Donald Trump Wants Federal Government To “Come Down Hard” On MSNBC For Its Criticism Of Him
Ted Johnson – November 29, 2023
Former President Donald Trump’s attacks on the media are central to his image, but he’s once again calling on the federal government to take action against NBCUniversal for its MSNBC criticism of him.
In a late night post on his social media platform Truth Social, Trump complained that MSNBC “uses FREE government approved airwaves, and yet it is nothing but a 24 hour hit job” on him and “the Republican party for the purposes of ELECTION INTERFERENCE.”
He also attacked Brian Roberts, the CEO of NBCU parent Comcast, as a “slimeball who has been able to get away from these constant attacks for years.”
“It’s the world’s biggest political contribution to the Radical Left Democrats who, by the way, are destroying our Country. Our so-called ‘government’ should come down hard on them and make them pay for their illegal political activity. Much more to come, watch!”
A bit of background: MSNBC is a cable network, so it does not use the public airwaves. Yet even if it was a broadcast outlet, the FCC has been clear that it will not regulate news programming content. The Fairness Doctrine, which required that broadcasters present an array of viewpoints on controversial issues, was abandoned more than 35 years ago during Ronald Reagan’s presidency.
The Federal Election Commission expenditure rules, meanwhile, exclude the news media, or more specifically, “any cost incurred in covering or carrying a news story, commentary, or editorial by any broadcasting station (including a cable television operator, programmer or producer).”
Trump’s attacks on NBC, MSNBC and Roberts are nothing new. In the first year of his presidency, he was upset over the network’s reporting and suggested that NBC’s broadcast license be challenged. Ajit Pai, who Trump appointed to chair the FCC, said a week later that the FCC “under the law does not have the authority to revoke the license of a broadcast station based on the content of a particular newscast.”
While Trump’s Truth Social post was one of many, many outbursts at the news media, his suggestion of government retaliation, something that would surely raise a First Amendment challenge, also comes as many of his allies and others on the right chide tech platforms for censorship over their content moderation practices.
The Republican attorneys general of Missouri and Louisiana have been challenging the Biden administration’s contacts with social media platforms, claiming that they were efforts to curb misinformation about Covid vaccines and elections were in fact censoring conservative speech. The administration has argued that it is merely pointing out the spread of misinformation on platforms about urgent issues of public health and election integrity. Supreme Court last month lifted a preliminary injunction on Biden administration contacts while it will hear arguments in the case in a hearing next year.
Trump has told supporters that he would be their “retribution” in a second term, and has vowed to appoint a special prosecutor to go after Joe Biden and his family. The New York Times and The Washington Post also have been reporting in recent weeks on Trump and his allies’ plans for a second term, including taking greater hold over the federal workforce.
Russia is preparing a ‘loyalty agreement’ requirement for foreigners
Guy Faulconbridge and Lidia Kelly – November 29, 2023
Steam rises from chimneys of a heating power plan over the skyline of central Moscow
MOSCOW (Reuters) -Russia’s interior ministry has prepared draft legislation that would force foreigners to sign a “loyalty agreement” forbidding them from criticising official policy, discrediting Soviet military history, or contravening traditional family values.
Since President Vladimir Putin ordered troops into Ukraine in February 2022, Russia has introduced a slew of tough laws that outlaw discrediting the military, and courts have handed down long jail sentences to opposition activists.
As the 2024 presidential election approaches, Putin has cast the war as part of an existential battle with the West, saying he will defend Russia’s “sacred” civilisation from what he portrays as the West’s decadence.
The TASS state news agency reported on Wednesday that the draft legislation had been prepared by the interior ministry and would force all foreigners entering Russia to sign an agreement that essentially restricts what they can say in public.
A foreigner entering Russia would be prohibited from “interfering with the activities of public authorities of the Russian Federation, discrediting in any form the foreign and domestic state policy of the Russian Federation, public authorities and their officials”, TASS said.
The proposed agreement would include clauses about morality, family, “propaganda about non-traditional sexual relations” and history.
In particular, foreigners would be barred from “distorting the historical truth about the feat of the Soviet people in the defence of the Fatherland and its contribution to the victory over fascism”.
The Soviet Union is estimated to have lost at least 27 million people in World War Two and eventually pushed Nazi forces back to Berlin. Governments loyal to Moscow then took power across swathes of eastern Europe.
It was not clear from Russian media reports which foreigners the draft legislation – if it becomes law – would apply to or what the punishment would be for not adhering to the “agreement” which foreigners would have to sign upon entry to Russia.
The Kremlin declined to comment on the initiative.
‘LOYALTY AGREEMENT’
Opposition activists and foreign diplomats in Moscow have for months been warning that the authorities are toughening their stance on any dissent ahead of the presidential election.
The Kremlin said earlier this month that some measure of censorship was needed as Russian troops were fighting in Ukraine, and cautioned those who wanted to criticise the military to think carefully before they did.
For the draft to become law, it has to be introduced to the State Duma, Russia’s lower house of parliament, and to go through committee review and several readings before being submitted to Putin for signing.
The chairman of the Duma’s CIS Affairs Committee said that the draft law was well advanced and was being worked on by the interior ministry, the government, the presidential administration as well as his committee.
“The draft law on the so-called ‘loyalty agreement’ with migrants entering the Russian Federation is in a high degree of readiness,” Leonid Kalashnikov told Interfax.
Kalashnikov said some details of the proposed law were still to be worked out. The interior ministry did not immediately respond to requests for a comment.
The law has not yet been introduced formally in parliament, according to Reuters searches of the Duma’s database.
Since the start of its war in Ukraine, Russia has imposed a number of restrictions on foreigners from what it calls “unfriendly countries” – meaning those that have imposed sanctions on it over its war in Ukraine.
(Reporting by Lidia Kelly in Melbourne and Guy Faulconbridge in Moscow; Editing by Andrew Osborn and Nick Macfie)
COP28: What is it, who’s going and what are the key sticking points?
World leaders are set to meet at the UN climate summit in Dubai for the next two weeks to discuss tackling climate change
Rabina Khan, Contributor – November 29, 2023
Representatives from around the world will gather at Expo City in Dubai, UAE, for COP28. (AP) (Kamran Jebreili, Associated Press)
Thousands of politicians, economists, faith leaders, activists and many others are convening in Dubai for the latest UN climate conference, COP28.
This year’s event, which kicks off today, will focus on ramping up the shift to clean energy by cutting greenhouse gas emissions before 2030 in a bid to limit the impact of climate change.
But with competing priorities at play, the likelihood of consensus among the key players around the major sticking points remains in the balance.
This year, even the location of the conference has sparked some controversy.
The UAE has invested heavily in solar and wind energies, but it also remains one of the world’s top oil-producing nations.
“It is the equivalent of appointing the CEO of a cigarette company to oversee a conference on cancer cures,” said campaign group 350.org.
COP28 president-designate and the UAE’s special envoy for climate change Sultan Al Jaber has defended his country hosting the latest round of climate talks. (AP) (Kamran Jebreili, Associated Press)
COP28 agenda
As in previous years, the central issues are cutting fossil fuels and the greenhouse gases driving climate change by ramping up the shift to clean energy.
COP28 aims to prioritise securing funding for climate action in less affluent countries, fostering inclusivity, and addressing diverse issues like nature, people, health, finance and food and work towards a new agreement benefiting developing nations.
Although the hope is to continue to limit global temperature rises to 1.5֯C – the world is currently on track for 2.4-2.6C of warming – and the efforts being pursued to tackle this have been described by the UN as “nowhere near ambitious enough”.
The focus will also be on how people can best use nature and land use, moving to clean energy sources and making COP28 the “most inclusive” ever.
COP28 will focus on clean energy, aiming to cut greenhouse gas emissions before 2030, fostering inclusivity, and addressing issues like nature, people, health, finance, and food. (Source: COP28) (COP28)
Who are the key players?
