U.S. President Donald Trump’s net worth has continued to increase during his second presidency, reaching an estimated $6.5 billion in July (according to Forbes). The Trump-associated, cryptocurrency-oriented World Liberty Financial, which is playing a major role in Trump’s profitability, became even more powerful when, on August 15, the Office of the Comptroller of the Currency, approved a back charter for the outfit. And journalist Rick Newman believes that Trump’s “grifting” is soaring to a whole new level.
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According to ABC News, “The decision marks the first time in U.S. history that a company owned by the sitting president’s family has been granted bank status, as Democratic lawmakers express concerns over potential conflicts of interest.”
During a Monday morning, August 17 appearance on MS NOW, Pinpoint Press founder Newman — known for his long history of financial reporting for U.S. News & World Report as well as Yahoo Finance — laid out some reasons why he finds it so troubling that World Liberty is being granted bank status.
When MS NOW host Stephanie Ruhle, sounding incredulous, commented, “This is crazy,” she got no argument from Newman.
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The Pinpoint Press founder told Ruhle and fellow journalist John Harwood (Ruhle’s other guest during the segment), “World Bribery Financial, let’s call it that. I mean, this is just the next step in Trump’s self-enrichment scheme. This is not going to be a bank that holds customer deposits. So, if you’re a Trump lover and you really want to put your savings in Trump’s bank, you can’t do that. Sorry. But what it’s going to be able to allow them to do, I think, is sort of graduate from petty graft to institutional graft.”
Newman continued, “So, one of the things they will be able to do with this bank is handle deposits for institutions — hedge funds or money firms or anybody else. Foreign institutions, things like that, where they have a lot of connections. They will make more money handling that stuff under the guise of: this is all part of a crypto company. So, here we go.”
When Ruhle asked Harwood why major Wall Street CEOs like JPMorgan Chase’s Jamie Dimon aren’t commenting on Liberty Financial being grated bank status, he responded, “They’re all hiding and cowering in the corner because they know Trump is likely to go after them…. He doesn’t just make crypto deals to enrich himself, he starts a bank — and he gets himself deeper into the industry.”
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