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Ralph Baric And UNC's Biodefense Contract Racket Exposed

Authored by Paul D. Thacker via The DisInformation Chronicle,

“DLA Piper wants to get you,” I was told, from a source in DC over the weekend.

“Well, what can they do to me?” I asked.

“They can’t really do anything,” she said. “But they are pissed off.”

Well, they should be. DLA Piper is one of the largest law firms on the planet, with over 90 offices scattered across more than 40 countries. A week back, I took a shot at one of DLA Piper’s top lobbyists, former Republican North Carolina Senator Richard Burr, and one of DLA Piper’s major clients, the University of North Carolina (UNC).

As I reported last month for RealClearInvestigations, The National Institutes of Health removed UNC virologist, Ralph Baric, from all his NIH grants. And UNC put Baric on administrative leave. This all took place last year, but remained hidden until I exposed it all in a sprawling investigation that delved into Baric’s career, his past lobbying efforts of the federal government to keep taxpayer money pouring into his UNC lab, and Baric’s manipulations of public opinion to shut down speculation that the pandemic started because of the dangerous virus research that he pioneered in collaboration with Shi Zhengli at the Wuhan Institute of Virology.

That’s right. Baric’s main collaborators to create experimental pandemic viruses were virologists working in the same city where the COVID pandemic started in 2019.

Neither Baric nor UNC would respond to my repeated inquiries. However, when a reporter sent them questions about my article, UNC said that they couldn’t discuss Baric “citing the university’s policy on personnel matters.” Another reporter who sent UNC questions, received this reply: “Thanks for reaching out. Under the North Carolina State Human Resources Act, the University of North Carolina does not comment on personnel matters.”

But the pressure became overwhelming and the dam finally burst on Tuesday, when UNC administrators sent out an email saying that Baric was retiring. (That email was then leaked to a local North Carolina paper.) Baric also collaborated with Science Magazine’s Jon Cohen, providing him all the details about my prior reporting that NIH removed Baric from grants last year and UNC placed him on leave. Cohen’s editor, John Travis, then tried to sell this repeat of my reporting from last month as an “exclusive backstory” to readers of Science.

Journalism can be a sleazy business. Since the pandemic’s beginning, Jon Cohen has distinguished himself as a soft touch for Tony Fauci-financed virologists who downplayed evidence that the pandemic began at the Wuhan Institute of Virology, earning himself the moniker: “Crooked Cohen”.

UNC’s Biodefense Lobby Hustle

Baric got away with shenanigans for years because, while he was in an elected official and purportedly serving voters, North Carolina Senator Richard Burr helped to protect Baric and sponsored legislation that poured tens of billions of taxpayer cash into biodefense research that paid Baric’s UNC lab, as well as a North Carolina company Baric founded. And let’s not forget all the biopharmaceutical companies that work with Baric and other virologists to suck down taxpayer-financed federal contracts to stockpile government warehouses with biomedical products.

One of Baric’s major sponsors was Tony Fauci, who ran the biodefense program at the National Institutes of Health (NIH). Trump officials now tell me that Baric’s cutting-edge biodefense studies led to virus experiments at the Wuhan Institute of Virology that caused the COVID pandemic.

“Baric designed the gun,” I was told by a senior health official. “But the Chinese built it, and then they pulled the trigger.”

A senior Trump official at one of the intelligence agencies refers to this multi-billion dollar biodefense complex as a “contract racket.” Here’s how he said it works:

NIH and other taxpayer-funded federal agencies give grants and contracts to university virologists to find viruses hidden throughout the world, and bring them back to labs for experiments, including dangerous gain-of-function studies that make viruses more deadly;

Academic virologists then partner with Big Pharma and biotech companies to create profitable therapeutics and vaccines to these experimental viruses, with universities getting a cut of the deal;

Biotech executives, academics, and universities make a windfall after these therapeutics and vaccines get sold back to the very taxpayers who paid for all this research in the first place.

I wrote about some of this back in 2023, the year in which President Biden began drowning the academic/biodefense industry in an historic amount of cash: $88.2 billion. That same year, Senator Burr left federal office to catch some of that deluge in dollars as a biodefense lobbyist. However, in 2023 this was all so new, and far too complicated to understand.

But today it’s no longer hard to follow once you take a look at Burr’s 18 lobbying clients:

Academic Research Centers: University of North Carolina, Duke University, Duke University Health System, Wake Forest University, Association of American Universities.

Pharma/Biotech in BioDefense Sector: Biogen, Biotechnology Innovation Organization Pharmaceutical Research and Manufacturers of America PhRMA, Novartis AG, REGENEX BIO, AdvaMed, Avalyn Pharma, Lazarus AI, Defence Security and Resilience Bank Development Group.

It’s quite something.

Burr laid the foundation for his lobbying career by sponsoring most of the major pieces of legislation that fund and regulate the biomedical and biodefense industry during his three decades in office. And he’s not shy about trumpeting these accomplishments, because he advertises them to potential clients in academia and corporate America on his bio at DLA Piper.

Burr helped pass the 1997 FDA Modernization Act which regulates pandemic products, and he was a primary architect of the 2006 Pandemic and All-Hazards Preparedness Act (PAHPA) which provided new authorities for companies to develop medical countermeasures which the government then buys from them. The PAHPA also created BARDA (Biomedical Advanced Research and Development Authority). BARDA spends billions every year to subsidize pandemic research, with a big portion of that money buying vaccines and other pandemic products that fill up government warehouses, in case a crazy virus (maybe leaked from a lab!) starts sweeping across the planet, killing people.

But there’s more money. So much money.

In his final year as a United States Senator, Burr introduced a bill to create ARPA-H inside the NIH, providing billions more in taxpayer spending for biodefense companies. As the Republican leader of the Senate Committee on Health Education, Labor and Pensions (HELP), he then published a report on COVID origins that placed sole blame for the pandemic on Chinese scientists at the Wuhan Institute of Virology, while ignoring extensive published evidence of the research ties between UNC’s Ralph Baric and the Wuhan Institute of Virology.

“With COVID-19 still in our midst, it is critical that we continue international efforts to uncover additional information regarding the origins of this deadly virus,” Burr wrote in the report’s forward. “I hope this report will guide the World Health Organization and other international institutions and researchers as they proceed with planned work to continue investigating the origins of this virus.”

To give this report’s distorted conclusions some added media juice with liberals, Burr co-opted reporter Katherine Eban to promote his misdirection from Baric’s lab in North Carolina to focus on the Wuhan Institute of Virology. Wittingly or not, that’s exactly what Eban did with an “exclusive” she co-published with ProPublica and Vanity Fair. Eban’s involvement was my first clue that this Burr’s report was a misdirection. As Politico reported in 2012, Eban has a habit of allowing her journalism to serve as “demonstrably false” propaganda for sources who dump documents in her lap. [SEE BELOW: “Katherine Eban Tells You What Power Tells Her”]

Spotlight on Ralph Baric

My investigation for RealClearInvestigations runs for several thousand words and the details of Senator Burr, his 2022 report, and Katherine Eban is only one section. But none of it has been told before.

And my reporting created waves in DC that washed down into North Carolina.

The day before the investigation went live, I sent Richard Burr details about my reporting via his email at DLA Piper. I wrote to Burr that I was a former Senate investigator, telegraphing to him that I understood how Committees put together reports. I then detailed all the problems I found in the 2022 report he released before leaving the Senate to become a biodefense lobbyist.

In my email to Burr, I included a set of facts that we were reporting at RealClearInvestigations and asked him to comment, correct, or clarify.

1) In your final year as Ranking on HELP, you released a 2022 report on the pandemic’s origin. That report pointed the finger solely at China as the purported origin of the virus.

2) That report made no mention of gain-of-function research funded by the NIH, nor any mention of gain-of-function research conducted in the United States.

3) The most notable researcher in the world for generating gain-of-function coronaviruses is Ralph Baric, professor at UNC, who is funded by the NIH.

4) Sources who Committee staff interviewed for your report said that Bob Kadlec removed any mention of gain-of-function research in the United States. Others said you made this decision.

4) After you left office, you joined DLA Piper as a lobbyist on pandemic preparedness, taking with you staff from the HELP Committee.

5) You then joined the board of the company Baric set up for pandemic preparedness, which had also received NIH money.

A few hours later, I got a text message from Douglas Heye, a former speechwriter for the Republican National Committee, and former Republican Hill staffer. According to one bio, Heye is from Burr’s home state of North Carolina and runs a PR firm called “Douglas Media.”

Heye wanted to talk to me about Senator Burr, but I wasn’t interested. He then called me, but I didn’t pick up. I then texted Heye back that Senator Burr could call me himself or email me to answer my questions.

Burr later emailed me that he couldn’t discuss the matter as DLA Piper represents UNC. What he didn’t tell me is that he, Richard Burr, is the person at DLA Piper who lobbies for UNC.

I now know that Burr is deeply embedded within the academic biomedical and biodefense industry that he helped to create with all the legislation he passed during three decades in Congress. Again, just look at his DLA Piper bio explaining all this, and check out Burr’s list of clients in academia and biodefense.

Between two laws he sponsored—BARDA and ARPA-H—taxpayers shovel several billions of dollars down the gaping maw of academic research centers and private companies in grants and contracts every year. Most of BARDA money has gone to big pharma companies such as Moderna, Pfizer/BioNTech, Janssen (Johnson & Johnson), AstraZeneca, and Sanofi/GSK.

That’s apparently why Burr put out a report in his final months as a United State Senator that pointed the finger at the Wuhan Institute of Virology as the sole problem in dangerous virus research. He couldn’t shine a spotlight on UNC and other American universities, as well as their corporate partners in biomedical and biodefense and then expect these same people to hire him as their man in DC.

Katherine Eban Tells You What Power Tells Her

When Katherine Eban partnered with Senator Burr and his staff in 2022, she understood that, in exchange for access to inside information, her role in this alliance was to promote the Senator’s report, not question the conclusions.

Renowned investigative reporter Dean Starkman laid out the problems inherent in Eban’s type of journalism many years ago in a critique of “access” versus “accountability” reporting—the latter being my preference. Access reporting tells you what the powerful said, Starkman explained, while accountability reporting tells you what they did.

And Eban has long snuggled up to the powerful for access, which inescapably hides what they did. It’s a fatal flaw in the scribblings of all stenographers to power.

In 2011, Special Agent John Dodson with the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) blew the whistle on the Fast and Furious gun walking scandal. This federal operation allowed over 2,000 firearms to be illegally purchased and then trafficked to Mexican drug cartels in order to track those weapons back to drug smugglers. The tactic was known as “gunwalking.” However, agents lost track of most weapons, which were later used in crimes, including the killing of a U.S. Border Patrol agent.

This inept operation drew a target on the back of Agent Dodson’s superiors and U.S. Attorneys who supervised the Fast and Furious Operation. And they retaliated against him by leaking sensitive internal government documents to reporters in a smear campaign. One of those reporters who got inside access to government documents and then smeared agent Dodson was Katherine Eban.

In a June 2012 “exclusive” for Fortune, Katherine Eban made a series of false allegations against Dodson, claiming that his whistleblowing was just a “grudge” against his superiors.

Dodson hired an attorney and sued Eban’s publisher Time Inc. for defamation, noting that Eban’s reporting was “dubious” and filled with falsehoods. A spokesperson for the Senate Committee investigating the Fast and Furious scandal told Politico, “This kind of misleading and highly opinionated narrative masquerading as objective mainstream journalism is an example of why many Americans distrust what they’re told by the media.”