King Charles III, prime minister Rishi Sunak, and foreign secretary David Cameron will be the most high-profile UK representatives.
However, their popularity among some allies remains uncertain due to Sunak’s support for North Sea oil and recent retreat on domestic net zero targets. His decision to advise against Charles attending COP27 also raised eyebrows.
The conference itself is being hosted by Sultan al Jaber – the boss of one of the world’s largest oil companies, the Abu Dhabi National Oil Company (ADNOC) – and whose appointment was greeted with scepticism. He insists he wants to guide major oil and gas producers toward emission reduction goals, focusing on eliminating methane emissions by 2030.
However, the UAE this week had to fend off uncomfortable allegations from leaked documents that it planned to use meetings to promote deals for its national oil and gas companies to other countries. A COP28 spokesperson described the documents as “inaccurate”.
The absence of US president Joe Biden means climate envoy John Kerry will attempt to navigate disagreements on climate finance and broader US-China tensions.
His relationships with Al Jaber and Beijing’s Xie Zhenhua, the vice-chairman of China’s top economic development body, could shape the summit’s outcomes. While viewed positively, Xie’s stance on a fossil fuel “phase-out” remains a point of contention.
Pope Francis, pictured here meeting Sultan Ahmed Al Jaber at the Vatican in October, will make history as the first pope to attend the global climate summit at this year’s COP28. (Abaca Press/Alamy Live News) (ABACAPRESS, Abaca Press)
Russia, a major carbon polluter with a recent climate pledge aiming for net zero by 2060, will be represented by Vladimir Putin’s climate adviser, Ruslan Edelgeriyev.
Saudi Arabia’s stance on oil, gas, and coal will also likely pose challenges. Chief negotiator Khalid al-Mehaid will defend fossil fuels with a focus on reducing pollution, transitioning to renewables.
At the other end of the spectrum, the UN climate chief Simon Stiell, from Grenada, balances the interests of nearly 200 nations, seeking difficult answers and clear targets for climate action.
Representing the least-developed countries, Madeleine Diouf Sarr, head of the climate change division in Senegal’s Ministry of Environment will prioritise clear targets for adaptation and financial support amid growing concerns of the disproportionate impact of climate change on vulnerable nations.
The presence of philanthropist and former Microsoft CEO Bill Gates at COP28 underscores the intersection of environmental responsibility and business. (Reuters) (Leah Millis / reuters)
And Barbados prime minister Mia Mottley,willchampion climate equity, pushing for financial mechanisms benefiting vulnerable nations. Her outspoken calls for a just global financial system and debt-pause clauses have often resonated on the international stage.
Two other familiar faces include Pope Francis, who will make history as the first pope to attend the climate summit, and Bill Gates.
Gates will wear two hats at COP28: advocating for climate action through philanthropy and investing in green technologies. His presence underscores the intersection of environmental responsibility and business.
Watch: Barbados – Prime Minister Addresses United Nations General Debate, 78th Session
https://youtube.com/watch?v=ftHsJscUARU%3Frel%3D0
COP28: The sticky points
Differing views on the future of “unabated” fossil fuels, like coal, oil, and gas without emissions capture, are anticipated at COP28. While the UAE’s Al Jaber calls for a gradual “phase down”, the European Union is likely to advocate for a complete “phase out”.
Financial issues loom, with the unclear implementation of a “loss and damage” fund from richer to poorer countries, and the US rejecting climate reparations for historical emissions.
The EU aims to lead with a groundbreaking deal to phase out “unabated” coal, oil, and gas globally, but resistance is expected from major fossil fuel producers like Saudi Arabia and developing nations reliant on fossil fuels for economic growth.
China, the US, India and Russia are the top four polluters, according to data from Statista, China was the biggest emitter of carbon dioxide (CO2) emissions in 2021, accounting for nearly 31% of the global emissions. The world’s top five largest polluters were responsible for roughly 60% of global CO2 emissions in 2021.
COP28’s key challenge is staying below a 1.5C temperature rise. To achieve this, there’s a push for a binding energy package—tripling renewable energy by 2030 and deploying 1.5 terawatts yearly.
Financial clarity is crucial, demanding a $200bn annual increase for the Global South, according to 350.org, an international movement of ordinary people working to end the age of fossil fuels.
“As civil society campaigners, demonstrations and protests are expected to be limited to the UN-designated zones only but we are determined to make our voices heard and that this COP28 should be one that leads to decisive action to tackle the climate crisis,” Kim Bryan, 350’s associate director told Yahoo!.
Watch COP28 climate change summit begins: Here’s what you need to know
In an investigation published over the weekend, the Times wrote that the commutation for Jonathan Braun, a drug smuggler, had “broader implications than previously known.”
Braun was two and a half years into a 10 year sentence for running a major marijuana ring, and was also being pursued by the Justice Department for predatory lending to small businesses.
According to the Times, Braun’s family used a connection to Jared Kushner, Trump’s son-in-law and a senior White House adviser, to secure the commutation.
Freeing Braun reportedly jeopardized a Justice Department criminal investigation into predatory lenders, in which prosecutors had been negotiating with Braun to flip on industry insiders in exchange for clemency.
That deal went out the window when Braun was freed, the Times reported.
“What does this all tell us?” Psaki, a former White House press secretary under President Joe Biden, asked on “Inside With Jen Psaki.”
“For one, it tells us that ‘tough on crime’ Donald Trump upended a federal investigation by his own Justice Department. That’s not how it’s supposed to work.”
She continued: “It also tells us how Trump and his administration ran pretty fast and loose with presidential pardons — a tremendous power that usually runs through a highly vetted process out of the Department of Justice.”
She referred to an “old quote” and maxim of dictators: “For my friends, everything; for my enemies, the law.”
Psaki warned: “That is how Donald Trump has operated. And that is how he will continue to operate if he ever gets the leverage of government again.”
Russia’s Putin, shown alongside Orthodox icon image, warns West against meddling
Guy Faulconbridge – November 28, 2023
Russian President Putin attends a plenary session of the World Russian People’s Council, via video link in Sochi
MOSCOW (Reuters) – President Vladimir Putin, whose picture was shown between two giant images of an ancient Orthodox icon on Tuesday, warned the West ahead of elections in March 2024 that any foreign meddling in Russia would be considered an act of aggression.
Russia’s full-scale invasion of Ukraine in February 2022 has led to the most serious confrontation between Moscow and the West since the 1962 Cuban missile crisis, prompting Putin to pivot towards China.
Since the invasion, Putin has changed the narrative of the war, casting it as an existential battle between sacred Russian civilisation and an arrogant West which he says is in cultural, political and economic decline.
Speaking to the World Russian People’s Council, led by the head of Russia’s Orthodox church, Patriarch Kirill, Putin’s picture was shown on a giant screen beside two copies of an ancient Orthodox icon. Such icons are stylised, often gilded, religious paintings considered sacred in Orthodox churches.
The Russian Orthodox Church is an ardent institutional supporter of Russia’s war in Ukraine, and Putin has espoused its conservatism as part of his vision for Russia’s national identity.
The Kremlin chief said that the West was gripped by racist Russophobia which casts Russians as a people of backward “slaves” and warned that the United States allegedly wanted to dismember and plunder Russia’s vast resources.
Putin, 71, cautioned that Russians themselves should remember the lessons of the 1917 Bolshevik Revolution, the civil war and the 1991 fall of the Soviet Union, which he said had allowed the division of the Russian people.
“I want to underscore: We consider any interference from outside, provocations aimed at causing inter-ethnic or inter-religious conflicts as aggressive acts against our country,” Putin said.
“I want to emphasise again that any attempt to sow inter-ethnic and inter-religious discord, to split our society is a betrayal, a crime against the whole of Russia. We will not allow anyone to divide Russia.”
The West casts Putin as a dictator who has led Russia into an imperial-style land grab that has weakened Russia and forged Ukrainian statehood, while uniting the West and handing NATO a post-Cold War mission.
