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You are here: Home / Archives for Economics / Grifters Gonna Grift

Grifters Gonna Grift

Late Night Open Thread: His Parents Say Sam Bankman-Fried Is Too Pretty Frail to Go to Prison

by Anne Laurie|  March 1, 20242:40 am| 59 Comments

This post is in: C.R.E.A.M., Excellent Links, Grifters Gonna Grift, Open Threads, Our Failed Media Experiment, Schadenfreude

FTX founder Sam Bankman-Fried's lawyer asks judge to reject 100-year recommended sentence https://t.co/Wxkkt68Ka6

— The Associated Press (@AP) February 28, 2024

One can’t say this defence is totally worthless, since it has provided some salutatory content for us plebes. Molly White, at her Citation Needed newsletter, on “I am Sam’s low-level culpability”:

Sam Bankman-Fried’s sentencing is coming up in a month. He has now formally swapped out Mark Cohen and the rest of his rather unimpressive defense team for Mukasey Young [I49]. Concerns over potential conflicts of interest stemming from their simultaneous representation of Celsius’s Alex Mashinsky have been formally acknowledged by both Bankman-Fried and Mashinsky, and both have waived the potential conflicts. It seems Mukasey Young is mostly focusing on Bankman-Fried’s sentencing, because he’s hired a separate attorney — former prosecutor Alexandra Shapiro — to focus on his inevitable post-sentence appeal.

Mukasey and team have been busy on the sentencing side of things, on February 27 filing a 100-page-long sentencing memorandum that ends with a request that Bankman-Fried be sentenced to only 63–78 months imprisonment (5½ to 6½ years). The filing contains a long rebuttal to the as-yet-unfiled pre-sentencing report, which Bankman-Fried’s legal team says recommends he serve 100 years in prison. They describe such a sentence as “grotesque” and “barbaric”, and the kind that should be reserved only for “heinous conduct” like mass murder.

The filing also contains a glowing description of Bankman-Fried, starting at his early life, with headings like “Sam Is Not Motivated By Greed,” “Sam’s Caring For Individuals”, and “Sam’s Remorse”…

A final section on “Sam’s Condition” outlines Bankman-Fried’s neurodiversity, and says that he has already been suffering in jail as a result of harassment from other inmates, poor food options as a result of his vegan diet, and the generally grim conditions of MDC Brooklyn…

Bankman-Fried’s veganism comes up… a lot. Like a lot. In this sort of “ah, well your honor, I know he committed one of the largest financial crimes in history, but have you considered that he is a vegan?” way. One fellow effective altruist and vegan, David Pearce, writes of Bankman-Fried’s veganism: “here we have a person who (literally) wouldn’t hurt a fly incarcerated in a place that wasn’t built for folk with such soft hearts”. [Footnote: He would for sure steal all a fly’s money, though.] I actually found myself looking up if Judge Lewis Kaplan is himself vegan, because it’s so (excuse my phrasing) hamfisted that I wondered if it was an attempt to appeal to a bias of his.My guess is that so many of the letter-writers are effective altruists and vegans themselves that they see it as an impeccable testament to his character, and don’t realize others don’t necessarily assign it the same moral value. That, or they realize that “vegan” is a convenient way to signal “white, wealthy, and well-connected” without having to say it. Probably both…

 
Jeff John Roberts, at Fortune, on “Sam Bankman-Fried’s final con game”:

If you are a 31-year-old who is charged with major crimes, the normal course of action is to take a plea deal in order to reduce the sentence, and then hope for the best before the judge. You will probably also resign yourself to spending decades in prison. Unless you are rich and connected, of course. Then you may try a different strategy.

Take Sam Bankman-Fried. Even though he faced a mountain of evidence showing he committed one of the biggest frauds in U.S. history, he chose to roll the dice on a three-week trial. For his trouble, Bankman-Fried got rung up by a jury in less than four hours. And now that he faces a maximum sentence of 100 years or more when he goes before a judge next month, he is doing something else only wealthy and entitled people can do. He is trying to spin his way out of the whole mess…

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As the New York Times reported on Tuesday night, Bankman-Fried has hired “a new lawyer known for courtroom showmanship” and another high-flying attorney to work on a long-shot appeal. He also has his law professor parents—the Bay Area power couple known as “Barb and Joe” to fellow denizens of Stanford’s campus—working on legal issues, and arranging a sympathy campaign to show why everyone is wrong about the poor lad.