Eban tried to defend hersefl, but Time Inc. later settled with Dodson.

The Department of Justice’s Office of the Inspector General later released a report that found a United States Attorney leaked internal government documents “motivated by a desire to undermine Special Agent Dodson’s public criticisms of Operation Fast and Furious.” The ACLU then protested the ATF’s attempt to censor Agent’s Dodson’s 2013 memoir on this gun trafficking scandal, “The Unarmed Truth: My Fight to Blow the Whistle and Expose Fast and Furious.”

That same year, ATF cleared Agent Dodsons of all false allegations made against him by his superiors.

When Fast and Furious first blew up, I had left my job as a Senate investigator so I did not deal with Agent Dodson and the smear campaign orchestrated against him. However, I was friends with the Senate staffer who ran the Dodson investigation alongside a Secret Service Agent who was on detail to the Committee that I had left.

I was appalled at the Eban’s shoddy reporting and defamation of Agent Dodson, and I have never trusted her since.

Eban viciously attacked an American hero, who risked his career and reputation to protect the United States and federal law officers. When I spoke to Agent Dodson a couple years ago about what happened to him, he said he couldn’t discuss the details of his settlement with Eban’s publisher. He did tell me that ATF punished him by never giving him a promotion after he went public about the scandal.

Eban did not return repeated requests to explain her defamation of Agent Dodson, and why she has never apologized publicly. Lionsgate studio picked up the rights to Dodson’s book in 2015 and chose “World War Z” writer Matthew Carnahan to adapt the memoir into a movie. However, plans for a movie on Agent Dodson appear to have been shelved.

Eban reprised her role as unquestioning sidekick to the powerful when she rode shotgun with Senate Burr to promote his 2022 report in co-published stories that ran in ProPublica and Vanity Fair. The articles provided intimate details of the Committee staffers she had grown close to, including colorful highlights of one with “very blue-collar” roots in Greenville, South Carolina.

Just like North Carolina’s Senator Burr, Eban ignored mountains of evidence, available at the time, that NIH-funded scientists like Ralph Baric of North Carolina were partnering with scientists at the Wuhan Institute of Virology. And just like Senator Burr, Eban focused solely on China as the problem with dangerous virus experiments.

In fact, this laser-like focus on Wuhan, China, is right there in the title of Eban’s ProPublica article.

Propublica later published an editor’s note to Eban’s regurgitation of Senator Burr’s report, adding context and corrections that stretches on for over 2,500 words. I’m not joking. The editor’s note is longer than this article that you are reading now.

Eban pulled a second stunt like this in 2023, shielding Ralph Baric and other corrupt virologlists from scrutiny, when she appeared at a University of Pennsylvania event discussing the origins of the COVID pandemic alongside virologist Susan Weiss. “There is no field where there is more need for clear communication than on the subject of the COVID origins debate,” said the event organizer, professor Claire Finkelstein. “We decided to get five of the smartest, most interesting, and level headed people that we could find together, to rise above the fray to have a serious intelligent discussion.”

Surprise: Event organizer Claire Finkelstein is Katherine Eban’s sister!

Years prior to her sister hosting a university event for Eban to rub shoulders with Weiss, emails spilled out showing that Weiss had allowed Ralph Baric to ghostwrite a 2020 essay she co-authored downplaying the possibility of a lab accident.

Weiss’s 2020 commentary was titled “No credible evidence supporting claims of the laboratory engineering of SARS-CoV-2” and appeared in the journal Emerging Microbes & Infections. Taylor and Francis later congratulated Weiss and her co-authors as their commentary became one of the most widely read pieces published in 2020. Media outlets such as The Week, Buzzfeed, and Baric’s local newspaper, the Raleigh News & Observer, cited the article in passages that dismissed a possible lab accident.

Emails show that both Baric and Shi Zhengli of the Wuhan Institute of Virology provided secret edits to Weiss’s manuscript. After one of the Weiss’s co-authors sent Baric a draft, asking for his input, Baric responded, “Sure, but don’t want to be cited in as having commented prior to submission.”

After then submitting alterations to the text in track changes, Baric added, “I think the community needs to write these editorials and I thank you for your efforts.”

But sitting on the stage next to Weiss, Eban didn’t ask a single question about this unethical incident. Even though the story and supporting emails had been made public years prior. Now why is that?

Here’s what I reported for RealClearInvestigations about this tawdry research episode involving Ralph Baric and Susan Weiss:

Although failing to disclose authors on a paper is considered a form of research misconduct, the journal failed to take action. Five years after publication, the journal added a disclosure in January 2025 that acknowledged Ralph Baric’s contribution to the commentary.

This is partly why we’re still trying to figure out today what happened during COVID coverup. Much of the dirt kicked up with these media deceptions is still floating in the air. But let’s keep blowing that dust away.

Tyler Durden Thu, 05/14/2026 - 19:15

Senators Unanimously Pass Resolution To Withhold Their Own Pay During Shutdowns

Authored by Jackson Richman via The Epoch Times,

The Senate unanimously approved a resolution on May 14 that would suspend senators’ pay during government shutdowns.

The measure, introduced by Sen. John Kennedy (R-La.), passed by voice vote and is scheduled to take effect after the November midterm elections.

Under the resolution, the Senate secretary would withhold lawmakers’ salaries whenever a government shutdown affects one or more federal agencies. Pay would be released once government funding is restored.

Supporters say the proposal is intended to hold Congress accountable as shutdowns become increasingly frequent and prolonged.

“Shutting down government should not be our default solution to our refusal to work out our issues and our differences,” Kennedy said in a floor speech on Wednesday.

“This is about putting our money where our mouth is.”

Kennedy initially wanted the measure to take effect immediately, but included delayed implementation language to comply with the 27th Amendment, which bars changes to congressional pay until after the next House election.

He also accused Democrats of potentially using a shutdown before the elections “to create chaos” and influence the political environment heading into the midterms.

The legislation follows two major shutdowns over the past year that caused financial strain for thousands of federal employees, especially workers at the Department of Homeland Security. The agency reopened last month after a 76-day partial shutdown—the longest funding lapse affecting a federal agency in U.S. history.

That shutdown came shortly after a separate 43-day closure of the entire federal government, another record-setting disruption.

While federal workers often miss paychecks during shutdowns, members of Congress continue to receive salaries because the Constitution guarantees lawmakers’ compensation.

During a previous shutdown tied to disputes over health care subsidies, Sen. Lindsey Graham (R-S.C.) proposed a constitutional amendment requiring lawmakers to forfeit their pay during shutdowns.

“If members of Congress had to forfeit their pay during government shutdowns, there would be fewer shutdowns, and they would end quicker,” Graham said at the time.

Graham argued that a constitutional amendment would be the most legally secure solution, though such an effort would require ratification by three-fourths of the states.

Lawmakers have previously pledged to voluntarily reject their salaries during shutdowns, but Kennedy told reporters his proposal would ensure that “shared sacrifice” becomes official policy.

He acknowledged the resolution does not apply to the House of Representatives, saying, “the House’s business is the House’s business,” while also referencing tensions between the two chambers.

“There’s a very strong undercurrent of animosity among some of my friends in the House,” Kennedy said. “It’s quickly becoming like two kids fighting in the back of a minivan.”

Tyler Durden Thu, 05/14/2026 - 18:25

Billionaire Democrat Donor Who Bankrolled Swalwell Breaks Silence After Surprise Arrest

Billionaire and Democrat donor Stephen Cloobeck was arrested Tuesday in Los Angeles on suspicion of felony charges of attempting to prevent or dissuade a victim or witness from testifying after a warrant was issued for his arrest. 

Cloobeck, founder of Diamond Resorts - who until recently was a major financial supporter of former Rep. Eric Swalwell’s (D) failed campaign for California governor, was booked into custody in West Hollywood, according to Los Angeles County Sheriff’s Department records. He was later released on $300,000 bail.

In a terse statement to the California Post, a press representative for Cloobeck said of the arrest: “These charges are false and we look forward to our day in court.”

Cloobeck cut ties with Swalwell following multiple allegations of sexual assault - but not before the now-former congressman recorded a bizarre apology video from inside his swanky mansion.

“I was with my counsel and we had a chat with him, I just told him, ‘You busted the trust,’” Cloobeck said of Swalwell at the time the allegations broke. “I’m shocked, I’m disturbed and get the fuck out of here.’ Then I walked away and that was it.”

“I was blown away!” the billionaire claimed. “Like blown away. Like, there’s no way I would have endorsed him. It’s such a shock.”

The billionaire, who briefly ran for governor himself last year before dropping out to support Swalwell, has since rebranded himself a Republican.

“I am no longer supporting Eric. Fucking tell everyone I’m a libertarian. Fuck you, Democrat Party,” he told the California Post.

Cloobeck has also recently made headlines thanks to his 28-year-old fiancée, Penthouse Pet Adva Lavie, who faces six felony charges for allegedly preying on older men through dating apps. However, his lover’s legal troubles haven’t impacted the impending nuptials, according to the billionaire.

His 28-year-old bride-to-be, Penthouse Pet Adva Lavie, is facing six felony charges for allegedly preying on old men through dating apps

“The marriage is still on, the date is now a secret,” he said.

Tyler Durden Thu, 05/14/2026 - 18:00

Warren Whines As Senate Banking Committee Advances Crypto CLARITY Act, Two Democrats Break Ranks

Authored by Micah Zimmerman via BitcoinMagazine.com,

The Senate Banking Committee advanced the Digital Asset Market Clarity Act on a 15–9 vote Thursday, with Sens. Ruben Gallego (D‑Ariz.) and Angela Alsobrooks (D‑Md.) joining all 13 Republicans to move the sweeping crypto market structure bill to the full Senate.

The Clarity Act is the Senate’s bid to build a federal framework for digital asset trading, stablecoins and intermediaries, splitting oversight between the SEC and CFTC and setting registration, disclosure and compliance rules for exchanges, brokers and custodians. It now advances alongside a related bill from the Senate Agriculture Committee, with the two texts expected to merge before a floor vote.

Chair Tim Scott (R‑S.C.) cast the markup as a turning point after years in which crypto firms operated in what he called a “regulatory gray zone” under “outdated rules.” 

He said the bill aims to protect consumers, keep innovation in the United States and “close the doors that criminals, terrorists and hostile regimes have tried to exploit,” after months of cross‑party talks that expanded the draft by more than 200 pages.

Sen. Cynthia Lummis (R‑Wyo.), who leads the committee’s digital assets panel, called the Clarity Act “the hardest piece of legislation” she has worked on across decades in state and federal office. She described it as a “case of first impression” that tries to fit new asset types and software into a regulatory code built for earlier markets.

BREAKING: 🇺🇸 Senate Banking Committee PASSES the Clarity Act in 15-9 vote.

The bill now goes to the full Senate. pic.twitter.com/TCs6T283y2

— Bitcoin Magazine (@BitcoinMagazine) May 14, 2026 Warren’s camp: “industry‑written” and “not ready”

Ranking Member Elizabeth Warren (D‑Mass.) led the opposition, arguing the committee should focus on groceries, health costs and credit card rates, not “a bill written by the crypto industry for the crypto industry.” 

Warren warned that the draft “blows a hole” in securities law that has protected investors since 1929, preempts state anti‑fraud rules and allows banks to load up on volatile crypto exposure in ways she linked to pre‑2008 practices. 

She said the bill “declares open season on defrauding American consumers who use crypto,” and accused Republicans of advancing a framework that helps “the President of the United States’ crypto grift.