Putin says that the West is now failing in Ukraine and that its attempt to defeat Russia has also failed.
The Kremlin chief claims Western attempts to isolate Russia with the toughest-ever sanctions imposed on a major economy were evidence for what he believed is historic Western racism against Russians.
The West, which denies it wants to rip Russia apart, has said it wants to help Ukraine defeat Russian forces on the battlefields of Ukraine, eject Russian soldiers and punish Putin for the war.
Putin thanked Russian businessmen for evading the West’s sanctions.
“It was by combining the efforts of the state and business that we thwarted the unprecedented economic aggression of the West: its sanctions blitzkrieg failed,” Putin said.
The presidential election campaign is due to start next month and Putin is expected to run, a step that would ensure at least another six years at the helm for the former KGB spy, who has been in power since 2012, and before that, from 2000 to 2008.
Patriarch Kirill said he would pray for Putin to continue his work for the “benefit” of Russia and its people.
(Reporting by Guy Faulconbridge; Editing by Bernadette Baum)
Putin accuses the West of trying to ‘dismember and plunder’ Russia in a ranting speech
Associated Press – November 28, 2023
Russian President Vladimir Putin listens to VTB Bank Chairman Andrei Kostin during their meeting in Moscow, Russia, Monday, Nov. 27, 2023. (Mikhail Klimentyev, Sputnik, Kremlin Pool Photo via AP) (ASSOCIATED PRESS)
MOSCOW (AP) — Russian President Vladimir Putin on Tuesday, in a ranting speech before a presidential election campaign, cast Moscow’s military action in Ukraine as an existential battle against purported attempts by the West to destroy Russia.
Putin, who has been in power for more than two decades and is the longest-serving Russian leader since Soviet dictator Josef Stalin, is expected to soon declare his intention to seek another six-year term in a presidential election next March.
“We are defending the security and well-being of our people, the highest, historical right to be Russia — a strong, independent power, a country-civilization,” Putin said, accusing the U.S. and its allies of trying to “dismember and plunder” Russia.
Ukraine and its Western allies have condemned the Russian action against Ukraine as an unprovoked act of aggression.
“We are now fighting for the freedom of not only Russia, but the whole world,” Putin said in a speech to participants of a meeting organized by the Russian Orthodox Church.
He denounced what he described as Western “Russophobia,” claiming that “our diversity and unity of cultures, traditions, languages, and ethnic groups simply don’t fit into the logic of Western racists and colonialists, into their cruel scheme of total depersonalization, disunity, suppression and exploitation.”
“If they can’t do it by force, they will try to sow strife,” he said, vowing to block “any outside interference, provocations with the aim of causing interethnic or interreligious conflicts as aggressive actions against our country, as an attempt to once again foment terrorism and extremism in Russia as a tool to fight us.”
Russian authorities have intensified their crackdown on dissent amid the fighting in Ukraine, arresting and imprisoning protesters and activists and silencing independent news outlets.
Putin said that the U.S.-dominated global order has become increasingly decrepit, declaring that “it is our country that is now at the forefront of creating a more equitable world order.”
“And I want to emphasize: without a sovereign, strong Russia, no lasting, stable world order is possible,” he said.
To commemorate Munger’s monumental legacy, we’ve compiled some of our favorite Charlie quotes:
On life:
“I think life is a whole series of opportunity costs. You know, you got to marry the best person who is convenient to find who will have you. Investment is much the same sort of a process.” — 1997 Berkshire Hathaway Annual Meeting
“Another thing, of course, is life will have terrible blows, horrible blows, unfair blows. Doesn’t matter. And some people recover and others don’t. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion. That is a very good idea.” — 2007 USC Law School Commencement Address
“You don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income, you stay cheerful in spite of your troubles, you deal with reliable people and you do what you’re supposed to do. All these simple rules work so well to make your life better.” — 2019 CNBC interview
“With everything boomed up so high and interest rates so low, what’s going to happen is the millennial generation is going to have a hell of a time getting rich compared to our generation. The difference between the rich and the poor in the generation that’s rising is going to be a lot less. So Bernie has won. He did it by accident, but he won.” — 2021 Berkshire Hathaway Annual Meeting
Vice-chairman of Berkshire Hathaway Charlie Munger speaks to Reuters during an interview in Omaha, Neb., May 3, 2013. (Lane Hickenbottom/REUTERS) (Lane Hickenbottom / reuters)
On learning
“Without the method of learning, you’re like a one-legged man in an ass-kicking contest. It’s just not going to work very well.” — 2021 Daily Journal Annual Meeting
“In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero. You’d be amazed at how much Warren reads — and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.” — Poor Charlie’s Almanack
“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than when they got up and boy does that help — particularly when you have a long run ahead of you.” — 2007 USC Law School Commencement Address
“Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.” — Poor Charlie’s Almanack
“I think value investors are going to have a harder time now that there’s so many of them competing for a diminished bunch of opportunities. So my advice to value investors is to get used to making less.” — 2023 Berkshire Hathaway Annual Meeting
“There is so much money now in the hands of so many smart people all trying to outsmart one another. It’s a radically different world from the world we started in.” — 2023 Berkshire Hathaway Annual Meeting
“What everybody has learned is that everybody needs some significant participation in the 12 companies that do better than everybody else. You need two or three of them, at least.” — Acquired podcast in 2023
“I wish everything else in America was working as well as Costco does. Think what a blessing that would be for us all.” — 2022 Daily Journal Annual Meeting
On meme stocks: “What we’re getting is wretched excess and danger for the country. A lot of people like a drunken brawl, and so far those are the people that are winning, and a lot of people are making money out of our brawl.” 2021 Daily Journal Annual Meeting
Berkshire Hathaway chairman and CEO Warren Buffett, left, and vice chairman Charlie Munger briefly chat with reporters May 3, 2019, one day before Berkshire Hathaway’s annual shareholders meeting in Omaha, Neb. (Nati Harnik/AP Photo, File) (ASSOCIATED PRESS)
On investing
“One of the inane things [that gets] taught in modern university education is that a vast diversification is absolutely mandatory in investing in common stocks. That is an insane idea. It’s not that easy to have a vast plethora of good opportunities that are easily identified. And if you’ve only got three, I’d rather it be my best ideas instead of my worst. And now, some people can’t tell their best ideas from their worst, and in the act of deciding an investment already is good, they get to think it’s better than it is. I think we make fewer mistakes like that than other people. And that is a blessing to us.” — 2023 Berkshire Hathaway Annual Meeting
“I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that they’re way above average. I think it’s much easier to find five than it is to find 100. I think the people who argue for all this diversification — by the way, I call it ‘deworsification’ — which I copied from somebody — and I’m way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage.” — 2021 Daily Journal Annual Meeting
“If you’re going to invest in stocks for the long term or real estate, of course there are going to be periods when there’s a lot of agony and other periods when there’s a boom. And I think you just have to learn to live through them. As Kipling said, treat those two imposters just the same. You have to deal with daylight and night. Does that bother you very much? No. Sometimes it’s night and sometimes it’s daylight. Sometimes it’s a boom. Sometimes it’s a bust. I believe in doing as well as you can and keep going as long as they let you.” — 2021 Daily Journal Annual Meeting
“Mimicking the herd invites regression to the mean (merely average performance).” — Poor Charlie’s Almanack
“I think that the modern investor, to get ahead, almost has to get in a few stocks that are way above average. They try and have a few Apples and Googles or so on, just to keep up, because they know that a significant percentage of all the gains that come to all the common stockholders combined is going to come from a few of these supercompetitors.” — 2023 Wall Street Journal interview
“There are huge advantages for an individual to get into a position where you make a few great investments and just sit on your ass: You are paying less to brokers. You are listening to less nonsense. And if it works, the governmental tax system gives you an extra 1, 2 or 3 percentage points per annum compounded.” —Worldly Wisdom by Charlie Munger 1995-1998
American billionaire investor Charles Munger poses for a portrait with his arms folded in Los Angeles, March 9, 1988. (Bonnie Schiffman/Getty Images) (Bonnie Schiffman Photography via Getty Images)
“I have a friend who’s a fisherman. He says, ‘I have a simple rule for success in fishing. Fish where the fish are.’ You want to fish where the bargains are. That simple. If the fishing is really lousy where you are you should probably look for another place to fish.”— 2020 Daily Journal Annual Meeting
“The world is full of foolish gamblers and they will not do as well as the patient investors.” — 2018 Weekly in Stocks interview
“It takes character to sit with all that cash and to do nothing. I didn’t get to be where I am by going after mediocre opportunities.” — Poor Charlie’s Almanack
“Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.” — Poor Charlie’s Almanack
On new technologies
“The electric vehicle is coming big time, and that’s a very interesting development. At the moment, it’s imposing huge capital costs and huge risks, and I don’t like huge capital costs and huge risks.” — 2023 Berkshire Hathaway Annual Meeting
“I am personally skeptical of some of the hype that has gone into artificial intelligence. I think old-fashioned intelligence works pretty well.” — 2023 Berkshire Hathaway Annual Meeting
On Big Tech regulation: “I would not break them up. They’ve got their little niches. Microsoft maybe has a nice niche, but it doesn’t own the Earth. I like these high-tech companies. I think capitalism should expect to get a few big winners by accident.” — 2023 “Acquired” podcast
“We now have computer algorithms trading with other computers. And people buying stocks who know nothing, being advised by people who know even less. It’s an incredibly crazy situation … All this activity makes it easier for us.” — 2022 Berkshire Hathaway Annual Shareholders Meeting
“We are going to miss these newspapers terribly. Each newspaper… was an independent bastion of power. The economic position was so impregnable … and the ethos of a journalist was to try to tell it like it is. And they really were a branch of the government — they called them the Fourth Estate, meaning the fourth branch of the government. It arose by accident. Now about 95% of [newspapers are] going to disappear and go away forever. And what do we get in substitute? We get a bunch of people who attract an audience because they’re crazy ….