All of this is a “long-shot strategy orchestrated by Mr. Bankman-Fried’s family and friends to reverse his conviction and engineer a public reappraisal of his leadership at FTX.” The Times doesn’t acknowledge it is a vehicle for this strategy—as evidenced by Bankman-Fried’s team waiting for its sympathetic article to drop before filing a trove of letters and arguments in court to amplify their position. Nor does its article raise the awkward question of how the Bankman-Fried clan is paying for those gold-plated lawyers and a PR firm whose monthly retainers start at $50,000.

The likely answer is that Bankman-Fried’s parents are footing the bills with the help of $10 million they pressed him to pay his father for legal work—money that came from the treasuries of the crypto companies that collapsed under a mountain of fraud. This is bad enough but even more obnoxious when you read things like this: “His lawyers said Bankman-Fried wasn’t motivated by greed but by a desire to better the world through philanthropic giving. Material items and extravagance did nothing for him, they said.”…

All of this makes the parents’ current attempt to “engineer a public reappraisal” of their Sam so galling. They remind us at all turns how Sam should not be punished for robbing his customers because he is on the spectrum or because he has been the victim of cruel media caricatures. And so on. What they won’t say is that Sam is a 31-year-old man who grew up with every privilege in the world, and has shown every indication of being a liar and a sociopath.

You can’t fault Barb and Joe for doing all they can to protect their child. Any parent would do the same. But if they really wanted to show their love and help their son, they could—just once—stop telling Sam how special he is.

Some criminals are just incorrigible…

SBF still pushing Solana behind bars

At some point you have to respect the hustle pic.twitter.com/Qm3khgdRtM

— Morning Brew ☕️ (@MorningBrew) February 29, 2024

Late Night Open Thread: His Parents Say Sam Bankman-Fried Is Too <del>Pretty</del> Frail to Go to PrisonPost + Comments (59)

Late Night Horrorshow Open Thread: CPAC Did Nazi A Problem

by Anne Laurie|  February 27, 20241:49 am| 129 Comments

This post is in: Grifters Gonna Grift, Republican Stupidity, Republican Venality

Nazis, antisemitism, the great replacement theory, Fuentes, have become so common among conservatives that I think attendees, even journalists, didn’t think too deeply about them being at CPAC.

There was very much an “oh them” attitude about the nazis.https://t.co/GxszahWw7q

— Ben Goggin (@BenjaminGoggin) February 24, 2024

Fringe leftist media outlet NBC sent a ‘cub reporter’ to pass judgement at CPAC. Gotta watch out for those young, hungry dudes, Mr. Schlapp:

… Throughout the conference, racist extremists, some of whom had secured official CPAC badges, openly mingled with conference attendees and espoused antisemitic conspiracy theories.

The presence of these individuals has been a persistent issue at CPAC. In previous years, conference organizers have ejected well-known Nazis and white supremacists such as Nick Fuentes.

But this year, racist conspiracy theorists didn’t meet any perceptible resistance at the conference where Donald Trump has been the keynote speaker since 2017.

At the Young Republican mixer Friday evening, a group of Nazis who openly identified as national socialists mingled with mainstream conservative personalities, including some from Turning Point USA, and discussed “race science” and antisemitic conspiracy theories.

One member of the group, Greg Conte, who attended the deadly 2017 Unite the Right rally in Charlottesville, Virginia, said that his group showed up to talk to the media. He said that the group was prepared to be ejected if CPAC organizers were tipped off, but that never happened.

Another, Ryan Sanchez, who was previously part of the Nazi “Rise Above Movement,” took photos and videos of himself at the conference with an official badge and touted associations with Fuentes…

For several years, CPAC and its supporters have attempted to temper the most extreme fringes of the conservative movement, and have welcomed the continued debate between Trump and more moderate conservatives.

This year, however, some attendees and former attendees have expressed frustration with the conference’s stronger association with Trump and his wing of the party.