Sen. Raphael Warnock (D‑Ga.) tied his no vote to ethics concerns, calling President Donald Trump’s digital asset business ties “pure corruption” and faulting Republicans for refusing enforceable conflict‑of‑interest rules for all elected officials, including the president and vice president.

Illicit finance, mixers and stablecoins

National security concerns drove a series of Democratic amendments that Republicans rejected in 11–13 votes. Warren proposed stronger sanction tools against crypto mixers and DeFi services, citing Treasury’s 2022 designation of Tornado Cash and warning that the bill does not isolate mixers in statute. 

Sen. John Kennedy (R‑La.) pressed her on why new anti‑money‑laundering sections do not already cover those services, then joined Republicans to defeat the proposal.

Sen. Jack Reed (D‑R.I.) described how Iranian actors use stablecoins to buy drone components, import sensitive goods and collect tolls from tankers in the Strait of Hormuz. He said the Treasury still must “go hat in hand” to issuers such as Tether for voluntary cooperation, and sought explicit power for regulators to block foreign illicit stablecoin flows; his amendment failed on the same party‑line split.

Sen. Chris Van Hollen (D‑Md.) pointed to estimates that more than 150 billion dollars in digital assets flowed through wallets tied to illicit activity last year and highlighted a large North Korean exchange hack where DeFi services helped launder funds. 

His proposal to make it unlawful to release a DeFi protocol with the stated purpose of enabling money laundering, sanctions evasion or terror finance also fell in an 11–13 vote, after Republicans argued that existing criminal statutes already reach that conduct.

Republicans, led by Lummis and Sen. Bernie Moreno (R‑Ohio), answered that Titles II and III of the bill already tie digital asset intermediaries into the Bank Secrecy Act, expand Treasury’s “special measures” authority and bring kiosks, brokers and exchanges into clearer federal oversight than the House version.

President Trump, World Liberty and failed ethics amendments

Ethics provisions tied to Trump’s business ties to World Liberty Financial and other crypto ventures produced some of the sharpest exchanges. Van Hollen offered an amendment to bar the president, vice president and members of Congress from business ties to crypto firms and to require more disclosure, saying it was needed because “the president and members of his family” had been involved in “corrupt crypto ventures and various crypto scams.”

Moreno said the measure belonged in the Judiciary Committee because it carried criminal penalties and defended Trump as “a good man,” accusing Van Hollen of declaring criminal conduct without a court record. The amendment failed 11–13.

Warren tried to force banking regulators to release confidential supervisory records related to Jeffrey Epstein, arguing Epstein had backed early crypto investments and that exam files could reveal what banks and supervisors knew as he moved funds through major institutions. Lummis answered that confidential supervisory material is outside a market structure bill’s scope, and that amendment also failed, even after Kennedy said he would have supported it without “co‑conspirator” language.

DeFi safe harbor deal exposes Democratic split

One of the most consequential votes came on Lummis Amendment 122, a technical package negotiated with Sen. Mark Warner (D‑Va.) that refines when a DeFi protocol counts as controlled by a small group and interacts with the bill’s core safe harbors. 

Warren argued the amendment embeds “a narrow test” for which entities count as crypto intermediaries and imports a Section 604 “loophole” that shields decentralized services from basic anti‑money‑laundering rules, saying that “it doesn’t matter if you have rules if nobody has to follow them.”

After a short technical fix to strike two lines, the committee adopted the amendment 18–6, with Warner, Cortez Masto and Alsobrooks joining Republicans. That vote marked a clear split: Warren, Reed and Van Hollen opposed the compromise, while a “crypto Democrat” bloc accepted the DeFi framework as a basis to refine before floor action.

Process fight over which amendments get heard

The markup also turned into a test of Scott’s control over the amendment list. Before the hearing, he ruled more than a dozen proposals out of order on drafting and filing grounds, including a National Sheriffs Association‑backed fix from Sen. Catherine Cortez Masto (D‑Nev.) on decentralized platform enforcement and a community‑bank‑supported stablecoin‑yield tweak from Reed and Sen. Tina Smith (D‑Minn.).

Later, seeking a bipartisan outcome, Scott reinstated several amendments, including Lummis 122, after Democrats such as Warner and Gallego said committee votes on those compromises would make support easier. Warren objected that he was reviving a subset of Republican‑side language while leaving law enforcement and community‑bank proposals sidelined. 

Van Hollen noted that some of his own properly drafted amendments never reached a vote, even as previously disqualified Lummis text passed 18–6. 

Scott replied that he and Warren had agreed to cap amendments from each side, and that within that cap he was using discretion to serve Democrats who wanted a bipartisan result.

Gallego and Alsobrooks give Clarity Act its bipartisan spine

Through the day, Republicans accepted targeted changes that industry and moderates backed, including Sen. Mike Rounds’ AI sandbox and Sen. Dave McCormick’s portfolio‑margin language, both adopted with Democratic support. They rejected every Democratic attempt to extend sanctions tools, bar bailouts, tighten DeFi liability or write ethics rules into the bill.

By the final vote, the Democratic side had split into clear camps. Warren, Warnock, Van Hollen, Smith and Reed built a record that presents Clarity as an industry‑driven framework that weakens enforcement and leaves presidential conflicts untouched. Warner helped shape key language but kept leverage for later stages. 

Gallego and Alsobrooks supplied the decisive Democratic votes that turned a partisan project into a 15–9 bipartisan committee win, while both signaled that support on the floor will depend on further movement on ethics and enforcement as the bill heads toward merger with the Agriculture Committee’s version and a 60‑vote test before the full Senate.

Tyler Durden Thu, 05/14/2026 - 17:40

Communist Mamdani's Latest Redistribution Scheme: Tax On All New York Homes Over $1 Million Bought With Cash

Two days ago crestfallen commie mayor Zohran Mamdani abandoned his desperate plan to aggressively hike property taxes (even more) on New Yorkers following unprecedented pushback (but not before earning the former capitalist mecca a credit rating downgrade warning from most rating agencies). However, since communists who are not redistributing wealth (eventually under the barrel of a gun) are useless communists, it only took Mamdani administration 48 hours before pitching his latest idea how to take: according to Bloomberg, New York lawmakers are planning a new tax on New York City homes purchased in cash for at least $1 million.  The lawmakers are also considering expanding the tax to all-cash purchases over $1 million in New York, including those in the suburbs and upstate.

The New York City levy alone is expected to raise $160 million to help fill the city’s budget hole. The proposed tax would be levied at 1% of the purchase price and would be paid by the buyer, according to the people. 

A spokesperson for Governor Kathy Hochul said she “announced a general agreement with the State Legislature on many of the major elements of the FY 2027 Budget. The final budget bills will provide additional details.”

All-cash transactions have risen in New York as soaring mortgage costs have deterred financing, and instead buyers opt to be hit with capital gains taxes and liquidated other securities to fund real estate purchases. They are also an attractive option for sellers in New York City’s ultra-competitive real estate market as it’s faster than dealing with the lengthy mortgage approval process, and less likely to fall through.

Such purchases made up more than 60% of the nearly 18,000 transactions in New York City in the first six months of 2025, according to data compiled by the Center for New York City Neighborhoods. The report found that in Manhattan, nine out of 10 purchases over $3 million were done in all-cash transactions between January and June of 2025.

New York Assembly Speaker Carl Heastie said the tax would be included in the final budget as “part of the plan to help close the city’s deficit.” State Senator James Skoufis, who sits on the chamber’s finance committee, also said in an interview the new levy was discussed.

Mamdani unveiled his $124.7 billion budget plan for the fiscal year that starts on July 1 that includes more assistance from Albany. He is also counting on funds from a proposed tax on second homes worth more than $5 million that state and city lawmakers are still figuring out how to implement. Hochul said the state will send $4 billion in new aid to the city to help close the budget hole.

“New Yorkers are already the most heavily taxed residents in the country, and the city’s budget issues will not be solved by more taxes,” said James Whelan, president of the Real Estate Board of New York. He said that the new proposal would further burden home buyers and sellers in the city and threaten existing revenue. 

There are other problems with the proposal: New Yorkers already pay a 1% mansion tax, rising to 3.9%, on homes over $1 million whether paying with cash or financing.  On top of that, even the wealthiest cash buyers aren't usually just wiring cash from their bank accounts to buy homes. They sell assets (i.e. stocks) to generate the cash. This liquidation is subject to heavy capital gains taxes already that go to both the federal government and also the state of NY. This tax is usually far ins excess of any 1% "cash" tax this idiotic Mamdani administration is proposing. 

As some social media commentators were quick to point out correctly, "There are bad policy ideas, and then there are those that make absolutely zero sense. This is the latter."

Tyler Durden Thu, 05/14/2026 - 17:20

Murders Down Roughly 20% In 2025, FBI Preliminary Data Show

Authored by Kimberly Hayek via The Epoch Times (emphasis ours),

The FBI on Sunday published an early glimpse at annual crime data, releasing preliminary 2025 data alongside first-quarter 2026 numbers that together show that violent crime has dropped sharply.

FBI personnel enter a building in Portsmouth, Va., on May 6, 2026. Peter Casey/The Virginian-Pilot via AP

The figures, typically released at the end of summer, marked the first time the bureau furnished a preview of annual crime tallies before the end of the following spring. 

The first-quarter 2026 numbers, drawn from 67 major law enforcement agencies, showed homicides fell 17.7 percent against the same period last year, robberies fell 20.4 percent, reported rapes declined 7.2 percent, and aggravated assaults dropped 4.8 percent. Declines appeared in every region of the country, according to the bureau. 

Among cities registering the steepest homicide reductions from January through March are Washington, D.C., down 64.7 percent; Philadelphia, 54 percent; San Diego, 50 percent; Houston, 36.4 percent; Memphis, Tennessee, 34.4 percent; New York City, 31.7 percent; and Los Angeles, 23 percent.

The 2025 full-year figures anchoring the release were equally stark.

The FBI recorded a 20 percent drop in the national murder rate, the largest single-year decrease ever captured in FBI data, alongside a 31 percent rise in fentanyl seizures, rescue of more than 6,000 child victims, and a 290 percent increase in gang disruptions. FBI Director Kash Patel told The Epoch Times that the achievements were the result of a “full-scale reset of the FBI—operationally, culturally, and fiscally.”

In 2025, FBI arrests climbed 197 percent, from 34,000 to 67,000; 1,800 gangs and criminal enterprises were dismantled—a 210 percent increase—and more than 30,000 were arrested for violent crimes, nearly double from 2024.

The U.S. homicide rate in 2025 fell 21 percent from 2024—44 percent below the 2021 pandemic peak, according to a report by the Council on Criminal Justice, which analyzed data from 40 large cities. The group projected that when the FBI finalized its annual report, the national homicide rate would stand at roughly 4.0 per 100,000 residents, the lowest recorded in law enforcement or public health data stretching back to 1900.

Patel hinted at the historic nature of the data for months.

“We are on track to have the lowest murder rate in modern American history. The lowest murder rate by double-digit percentages,” he told the Senate Judiciary Committee in September 2025.  He attributed the shift in large part to the FBI’s Operation Summer Heat, noting that in New Orleans and Nashville alone, violent crime arrests climbed an average of 250 percent each.

A month later, Patel told The Epoch Times’s Jan Jekielek that homicides had fallen by double digits nationwide. 

“I’m happy to announce, finally, that one of the big targets we had for this year, obviously, was to reduce the murder rate across America,” he said.