I have my favorite crazies, and you have your favorite crazies, and we get together and all become crazier as we hire people to tell us what we want to hear. This is no substitute for Walter Cronkite and all those great newspapers of yesteryear. We have suffered a huge loss here. It’s nobody’s fault. It’s the creative destruction of capitalism, but it’s a terrible thing that’s happened to our country.” — 2022 Daily Journal Annual Meeting
Berkshire Hathaway vice chairman Charlie Munger arrives to begin the company’s annual meeting in Omaha May 4, 2013. (Rick Wilking/REUTERS) (Rick Wilking / Reuters)
On crypto
“A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity.” — 2023 Wall Street Journal op-ed
“I am not proud of my country for allowing this crap — well, I call it crypto shit. It’s worthless, it’s crazy, it’s not good, it’ll do nothing but harm, it’s antisocial to allow it.” — 2023 Daily Journal Annual Meeting
“I think the people that oppose my position are idiots. And so I don’t think there is a rational argument against my position.” — 2023 Daily Journal Annual Meeting
“When you’re dealing with something as awful as crypto shit, it’s just unspeakable. I’m ashamed of my country that so many people believe in this kind of crap and the government allows it to exist.” — 2023 Daily Journal Annual Meeting
“I’m proud of the fact that I avoided it. It’s like some venereal disease. I just regard it as beneath contempt. Some people think it’s modernity, and they welcome a currency that’s so useful in extortions and kidnappings [and] tax evasion.” —2022 Berkshire Hathaway Annual Meeting
“When you have your own retirement account and your friendly adviser suggests you put all the money into bitcoin, just say no.” — 2022 Berkshire Hathaway Annual Meeting
“I hate the bitcoin success and I don’t welcome a currency that’s useful to kidnappers and extortionists, and so forth. Nor do I like just shuffling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air. So, I think I should say modestly that I think the whole damn development is disgusting and contrary to the interests of civilization.” — 2021 Berkshire Hathaway Annual Shareholders Meeting
On the US economy and business:
“What makes capitalism work is the fact that if you’re an able-bodied young person, if you refuse to work, you suffer a fair amount of agony, and because of that agony, the whole economic system works … You take away that hardship and say, ‘You can stay home and get more than if you come in to work,’ that’s quite disruptive to an economic system like ours. The next time we do this, I don’t think we ought to be so liberal.” — 2022 Daily Journal Annual Meeting
“Usually, I don’t use formal projections. I don’t let people do them for me because I don’t like throwing up on the desk, but I see them made in a very foolish way all the time, and many people believe in them, no matter how foolish they are. It’s an effective sales technique in America to put a foolish projection on a desk.”—2003 Herb Kay Undergraduate Lecture, University of California, Santa Barbara Economics Department
Berkshire Hathaway chairman and CEO Warren Buffett, right, and his vice chairman Charlie Munger, left, speak during an interview in Omaha, Neb., Monday, May 7, 2018. (Nati Harnik/AP Photo, File) (ASSOCIATED PRESS)
On mental models and decision-making frameworks:
“We’ve had enough good sense when something is working very well to keep doing it. I’d say we’re demonstrating what might be called the fundamental algorithm of life — repeat what works.” — 2010 Berkshire Hathaway Annual Meeting
“I spent a lifetime trying to avoid my own mental biases. A.) I rub my own nose into my own mistakes. B.) I try and keep it simple and fundamental as much as I can. And, I like the engineering concept of a margin of safety. I’m a very blocking and tackling kind of thinker. I just try to avoid being stupid. I have a way of handling a lot of problems — I put them in what I call my ‘too hard pile,’ and just leave them there. I’m not trying to succeed in my ‘too hard pile.’” — 2020 CalTech Distinguished Alumni Award interview
“Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully — some might add bluntly — stated.
Here are a few of his thoughts, many lifted from a very recent podcast:
• The world is full of foolish gamblers, and they will not do as well as the patient investor.
• If you don’t see the world the way it is, it’s like judging something through a distorted lens.
• All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary — and then behave accordingly.
• If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.
• Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.
• You can learn a lot from dead people. Read of the deceased you admire and detest.
• Don’t bail away in a sinking boat if you can swim to one that is seaworthy.
• A great company keeps working after you are not; a mediocre company won’t do that.
Warren Buffett (L) and Berkshire-Hathaway partner Charlie Munger address members of the press May 5, 2002, in Omaha, Neb. (Eric Francis/Getty Images) (Eric Francis via Getty Images)
• Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.
• Ben Graham said, ‘Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.’ If you keep making something more valuable, then some wise person is going to notice it and start buying.
• There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.
• You don’t, however, need to own a lot of things in order to get rich.
• You have to keep learning if you want to become a great investor. When the world changes, you must change.
• Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.
• Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: ‘Warren, think more about it. You’re smart and I’m right.’
And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.”
Sure, Joe Biden is pretty old: Listen, could you do what he’s doing?
Kirk Swearingen – November 27, 2023
Joe Biden Drew Angerer/Getty Images
For months, since Joe Biden’s age became the pet topic of the corporate media — you know, rather than the openly authoritarian maneuverings of the former occupant of the White House — I have said to anyone who will listen (OK, mostly to my wife, who nods agreeably) that I couldn’t do a quarter of the things that Joe Biden is doing. Honestly, not many of us could.
Not long ago on MSNBC’s “Morning Joe,” journalist Mike Barnicle defended Biden on the “age issue” in the same way. His comments came after host Joe Scarborough noted that Biden, beyond his normal duties as president, currently has multiple other full-time jobs:working to try to limit the conflict in the Middle East, supporting Ukraine’s war against Russian aggression, trying to stabilize relations with China. (His recent meeting with Xi Jinping reportedly went quite well.)
