our age. In particular, he worries about the negative effects of Americans’ skepticism about artificial intelligence. As he wrote in a recent New York Times op-ed, “It’s paramount that more people outside Silicon Valley feel the beneficial impact of A.I. on their lives.”

So when he was invited to give the commencement address at the University of Arizona this year, he probably thought this was a great opportunity to explain to young people how important it is for them to be ready to navigate this brave new world, in which nothing they do will be untouched by the technological revolution that has already begun. “That really made me think,” they’d say to each other afterward. “I will take Eric Schmidt’s wise words with me as I embark on my career.”

But that’s not what happened. Instead, the students greeted his rather banal comments on AI with a round of lusty jeers. The same thing happened at other universities when commencement speakers from the business world delivered similar messages about how we’re embarking on “the next Industrial Revolution” and the kids had better adapt whether they like it or not:

I want to congratulate the students at these universities for showing what they actually think about this message, and it’s not because the business titans are completely wrong. There will be dramatic changes because of AI, and people working in a wide variety of industries will have to adapt. But sometimes, when you find yourself in the company of extremely rich and powerful people, there’s a great deal of value in taking a big breath, cupping your hands around your mouth, and shouting “YOU SUCK!”

One thing social media is good for

While social media is a virus that spread across the globe and made our entire existence worse in a remarkably short amount of time, it also allows ordinary people to tell those with great power that they suck. Unfortunately, doing so often has the effect of cooking the brains of those powerful people to an even greater degree than their isolated existences already do.

Take Mark Andreessen, one of the most important figures in Silicon Valley and leader of the firm Andreessen Horowitz, also known as a16z. A year ago, Andreessen shared with podcaster Lex Fridman why dinner parties and text chats among Valley power brokers are so liberating:

“At least in the last decade, those are like the happiest moments of everybody’s lives,” Andreessen said. “Everybody’s just ecstatic, because they’re just like, ‘I don’t have to worry about getting yelled at and shamed for every third sentence that comes out of my mouth.’”

Who precisely is yelling at Marc Andreessen? Someone on his household staff? His employees at a16z? The aspiring tech bros desperate for him to fund their startups? A server at the Michelin-starred restaurant where he ate dinner last night?

The answer is that there is no one in Andreessen’s actual life who would dare treat him with anything but obsequious deference. No, it’s online where Andreessen is hounded and oppressed. 

Under the totalitarian regime that prevailed before Elon Musk bought Twitter, Andreessen explained, group chats were “the equivalent of samizdat,” where for a brief fleeting moment, billionaires could whisper to one another in hushed tones. True, the punishment for being caught uttering forbidden truths in more public forums was not execution or banishment to the gulag, but having a bunch of peasants on social media call you an asshole. Isn’t that just as bad, though? Surely if one of those poor dissidents starving in a Siberian prison camp in 1952 could have looked into the future, they would have said, “My suffering is great, but at least I don’t have to endure getting ratioed on Twitter.”

The horror of being called an asshole pushed Andreessen to become an even more enthusiastic ally of President Trump than he was already becoming. This year, a16z is sinking more money into the midterm elections than any other organization or person, $115 million so farto support Republican candidates who will advocate minimal regulation of AI and crypto (in which the firm is heavily invested).

Even in Silicon Valley, most of the elite don’t spend their time tweeting and going on podcasts. But enough of them do that we have a good window into the culture and thinking of the wealthiest and most powerful business leaders of our day. And what comes through loud and clear is that they’re appalled that we aren’t more thankful for the technologies they are bestowing upon us. They take our money and mine our lives for data, but don’t we realize how glorious the future they’re creating for us will be? Where’s the gratitude?

What they don’t seem to appreciate is that most of the ways people are currently experiencing AI are invasive, threatening, or just stupid and frustrating. For instance, Taco Bell is experimenting with an AI-driven menu board that will “dynamically change the layout, content, and visuals on a car-by-car basis.” You thought you just wanted a menu that was easy to read and understand, but have you considered how great it would be if the AI made judgments about what kind of person you are based on the car you’re driving, then slapped a bunch of crappy graphics on the menu based on some stereotypes it picked up from trawling the internet? Awesome!

When oligarchs like Eric Schmidt tell young people that their lives are going to be shaped by AI whether they like it or not, it’s that kind of crap the young people think of, not the possibility that one day AI will devise a cure for cancer. Perhaps the utopian version of AI will come to pass, but right now that AI future is hypothetical, while the slop is our reality today.

Nobody likes being criticized, and the more highly you think of yourself the less you like it — and while Silicon Valley billionaires are not allnarcissistic sociopaths, lots of them are. We have many means of pushing back at them — electing leaders who approach technology with a healthy skepticism and are willing to regulate it to protect the public, organizing in our communities (as people are doing against data center construction), choosing not to patronize companies that try to jam AI down our throats when we don’t want it. But when you have the chance, it doesn’t hurt to shout “YOU SUCK!” at the wealthy and powerful. They’ve certainly earned it.