In October 2025, Trump and Patel announced that Operation Summer Heat resulted in more than 8,700 arrests and a 20 percent drop in violent crime in targeted cities. Trump, in a Truth Social post days later, said that since he was inaugurated, 28,000 violent criminals have been arrested, more than 6,000 illegal firearms were removed from the street, 5,000 children have been rescued, and 2,000 criminal enterprises have been disrupted—calling them “historic results.”

Tyler Durden Thu, 05/14/2026 - 17:00

Bad Signs: Christopher Nolan's "The Odyssey" Looks Like A Woke Disaster

The signs are not looking good.  Christopher Nolan's version of Homer's classic Greek epic "The Odyssey" was, at first, greatly anticipated.  The director's filmography is largely celebrated with blockbusters like Interstellar, The Dark Night, Dunkirk and Inception.  However, woke ideology is like a virus infecting everything in Hollywood, and rumors were spreading from very early in the production that wokeness has invaded the brain of Christopher Nolan. 

Even though the vast majority of "woke coded" films fail miserably at the box office, the Tinsel Town cult continues to lose billions of dollars every year pumping out one disastrous production after another.  If we apply the universal definition of insanity (making the same mistakes over and over and expecting different results), then Hollywood is truly a lunatic asylum.

Well, it appears that the rumors of the new Odyssey adaptation being a leftist propaganda vehicle are true.  The long running blackout on casting decisions now makes perfect sense, because it's a DEI circus.

It is now confirmed that Nolan's film features a race-swapped Helen of Troy.  The "most beautiful woman in the world" will be played by Lupita Nyong’o, a Kenyan-Mexican actress.  Truly a downgrade from previous iterations of the story on film.  Not to mention, Helen of Troy was a Greek - A Spartan Princess.    

  

But the sideshow doesn't end there.  Nolan has also been forced to defend his decision to cast rapper Travis Scott in “The Odyssey” after receiving harsh backlash.  The filmmaker addressed the controversy surrounding Scott’s appearance:  

“I cast him because I wanted to nod towards the idea that this story has been handed down as oral poetry, which is analogous to rap..."

Perhaps one of the most contrived and idiotic explanations ever spoken.  Unless you're making "Mel Brooks' The Odyssey", there is no reason for this decision.  

Keep in mind, this is an Ancient Greek epic, a story depicting some mythological elements, yes, but also historically important to the pillars of western civilization.  And, by modern standards and genetic standards, Ancient Greeks would be considered largely "white" today. 

Sub-Saharan Africans, though mentioned as "Aitheopes" in Greek literature, were an exceedingly rare minority and are never mentioned in Homer's Odyssey as prominent characters.  In fact, only one fleeting character is mentioned as black; a figure named  *{pointer-events:auto;} .r-12vffkv{pointer-events:none!important;} .r-12ym1je{width:18px;} .r-135wba7{line-height:24px;} .r-13qz1uu{width:100%;} .r-13tjlyg{transition-duration:0.1s;} .r-13wfysu{-webkit-text-decoration-line:none;text-decoration-line:none;} .r-146iojx{max-width:300px;} .r-1472mwg{height:24px;} .r-14j79pv{color:rgba(83,100,113,1.00);} .r-14lw9ot{background-color:rgba(255,255,255,1.00);} .r-158ssxm{max-height:calc(64px * 15);} .r-15ysp7h{min-height:32px;} .r-16dba41{font-weight:400;} .r-16y2uox{flex-grow:1;} .r-176fswd{transform:translateX(-50%) translateY(-50%);} .r-1777fci{justify-content:center;} .r-17bb2tj{animation-duration:0.75s;} .r-17c3jg3{background-color:rgba(0,0,0,0.80);} .r-17gznlh{animation-name:r-t2lo5v;} 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Then there's Zendaya, cast as Athena, the Greek Goddess of Wisdom.  At least she's not a dude, but Zendaya is the most over-exposed actress in Hollywood and doesn't come across as "wise" or Greek.   

And it gets worse.  Actress and trans activist Ellen Page (now known as Elliot Page) is confirmed as a cast member in the film.  It is not known which role she will play, but leaked info suggest that she is set to play Achilles, known as the greatest of all the Greek warriors. 

This might be the most ridiculous casting choice of all time, given that Page is a hundred pound skeleton, and also a woman.

It is a common woke propaganda trope to race-swap and gender swap figures from western classics and European history.  From black female viking warriors, to black Roman Emperors, to Black Cleopatra (she was Greek and white) to black royals in the British court and female knights defending the realm; no historical setting is safe from Marxist rewrites that defy the record of events. 

The message being sent is clear:  We control history now, and the European west has been targeted for erasure. 

Christopher Nolan's decisions come off as incomprehensible, until we look into his inspirational sources.  The director's source material for his adaptation is the very first "interpretation" by a female scholar, published in 2017.  Emily Wilson, a far-left activist, essentially rewrote The Odyssey as a feminist exploration on the "evils of masculinity".  She is noted for describing most women as "slaves", instead of servants or maids, and highlighting the "evils of ancient forms of patriarchy".     

“We should be shocked that the English-speaking world hasn’t had a translation by a woman,” Wilson said during a visit to Harvard. “Slightly more women than men get Ph.Ds. in the classics in the U.S., and yet the vast majority of translations that readers read in English for classics are by men. This is an issue, and we should talk about it.”  

Her work is a perfect example of why it's best to keep modern women away from interpreting the classics.  The British-born professor, in a lecture titled “Translating ‘The Odyssey’: Why and How”, stated:

“It’s very visible to me how misogynistic some of these translations are, and not because they were consciously imposing misogyny, but they had some unconsidered biases...Men are never asked about their gender, and this omission is seriously distorting. It’s very clear gender has an impact on men’s work.”

Wilson also injected modern vernacular into her interpretation, which is allegedly applied in the Nolan version of the story.  In the highly insulated and inbred world of academia, this kind of rhetoric is considered a revelation.  However, to everyone else, it sounds like a blend of pretentious conceit and woke zealotry.

It is also a fact that, in order to be considered for an Oscar, a film is now required to have at least one non-white/non-straight lead or significant role. At least 30% minor roles non-white/non-straight people.  And, at least two Departments headed by non-white/non-straight people.  But not all of Nolan's choices can be explained away by his bid for an Oscar.     

In other words, The Odyssey is most likely going to be a theatrical flop.  Nolan was smart to hide his casting choices until now (the movie trailers also try to hide the casting), but the film's July release gives the public plenty of time to discover the truth before they waste their money.  It could have been the movie that saved Hollywood, but instead, it is escalating into yet another epic woke bomb. 

Tyler Durden Thu, 05/14/2026 - 16:40

Minnesota 'Culture Of Fraud' Enabled More Than $9 Billion In Misused Taxpayer Funds, Panel Says

Authored by Janice Hisle via The Epoch Times (emphasis ours),

A “culture of fraud” infected Minnesota state agencies, resulting in more than $9 billion in taxpayers’ money squandered, a new legislative report says.

State Rep. Pam Altendorf listens as fellow Republican Rep. Isaac Schultz discusses a report released at a meeting of a fraud prevention committee in the Capitol in St. Paul, Minn., on May 13, 2026. Livestream from the Minnesota House of Representatives/Screenshot via The Epoch Times

“We finally pulled the curtain back—and the public is grateful,” state Rep. Kristin Robbins, chair of the Minnesota House Fraud Prevention and State Agency Oversight Committee, said May 13 during a session that summarized 16 months of investigative work.

Many fraudsters “came to believe that fraud was tolerated and paid in a big way,” according to a report that Robbins released at the meeting. The report summarizes the committee’s attempts to dissect how state agencies became so mired in fraud.

Testimony from dozens of witnesses, including state employees and whistleblowers, demonstrated that Gov. Tim Walz’s administration neglected “basic due diligence” to protect taxpayers’ money, and instead “prioritized getting as much money out the door as possible” via government-benefits programs, the report says.

The administration also allegedly punished whistleblowers and “ignored and consciously downplayed shocking levels of fraud” in more than a dozen Medicaid-funded programs, such as autism services, medical transportation, and adult day care, according to the document.

“All of these failures have created opportunities for serial fraudsters to steal billions from Minnesota taxpayers across multiple programs for years,” the report says, estimating $300 million in federal meals fraud and $9 billion in Medicaid fraud. Those numbers exclude “potential hundreds of millions more in fraud in child care” and the Supplemental Nutrition Assistance Program, the report notes.

The governor’s office did not respond to The Epoch Times’ request for comment by publication time.

Walz has repeatedly defended his track record on tackling fraud, including in a May 6 news release, stating: “We’ve made significant progress to strengthen programs and root out fraud. Today, we’re building on our success by putting an even stronger structure in place; adding leadership, improving oversight, and ensuring these programs are managed with the discipline and accountability Minnesotans expect.”

Robbins said accountability is lacking because no one in state government has been fired for failures, nor even for falsifying records—a finding that the Office of Legislative Auditor, a state watchdog, released early this year.

The new report from Robbins’s committee was released May 13, the same day that Vice President JD Vance, who heads a new anti-fraud task force, announced that the federal government was withholding $1.4 billion from home health and hospice operations suspected of fraud across the nation. So far this year, fraud concerns prompted federal officials to withhold $350 million from Minnesota’s Medicaid program.

Five Republicans including Robbins prepared the report. The committee’s trio of Democrats were invited to prepare their own version, mirroring a practice used in Congress.

Two Democratic committee members at the meeting, Reps. Dave Pinto and Emma Greenman, did not say whether they would take that step. Both disputed what they called “partisan” characterizations in the report; Pinto and Greenman abstained from voting on the GOP-authored report. All four Republicans who were present voted to accept it.

State Rep. Emma Greenman speaks during a meeting of the Fraud Prevention and State Agency Oversight Policy Committee in the Capitol in St. Paul, Minn., on May 13, 2026. Livestream from the Minnesota House of Representatives/Screenshot via The Epoch Times

Republican Rep. Isaac Schultz noted that despite allegations of partisanship, he sees signs of cooperation between the two parties. Just two weeks ago, the legislature approved “four great fraud-prevention bills on a bipartisan basis that were supported by members of this committee,” Schultz said, adding that one such bill called for “stopping grants going to convicted fraudsters.”

Remedies Proposed

The 84-page report contains numerous recommended changes in agency procedures and culture, and highlights broken internal processes.

For example, a law requires the Department of Human Services to annually review whether Medicaid beneficiaries are indeed eligible. The agency regularly skipped those verifications, and had conducted none since 2020, the report says, possibly costing “tens of millions of dollars.”

Under pressure from the committee and the public, the department conducted a review on March 20. It found “31,529 ineligible Minnesotans were receiving benefits,” who were then removed from the rolls, the report says.

Agency bureaucrats, who “viewed their role as supportive consultants rather than providing actual oversight” as they doled out taxpayers’ money, must instead use their authority to withhold payments and take other action, the report says.

The report also calls for agencies to log whistleblower complaints and hotline reports, then report those, along with actions taken, to lawmakers.

Fraud concerns and suspicious billing trends need to be tracked and reported too, the report says.

Another major recommended change: “Require electronic attendance records for child care, adult day care, sober homes, autism centers ... and other billable services ... before payments can be made.”

Committee’s Value Debated

The committee—the first of its kind in state history—began working in January 2025, nearly a year before Minnesota’s massive fraud scandals gained widespread national attention and sparked multiple federal probes.

As Robbins opened what could be the committee’s final meeting, she encouraged state lawmakers to re-establish the committee when the legislature reconvenes next year.

“The work we’ve done has hopefully carved a path for the next legislature in the next biennium to continue this important work,” she said, calling it “historic.”