Here’s what Barnicle had to say about the media’s focus on Biden’s age:
Very few of us, very few in the media, really pay enough attention to the weight that this president carries each and every day. … Right now, he’s carrying two twin towers of tyranny: one in Donald Trump here domestically and the other Bibi Netanyahu in Israel, who is perhaps the biggest obstacle to a two-state solution that exists today. So, the president has that on his plate. … He has, every hour of every day, something that comes across his desk. None of us can comprehend the weight of the presidency, every hour of every day.
And as he would tell you if he were here today, it’s amazing how every country in the world looks to the United States for help, for solutions, for just almost anything you can think of. Every single day.
Read every newspaper in the country about President Biden, within the first two paragraphs they’ll point out he’s in his 80s. No kidding. He knows how old he is. You couldn’t do it. I couldn’t do it. Someone 45 years of age couldn’t do what he does every day. But he does it.
Scarborough pointed out that leaders and diplomats around the world admire and trust Biden and say that he fully understands the issues facing their own countries. Scarborough also commented that Biden works hard as president, while Trump notoriously spent most of his days in the White House watching cable TV until noon and often continued viewing even when he bothered to show up in the Oval Office.
Trump entered the presidency with no experience in public service and left it with next to none. He did, however, leave office with two impeachments and box after box of classified documents. One recalls that Rex Tillerson, his first secretary of state, said that getting Trump to pay attention to important issues around the world was always a challenge, partly because he was likely to listen to others and “form a view that had no basis in fact.” (We all know what Tillerson really thought of Trump.)
I understand the hand-wringing about Biden’s age. Didn’t he say he would be a one-term bridge to a better, Trumpless future? (Well, Republicans haven’t given up on their angry cult leader.) Haven’t I considered Ruth Bader Ginsburg’s decision to remain on the Supreme Court? Don’t I hear Bill Maher and David Axelrod unhelpfully quailing at the polls and saying that Biden can’t win because people think he’s too old? I have, and it makes me feel deeply anxious (so I stop thinking about it and go for a walk or do some push-ups).
Still, Biden is doing a lot more than I could do, and I suspect (as Barnicle said indignantly) that he’s doing a lot more than most of us could do, physically and emotionally, and he’s doing it with something we lack: a deep understanding of the deftness needed in maintaining personal relationships and the give-and-take critical to governing and diplomacy.
Biden has the experience we need in political leadership in general, especially with the Republican Party dead and gone and reduced to playacting “toughness” by elbowing House colleagues and challenging witnesses to fistfights in the Senate. Too many Republicans don’t take their oath of office seriously, and now even have to be reminded they are members of Congress. These seriously unserious people know their ideas are unpopular with the American public and thus have seriously unhinged plans for instituting minority rule permanently in any way they can.
Less than a year from now, Americans face a choice between remaining a democratic republic or morphing into a chaotic, vengefultheocracy, where millions of immigrants will be sent to holding camps before being deported (that’s the stated plan) and where women and people of color and LGBTQ folks and political “enemies” and journalists and authors and critics are targeted by those in power. For all their endless talk about the First Amendment, the MAGA insurrectionist party wants to turn it on its head, by instituting a national “religion” (Christian in name only) and silencing dissent.
Would it be ideal to have someone younger than 80? Sure it would. But that’s not reality this time around. And that imaginary 45-year-old wouldn’t have the extensive institutional and foreign policy experience that Joe Biden has. The Democratic Party has quite a few truly worthy (and perhaps even charismatic) future candidates for the highest office waiting in the wings, gaining more experience in governing and serving all the citizens in their districts or states, not just the ones who voted for them.
But those candidates will need a liberal democracy in place (i.e., basic rule of law, support for voting rights, willingness to compromise on policies and acceptance of the peaceful transfer of power) for us to find out what they can do to move us forward.
If you think 80 is really old — well, in some cases it is. People sometimes die much younger than that. In the two months since I retired, I’ve lost two close friends. But let’s list just a few older people who are still out there killing it: Paul McCartney is touring again and puts on vigorous three-hour concerts (without breaks). He turned 81 in June. Mick Jagger is still doing that chicken-strut thing he learned from Tina Turner, and celebrated his 80th birthday in July. At 97, Mel Brooks is sharper (and a lot funnier) than you or me. So is the amazing Norman Lear, at 101. Many notable scientists, philosophers, poets, artists and people in other demanding fields function at a high level, mentally and physically, deep into their lives.
Moreover, emotional well-being tends to increase in old age, as personal ambitions drop away and we allow ourselves the time to just be. (These findings do not apply to people who never grow up, by the way.) Biden stays active, eats a good diet, has social intelligence and awareness of others’ needs, has varied interests and solves complex problems daily — those, it seems, are the habits and characteristics of “super agers.” He is buoyed by a loving wife and family, because he’s earned that love. (The Beatles would approve.)
No matter how any of us may feel about Biden going for a second term at his age, it is beyond my comprehension that anyone could consider Trump, who is only a few years younger, as being more mentally or physically competent. According to his niece Mary Trump and others who know him well, has not been mentally fit for most of his life.
Physically, as a young man Trump claimed he was not fit enough to serve his country, and, by all accounts, his diet continues to be a disaster zone of highly processed food and well-done steaks served with ketchup, sometimes tossed against the wall (speaking once again to his mental state, which seems to be characterized by endless, irrational resentment).
Does Trump have any interest in or curiosity about anything beyond himself (except for a few of his favorite authoritarian leaders)? Has he ever solved a complex problem for the benefit of anyone but himself? He’s teased them endlessly but has never delivered — think those multiple, embarrassing “Infrastructure Weeks”; think “I will get it all done” to bring peace to the Middle East, fobbed off on his embarrassing son-in-law.
Trump has made it crystal clear over many years that he is vengeful and only out for himself. He now threatens those he wants to “root out” like “vermin,” jutting out his chin like his favorite historical Italian dictator and talking like his favorite German one. He also likes to fantasize that he’s a superhero.
I suspect that if it weren’t that guy the Republicans seemed determined to put up again, Biden would have determined it was safe to step aside. But it is that guy, who now has two impeachments, 91 felony indictments in four different jurisdictions, findings of liability for sexual assault and business fraud, and a history of telling lies every time he opens his mouth, including persistent whoppers about the 2020 election and about being good at business.
Liberals and progressives, broadly speaking, tend to be people who believe in reality, in facts. Whether we’re delighted about this or not, Joe Biden is running for president again. His leadership, whether you agree with every decision or not, can help us extend the American experiment and bolster democracy, as well as fight for more ways to share our nation’s prosperity and protect its cultural heritage.
The other choice will be a man who is chronologically almost as old and who seems to live in an entirely imaginary version of America in a previous era. He is mentally and emotionally unstable, to say the least, and has no interest and no ability to help anyone other than himself. Oh, and he intends to be a dictator and get revenge on his perceived enemies.
If we lose our democracy because voters tie themselves in knots about Joe Biden’s age. that will go down as ageism for the ages.
A Troubling Trump Pardon and a Link to the Kushners
A commutation for a drug smuggler named Jonathan Braun had broader implications than previously known. It puts new focus on how Donald Trump would use his clemency powers in a second term.
By Michael S. Schmidt, Maggie Haberman and Alan Feuer – November 27, 2023
In April 2022, Jonathan Braun, left, and his wife, Miriam, visited a Trump resort in Florida. Mr. Braun said they ran into the former president by coincidence.
Jonathan Braun of New York had served just two and a half years of a decade-long sentence for running a massive marijuana ring, when Mr. Trump, at 12:51 a.m. on his last day in office, announced he would be freed.
A Staten Islander with a history of violent threats, Mr. Braun had told a rabbi who owed him money: “I am going to make you bleed.” Mr. Braun’s family had told confidants they were willing to spend millions of dollars to get him out of prison.
At the time, Mr. Trump’s own Justice Department and federal regulators, as well as New York state authorities, were still after him for his role in an entirely separate matter: his work as a predatory lender, making what judges later found were fraudulent and usurious loans to cash-strapped small businesses.