In one of the most viral moments from this year’s conference, conservative personality Jack Posobiec called for the end of democracy and a more explicitly Christian-focused government. While Posobiec later said his statements were partly satire, many CPAC attendees embraced his and others’ invocations of the Jan. 6, 2021, insurrection…

The Nazis introduced themselves to me at a mixer and said they were national socialists, started talking about skull measurements and pushing the conspiracy theory that all races were being controlled Jewish people.

They were posting about their presence at CPAC online. https://t.co/iA0Hcw8Eel

— Ben Goggin (@BenjaminGoggin) February 26, 2024

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People are saying that these people are "cosplaying" as Nazis.

These are the young faces of an increasingly successful fascist movement in the US. They peddle extreme, racist, violent ideas. They're inserting themselves into the mainstream.

It's not cosplay. Call them Nazis. https://t.co/NvFdmMRwj7

— Ben Goggin (@BenjaminGoggin) February 26, 2024

And somehow their statement still doesn't address the photos and videos of the Nazis at CPAC. https://t.co/KJEAPbTKSg

— Ben Goggin (@BenjaminGoggin) February 26, 2024

The FTFNYTimes, of course, treats it as a style issue:

Spent the weekend covering the wild world of big tent politics at the CPAC afterparty scene for @NYTStyles https://t.co/19bQ6NodHB

— Jack Crosbie (@jscros) February 26, 2024


(Gift link… but you can’t say you weren’t warned.)

… CPAC has long been as much a social event as an opportunity to set the tone and agenda of the conservative movement. But in recent years, as Donald J. Trump has remade the Republican Party, CPAC’s attendance and cultural capital has declined, a trend heightened by allegations of sexual assault made in a lawsuit against the organization’s president, Matt Schlapp. (Mr. Schlapp has denied the allegations.)

In the days leading up to the convention, one longtime conservative activist told The New York Times in a text message that he would rather poke out his own eyes than attend, arguing that the event had turned into a veritable Trump rally at which no other views were permitted.

Those who did show up were quick to note that the CPAC party scene was also on life support.

“It’s dead,” said Michael R. Bartels, 28, the advisory chairman of the New York Young Republican Club. Mr. Bartels said that the conference was caught between an older generation of conservatives in the mold of Senator Ted Cruz of Texas and a younger, Trumpier wave…

At the atrium bar in the Gaylord Convention Center, where CPAC was being held, Representative Matt Gaetz of Florida posed for pictures with grinning college students and grizzled consultants. Across the way, a small group of men in an assortment of antiquated formal wear — double-breasted coats, lederhosen, low-collared vests — sidled in from the hotel lobby. They stopped to chat with three CPAC attendees, one of whom NBC News identified as a minor internet personality affiliated with the white nationalist Nick Fuentes and his groyper movement.

“I’m a national socialist,” said Gregory Conte, 35, one of the men in formal wear. Mr. Conte, the former operations director for the National Policy Institute, the white nationalist think tank run by Richard Spencer, said he had come to CPAC for “people watching,” but wasn’t willing to pay for attendance…

The “War Room” party was billed as invite-only, but with Mr. Burra at the door, it seemed as if everyone was invited. The groyper contingent showed up alongside several of the costumed National Socialists. So did a contingent of Young Jewish Conservatives.

“It’s all about building coalitions,” said Ian Chase McMath, 31, a member of the New York Young Republican Club and a cameraman for Newsmax. “There could be a future president in this room.”

"Do make yourself a loony fanatic" https://t.co/3qhDXKskc3

— John Harwood (@JohnJHarwood) February 25, 2024

2/ I'd be remiss if I didn't note that CPAC was totally whack in 2014 and pretty bad in 2004 too. But they've managed to continue refining the product, kind of like ever purer production of heroin or meth.