State Rep. Kristin Robbins speaks at the Capitol in St. Paul, Minn., on May 13, 2026. Livestream from the Minnesota House of Representatives/Screenshot via The Epoch Times

The Republican lawmaker withdrew her bid for the governorship May 1, saying she would fight for improvements “from the outside” after her current term as a state representative expires in January 2027.

“It’s going to take many years, unfortunately, to undo the damage that has been done to taxpayers and vulnerable residents,” Robbins said. “But we must continue to expose the fraud, to strengthen internal controls and to make sure that fraudsters and agency officials are held accountable.”

Democrats Pinto and Greenman said the committee should have proposed legislation that could spark meaningful changes.

“Fighting fraud is urgent. Solutions were needed now,” Pinto said.

Robbins and other Republicans responded that the committee’s role was investigative, not legislative, and that the committee’s findings did inspire proposed laws.

Greenman said the document contains “misleading” information, and “no Democratic leader [is] left undisparaged” in the report. She defended the work of Minnesota Attorney General Keith Ellison in prosecuting fraud cases, and said the report fails to give him due credit.

Tyler Durden Thu, 05/14/2026 - 16:20

India Panics, Further Tightens Gold Flows As Rupee Collapses

Well, that escalated quickly...

With the Rupee accelerating its declines to ever lower record lows against the dollar, Indian authorities have stepped up capital controls, focusing on curbing demand in the gold 'exit' route.

4 days ago, there were no signs of import duty hikes as Prime Minister Narendra Modi  issued a rare weekend appeal urging citizens to forgo gold purchases as well as unnecessary foreign travel in order to help hold up the currency..

2 days ago, tariffs were more than doubled on gold and silver imports to 15% and 6% respectively.

And today, they are doing even more with India now tightening the advance authorisation route, effectively capping how much gold individual exporters can bring in through that channel. 

A government notification stated that imports of bullion exceeding 100 kilograms would be subject to prior authorization, adding that any subsequent imports would only be granted after exports equivalent to 50% had been carried out.

The notification also introduced stricter checks for first-time applicants seeking permission to import gold under the scheme.

The government has also linked future import approvals to export performance.

India, the world’s third-largest oil importer, has been hit hard by the inflationary shock caused by energy disruptions in the Persian Gulf. 

Higher import bills have driven sharp foreign-exchange outflows, pushing the rupee down to a record low and prompting the Reserve Bank of India to step in and sell dollars.

And the fact that gold is the country’s largest import item after crude oil does not help, which is why India is doing everything in its power to limit capital outflows. 

As UBS explains, the new curbs don't directly restrict the importing banks, but it does limit how much metal each participant can access, reducing the ability to build larger positions and tightening flows through the system.

The broader backdrop is that India is no longer purely a jewellery-led market.

Demand has become more investment‑driven, with a growing share of imports moving into financial holdings, including ETFs.

A significant part of last year’s import surge appears to have gone into investment rather than fabrication, which changes how the market behaves. During the initial phase of the recent Middle East escalation, Indian ETFs were among the first to react, selling roughly ~20 tonnes in the opening week of the move.

More immediately, demand has already been soft in recent weeks, as reflected in recent import data.

Monthly India Gold Imports below in tonnes, source: UBS

Near‑term uncertainty around fertiliser (urea) supplies also poses a risk to this year’s crop cycle, with the key monsoon period running into August, which could weigh on rural incomes and, by extension, gold buying.

The recent moves underscore policy concerns around curbing import-led dollar outflows from high foreign exchange-draining sectors, Madhavi Arora, economist at Emkay Global Financial Services said.

“We expect gold imports to fall by around 20-25% this year due to these steps.”

New Delhi is weighing several further emergency steps to shore up foreign-exchange reserves and limit the damage from the war in the Middle East.

If demand does recover, however, as seen in previous tightening cycles, attempts by the government to limit capital outflows via precious metals will only encourage activity to re‑route via unofficial channels (with smuggling picking up when the onshore market is constrained), to preserve purchasing power, and it is only a matter of time before India joins the rest of the financially suppressed developing world in actively pursuing such non-fiat alternatives as tether and bitcoin if the traditional gold and silver pathways are limited. 

Tyler Durden Thu, 05/14/2026 - 15:40

DOJ Sues DC Bar Over Its Prosecution Of Former Trump Lawyer, Calls It "Partisan Arm Of Leftist Causes"

Authored by Troy Myers via The Epoch Times (emphasis ours),

The Department of Justice (DOJ) filed a complaint on May 13 against the D.C. Bar, alleging it has acted as a “partisan arm of leftist causes.”

The U.S. Department of Justice in Washington on April 27, 2026. Madalina Kilroy/The Epoch Times

According to the DOJ, the agency seeks to advance President Donald Trump’s directives to end the weaponization of the federal government while nullifying the D.C. Bar’s prosecution of former Assistant Attorney General Jeff Clark.

D.C. Disciplinary Counsel Hamilton P. Fox III, the D.C. Office of Disciplinary Counsel, the D.C. Court of Appeals, the District of Columbia itself, the D.C. Bar, and others are named as defendants and accused of unlawfully prosecuting Clark based on his internal deliberations of potential fraud in the 2020 presidential election.

The Epoch Times reached out to the D.C. Bar for comment and was referred to the D.C. Board on Professional Responsibility, which did not immediately respond to a request for comment.

Clark wrote a draft letter for his litigation on potential fraud, which was never issued, and the D.C. Court of Appeals’ disciplinary authorities punished him over it, according to the complaint.

The D.C. Bar and others’ investigation and discipline of Clark were improperly based on “their disagreement with Mr. Clark’s performance of his discretionary Executive Branch duties, particularly with respect to a predecisional and deliberative document about potential election fraud in Georgia, which remains the subject of criminal investigation and civil litigation years later,” the complaint said.

Allowing proceedings against Clark to continue would mean state bar authorities can exert control over the executive branch, the DOJ said, adding, “That is not the law.”

The DOJ cited the supremacy clause of the U.S. Constitution, or preemption, as a cause for dismissing proceedings and discipline against Clark. Preemption, the DOJ said, prevents states and the District of Columbia from regulating or interfering with federal officials performing their duties.

In the complaint, the DOJ also argued that a 2024 Supreme Court decision, Trump v. United States, offers protection for Clark.

In that landmark ruling, the justices said the president is entitled to absolute immunity “for conduct within his exclusive sphere of authority” because the president should have the “maximum ability to deal fearlessly and impartially with the duties of his office.”

The president would enjoy little immunity if federal attorneys could be targeted and disciplined for internal deliberations, the complaint said.

In the news release, the DOJ said this filing furthers Trump’s executive order, “Ending the Weaponization of the Federal Government,” and his presidential memorandum, “Preventing Abuses of the Legal System and the Federal Courts.”

“The D.C. Bar will no longer be permitted to probe sensitive Executive Branch deliberations and target Executive Branch officials with whom they happen to politically disagree,” Associate Attorney General Stanley Woodward said. “Federal attorneys will once again be free to share their candid legal advice with their bosses and colleagues.”

In a similar case to Clark’s, the DOJ said it filed a statement in support of former interim U.S. Attorney Ed Martin, who is looking to have the D.C. Bar’s prosecution of him taken up in a neutral federal court.

The DOJ noted in its news release that three former attorneys general have acknowledged that the D.C. Bar’s push to discipline federal attorneys “for making recommendations, factual assertions, and providing legal advice during confidential internal agency deliberations on law enforcement and sensitive public policy” is “improper and constitutionally impermissible.”

“President Trump promised to put an end to the weaponization of the legal process, and today’s lawsuit against the D.C. Bar makes good on that promise,” Woodward said.

Tyler Durden Thu, 05/14/2026 - 15:20

Zelenskyy's Former Right-Hand Man Yermak Arrested In $10.5 Million Money Laundering Scheme

Ukraine’s High Anti-Corruption Court ordered the pre-trial detention of Andriy Yermak, the powerful former head of President Volodymyr Zelenskyy’s Office and once the country’s second-most influential figure, on money-laundering charges tied to a high-profile corruption scheme.

The ruling marks a dramatic fall for Yermak, who served as Zelenskyy’s closest aide from 2020 until his resignation in late 2025 amid earlier raids. He was taken into custody directly from the courtroom following the decision.

Charges and Allegations

Ukraine’s National Anti-Corruption Bureau (NABU) and Specialized Anti-Corruption Prosecutor’s Office (SAPO) named Yermak a suspect on May 11 in a scheme involving the laundering of approximately 460 million hryvnias (about $10.5 million or €9-10 million).

Prosecutors allege he participated in an organized criminal group that funneled illicit funds - originating from kickbacks at the state nuclear energy company Energoatom-through shell companies and fake contracts into the construction of a luxury residential complex (known as “Dynasty”) in the affluent village of Kozyn, south of Kyiv.

The broader “Midas” investigation into Energoatom reportedly uncovered a pattern where contractors paid 10-15% kickbacks to officials to secure or maintain deals. Funds were allegedly laundered between 2021 and 2025 via elite real estate development.

Yermak faces charges under Part 3 of Article 209 of Ukraine’s Criminal Code (legalization of criminally obtained proceeds). A conviction could carry up to 12 years in prison.

After multi-day hearings, the High Anti-Corruption Court (HACC) imposed 60 days of pre-trial detention starting May 14, with an alternative of bail set at 140 million hryvnias (roughly $3.2 million). Prosecutors had requested a higher bail of 180 million hryvnias (about $4 million).

Yermak was remanded in custody immediately, though he could secure release if the full bail is posted while the case proceeds. His legal team plans to appeal the ruling.

Yermak’s Response

Yermak has strongly denied all allegations, calling them “groundless” and “baseless.” He stated he owns only one apartment and one car, and has no involvement in the luxury development.

After the hearing, he told reporters: “I don’t have that kind of money, and my lawyer will now work with friends and acquaintances [to raise the money for bail].” He added that he respects the court, has “nothing to hide,” and is proud of his service to Ukraine during the war. He mentioned visiting the front lines weekly and receiving international support, though he said he would not use it to influence the judiciary.

His defense argues the case lacks merit and may carry political undertones.

Background and Political Impact

Yermak rose from a film producer and diplomat to become Zelenskyy’s chief of staff, wielding immense influence over policy, appointments, judiciary, and even early peace negotiations with Russia before the full-scale invasion. Critics accused him of consolidating power and sidelining longtime allies of the president.

He resigned in November 2025 after NABU raids on his properties linked to the wider Energoatom probe. Zelenskyy has not been implicated, and anti-corruption officials have stressed the president is not a subject of the investigation.

It is no wonder Democrats just love corrupt Ukraine. pic.twitter.com/wqKy6PjzWp

— Marcus Notrealius (@TheLieKeeper) May 14, 2026

The case comes as Ukraine faces intense pressure to combat high-level graft to advance EU membership and sustain Western support amid the ongoing war with Russia. It has sent shockwaves through Kyiv’s political elite and fueled public frustration over wartime corruption.

This remains a developing story. The investigation is ongoing, with potential for more suspects and revelations as the case moves forward.

Tyler Durden Thu, 05/14/2026 - 15:00

Biden FBI Quietly Hid Trump Prosecution Files For Potential Post-2028 Case

Authored by Luis Cornelio via Headline USA,

Another trove of newly unearthed Biden-era files suggest that the FBI attempted to retain purported evidence related to its prosecution of President Donald Trump until 2030 — when he would presumably be out of office.

The documents, reported Tuesday by Just the News, add to a growing body of records that have detailed the breadth of the aggressive actions targeting Trump, Republican lawmakers and conservative organizations connected to the 2020 election.

