There’s 2 ways con artists get their hands on cash money:
1. Steal it. This takes some brains & talent.
2. Create it. This (unfortunately) isn’t hard to do.
@SamAntar
Kodak Shifts Into Drug Production With Help of a $765 Million U.S. Loan - WSJ archive.is/7CEKg
Recipes for creating cash have been curated & handed down from one generation to the next. This marks the upward arc of American white collar crime - every generation plays it better.
Recipe #1 - procure loans versus inventory that doesn’t exist.
businessinsider.com/the-great-sala…
Recipe #2 - use corporate balance sheet to procure assets for personal use, then encumber those same assets to create personal cash. The John Rigas 2 step. He learned it from the Crazy Eddie play.
multichannel.com/news/fall-hous…
Recipe #3 - charm the US Government into printing the money for you.
Meet Clark Clifford, the Greek God of White Collar Money Getting.
How’d he do it? 1st step was Mr. Clifford formed a bank, BCCI. 2nd step was BCCI used the World Bank as a money mule.
In short, Clifford saw an opportunity to harvest money without messing around inside appropriations from Congress to agencies. That’s very difficult to do. But @WorldBank isn’t under the thumb of Congressional oversight. A door opened. ⬇️
https://t.co/FNB5TfGnrN
Great (con) artists steal, as the saying goes.
@IvankaTrump followed the EXACT SAME recipe Clifford poineered inside @WorldBank program trust structures. That’s #WeFi
https://t.co/eyMj7g4m98
But why stop there? Jared Kushner, not to be outdone, seems to have noticed the ease of money creation outside of Congressional appropriations.
Congress did appropriate $ for PPP program & for @USTreasury to backstop trillions more to stabilize the US debt markets, however...
The Kodak loan is outside the providence of all that. It’s a loan from the US Intl Devt Finance Corp.
The loan is outside the reach of Congressional oversight. The loan is not backstopped by the @USTreasury. It’s simply a non recourse loan.
How the hell is that possible?
It’s all possible because of the BUILD Act of 2018, Paul Ryan’s final “legislative accomplishment.”
The BUILD Act created unilateral powers for Trump to reprogram funds appropriated to federal agencies by fiat. It also formed the US IDFC.
en.wikipedia.org/wiki/U.S._Inte…
First to go to harvest for the fruits of this BUILD Act structure was Ivanka Trump.
The BUILD Act was signed & the #WGDP initiative was born with $350mm in funds Congress appropriated to 7 federal agencies reprogrammed by the stroke of daddy’s Sharpie.
whitehouse.gov/wgdp/
WGDP is a bald faced fraud. In its 3rd year it has hauled in $350mm of funds reprogrammed (a polite word for seized) each year from federal agencies. No financial statements, no grant level disclosures. Identifies of private investors/firms remain hidden.
https://t.co/k2y1sUWdwV
Give them some credit. Before Javanka DC was just Hollywood for ugly people. We’ve been wildly entertained.
But we also have them to thank for laying a foundation for the Biden admin to get & stay animated to deconstruct the entire apparatus of American white collar crime. /end
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