— Josh Marshall (@joshtpm) February 24, 2024

This year’s CPAC was like a January 6 reunion, and Donald Trump leaned into the rhetoric of revolution in his keynote address. https://t.co/yZZUZtmdOt

— New York Magazine (@NYMag) February 25, 2024


With any luck, this past week will eventually be diagnosed as what behaviorists call an ‘extinction burst‘. Ben Jacobs, for NYMag — “Calling Himself a ‘Political Dissident,’ Trump Pitched Regime Change at CPAC”:

If Trump rallies are for his fans, the Conservative Political Action Conference (CPAC) is for his zealots. In his keynote address to the conference on Saturday, Donald Trump let his most devoted followers know that he was a “proud political dissident” on a mission to liberate the United States from Joe Biden…

The former president also spent much of the event indulging in the discursive rambling that marked much of his first presidential campaign. After all, he didn’t need to adhere too closely to the teleprompter for this audience. CPAC was once considered the premier right wing gathering in the U.S., where a variety of conservative leaders and activists could link up, share ideas, and try to push their agendas forward. Not anymore. Now, it’s a niche MAGA convention that only seems crowded when Trump himself appears and increasingly has the feel of a reunion — if not a commemoration — for those who wanted to overturn a presidential election on January 6, 2021…

Unlike an average Trump rally, attendees had to nominally pay to get into CPAC. And, unlike CPACs of the past, there was no other draw. Less than a dozen congressional Republicans attended an event that had once been a showcase for ambitious conservatives. Further, despite the fact that the National Governors Association was holding winter meetings only miles away in Washington D.C., the only sitting governor to attend was Kristi Noem, who is a contender in the Trump veepstakes, and used the event to tout her bona fides as a MAGA diehard compared to other vice presidential hopefuls who had been disloyal enough to even consider running for president against him.

There were no Trump skeptics. There was no corporate presence, unless you counted a business that sold silver infused toothbrushes or www.magahammocks.com. The professional political operatives who once treated the event as a virtual trade convention were nowhere to be found. The conference has become more international, but by featuring Trump’s fellow travelers from abroad. This year’s speaker list felt like a Steve Bannon dream team of figures from the foreign populist right, including Argentinian President Javier Milei, Salvadorian President Nayib Bukele and, for some reason, former British prime minister Liz Truss…

Lou Dobbs receives large applause for the line “Joe Biden is an illegitimate president”

— shmulik (@souljagoytellem) February 24, 2024

Yes. But all the big names still show up to curry favor. Which suggest the party as a whole has gone off the rails. https://t.co/L4Z1hYvJHy

— Patrick Chovanec (@prchovanec) February 23, 2024

We watched CPAC so you don't have to. Here it is in 120 seconds. pic.twitter.com/Bc1VVdZCv9

— The Lincoln Project (@ProjectLincoln) February 25, 2024

Late Night Horrorshow Open Thread: CPAC Did Nazi A ProblemPost + Comments (129)

Late Night Open Thread: Sneeker Conman

by Anne Laurie|  February 21, 20242:15 am| 71 Comments

This post is in: Grifters Gonna Grift, Open Threads, Trump Crime Cartel

It turns out, the guy who made the winning $9,000 bid for the autographed Golden Trump Clown Shoes,… is a Russian CEO. pic.twitter.com/bSEDwf4TLZ

— Roshan Rinaldi (@Roshan_Rinaldi) February 19, 2024

Money laundering was the second thought that crossed my mind — after Ugh, tacky! — and pretty clearly I wasn’t alone.

Omg I f**king loooove this. Trump is booed as the crowd chants “let’s go Biden.” These young folks are too smart to fall for his shit.
pic.twitter.com/X8xL36QbeT

— Marlene Robertson (@marlene4719) February 18, 2024

Tell me that these aren't trump sneakers. 😏

Available on TEMU and you'll have them in 2 weeks. 👍🏽 pic.twitter.com/iV4YNENAfT

— There are some who call me…TIM (@TimNoEgo) February 20, 2024

The ever-earnest Guardian — “Sneakerheads on Trump’s ‘Never Surrender’ gold shoe: ‘Tacky and very, very dumb’”:

… The high-tops were produced under a licensing agreement with a company called 45Footwear. Each one comes with a “custom charm” blazed with an illustration of Trump clad in a tight red superhero jumpsuit, muscles bulging out from underneath.

During Trump’s Sneaker Con speech, the Republican presidential frontrunner said “the most important thing” was “to get young people out to vote”. In 2020, Pennsylvania’s youngest voters, aged 18-29, overwhelmingly voted for Joe Biden, with Trump winning only 35% of the demographic.