According to the report, the retention effort came as part of a broader push to preserve materials gathered by then-Special Counsel Jack Smith following the dismissal of related cases. Such materials are typically handled under DOJ procedures once a case is closed.

The documents in question were reportedly created in 2025, as Trump was preparing to return to office in January, and relate to investigations tied to the certification of the 2020 presidential election.

The decision to retain the evidence has raised questions about whether federal officials were preserving the option to revisit the case after Trump leaves office, when DOJ rules barring the prosecution of a sitting president would no longer apply.

The case itself was closed without prejudice, meaning it could be refiled at a later date.

As reported by Just the News:

“One of the key ‘Case Closing’ documents obtained by Just the News – originating from the FBI’s Washington Field Office’s CR-15 team – was dated a couple of weeks into Trump’s second term, on February 5, 2025, when many holdover FBI agents and leaders were still in place.

The newly-released closing document from early 2025 repeated the extensive claims of criminality against Trump, which had been pursued by Smith and the bureau, and it sought to retain all of the evidence for a half decade until at least February 2030, when Trump would be a former president once more and thus when the DOJ guidance prohibiting the prosecution of a sitting president would no longer be in force.”

According to the outlet, the document — titled “Arctic Frost – Election Law Matters – Sensitive Investigative Matter” — included supporting materials such as a “Deputy Special Counsel Concurrence” and the “Retention of Evidence Approval.”

In response to the findings, FBI Director Kash Patel said he had moved to eliminate the office involved in handling the matter.

“The American people deserve to know how this egregious weaponization of power to target political opponents and President Trump happened inside an institution meant to protect them,” Patel told Just the News.

“We shut down the weaponized CR-15 squad, and we are going to keep following the facts until there is full accountability. The FBI exists to protect the country, not to preserve political prosecutions for a future administration.”

Tyler Durden Thu, 05/14/2026 - 14:40

With GOP Help, House Dems Force Vote To Give Another $1.3 Billion To Ukraine

In a rebellion defying the priorities of Speaker Mike Johnson, House Democrats have teamed up with two Republicans and an independent in a parliamentary maneuver that will force a vote on a bill that would give another $1.3 billion in military aid and other assistance to Ukraine, as that country continues to lose territory in its war with Russia.  

"We look forward to seeing the House pass this bill quickly and encourage the Senate to take it up without delay. The ​brave men and women of Ukraine ​are waiting," said NY Rep. Gregory Meeks, ranking member of the House Foreign Affairs Committee and the author of the bill.  

A view, by Zelensky’s former press secretary whose interview went out on Tucker Carlson show last night. https://t.co/kkKP5HxnCQ

— Leonid Ragozin (@leonidragozin) May 12, 2026

All 215 House Democrats signed a discharge petition, a means by which representatives can bypass House leadership's agenda-setting role and compel a vote on a bill. Seldom used over House history, discharge petitions are showing their potency in a House ruled by a narrow majority, as is the case today. Most famously, Republican Rep. Thomas Massie and Democratic Rep. Ro Khanna used the maneuver last year to compel a vote on forcing the release of the Epstein investigation files. For this Ukraine bill, the Democrats were joined by two Republicans -- Pennsylvania Rep. Brian Fitzpatrick and Nebraska Rep. Don Bacon -- along with California independent Kevin Kiley, who earlier this year left the GOP. 

Kiley's signature on the petition pushed to the required 218. "Recent Ukrainian gains have created an opportunity for peace, but the collapse of the recent ceasefire shows that leverage is needed for diplomacy to succeed," he said in a statement. That will force Johnson to bring a vote to the floor on the Ukraine Support Act, which has three major thrusts: 

• Reaffirming US support for both Ukraine and NATO, and enacting measures for Ukraine's reconstruction
• $1.3 billion in aid and -- get this -- up to $8 billion more in direct loans that could prove to be LINOs -- loans in name only
• More sanctions and export controls on Russia, targeting officials, financial institutions, and the oil and mining sectors

The yellow area shows the last part of the Donetsk oblast that Russia has yet to seize control of. The Luhansk oblast is to the northeast, while the next two oblasts moving southwest are Zaporizhzhia and Kherson, with Crimea at the southernmost end (via Russia Matters) 

Though the House may pass the bill, the push to give more money to Ukraine will face an uphill climb in the Senate. The discharge-petition development comes as Ukraine and Russia moved on from a brief ceasefire and resumed blasting each other, though -- for now -- at a reduced tempo. Russia has continued to make gradual progress in taking control of both the Luhansk and Donetsk "oblasts" which together comprise the Donbas region of Eastern Ukraine. Moscow is insisting that Ukraine's ceding of the last parts of the Donbas is a precondition to resumed peace talks.  

Not accounting for another potential $1.3 billion thrown into the Ukraine war -- to say nothing of the money pit that is the US-Israeli war on Iran -- the US government was in February projected to post a fiscal-year 2026 deficit of $1.9 trillion. Not that anyone in Washington cares. 

Tyler Durden Thu, 05/14/2026 - 14:20

Cable Crashes As Burnham Signals Challenge To UK PM Starmer

Update (1345ET): Following Wes Streeting's earlier resignation "having lost confidence" in Starmer's leadership, the UK PM is now under further pressure as Andy Burnham opened a possible path to challenge Keir Starmer for the prime minister’s job, after a Labour member of Parliament resigned and urged the Greater Manchester mayor to run for his seat.

Andy Burnham

Bloomberg reports that the MP, Josh Simons, announced plans to step down from his Manchester area seat, freeing up a House of Commons constituency that Burnham would need to mount a bid to become leader of the governing Labour Party.

“I am standing aside so that Andy Burnham can return to his home, fight to re-enter Parliament, and if elected, drive the change our country is crying out for,” Simons wrote.

“Nothing short of urgent, radical, courageous reform will make a difference.”

With UK bond markets closed, the outlet for positioning after this headline (and the anxiety over "radical reform") was the FX market and cable plunged on the news...

Burnham separately said he would seek permission from Labour’s National Executive Committee, a panel dominated by Starmer loyalists that blocked a similar bid earlier this year.

“Much bigger change is needed at a national level if everyday life is to be made more affordable again,” Burnham said in a statement to Manchester Evening News.

“This is why I now seek people’s support to return to Parliament: to bring the change we have brought to Greater Manchester to the whole of the UK and make politics work properly for people.”

There will be several hurdles standing in Burnham’s way. Starmer’s allies on Labour’s governing body blocked him from contesting a seat in the Manchester area when it became vacant earlier this year, citing the need to avoid a costly election for the mayoral post he would have to vacate. They could do so again.

*  *  *

With UK PM Starmer's leadership under increasing scrutiny, UK Health Secretary, Wes Streeting, has issued a statement via social media that he is resigning his post.

Wes Streeting

Streeting says that while there are good reasons to remain in post, he has lost confidence in Starmer’s leadership:

"As you know from our conversation earlier this week, having lost confidence in your leadership, I have concluded that it would be dishonourable and unprincipled to [remain in post]."

He went on:

"It is now clear that you will not lead the Labour Party into the next general election and that Labour MPs and Labour unions want the debate about what comes next to be a battle of ideas, not of personalities or petty factionalism.

Setting out the reasons for his resignation, he pointed to last week's "unprecedented" local elections results, in which the government's "unpopularity" was "a major and common factor" across Britain, the threat of Reform UK as one of the key reasons for his departure from government, and policy "mistakes".

"Where we need vision, we have a vacuum. Where we need direction, we have drift. This was underscored by your speech on Monday," he wrote.

pic.twitter.com/9qI2Bj35ZK

— Wes Streeting (@wesstreeting) May 14, 2026

Streeting is widely thought to be planning to challenge Starmer for the Labour leadership, but he does not announce the start of a formal bid in his letter.

For now there is little to no reaction in GBP or gilts (as several market observers believe any new leadership will deliver more orthodox and less "free shit" fiscal policies) but Polymarket shows the odds of Starmer being gone by the end of May are soaring...

Allies of Mr Streeting, who handed in his resignation as the Health Secretary on Thursday, have made little secret that he is ready to become prime minister and has a comprehensive plan to change the country.

Here is The Telegraph laying out what a Streeting premiership look like?

The economy

Mr Streeting said last year that he was “really uncomfortable with the level of taxation in this country”, suggesting he would resist further increases. Speaking in December, he admitted the Government was “asking a lot” of individuals and businesses with historically high taxes. But he also warned Britain had “a level of indebtedness that we need to take very seriously”, indicating that tax cuts would also be unlikely. He has previously defended Labour’s decision to increase employers’ National Insurance, saying the raise had paid for more NHS appointments. Mr Streeting has previously proposed several radical changes to the tax system. In a 2020 interview, he suggested equalising capital gains tax with income tax, replacing inheritance tax with a “lifetime gifts tax” and increasing corporation tax. He also said all new tax and spending plans should be put through a “progressive impact test” to ensure they helped people on low and middle incomes. But unlike his Left-wing rivals, he has also long advocated that Labour should stick to strict fiscal rules, balancing day-to-day spending with tax revenues.

Defense

Mr Streeting caused a stir in Westminster last month when he suggested that savings should be found from the welfare budget to fund defence. The Health Secretary acknowledged that Britain needed to put more money into the military and that the cash “has to come from somewhere”. While he ruled out taking the money from the NHS budget, he signalled an openness to find it from other areas of spending, such as benefits. Other than on that issue, Mr Streeting has largely backed Sir Keir’s plans to boost defence spending to 3 per cent of GDP by the mid-2030s. Last month, he defended the Government’s handling of the military, insisting that Britain was still “the cornerstone of European defence and security”. Defending the repeated delays to the Government’s defence investment plan, he said Downing Street was taking the time to “get it right”.

Brexit

Mr Streeting is one of the most high-profile Remainers in the Cabinet and was a passionate campaigner for Britain to remain in the EU. Last year, he strongly suggested Labour should consider taking the UK back into a customs union with Europe, saying it would boost growth. But he did insist that the manifesto pledge not to return to freedom of movement with the Continent must stay, ruling out the single market. “The best way for us to get more growth into our economy is a deeper trading relationship with the EU,” he told The Observer in December. “The challenge is any economic partnership we have can’t lead to a return to freedom of movement.” Mr Streeting has long been an advocate of closer EU ties. In 2018, while a backbencher, he rebelled against then leader Jeremy Corbyn, calling for him to commit Labour to keeping Britain in the single market and a customs union.

Immigration

Mr Streeting is naturally a liberal on immigration and has repeatedly signalled his discomfort at the Government’s clampdown on visas and asylum. He criticised Sir Keir’s “island of strangers” speech and has previously said Britain relies on migrants to care for an ageing population. Last November, he admitted he was not comfortable with plans laid out by the Home Secretary to deport families who arrived in the UK illegally. In a 2018 speech, Mr Streeting argued that “we rely on attracting people from overseas, particularly with our ageing population and shrinking working-age population”. But as far back as then, the Health Secretary was stressing the point that Britain needed to increase education and training for its domestic workforce. It is a principle he has taken into government, criticising the health service’s reliance on foreign doctors and admitting voters had “lost confidence in the immigration system”.

The NHS

One of the most notable things Mr Streeting has done in his two years in post is abolishing NHS England, the world’s largest quango. The decision came as a surprise to Westminster and demonstrated that the Health Secretary was unafraid to make significant structural changes to government. It will also put him and his ministers back in direct control of the NHS, hinting at a hands-on approach and a willingness to take on personal responsibility. Waiting lists have fallen on Mr Streeting’s watch and pledges to further improve the health service would be a core part of his premiership. He has also shown himself willing to go to war with the medical unions, warning that their pay demands for junior doctors would “break the country”. But although he has repeatedly spoken of the need to reform the NHS, any change to its funding model would be off the table under Mr Streeting. The Health Secretary has attacked Nigel Farage, the Reform UK leader, for suggesting the UK should consider moving to a French-style public insurance model.

