Jeff Stein Profile picture
Dec 19 3 tweets 2 min read Read on X
Scoop: New records obtained by The Washington Post show how US taxpayers have spent $30 million maintaining a Russian oligarch’s yacht

Expenditures include: flights, groceries, specialized toilet brushes, docking fees and more

Effort has yielded just $6 million for Ukraine Image
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This info was HARD to get

After the government denied our requests, we filed a Freedom of Information Act

When there was no reply, The Washington Post filed a lawsuit against DOJ

The Post's lawyers forced disclosure of +1,300 pages thus far

washingtonpost.com/business/inter…Image
In terms of this story more narrowly, Biden promised in 2022 to "take" Russian oligarch assets and transfer them to Ukraine

The problem has been that you can't legally just grab these assets and sell them right away -- in this case, e.g., another Russian billionaire has claimed that he is the true owner of the Amadea yacht. That has stopped the sale & the courts haven't sided with the U.S. yet.

In the meantime, taxpayers have to pay to maintain the vessel. But there's a chance they lose the case and the expenditures will have been for nothing.

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More from @JStein_WaPo

Nov 6
Roughly *67%* of voters rated the economy as "not so good/poor," per Washington Post exit polls

A shockingly poor number amid a hot labor market, booming stocks, much lower inflation, growing GDP

But widespread voter dissatisfaction w/ the economy been clear for years
Results are preliminary
“You know my complaints about the media — I think the coverage has been invariably terrible,” said @DeanBaker13, a White House ally. “People rate their own economic circumstances better than the country’s — and that’s because of what they’re being told by the media.”
Read 4 tweets
Oct 24
PART V: U.S. SANCTIONS HAVE SURGED. WASHINGTON INSIDERS ARE MAKING MILLIONS OFF THEIR RISE.

You may have heard of "the military industrial complex."

Meet the booming "sanctions industrial complex"

A dive into how an avalanche of corporate & foreign cash has penetrated US sanctions

Our findings from a +6 month investigation:

- 1 firm founded by ex-Treasury officials has made *$75 million* from the UAE
- The former FBI director has raised eyebrows at Treasury for sanctions work on behalf of numerous foreign entities
- Powerful ex-House & Senate lawmakers are taking multi-million-dollar foreign paydays on sanctions
- Azerbaijan paid 1 lobbyist ~$2 million to ward off sanctions after Nagorno-Karabakh attack
- Deepening perception among allies that sanctions policy can be shaped by highest bidder
- WH officials have considered new guardrails on sanctions lobbying, but haven't advanced
- Foreign sanctions spending up more than 5X. US firms spending ~*$1B* on lobbying related to China & sanctions

The latest in our series, THE MONEY WAR:

washingtonpost.com/business/inter…
Louis Freeh was the FBI director and a federal judge

After leaving government, he has worked for numerous foreign entities, including sanctioned Israeli billionaire Dan Gertler & banker Leonardo González Dellán, who was accused w/ others of stealing from Venezuelans Image
Image
Matthew Epstein was Treasury's attache to Saudi Arabia & the UAE

Since leaving government, he started a firm that has taken +$75 million from a company linked to UAE government

The UAE has been accused serving as a hub for arms dealers, mobsters, oligarchs & kleptocrats Image
Read 4 tweets
Jul 25
NEW: THE STAGGERING RISE OF AMERICA'S GLOBAL ECONOMIC WARFARE

1st in a series

@federicacocco & I found:

1. ~1/3 of all nations on Earth now face some form of US sanctions. Huge increase from when mostly applied to Cuba & a handful of regimes

2. +*60%* of *all poor countries* are under US sanctions of some kind. Has become almost a reflex of US foreign policy

3. Sanctions have spawned multi-billion-dollar lobbying & influence industry, enriching former US officials who are hired by foreign countries & oligarchs

4. Sanctions have had devastating effects on innocent civilians. In Cuba, they've made critical medical supplies impossible to import. In Venezuela, they contributed to a financial collapse 3X greater than the US Great Depression. Syria faces its greatest humanitarian crisis this year after a decade civil war & sanctions.

5. Treasury staffers drafted a ~40 page plan aimed at reforming the sanctions process that was dramatically whittled down amid disagreements w/ State

6. OFAC is widely described as overwhelmed by tens of thousands of requests. WH officials have brainstormed sanctions scenarios w/ outside nonprofits

7. Biden has unleashed unprecedented volley of +6K sanctions in 2 years. Higher than even previously unprecedented rate of Trump.

“We don’t think about the collateral damage of sanctions the same way we think about the collateral damage of war ... But we should.”

More to come.

Read our first story here:

washingtonpost.com/business/inter…
@federicacocco Here's a partial list of all countries under some form of US sanctions, with an (somewhat admittedly/inherently subjective) attempt to categorize by severity: Image
SANCTIONS CRUSHED SYRIA’S ELITE.

SO THEY BUILT A ZOMBIE ECONOMY FUELED BY DRUGS.

Incredible reporting

Revealing in why sanctions have exploded: They are often applied in response to atrocities abroad. But what about second or third order impacts?

washingtonpost.com/national-secur…
Read 6 tweets
Jul 16
Hearing A LOT of alarm today among GOP donors & Reaganite conservative types about JD Vance

On trade, taxes, unions, antitrust — he’s signaled sharp departure from traditional conservatism, despite venture capitalist roots

Now he’s heir apparent for the party, & Reaganites fear being shut out
Vance had troubled them by:

— Praising Biden FTC pick Lina Khan
— Suggesting openness to higher corporate taxes
— Backing Trump’s major tariffs & trade barriers
— Being tied to Oren Cass’s pro industrial & family policy group
— Visiting UAW picket line
OTOH plenty of reason to feel these fears are overstated

Vance has:
— Given no indication he’ll resist Trump plans on cutting corporate taxes & the rich, deregulating businesses
— Rejected PRO Act
— Signed Grover Norquist’s tax pledge
— Tied himself to billionaire Peter Thiel

As @MattBruenig says:Image
Read 4 tweets
Feb 14
Had the pleasure ysd to meet Father Gary Wegner, who runs a Detroit soup kitchen

Wegner says demand is up ~80% over last yr w/ hunger rising nationally

“Jesus said blessed are the poor,” Wegner said. “Only in America do we put the modifier, ‘Blessed are the *deserving* poor’” Image
Johneka Austin, 42, a banquet server with 5 sons, saw her food stamps cut from $843 to $400-$500 as covid aid expiration hit ~1M Michiganders

She’s torn bw buying good groceries & Internet for her sons

Austin laughed when I asked whether the economy is good. “Nobody says that!” Image
Nate Standing, 31, right, was homeless & a drug addict for about 10 years. He said an extended treatment program made possible by covid aid allowed him to get sober — and eventually a job with Capuchin Soup Kitchen

But now he’s seeing a big increase in need, esp for families Image
Read 6 tweets
Feb 7
Due largely to an unexpected surge in immigration, the U.S. economy will be about $7 trillion larger - & federal revenues about $1T bigger - the nonpartisan Congressional Budget Office said Wednesday
That impact is over 10 years, to be clear. It does not take into account any legislation that Congress may or may not approve
Here's the CBO statement cbo.gov/publication/59…
Image
Read 4 tweets

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