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According to the Pennsylvania Star-Capital, the Sneaker Con president, Alan Vinogradov, donated $743 to Trump’s re-election campaign last year, along with $827 to his affiliated Trump Save America Pac.

But that didn’t make Trump a popular – or welcome – Sneaker Con guest. Attendees loudly booed during his speech, and many spoke out against his appearance on social media. “Sneaker con should be ashamed for uploading this,” wrote one follower. “No sneaker there, just a con,” another chimed in…

Hikmet Sugoer, a German sneakerhead and founder of Solebox, a boutique with locations in six European cities, told the Guardian he was “shocked and disappointed” to see Trump at the event.

“At first I thought it was an April Fool’s joke,” Sugoer said. “Sneakers unite a diverse community around our shared passion, and sneakers should connect us, rather than divide. This move exploited us for selfish reasons.”

Berty Mandagie, a commercial photographer and sneaker enthusiast from Seattle, feels the same way. “Trump has nothing to do with sneakers and sneaker culture consists of people of color who would not feel safe around someone like Trump and his followers,” Mandagie said. “The fact that Sneaker Con turned out to be a Trump rally instead of a sneaker convention is wildly upsetting.”

And what to make of the shoe design? “I think they’re tacky,” Mandagie said. “They look spray-painted with a cheap gold color. The font of the ‘T’ is so basic. It looks like a knockoff shoe produced by Temu.”…

If he can sell these gawdy monstrosities for $1 million each, he would only have to sell another 300+ more? pic.twitter.com/NPf3x572eT

— HawaiiDelilah™ ?? ?????????? (@HawaiiDelilah) February 19, 2024

For sale: clown shoes; never read.

— L O L G O P (@LOLGOP) February 18, 2024

It's very generous of everyone in the media to do free advertising for Trump's latest "product" launch ??

— scary lawyerguy (@scarylawyerguy) February 18, 2024

The Trump shoes has Al Bundy trending on Twitter. ?? pic.twitter.com/pawdFb0yVr

— EK ?? (@EK_NeverTrump) February 19, 2024

Donald Trump would never! — that’s why Eric is still acknowledged as a member of the family.

He's one step from selling counterfeit CDs from a card table on 2d Avenue. https://t.co/JtBXL9Zin3

— Charles P. Pierce (@CharlesPPierce) February 17, 2024

But mostly… I needed to share this with y’all, and not over breakfast:
Late Night Open Thread:  Sneeker Con

(Mike Luckovich via GoComics.com)

Late Night Open Thread: Sneeker ConmanPost + Comments (71)

Bedtime Reading for the Young & Simple: An American Education: Notes from UATX

by Anne Laurie|  February 20, 20248:02 pm| 63 Comments

This post is in: C.R.E.A.M., Excellent Links, Glibertarianism, Grifters Gonna Grift

this is transcendent honestly https://t.co/UdhCDRAMDQ pic.twitter.com/ZYu3KE9iT6

— katie (@focusfronting) February 19, 2024

There are WOKE DRAGONS under the bed, but our WHITE KNIGHTS will vanquish them for you (and a moderate fee)…

Remember Bari Weis and her proudly, avowedly University of Austin? Noah Rawlings, at The New Inquiry, goes “Inside the “Forbidden Courses” at the billionaire-backed University of Austin, the campus of the “anti woke” commentariat”:

A revolution in education! A resuscitation of the university mission! To happen in, of all places, not the pompous old northeast or the debauched West Coast, not New York or California but the country’s southern reaches—in the Texas Hill Country, in the city of Austin, where already technologists and venture capitalists had swarmed, drawn by the absence of income tax and the looseness of labor regulations, pulled by the mild zoning laws and the natural beauty and the food trucks and the good vibes. Austin, because it was “a hub for builders, mavericks, and creators.” Here a new university: the University of Austin, or UATX.

Around this idea journalists, historians, technologists, and financiers had assembled. People like Bari Weiss, Joe Lonsdale, Joshua Katz, Peter Boghossian, and more. They saw a void in American higher ed. There was not, they asserted, enough free speech. Where, they wondered, was the pursuit of truth? Nowadays, those things were hard to find, but they would be abundant at UATX, an institution to be built from the bottom up, through sheer will and courage—and some backing from billionaires. The Yales, the Stanfords, the UChicagos had been overrun by hordes of “diversocrats” and woke elites. At UATX there would be none.