Streeting is only one of the party figures likely to throw their hats into the ring in the event of a formal leadership contest. Former deputy premier Angela Rayner said Thursday morning that she had been cleared of wrongdoing in a probe into her tax affairs, while there is a large faction on the party’s left working to secure a parliamentary seat for Manchester Mayor Andy Burnham, who can’t run without one.

For Starmer to face a formal leadership challenge, a potential successor would have to be nominated by 20% of Labour Members of Parliament. The party currently has 403 MPs, putting that threshold at 81. The ensuing contest would be decided by preferential votes by Labour Party members and affiliates, with precise voting eligibility set by Labour’s governing body.

Tyler Durden Thu, 05/14/2026 - 13:45

Separate Peace? Saudi Arabia Floats Regional Non-Aggression Pact With Iran

Are regional Gulf countries seeking to forge there own separate peace deals with Iran, apart from the United States? That's what fresh Thursday reporting in the Financial Times suggests.

The report says Saudi Arabia is supposedly considering a non-aggression pact between the Middle East states and Iran after the military conflict between the United States and Iran ends, the FT indicates.

via Express Tribune

Citing diplomatic sources, it describes that Riyadh is assessing a model of the Helsinki Process, which helped reduce tensions in Europe during the Cold War, and created an uneasy East-West peace in post-WW2 Europe. 

The driving rationale behind the potential diplomatic framework is that while Iran is "weakened," the reality is that it still "poses a threat to its neighbors."

An Arab diplomat cited by FT said that a non-aggression pact modelled along the lines of the Helsinki process is something likely to be embraced by most Arab and Muslim states, as well as by Iranian leader.

"It all depends on who is in it - in the current climate, you are not going to be able to get Iran and Israel... Without Israel, it could be counterproductive because after Iran, they are seen as the biggest source of conflict. But Iran is not going anywhere, and this is why the Saudis are pushing it," the source stated.

The Abraham Accords have theoretically attempted to build a normalization and non-aggression foundation involving Arab states and Israel, but other countries and populations in the region are suspicious of it for the very fact that it is seen fundamentally as a pro-US and pro-Israeli axis of alignment. 

As for for Tehran and Riyadh, they recently have experience with direct, good faith talks, given that it was only in 2023 that China made history when it brokered a landmark normalization deal between Iran and Saudi Arabia - after which mutual embassies opened and went into operation.

This week, Reuters and other sources revealed for the first time that at the height of Trump's Operation Epic Fury which began in late February and endured through March into early April, the UAE directly fired back on Iran as it was under attack by drones and missiles. Also interesting is the fresh revelation that Israeli PM Benjamin Netanyahu made a secret visit to the UAE as the Iran war was in full swing - though UAE has officially denied it, perhaps not wanting to inflame Arab public sentiment.

Kuwait also reportedly directly attacked Iranian interests, and additionally the Saudis attacked Shia Iraqi militias seen as cooperating with Iran.

Highways, railroads and ports in Saudi Arabia, the U.A.E. and Oman have been transformed into an emergency logistics lifeline during the Iran war, bypassing the Strait of Hormuz

With talks between the U.S. and Iran deadlocked, the conflict has devolved into an economic war of… pic.twitter.com/bgnzBmGc6g

— Joshua Landis (@joshua_landis) May 13, 2026

Interestingly, US intelligence and the governments involved kept this under wraps for many weeks, and it suggests just how close the world was to witnessing a broader regional war that could have quickly spun out of control. Before the series of disclosures, it was widely assumed that only the United States military was 'defending' the UAE, Kuwait, Qatar, Saudi Arabia, and Bahrain. But clearly some of these countries were hitting back against the Islamic Republic on their own.

Tyler Durden Thu, 05/14/2026 - 13:40

After "Fantastic Day" With Xi, Trump Touts 200-Jet Boeing Deal As China Offers Hormuz Help

Summary: 

• Trump says Boeing Secured a 200 'Big' jet order from China

• Trump says President Xi wants Hormuz reopened, won't give Tehran weapons 

• Trump, Xi Put Hormuz, Iran, Trade, Taiwan At Center Of Historic Beijing Summit

Boeing-China Jet Deal

A highly anticipated Boeing jet deal appears to have materialized after the first day of President Trump's summit with President Xi Jinping. 

Fox News reports that Trump said Boeing secured an order for 200 "big" jets from China. He said the order was initially for 150, but the final figure will be 200

Trump Says China Will Help On Reopening Hormuz 

It is nearly midnight in Beijing, and President Trump is still speaking on the record with corporate media, offering additional insight on the first day of the summit and state banquet with Chinese President Xi Jinping.

In comments to Fox News, Trump said Xi offered to help pressure Iran to reopen the Strait of Hormuz, signaling that Beijing may be willing to use its leverage over Tehran.

*TRUMP SAYS CHINA'S XI OFFERED TO HELP ON IRAN: FOX NEWS

— zerohedge (@zerohedge) May 14, 2026

This comes as energy insiders and traders warn that continued closure of the Strait through the end of the month could spark a worsening energy shock.

Trump also said Xi would not provide weapons to Tehran.

*TRUMP: XI SAID HE WON'T GIVE MILITARY EQUIPMENT TO IRAN https://t.co/9s2HQn4rPs

— zerohedge (@zerohedge) May 14, 2026 Trump, Xi Put Hormuz, Iran, Trade, Taiwan At Center Of Historic Beijing Summit

President Trump and Chinese President Xi Jinping are currently seated at the main table at a state banquet. President Xi called the visit historic, and said U.S.-China ties are "stable" amid talks with Trump's team.

President Xi offers a toast at the state banquet dinner in Beijing: "To the bright future of China-U.S. relations, and the friendship between the two peoples, and to the health of President Trump and all of the friends present." pic.twitter.com/VmJeU4Xk1f

— Rapid Response 47 (@RapidResponse47) May 14, 2026

According to a White House readout, Trump and Xi agreed that the Strait of Hormuz should remain open to free navigation and that Tehran should not charge a fee to ships using the critical waterway.

Key notes from the White House readout (courtesy of Bloomberg):

• Trump Had A Good Meeting With Xi: White House Official

• Leaders Discussed Increasing China's purchases of Agriculture

• Trump, Xi Agreed Hormuz Must Remain Open: White House Official

• U.S. Says Xi Made Clear China Opposes Militarization of Hormuz

• Both Sides Agreed Iran Can Never Have A Nuclear Weapon: U.S.

• U.S. Says Xi Expressed Interest in Purchasing More American Oil

From the Bilateral Meeting in Beijing:

President Trump had a good meeting with President Xi of China. pic.twitter.com/WaH8hR1ZV3

— The White House (@WhiteHouse) May 14, 2026

Both countries agreed that Iran can never have a nuclear weapon. pic.twitter.com/7hYMIBoTZY

— The White House (@WhiteHouse) May 14, 2026

Beijing also signaled interest in buying more U.S. oil to reduce China's reliance on crude and crude products transiting the Hormuz chokepoint. This signifies how the U.S.-Iran conflict is rewiring global energy flows.

Trump-Xi talks also covered fentanyl, securing market access for U.S. companies in the mainland market, and increasing Chinese investment in American industries and purchases of U.S. agricultural products.

"American enterprises are deeply involved in China's reform and opening up, a process from which both sides have benefited," Xi told the leaders of U.S. companies accompanying Trump on the trip. Those CEOs include Tesla's Elon Musk, Apple's Tim Cook, Boeing's Kelly Ortberg, and Nvidia's Jensen Huang.

The two sides discussed ways to enhance economic cooperation between countries, including expanding market access for American businesses into China and increasing Chinese investment.

Leaders from many of the United States’ largest companies joined a portion of the meeting. pic.twitter.com/i3Q1ogde2E

— The White House (@WhiteHouse) May 14, 2026

Xi continued, "China's door to the outside world will only open wider."

On the agricultural front, Bloomberg reported that China renewed import licenses for hundreds of U.S. beef plants, reviving trade that will help ranchers and farmers.

Xi was quoted as saying that China and the U.S. agree to build a "constructive and strategically stable relationship" that will serve as a framework for China-U.S. relations over the next three years and beyond.

On the subject of Taiwan, Xi told Trump bluntly that Sino-U.S. relations would enter an "extremely dangerous place" if Trump ignored Beijing's demands over Taiwan.

Back at the state banquet, Trump invited Xi to Washington on Sept. 24.

Overall, it appears that day one of Trump's summit with Xi was positive.

.@POTUS delivers remarks at the state banquet dinner at the Great Hall of the People: "It was a fantastic day, and in particular, I want to thank President Xi, my friend, for this magnificent welcome... and for so graciously hosting us on this very historic state visit." pic.twitter.com/lcFTC7wUY9

— Rapid Response 47 (@RapidResponse47) May 14, 2026

Earlier, Trump and Xi took a walk at an ancient temple in Beijing.

.@POTUS in China: "It's great — a great place. Incredible. China is beautiful." pic.twitter.com/Xiu7KSCvpL

— Rapid Response 47 (@RapidResponse47) May 14, 2026

"The China-U.S. Summit is ongoing, with expectations for any breakthroughs low," UBS analyst Justinus Steinhorst told clients earlier.

UBS analyst Shuo Yang noted, "It has been a subdued Asia session, with markets in wait-and-see mode into the Trump-Xi meeting."

Treasury Secretary Scott Bessent joined CNBC and said the U.S. and China are seeking to lower tariffs on some trade, starting with $30 billion in non-critical areas. Bessent also noted that Chinese officials are "doing what they can" to reopen Hormuz. 

Bessent added that Boeing is nearing a "large" plane order from China, but did not specify whether those orders would be for narrow-body or wide-body jets.

Tyler Durden Thu, 05/14/2026 - 13:30

Did You See Hakeem Jeffries' Press Conference Tantrum?

Authored by Matt Margolis via PJMedia.com,

House Minority Leader Hakeem Jeffries is having a rough time right now. For months, the Speaker’s gavel looked to be easily within his reach come November, but recent developments have made it look like it could slip away. 

He’s a little touchy about it. During a press conference on Wednesday, Jeffries had a bit of a tantrum, not only invoking the Confederacy but snapping at a CNN reporter who dared to ask him a question.

Last month, the Supreme Court issued a 6-3 ruling in Louisiana v. Callais, striking down Louisiana’s congressional map as an unconstitutional racial gerrymander. The ruling opened the door for several red states to redistrict and eliminate race-based districts.

To say Jeffries isn’t taking it well is an understatement.

"Because we know this unprecedented assault on black political representation, the likes of which we have not seen since the Jim Crow era, the ghost of the Confederacy has afflicted the United States Supreme Court majority and is invading and haunting the nation right now," Jeffries said.

"And we take that seriously. And we know it's going to continue, which is why Democrats are committed to launching a decisive and overwhelming response in advance of the 2028 election, to ensure that it's the American people who are the ones who get to decide who's in the majority in the House, who's in the majority in the Senate, and ultimately in 2028, who gets elected as the next president of the United States of America.”

But it was his exchange with CNN's Manu Raju that got genuinely uncomfortable. Raju pressed Jeffries on Democrats' failed attempt to gerrymander Virginia's congressional maps when the Supreme Court of Virginia ruled that the process Democrats used to eliminate four GOP-leaning districts violated the state constitution, invalidating that map as well. Groups aligned with Jeffries had spent over $40 million on the failed effort.