Nearly three years later, the consequences of Mr. Braun’s commutation are becoming clearer, raising new questions about how Mr. Trump intervened in criminal justice decisions and what he could do in a second term, when he would have the power to make good on his suggestions that he would free supporters convicted of storming the Capitol and possibly even to pardon himself if convicted of the federal charges he faces.
Just months after Mr. Trump freed him, Mr. Braun returned to working as a predatory lender, according to New York State’s attorney general. Two months ago, a New York state judge barred him from working in the industry. Weeks later, a federal judge, acting on a complaint from the Federal Trade Commission, imposed a nationwide ban on him.
A New York Times investigation, drawing on documents and interviews with current and former officials, and others familiar with Mr. Braun’s case, found there were even greater ramifications stemming from the commutation than previously known and revealed new details about Mr. Braun’s history and how the commutation came about.
The commutation dealt a substantial blow to an ambitious criminal investigation being led by the Justice Department’s U.S. attorney’s office in Manhattan aimed at punishing members of the predatory lending industry who hurt small businesses. Mr. Braun and prosecutors were in negotiations over a cooperation deal in which he would be let out of prison in exchange for flipping on industry insiders and potentially even wearing a wire. But the commutation instantly destroyed the government’s leverage on Mr. Braun.The investigation into the industry, and Mr. Braun’s conduct, remains open but hampered by the lack of an insider.
At multiple levels, up to the president, the justice system appeared to fail more than once to take full account of Mr. Braun’s activities. After pleading guilty to drug charges in 2011, Mr. Braun agreed to cooperate in a continuing investigation, allowing him to stay out of prison but under supervision for nine years — a period he used to establish himself as a predatory lender, making violent threats to those who owed him money, court filings show.Since returning to predatory lending after being freed, Mr. Braun is still engaging in deceptive business tactics, regulators and customers say.
In working to secure his release, Mr. Braun’s family used a connection to Charles Kushner, the father of Jared Kushner, Mr. Trump’s son-in-law and senior White House adviser, to try to get the matter before Mr. Trump. Jared Kushner’s White House office drafted the language used in the news release to announce commutations for Mr. Braun and others.
In a telephone interview, Mr. Braun said he did not know how his commutation came about.
“I believe God made it happen for me because I’m a good person and I was treated unfairly,” he said, adding that his supporters tried “multiple paths” to get him out of prison but he had no idea which one succeeded.
He said the 10-year sentence he received for marijuana trafficking was excessive and made him a victim of the criminal justice system. He denied any wrongdoing as a lender, and insisted that he had never talked to prosecutors about cooperating in the criminal predatory lending investigation.
He said he had never met Jared Kushner. And he said a picture from April 2022, showing him and his wife on a golf course with the former president, had nothing to do with the commutation but was a chance three-minute encounter during a visit to a Trump property in Florida for a Passover event.
“I didn’t meet him because of what happened, I just happened to be there the same time,” Mr. Braun said.
Mr. Braun’s commutation highlights what former administration officials say were major problems at the Trump White House as it considered clemency applications: the lack of rigorous vetting of applications and the sidelining of the Justice Department, which has traditionally screened candidates.
Mr. Kushner took a major role in the less structured vetting process that resulted in Mr. Braun’s commutation. The Justice Department investigators from Manhattan involved in the cooperation negotiations with Mr. Braun were never consulted.
As other convicts seeking clemency did, Mr. Braun’s family retained Alan Dershowitz, the prominent lawyer and Trump ally who worked with Jewish organizations pushing for pardons, at least one of which had received financial support from the Kushner family.
Mr. Dershowitz, who represented Mr. Trump in his first impeachment, had a direct line into Mr. Kushner’s office, and succeeded in helping win clemency from Mr. Trump for a number of other people. Mr. Dershowitz said he did not remember what steps he took to help Mr. Braun but said they were minimal.
Jared Kushner declined to comment, and Charles Kushner hung up when called by a reporter, as did Jacob Braun, Mr. Braun’s father. The U.S. attorney’s office in Manhattan did not respond to messages seeking comment.
A spokesman for Mr. Trump said all pardon applications “went through a vigorous vetting and review process,” but he did not address specific questions about Mr. Braun’s commutation.
William P. Barr, a Trump attorney general who had left by the time of the Braun commutation, said when he took over the Justice Department he discovered that “there were pardons being given without any vetting by the department.”
Mr. Barr added that he told Trump aides they should at least send over names of those being considered so the department could thoroughly examine their records. While the White House Counsel’s Office tried to do so, the effort fell apart under the crush of pardon requests that poured in during the final weeks before Mr. Trump left office, according to people with direct knowledge of the process.
Mr. Trump boarding Air Force One for the last time on Jan. 20, 2021. He pardoned Mr. Braun in the final hours of his presidency. Credit…Pete Marovich for The New York Times
Marc Short, the chief of staff to Mr. Trump’s vice president, Mike Pence, said when the vice president’s office was approached by Mr. Trump’s aides about clemency applications, it opted not to participate.
“The pardon process at the end of the administration was so unseemly it would make the Clintons blush,” Mr. Short said, referring to the final-days pardons issued by President Bill Clinton — including one to the fugitive financier Marc Rich, whose ex-wife donated $450,000 to Mr. Clinton’s presidential library.
Threats and a 10-Year Sentence
Mr. Braun’s path to receiving a last-minute commutation began in 2009, when the U.S. attorney’s office in Brooklyn, working with the Drug Enforcement Administration, raided what prosecutors said was a stash house for a marijuana smuggling ring run by Mr. Braun.
When Mr. Braun found out about the raid, he rented a car and drove 25 hours straight from Florida to an Indian reservation in upstate New York where, dressed in all black, he was smuggled into Canada, according to court filings. He then fled to Israel.
The Justice Department placed him on a special Interpol list that asked Israel to apprehend him. By 2010, he was back in New York, the Justice Department had charged him and he was behind bars.
In the days after his arrest, prosecutors asked a federal judge to keep him in jail until he went on trial. The prosecutors said Mr. Braun could not be deterred and was violent or willing to use the specter of violence against those who owed him money or might turn on him. Mr. Braun, the prosecutors said, had access to millions of dollars in untraceable cash, and was willing to do anything to stay out of prison.
The judge ordered that Mr. Braun be held pending trial. After nearly a year and a half in custody, Mr. Braun agreed to plead guilty. As part of the plea deal, he began cooperating secretly with the government’s investigations into other drug smugglers, particularly higher profile ones abroad, according to a former law enforcement official, who spoke on the condition of anonymity to discuss the internal workings of an investigation.
In exchange, the prosecutors agreed to release Mr. Braun from jail, putting him on house arrest and delaying his sentencing on the drug charges while they pursued new cases with his help. It is unclear what information Mr. Braun provided the authorities or whether it led to convictions.
Often, a cooperator can remain free for a few months by providing investigators with useful information. Sometimes, a court will hold off sentencing for a year or two as the cooperation continues. Throughout the process, federal authorities are supposed to monitor cooperators to ensure they do not break the law.
For reasons that remain unexplained, Mr. Braun was permitted by the U.S. attorney’s office in Brooklyn to live relatively freely for nearly the next decade, and he was able to turn his focus to an enterprise rife with cash and threats: providing loans to struggling small businesses that often had nowhere else to turn.
Former prosecutors and defense lawyers said they had never heard of a defendant being allowed to delay sentencing for such a long period or using his freedom to engage in the conduct he did. A spokesman for the Brooklyn federal prosecutor’s office declined to comment on Mr. Braun’s case.
The business Mr. Braun entered is known by many names: the merchant cash advance industry, predatory lending or, in the view of some law enforcement officials, loan sharking.
Small businesses — like restaurants and contractors — have long faced a problem: They need cash on a daily basis to buy ingredients and supplies, and pay employees so they can operate while awaiting customer payments.
How Times reporters cover politics. Times journalists may vote, but they are not allowed to endorse or campaign for candidates or political causes. That includes participating in rallies and donating money to a candidate or cause.