Many of the founders had participated in the same conservative think tanks: The Hoover Institution, The Manhattan Institute, The American Enterprise Institute. Many had contributed to The Free Press, the digital paper founded by Bari Weiss in 2021, the same year UATX was announced. Many were friends or fans of Jordan Peterson. One UATX founder was even double-dipping, delivering lectures at both UATX and Peterson’s forthcoming Peterson Academy. One had been fired from Princeton University after sleeping with a student and “discouraging her from seeking mental health care,” per an official university statement. One had been accused of assaulting his girlfriend. (The charges were dropped.) Another had had a talk at MIT canceled after comparing Affirmative Action to “the atrocities of the 20th century.” And so, beneath their optimism, there churned bitterness and indignation at their mistreatment by the Thought Police—sour feelings they sweetened with their commitment to “free and open inquiry.”

To build a university you need money and time to raise it. But the founders were eager. They were ambitious, impatient. They wanted students and classes now. So in the summers of 2022 and ’23, UATX established weeklong programs where students at other institutions could attend seminars and lectures by “world-class scholars and knowledge creators”—a sort of anti-woke summer camp. Title: Forbidden Courses…

THE University of Austin is not in Austin. Not yet. It’s 200 miles northeast, in Dallas, on an office complex owned by Mr. Harlan Crow. “Old Parkland,” the complex is called. Crow, a conservative billionaire who recently made the news for funneling thousands of dollars in undisclosed gifts to Justice Clarence Thomas and his family, gives money to UATX, too. He also rents out rooms in Old Parkland to the nascent university, at what UATX founder Peter Boghossian called “a generous rate.” I would later encounter the rich Texan at several UATX lectures, squinting and smiling in preppy athleisure.

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Crow is a savvy investor, from a family of savvy investors. (His father, Trammell Crow, was thought to be the largest private landlord in the US.) He invests not only in real estate but ideology. He’s donated to the conservative magazine The National Review, conservative thinktank The Witherspoon Institute, and at least two powerful libertarian organizations started with funds from Charles Koch—The Institute For Justice and The Cato Institute. If Crow is putting money behind UATX, it can be inferred that he believes the school will promote the same values as other recipients of his patronage—privatizing social services, lambasting attempts to increase sexual and racial diversity in education and the workplace—and will lead to the same effect—maintaining power in the hands of wealthy white men…

The students’ demographics were as revealing as their chosen majors. Roughly 80% were white. Over 70% were men. There was not a black man in the room. The way these percentages diverge from national higher education averages should tell you something about what kind of intellectual community UATX is building. In practice, UATX is recruiting a student body whose racial and gender makeup resembles a pre-civil rights university.

Pano Kanelos, president, stood up. It was time for the opening remarks. Our chatter lulled, and he began to speak in gentle, benevolent tones. He told us that we weren’t starting a university; we were a university. This is what a university looks like: people coming together for conversations, much like the ones we’d been having over our complimentary chicken dinners. “Dia-logue,” he said. “From the Greek, logos.” Two rational beings, engaged in rational discourse. He smiled. We smiled. And with little further ado, he introduced Peter, whom the other students had not yet had the good fortune of meeting. Peter, Pano told us, was “kicking butt in the righteous name of freedom.”

Peter springs to the center of the room. The air pressure changes. A buzz, a hum, a current about us. He brims with a frenzied energy. Something is happening. He is going to give us a taste of what’s to come, he says. This is the kind of intellectual activity we’re going to experience at UATX. We’re going to grapple with big issues. We’re going to be daring, fearless, undaunted. We’re going, he says, to do something called “Street Epistemology.”