"Mr. Leader, I mean, you ultimately lost this. Do you take personally—" Raju began.

"Who lost?" Jeffries shot back, clearly angry.

"You lost in court—"

"Who lost?"

"Democrats did," Raju said.

"Do you take personal responsibility for investing so much time and resources, tens of millions of dollars, in an ultimately fruitless effort?"

"We did the right thing," Jeffries said, "and this effort is not over."

Hakeem Jeffries loses it when called out for his unconstitutional racist gerrymandering scheme.

JEFFRIES: Who lost?

RAJU: YOU LOST! In court.

JEFFRIES: Did the voters lose?

RAJU: The Democrats did. Do you take personal responsibility for an ultimately foolish effort? pic.twitter.com/2ryGiBVnjP

— RNC Research (@RNCResearch) May 13, 2026

As you can see, Jeffries got a bit undignified there, trying to distance himself from the failed effort that the Democratic Party wasted tens of millions of dollars on. On top of that, multiple red states are now redrawing House districts in the wake of Callais. While some are moving aggressively, others are stalled by legal challenges and political calculations.

Sabato's Crystal Ball now gives Republicans a slight edge in Safe/Likely/Leans seats, and prediction markets now show the GOP favored to retain the Senate while closing the gap in the House race.

The overall trajectory is clear — and it's not favorable for Democrats.

The problem for Democrats, of course, isn’t just the short-term implications but the long-term structural problem they face. The 2026 midterms and the 2028 presidential election may be their last chance to win back power before the math and the map become too big a hurdle for them to overcome. Population shifts mean blue states will lose congressional seats after the 2030 census, costing them Electoral College votes as well.

In other words, Jeffries is in full panic mode, and he’s having a hard time hiding it.

Tyler Durden Thu, 05/14/2026 - 13:20

Trucking Stocks Tumble As Supreme Court Ruling Risks "Extinction Event" For Freight Brokers

The US Supreme Court ruled late Thursday morning that freight brokers can face state-law negligent hiring claims when they hire unsafe trucking firms that later cause crashes.

FreightWaves founder Craig Fuller responded to the ruling on X, saying, 

OMG, this is the most pivotal moment in trucking history since Deregulation. It could be an extinction event for 30-50% of all freight brokers.

OMG, this is the most pivotal moment in trucking history since Deregulation.

It could be an extinction event for 30-50% of all freight brokers.

Matt Lefler and I will be on the air at 11AM ET to discuss. Live, streaming on X. https://t.co/sc3eKgWV3S

— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) May 14, 2026

In other words, this decision will raise liability costs across the freight industry but could force out unsafe trucking firms, some of which have hired illegals.

Landmark win for trucking safety this morning.

The Supreme Court rules UNANIMOUSLY against the broker that helped put the illegal alien who hit Dalilah Coleman on the road.

As a result of this decision, trucking brokers can be liable for negligently giving loads to illegal… https://t.co/0pYntFxiDx

— Senator Jim Banks (@SenatorBanks) May 14, 2026

The case, Shawn Montgomery v. Caribe Transport II, US, No. 24-1238, centers on C.H. Robinson, which arranged a shipment carried by Caribe Transport II. The carrier's driver struck Shawn Montgomery's tractor-trailer in Illinois, causing severe and permanent injuries. Montgomery alleged that C.H. Robinson should have known Caribe posed safety risks given its poor federal safety rating.

Justice Amy Coney Barrett, writing for the High Court, said the Federal Aviation Administration Authorization Act does not shield brokers from such claims because states retain authority over safety "with respect to motor vehicles." The ruling reverses the Seventh Circuit and sends the case back for further proceedings.

Justice Brett Kavanaugh, joined by Justice Samuel Alito, said the case was close but agreed that Congress did not intend to leave brokers in a "black hole" with no meaningful safety accountability. He also acknowledged that the ruling could lead to higher litigation, insurance, and due diligence costs, which may ultimately raise shipping costs.

The Trump administration urged the justices to rule against Montgomery's claim, saying that allowing liability for freight brokers under state tort law would create regulatory nightmares for the nation's freight transport industry.

Bloomberg litigation analyst Holly Froum noted:

CH Robinson, Landstar, JB Hunt Dealt Costly Supreme Court Ruling

Trucking brokers including CH Robinson, Landstar along with companies with transportation brokering operations like JB Hunt, Werner Enterprises and others were dealt a setback by the US Supreme Court's May 14 ruling allowing states to impose personal-injury liability for trucking accidents. A majority of the justices found that state law negligent hiring claims could continue and weren't preempted by federal law, as we expected they would.

Shares of C.H. Robinson and Landstar fell after the ruling, while JB Hunt moved higher.

Trucking advocacy group American Truckers United stated on X, "A bomb has dropped on the criminal freight brokers!"

Tyler Durden Thu, 05/14/2026 - 12:40

Are Markets F***ed? Collum And Pomboy To Address Everything Bubble

LIVE NOW:

https://t.co/VzsW6va0Px

— zerohedge (@zerohedge) May 14, 2026

*************

As the S&P continues to reach new highs in the mid 7000s, leaving the COVID era 3000s as a forgotten fevered dream… and AI euphoria fueling increasingly speculative bets across Wall Street and Main Street, the sane among us need to ask the question: when will reality hit?

In tonight’s ZeroHedge debate, hosted by the legendary Dave Collum, Macro Mavens founder Stephanie Pomboy and Michael Lebowitz will break down the most dangerously overvalued sectors of today’s market. From AI to private credit… and debate how, when, and where the unwind may begin.

Nasdaq is up almost 30% since the end of March. Howbowdah?

— Dave Collum (@DavidBCollum) May 13, 2026

The discussion will examine whether the AI boom has become detached from economic reality, whether Nvidia’s 43 PE ratio makes any sense, and whether private credit gating is the canary in the coal mine. With liquidity tightening beneath the surface and credit conditions deteriorating, Collum and the gang will discuss ways to preserve wealth before the cycle turns.

The conversation will also focus heavily on the Federal Reserve’s next chapter under incoming Fed Chair Kevin Warsh, whose prior statements indicate a hawkish stance… but that’s been true of past chairs before they held the helm. Is Warsh a genuine monetary hawk willing to tolerate market pain to restore credibility to the dollar and contain inflation? Or will he ultimately cave under political and financial pressure like Jerome Powell during COVID?

However, let's not forget that Warsh voted for QE and bailouts and parroted Bernanke's nonsense during the GFC.

— Michael Lebowitz, CFA (@michaellebowitz) April 21, 2026

For investors trying to position themselves ahead of what could be the next major repricing event, or for those who just want to hear about how horrible the economy really is… join Collum, Pomboy, and Lebowitz this evening.

The debate will stream live on the ZH X account and homepage at 7pm ET. See you there.

Tyler Durden Thu, 05/14/2026 - 12:20

Bessent Says US, China To Launch AI Safety Talks After Trump-Xi Meeting In Beijing

Authored by Tom Ozimek via The Epoch Times (emphasis ours),

Treasury Secretary Scott Bessent said on May 14 that Washington and Beijing would begin formal discussions on artificial intelligence (AI) safety protocols following meetings between U.S. President Donald Trump and Chinese leader Xi Jinping in Beijing. Bessent’s comments come as the rival powers sought to stabilize ties strained by trade disputes, the Iran conflict, and AI competition.

U.S. Treasury Secretary Scott Bessent arrives at Incheon International Airport ahead of a scheduled meeting with South Korean President Lee Jae Myung and trade talks with Chinese Vice Premier He Lifeng in Incheon, South Korea, on May 13, 2026. Kim Soo-hyeon/Reuters

Speaking to CNBC from the sidelines of the Trump–Xi summit, Bessent said the United States and China—which he described as the world’s “two AI superpowers”—were preparing to establish a framework on AI best practices and safeguards aimed at preventing advanced models from falling into the wrong hands.

“The two AI superpowers are going to start talking,” Bessent said.

“We’re gonna set up a protocol in terms of how do we go forward with best practices for AI to make sure non-state actors don’t get a hold of these models.”

Bessent said the United States would seek to embed “U.S. values” and American-led best practices into emerging global AI standards, adding that Washington was engaging Beijing from a position of technological strength.

“The reason we are able to have fulsome discussions with the Chinese on AI is because we are in the lead,” he said. “I do not think we would be having the same discussions if they were this far ahead of us.”

The remarks came as Trump and Xi concluded the first major round of meetings during Trump’s two-day visit to Beijing, his first trip to China since returning to office for a second term.

In a White House readout issued after the meeting, Washington said the leaders discussed expanding economic cooperation, increasing Chinese investment in the United States while expanding market access for American businesses into China, boosting Chinese purchases of U.S. agricultural products, and maintaining freedom of navigation through the Strait of Hormuz.

A subsequent White House readout said both countries agreed that the Strait of Hormuz must remain open to “support the free flow of energy.” The strait is a key maritime chokepoint that normally handles around one-fifth of global energy shipments but has been heavily restricted by Iran amid its war with the United States and Israel.

The readout noted that Xi expressed Beijing’s opposition to the militarization of the strait or to Iran charging tolls for use of the critical waterway. Both countries also agreed that Iran “can never have a nuclear weapon.”

AI, Chips, and Investment Talks

AI and semiconductor policy were among the issues discussed at the summit, Bessent told CNBC, with the U.S. delegation’s visit set against a backdrop of intensifying competition between Washington and Beijing over advanced computing technologies with military and economic applications.

Bessent said he expected a major “step-function jump” in upcoming AI model releases from Google and OpenAI. He also addressed the ongoing debate over potential U.S. approvals for Nvidia’s sales of advanced AI chips to Chinese companies.

When asked about reports that Washington had cleared sales of Nvidia’s H200 AI chips to several major Chinese technology companies, Bessent said there had been “a lot of back and forth” on the issue but did not indicate that any finalized agreement had been struck.

Nvidia Chief Executive Jensen Huang joined Trump’s delegation to China alongside a large group of U.S. corporate executives, including leaders from Tesla, Apple, BlackRock, Boeing, and Qualcomm.

The H200 chip, part of Nvidia’s Hopper line of AI processors, is significantly more powerful than the export-restricted H20 chip previously designed for the Chinese market. Critics in Washington have argued that allowing Beijing access to such advanced chips could accelerate China’s military modernization and narrow the U.S. advantage in AI.

“The H200 is one of the most advanced AI chips on the market, and it is currently used to produce frontier AI systems with military applications,” a group of U.S. lawmakers wrote in a December 2025 letter expressing concern about the Trump administration’s decision to permit H200 sales to China, arguing that it “undercuts” national security.

At the same time, administration officials and some technology advisers have argued that controlled sales could preserve U.S. technological dominance while generating revenue for U.S. companies and taxpayers.

“This policy will support American Jobs, strengthen U.S. Manufacturing, and benefit American Taxpayers,” Trump wrote in a December 2025 social media post, noting that sales of the H200 would only go to “approved customers in China.”

David Sacks, chair of the president’s Council of Advisors on Science and Technology, said at the time that he believes sales of the H200 would discourage competitors such as Chinese company Huawei.

Chris McGuire, senior fellow for China and emerging technologies at the Council on Foreign Relations, said in an analysis that H200s could give China’s AI computing power trajectory a threefold boost.

Catherine Yang, Owen Evans, and Troy Myers contributed to this report.

Tyler Durden Thu, 05/14/2026 - 12:00