THE SHOW NOTES: McConnell Wins, Trump Drags, & FTX Worse Than Enron?
Welcome! Biden turns 80 on Sunday.
NEW: Europe faces ‘cancer epidemic’ after estimated 1m cases missed during Covid - The Guardian
HEADLINE: GOP civil war spreads to Georgia runoff - Politico
RETIRE? Pelosi is scheduled to announce her plans at 12:10.
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Clip of the day:
FTX Saga Continues
The disgraced founder of FTX and current Bahamian hideout, Sam Bankman-Fried, spent obscene amounts of money on political donations and pandemic prevention in newly circulated documents. Bankman-Fried, whose net worth was north of 16 billion less than a week ago, spent $70 million since October 2021 on pandemic prevention and was willing to spend several billion on the project. The reckless spending the 30-year-old CEO engaged in paints a fuller picture of larger issues at FTX.
Let us not forget: Sam Bankman-Fried was the number two Democrat donor behind George Soros this election cycle spending $150 million supporting Democrats in various races.
The news gets worse: After Enron imploded and was publically shamed, John Ray was placed at the helm to lead the restructuring. In a fitting move, FTX brought in the former Enron chief to do the same for FTX. Ray’s first move was to brutally castigate Bankman-Fried’s leadership claiming “the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals was unprecedented.”
The punchline: Ray went on to say that a substantial portion of FTX assets are missing or likely stolen and claims the situation is worse than Enron. 😳
Mitch Always Win
Sen. Mitch McConnell won his 9th consecutive vote to lead the GOP caucus in the Senate. McConnell defeated Florida Senator Rick Scott who garnered a meager 10 votes of the 49 available.
Surprise: Lindsey Graham surprisingly joined the defectors in voting for Scott despite McConnell protecting Graham back in 2013 when he championed a failed immigration plan that ultimately drew him a primary challenger.
Never forget: Former McConnell chief of staff Josh Holmes was more than happy to remind everyone on Twitter of Graham’s pro-amnesty past. Politico said it best: “While Graham is not up until 2026, this shot from Holmes appears to be a not-so-subtle sign from McConnell world about what will and won’t be tolerated by the Republican leader.”
Trump Defectors
The New York Times (paywall) has a brutal piece chronicling the challenges facing Trump’s 2024 bid. The latest being three billionaires have defected from Trump World in less than 48 hours. Here’s the paragraph that matters:
Three major party donors — Stephen Schwarzman, Ken Griffin and Ronald Lauder — said this week that they intended to back someone other than Mr. Trump or have no plans to support him this time. Mr. Trump’s daughter Ivanka said she would not be involved with his campaign, saying that she is “choosing to prioritize” her children. Groups like the conservative Club for Growth, once a staunch Trump ally, are circulating polling showing Mr. Trump trailing Gov. Ron DeSantis of Florida by double digits.
Trump penalty: This piece comes a day after Nate Cohn published a piece in The Times (paywall) claiming Trump-backed candidates performed 5 points worse than their non-Trump affiliated GOP counterparts on election night. Here’s the paragraph that matters:
A penalty of five points is a big number in today’s polarized era. Five of the last six presidential elections have been decided by a margin less than that. As findings like these are revealed, they may add to the consternation of some Republicans who in recent days have blamed Mr. Trump for the party’s poor performance.
Starbucks
Unionized employees at 113 Starbucks locations around the nation are walking off the job on the busiest day of the year. Today is Red Cup Day which means limited-edition reusable red cups will be available for purchase at all locations. The reason for the strike is the union is unhappy with how Starbucks has negotiated with them.
Americans For Prosperity
My friends at Americans for Prosperity hate dysfunctional government almost as much as I do. Unlike think tanks that produce esoteric term papers, Americans for Prosperity is focused on policy solutions that will directly improve people’s lives. They have the largest network of community activists in the country and need your help. Learn more at AmericansForProsperity.org/Erick
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