What is Street Epistemology? He’ll demonstrate. It’s one of two things he does, the other being jiu-jitsu. “I don’t have a life,” he says. “I talk to strangers and I wrestle strangers.” But before we can do Street Epistemology, Peter needs to think of some questions…

… I speak of the school’s true target audience, of the young neoconservatives who seemed to think trans athletes and immigrants were the greatest threat to the Union, whose high school tuition had cost 4x a degree from a public university, who nodded at UATX speakers with graduate degrees from Berkeley or UChicago as they railed against “elites” and “elite culture” on the office complex of a billionaire. At lunch or between class sessions, you could hear them say interesting things. Consider the remarks of a single afternoon. One student, bravely reviving the pseudoscience of physiognomy, said that if your index finger was longer than your ring finger, that probably meant you were gay. Someone else claimed that 20% of Gen Z identified as LGTBQ. “There’s no way a society can evolve if 20% of its population is gay,” another student added, shaking his head. “Evolve,” in this case, seemed to mean “stay the same” or “turn back the historical clock.” Later, yet another statistic was cited: “7% of France is Muslim.” “Yeah,” a peer replied, “that’s a problem because they don’t want to integrate.”

The subtext of these remarks was simple. The social capital, political influence, and access to wealth that was formerly the uncontested and exclusive prerogative of straight white men was now under question. They felt it at school. They saw it in the media. They were here, at UATX, to live out a dying dream, to vent their frustration at its loss, and to help one another cling to it as long as possible. They recommended internships in finance and tech to each other. They recommended books. “Have you read The Strange Death of Europe?” one student asked, referring to Douglas Murray’s 2017 political text which propagates the ethnonationalist Great Replacement Theory. “That’s a great book,” he heard in reply.

THE guest speakers and founders of UATX were the ideal figures to strengthen these students’ ideas—or to indoctrinate the unconverted. Each evening after class we would congregate in the Debate Chamber of Old Parkland to heed them…

First up: Kevin D. Williamson, Writer in Residence at the Competitive Enterprise Institute, wearing a salt and pepper beard, a pink shirt, a blue tie. He riffed on the topic of journalism for 30 minutes. He enjoined us to read the bible and to “get yourself an 8th-grade grammar book” instead of a journalism degree. He suggested, usefully, that we “learn something about something.” He threw in a few zingers. For instance, The Washington Post published “boring, dry, sterile” articles. And Bernie Sanders was not “as crazy as he seems,” he was actually “a lot crazier than he seems.” Williamson shared some inspiring historical factoids, like, “the people who wrote our constitution, these people didn’t have law degrees,” forgetting the 32 framers who were lawyers. (Ralph, back in the hotel room that same night, would ruefully describe the whole thing as “a little too irreverent.”) Harlan Crow was in the audience with us that evening, wearing a pink quarter-zip sweater and a red face, chuckling at Williamson’s tedious jokes. At the end of the talk, when some students became aware of Crow’s presence, the excitement in the room was palpable. He embodied, after all, peak success…

On the third day, we heard from Richard Hanania, who is the author of the book The Origins of Woke—blurbed by billionaire Peter Thiel as showing that “we need … government violence to exorcise the diversity demon.” Hanania is also the author of blatantly white supremacist articles, as HuffPost reported not long after I attended UATX. Writing under the pseudonym “Richard Hoste” in the early 2010s, Hanania advocated ethnic cleansing and forced sterilizations based on IQ tests. When HuffPost disclosed this at the beginning of August, Hanania claimed that his views had since changed—as would any neo-Nazi who cares about his upcoming book’s sales. The thing is, recent writing under Hanania’s own name is no less fascistic. He is the author of tweets supporting eugenics and calling for “more policing, incarceration, and surveillance of black people.” …

DESPITE UATX’s claims of ideological uniformity in higher ed, the regressive social politics found at the school are not much different from those you might hear as students trickle out of a data structures or financial investments class at a major university. But UATX is a “genuinely safe space,” as Weiss put it, in the sense that it isolates students from the inconvenient opposition of other peers and professors. It is a monoculture of free-market faith which provides, in the end, a venue for young people seeking success in tech and finance to network and to fortify the rightwing ideas that brought them here in the first place. On November 8, UATX announced that it had received certification from the State of Texas and would welcome its first graduating class in the fall of 2024. This month it hosted a prospective student’s weekend. While the university still lacks national accreditation, which typically takes at least five years to obtain, it is now able to grant degrees. But will the university actually get off the ground? Can its rightwing summer camp actually evolve into a four-year degree? UATX is more viable than you may think. The university’s 2021 tax returns declared over $10 million in assets. This fall, Pano Kanelos stated that UATX had raised around $200 million, or 80% of the school’s $250 million fundraising goal. That number is significantly larger than the endowment of comparably small schools, like Antioch College ($49.5 million), American Baptist College, ($11.2 million), and Magdalen College of the Liberal Arts ($4.6 million)…