Banks often won’t lend to them, especially small firms with troubled credit histories, providing an opening for the merchant cash advance business to offer them financing on strict, sometimes usurious, terms that include high-interest rates and exorbitant fees. (Technically, they provide cash in exchange for a percentage of future revenues, an arrangement that typically gives them access to the borrower’s books and sometimes the borrower’s bank accounts.)
An examination of court records by The Times found that between when the U.S. attorney’s office in Brooklyn first let him out of prison in 2011 and when he reported to prison in 2020, Mr. Braun was accused of violently threatening eight people who owed him money. Another man accused Mr. Braun in a lawsuit of shoving him from the deck of a house in Staten Island in 2018.
Mr. Braun eventually reported to the federal prison in Otisville, N.Y., in 2020.Credit…Mike Segar/Reuters
Among those threatened was a real estate developer, who said Mr. Braun told him: “I will take your daughters from you,” according to court documents.
Another borrower said in an affidavit Mr. Braun told him, “Be thankful you’re not in New York, because your family would find you floating in the Hudson.”
Over that time, companies connected to Mr. Braun made 1,900 fraudulent and illegal loans, some with interest rates greater than 1,000 percent, according to the New York State attorney general.
Even as Mr. Braun was starting to become a threatening presence, the U.S. attorney’s office in Brooklyn actually gave him more freedom. In May 2017, prosecutors and probation officers approved Mr. Braun being removed from house arrest.
Five months later, Mr. Braun threatened the rabbi of a synagogue that had borrowed money from him, according to New York’s attorney general. Mr. Braun told the rabbi he would beat and “publicly embarrass him,” adding: “I am going to make you bleed” and “I will make you suffer for every penny.”
Nearly a decade after he was first charged in the drug case, prosecutors scheduled his sentencing. Anonymous letters accusing him of violent threats were then filed on the docket of the judge overseeing his case.
Despite his cooperation with the ongoing drug investigations, the judge sentenced him to 10 years in prison. Mr. Braun tried to appeal, but weeks before the pandemic hit in early 2020, he reported to the federal penitentiary in Otisville, N.Y.
In prison, Mr. Braun’s legal troubles actually worsened. In June 2020, New York’s attorney general and the Federal Trade Commission, which was run by a Trump appointee at the time, sued him for his role as a predatory lender. The New York attorney general credited reporting by Bloomberg News — which in 2018 first documented Mr. Braun’s business practices and revealed last year that he had returned to predatory lending — as the impetus for the suit.
At the same time, a dogged New York Police Department detective named Joseph Nicolosi, who was assigned to work as an investigator for the U.S. attorney’s office in Manhattan, was trying to build a wide-ranging criminal case focused on predatory lenders.
The inquiry faced a big challenge. Unlike many financial fraud cases, where the government relies on documents to prove charges, federal prosecutors concluded they needed something more in this case: a turncoat to flip on higher-ups, explain the intricacies of lending agreements, say they knew what they were doing was wrong and serve as a narrator on the witness stand.
Finding that witness was proving difficult, but investigators believed they had a strong candidate sitting behind bars.
So in the fall of 2020, Mr. Nicolosi drove to Otisville to meet with Mr. Braun. Mr. Nicolosi had previously tried to flip Mr. Braun when he was free, but now Mr. Nicolosi — armed with a possible get-out-of-jail card in exchange for cooperation — had leverage over him as he sat marinating in the misery of federal prison.
At the meeting, which Mr. Braun’s lawyer attended, both sides discussed what a deal could look like.
Mr. Braun made clear he would do anything the government asked of him — including wearing a wire to record calls with his former business partners — if the government would agree not to prosecute him for his role in the lending business, according to a person familiar with the matter.
Ties to the Kushners
Negotiations between Mr. Braun and prosecutors stretched into the final days of Mr. Trump’s presidency. But what the prosecutors did not know was that Mr. Braun, his family and allies were pursuing an entirely different effort to help him regain his freedom through the White House’s clemency process. And among the channels they were exploiting was a tie to the Kushner family.
Mr. Braun had ties to the family of Jared Kushner, Mr. Trump’s son-in-law and a former White House senior adviser. Credit…Doug Mills/The New York Times
Mr. Braun, The Times found, was in the inaugural class of the Kushner Yeshiva High School in Livingston, N.J., which was heavily funded by Jared Kushner’s family. Mr. Braun enrolled in its first freshman class, alongside Jared Kushner’s youngest sister, Nicole.
In an interview, a merchant cash advance dealer recounted how a cousin of Mr. Braun — whom Mr. Braun put in charge of his business when he went to prison and who took on a major role in trying to get him out — had told him in the wake of the commutation that Mr. Braun’s father, Jacob Braun, had sought help from Jared Kushner’s father, Charles Kushner, about getting their pleas for a commutation before Mr. Trump.
The cousin, Isaac Wolf, was said to have recounted that Charles Kushner and Jacob Braun had known each other for many years. Mr. Wolf credited the Kushner family with coming through for Mr. Braun, the merchant cash advance dealer said, speaking on the condition of anonymity because he did not want to be publicly associated with Mr. Braun.
Others who dealt with Mr. Braun also later relayed to investigators that they had been told that the Braun family helped secure the commutation by relying on their connections to the Kushner family.
The Brauns also retained Mr. Dershowitz, a Trump ally who developed such a strong relationship with Jared Kushner that he nominated Mr. Kushner for the Nobel Peace Prize for his work on Middle East peace 10 days after Mr. Trump left office.
Mr. Dershowitz said Jacob Braun would call him regularly.
“Every single Friday by 3 o’clock in the afternoon: ‘Hi this is Jacob Braun, I’m so upset my son is still in prison, what can you do? It’s unfair, he’s a good boy,’” Mr. Dershowitz recounted.
Mr. Dershowitz said he handled so many clemency requests that he could not recall what he did for Mr. Braun, whom he might have talked to at the White House about his case or how much he was paid. But he said his involvement was minimal, perhaps just a phone call.
In the chaotic final weeks of the Trump presidency, the volume of clemency requests overwhelmed the White House Counsel’s Office. Requests were being fielded by numerous White House officials — and many came in through Mr. Kushner’s office.
It is unclear what type of due diligence, if any, the White House did on Mr. Braun. The New York attorney general and the F.T.C. had put out news releases about their civil actions against him in June 2020, and the suits they filed were a matter of public record. An inquiry to the Justice Department could have revealed the plea deal discussions.
Jacob Braun, Mr. Braun’s father, made contact with and retained Alan Dershowitz, seen in a 2015 photo, the prominent lawyer and Trump ally who was active in seeking clemency for convicts. Credit…Todd Heisler/The New York Times
Just hours before Mr. Trump left office on Jan. 20, 2021, the White House sent out the news release, written by Mr. Kushner’s office, announcing Mr. Braun’s commutation, along with similar summaries for the 143 convicts who received pardons and commutations in the final batch, according to a person familiar with the matter. Mr. Kushner thought it was important to honor each person granted clemency with a personalized write-up, the person said.
The release misspelled Mr. Braun’s first name. And it overstated the time he had served in prison.
“Upon his release, Mr. Braun will seek employment to support his wife and children,” the release said.
The federal investigators in Manhattan learned of the commutation early that morning, immediately calling Mr. Braun’s lawyer to express their fury over how the president had undercut his own department’s investigation by removing all the leverage prosecutors had over Mr. Braun.
In the weeks that followed, investigators made another attempt to reach a cooperation deal with Mr. Braun, meeting with him in person. But no longer needing help getting out of prison, Mr. Braun essentially called their bluff, signaling that if they thought they had a case against him they should indict him. Since then, the prosecutors have brought no charges against Mr. Braun or anyone else with ties to him in the industry.
Back in Business
Just a few months after his release, Mr. Braun returned to working in the merchant cash advance business.