Rick Wilson is a never-Trumper, a former Republican operative who was a founder of The Lincoln Project. He write a popular blog, “Against All Enemies,” where he follows the actions of Trump 47.

He wrote:

Let’s start with a number, because the number is the whole story and the rest is just decoration.

3,700

Between January and March of this year, three months, ninety-odd days, one fiscal quarter of a man who is supposed to be running the country, Donald Trump’s required ethics filings disclosed 3,700 stock trades worth somewhere between $220 million and three-quarters of a billiondollars.

Microsoft. Meta. Oracle. Broadcom. Bank of America. Goldman Sachs. Nvidia. Apple. An S&P 500 index fund, because even a degenerate gambler likes a hedge. Municipal bonds, for flavor.

That’s not a portfolio. That’s a casino floor. And the President of the United States is standing in the middle of it, counting cards at the table while the pit boss looks the other way, and the cameras, conveniently, are off.

You are supposed to find this normal now. You are supposed to scroll past it. That’s the entire design. 

So let’s not.

.

Here is the part where I am legally and intellectually obligated to be precise, so pay attention. Precision is the enemy of this whole operation, and they are counting on you being too tired for it.

Insider trading is not “rich guy buys stock.”

Insider trading, as a federal crime, has elements: actual, legally defined moving parts a prosecutor has to bolt together. You need material, non-public information. You need a trade made on the basis of it. You need a breach of a duty of trust. And you need the thing lawyers call scienter, which is a fancy Latin way of saying the person knew exactly what they were doing. (Insider trading rabbit holes are shockingly amusing. I’ve been in one for two days.)

The rabbit hole led me to the Supreme Court last night, because of course it did. SCOTUS, over time, blessed two flavors of this in United States v. O’Hagan, the “classical” theory and the “misappropriation” theory, and federal prosecutors get to reach for the Securities Exchange Act of 1934, Rule 10b-5, and the heavy artillery of 18 U.S.C. § 1348, the criminal securities-fraud statute that carries up to twenty-five years in a federal prison. I don’t understand it all, either, but it strikes me that Trump’s legal team will need to be up on these, quite soon.

Now hold that definition in your hand like a ruler, and lay it next to the reporting.

According to the Washington Post‘s reading of these filings, Trump bought Nvidia on February 10. Days later, Nvidia announced a major deal with Meta, and the stock jumped roughly 2.5 percent. He sold Microsoft and Amazon in February, then bought millions more in March, shortly before the Pentagon announced it would put its technology into classified computer networks.

Let me say the quiet part at conversational volume: I am not telling you that is a proven crime. I am telling you that if you fed those two paragraphs to a hundred securities lawyers with no name attached, every one of them would say the same two words before their coffee got cold: “Lawyer up.”

The President of the United States sits atop the single largest pile of non-public material intelligence and information on planet Earth. He knows what the Pentagon is buying before the Pentagon’s vendors do. He knows the tariff rate before the market does, because he is the source of the tariff. Markets are always defined by information asymmetry. For him, the asymmetry isn’t a loophole. It’s the strategy. It’s the job.

A normal person who traded a defense contractor’s stock the week before a classified Pentagon contract would be explaining himself to men in windbreakers with “FBI” on the back. Trump gets a $200 fine. Twice. We’ll come back to the two hundred dollars, because the two hundred dollars is the funniest and darkest detail in the entire file.

Here is the thing that turns this from a scandal into a regime: there is functionally no one on the beat.

The Securities and Exchange Commission, the agency whose entire reason to exist is to walk this exact crime scene, has been hollowed out with the precision of me working a Thanksgiving turkey. Since the administration took over, the SEC has shed the order of 18% of its workforce, dropping from roughly 5,000 employees to around 4,200, the bulk of them walking out the door clutching $50,000 buyout checks dangled by the same government they were supposed to police.

The Enforcement Division and the Office of the General Counsel, the cops and the lawyers, in other words, took the deepest cuts. DOGE set up shop inside the SEC headquarters, occupying actual rooms; nothing good was ever going to come of that. The Philadelphia and Los Angeles field offices were slated to go dark. Enforcement actions against public companies are down roughly thirty percent. The new chairman publicly mused that it’s “good every once in a while to have a house cleaning.” Uh huh.

You do not need a decoder ring. When the man at the top is running a quarter-billion-dollar trading book off privileged information, and the watchdog has been defunded, depopulated, and told to think of mass attrition as spring cleaning, that is not two unrelated news stories. That is one strategy with two press releases.

This is the part that should raise the hair on your neck, regardless of your party. The genius of the grift is not that it’s hidden. It’s that it’s legal-adjacent by demolition. You don’t have to break the law if you can fire the people who enforce it and starve out the ones who remain. The cop didn’t miss the robbery. The cop took the buyout, and the robber signed the check.

Fine. You want to know how this plays as an actual case. Put on the prosecutor’s jacket for a second, because the honest answer is more damning than the cartoon.

It would be hard.

Not because the conduct smells clean. It reeks.