Amid the ongoing suits against him by state and federal regulators, he remained in a relatively behind-the-scenes role. While he would make major decisions, he would use an email account that did not include his name, his name was left off business documents and his interactions with customers were limited, according to court documents and a former merchant cash advance dealer.
But in the experience of at least one borrower who dealt with him, his business practices remained unchanged.
Dr. Robert Clinton is a North Carolina physician who during the pandemic turned his urgent care facility into a Covid testing center. He turned to merchant cash advance dealers because it took months for insurance companies and the federal government to reimburse him.
Mr. Braun’s companies made arrangements with Dr. Robert Clinton for loans and eventually pushed him to the brink of financial ruin. Credit…Kate Medley for The New York Times
Relying on similar tactics to what he was accused of employing before he went to prison, the companies affiliated with Mr. Braun withheld some of the financing they had agreed to provide Dr. Clinton but charged him interest on the full amount, imposed heavy fees with little or no warning and unilaterally withdrew money from Dr. Clinton’s bank accounts, according to court documents.
At one point, another merchant cash advance dealer who had lent money to Dr. Clinton called him in a panic to warn about Mr. Braun.
“You gotta get away from him and pay him off — we are all afraid of him — anytime Jon Braun is involved he could seize your assets, block your bank accounts,” the other merchant cash advance dealer told Dr. Clinton, in the doctor’s recounting of the conversation.
As Dr. Clinton’s finances deteriorated, he got a call from a man who claimed his name was Mike Wilson and that he was working for one of the Braun-affiliated lenders. The man told Dr. Clinton that he would send a private jet down to pick him up so he could bring expensive watches he had to New York to use as collateral for the money he owed, Dr. Clinton said.
In an apparent slip-up during conversations with Dr. Clinton at the time, the man said: Refer to me as Jon.
Dr. Clinton rejected the idea and, with help from a lawyer, Shane Heskin, sued the Braun-affiliated companies, saying they had fleeced him for over a million dollars.
A major portion of the suit was dismissed because North Carolina usury laws provided no protection for Dr. Clinton. Now, Dr. Clinton — who still owes other merchant cash advance dealers several million dollars — spends his days doing some telemedicine and the rest of his time trying to get money back from insurance companies and the federal government.
In a filing this summer, the New York attorney general said Mr. Braun, through his companies, “continues to commit usury.”
Mr. Braun continues to portray himself as a victim of an unfair criminal justice system.
“What is so bad about me?” he said in the interview with The Times. “I never hurt anybody, never did anything wrong to anybody.”
Mr. Braun and his companies put liens on Dr. Clinton’s business, leading to cascading financial problems that Dr. Clinton said cost him $1.6 million.Credit…Kate Medley for The New York Times
Matthew Cullen, Kirsten Noyes, Kitty Bennett, Alain Delaquérière and Sheelagh McNeill contributed research.
Michael S. Schmidt is an investigative reporter for The Times covering Washington. His work focuses on tracking and explaining high-profile federal investigations. More about Michael S. Schmidt
Maggie Haberman is a senior political correspondent and the author of “Confidence Man: The Making of Donald Trump and the Breaking of America.” She was part of a team that won a Pulitzer Prize in 2018 for reporting on President Trump’s advisers and their connections to Russia. More about Maggie Haberman
Jonathan Swan is a political reporter who focuses on campaigns and Congress. As a reporter for Axios, he won an Emmy Award for his 2020 interview of then-President Donald J. Trump, and the White House Correspondents’ Association’s Aldo Beckman Award for “overall excellence in White House coverage” in 2022. More about Jonathan Swan
Alan Feuer covers extremism and political violence for The Times, focusing on the criminal cases involving the Jan. 6 attack on the Capitol and against former President Donald J. Trump. More about Alan Feuer
Trump’s pardoning of a Kushner-linked drug smuggler undercut a larger DOJ investigation
Lloyd Lee – November 27, 2023
Former President Donald Trump.AP Photo/Phelan M. Ebenhack
Donald Trump pardoned Jonathan Braun, a convicted drug smuggler, on his last day in office.
Meanwhile, the DOJ hoped to use Braun in a separate probe into the predatory-lending business.
Braun’s commutation meant the DOJ lost the leverage it needed to get him to cooperate, the NYT reported.
Donald Trump’s pardoning of a convicted marijuana smuggler with ties to the Kushner family threw a wrench in the Justice Department’s larger probe into the predatory-lending industry, The New York Times reported.
On his last day in office, Trump pardoned Jonathan Braun, a Staten Island resident who at the time was serving a 10-year prison sentence for money laundering and running an international marijuana smuggling ring.
Braun’s pardon came while Trump’s Justice Department was working out its own deal with Braun to fast-track his sentence in exchange for his cooperation with a separate DOJ probe into the predatory-lending or merchant-cash-advance industry.
In the merchant-cash-advance business, lenders offer cash-strapped borrowers, such as small businesses, financing with high interest rates and fees. These terms can often leave borrowers in a vicious cycle of debt.
Braun was convicted of drug smuggling in 2011, but a law-enforcement official told the Times under the condition of anonymity that Braun was released from jail after a year and a half in custody as part of a plea deal to cooperate with investigations into other high-profile drug smugglers.
Although he was placed under house arrest, Braun was largely able to live as a free man for reasons still unknown, the Times reported. He spent nearly the next decade leading a predatory-lending operation as a “principal” of Richmond Capital group, prosecutors said in court documents seen by Business Insider.
Prosecutors accused Braun of harassing and sending threats to his clients. Braun, for example, told one merchant not to “fuck with him” and threatened, “I know where you live. I know where mother lives,” prosecutors said.
In eight years, Braun advanced about $80 million, targeting desperate small-business owners and setting interest rates often higher than 1,000% yearly, Bloomberg reported.
In a telephone interview with the Times, Braun denied any wrongdoing as a lender.
Years after his 2011 drug-smuggling conviction, Braun was sentenced to 10 years in a New York prison despite cooperating with investigators. He began his sentence in 2020, according to the NY attorney general.
But Braun’s hand in the lending industry made him a valuable asset to the Justice Department since the US attorney’s office in Manhattan was investigating the wider predatory-lending business, the Times reported.
With Braun’s experience, the DOJ hoped to cut out a deal with the convicted smuggler by commuting his sentence in exchange for providing information on other predatory lenders and possibly wearing a wire, the Times reported.
Key to gaining his clemency, The Times reported, was Braun’s connection to the family of Jared Kushner, Ivanka Trump‘s husband and a senior White House advisor during the Trump Administration.
Braun was a member of the inaugural class of the Kushner Yeshiva High School in Livingston, New Jersey, which the Kushner family funded, the report said.
As a member of the first freshman class, Braun was classmates with Jared Kushner’s youngest sister, Nicole, the Times reported.
One merchant-cash-advance dealer told the Times that Braun’s cousin, Isaac Wolf, told him Braun’s father sought help from Kushner’s father, Charles, to secure a pardon.
On his last day in office, Trump pardoned Braun, releasing a statement that misspelled Braun’s first name, despite calling for drug dealers to receive the death penalty a year later at a Pennsylvania rally.
“Every pardon application went through a vigorous vetting and review process overseen by the Office of the Pardon Attorney and various White House departments, including the counsel’s office,” a Trump spokesperson said in an email to Insider. “President Trump acted upon their recommendations that were based off each individuals’ circumstances.”
The Braun family also retained Alan Dershowitz, a member of Trump’s legal counsel, during the impeachment proceedings in 2020.
Dershowitz told the Times that Braun’s father regularly called him, saying he was “so upset my son is still in prison” and asked what the attorney could do to help.
The lawyer told the publication he could not recall what he did for Braun but that his involvement could have just been a phone call.
“I believe God made it happen for me because I’m a good person, and I was treated unfairly,” Braun told the Times, adding that his supporters sought several avenues to get him out of prison.
A spokesperson for the US Attorney’s Office in Manhattan could not be reached for comment during the weekend.