If anything is novel about UATX’s model, it is the creation of a rightwing monoculture in the form of a university, rather than a thinktank or policy institute. The university model carries certain advantages. Major investment firms and tech companies have long aimed recruiting efforts at select schools based on reputation and social connections. UATX could present rightwing business leaders with a new, particularly convenient recruitment scenario: they would know in advance the political commitments of the student body, making it that much easier to maintain a conservative culture within their companies. While blatantly reactionary universities do already exist, they tend to be religious or obscure or both. UATX replaces religion with a gospel of technocapitalism. It wards off obscurity by inviting noisy online extremists, like Hanania, and courting the favor of high-profile rich men, like Lonsdale, Andreessen, and Crow…

By all means, read the whole thing, for a panorama of unintentional humor among the ‘intellectuals’. I am, for some reason, convinced that Harlan Crow’s grandkids are not liable to enroll in the University of Theoretically-Austin; this seems like a holding pen for the next generation of Vivek Ramaswamys and Richard Hananias, aspiring (confused) wanna-bes hoping the grift will last long enough for them to score a ‘leadership potential’ position where they can aspire to attract a sugar daddy of their very own.

While our site is still down from all the traffic, use this: https://t.co/glaTgNP28R

— The New Inquiry (@newinquiry) February 20, 2024

Bedtime Reading for the Young & Simple: <em>An American Education: Notes from UATX</em>Post + Comments (63)

Dank Grey Pre-Dawn Open Thread: Go Away, Dean

by Anne Laurie|  February 20, 20243:01 am| 129 Comments

This post is in: 2024 Primaries, Grifters Gonna Grift, Open Threads

well this went great for dean https://t.co/jlURuoNSPu

— Josh Marshall (@joshtpm) February 18, 2024

Democratic presidential candidate Rep. Dean Phillips (Minn.) announced significant layoffs within his campaign Friday, but vowed to continue his long-shot bid against President Biden.

“I found it almost impossible to raise enough to do this campaign the way I want,” Phillips said. “And today, sadly, I had to announce layoffs to a lot of my staff members… amazing people who gave up a lot personally and a lot professionally to join this remarkable campaign,” Phillips said in a TikTok posted Friday to his X account, formerly Twitter. “And it was a really tough day for all of us.”

“But I made a promise to them and I’m gonna make it to you, I’m not giving up,” he added. “I’m gonna continue.”

In his X post, Phillips called on supporters to donate so he could stay in the race — claiming a majority of Americans believe Biden is “too old” and the GOP front-runner, former President Trump, is “to corrupt.”…

When I said running for president takes – at least 2 yrs of prep as a known entity

And at least 2x that as an unknown- some of y’all were no
Dean and @ezraklein says it Feb the general election is months away

Neither know a damn thing https://t.co/ZvQdxAb7JX

— Democrat, Environmentalist, & the establishment (@BlueSteelDC) February 17, 2024

show full post on front page

LOSER KNOWS LOSER!

like a mother bird, Dean predigests his earnest content into shitposts for the masses to consume more easily https://t.co/XxbTWv23dR

— The Mall Krampus (@cakotz) February 18, 2024

Although, while Phillips may be delusional (or simply too eager to believe the aides he’s paying to tell him he’s still got a chance!), at least he’s not nakedly dishonest, like a certain professional grifter who’s not even eligible to hold the office:

Love that Cenk is apparently running in the Democratic primary on a platform of, uhh, "blame the Jews for your problems". Interesting strategy I guess pic.twitter.com/EM4WuFlGLm

— The okayest poster there is (@ok_post_guy) February 16, 2024

Noted Democratic party power brokers Peggy Noonan and Bill Maher https://t.co/xb1T1o5nmP

— The okayest poster there is (@ok_post_guy) February 17, 2024

Dank Grey Pre-Dawn Open Thread: Go Away, DeanPost + Comments (129)

Cold Grey Pre-Dawn Open Thread: Small Potatoes, and Few in the Hill

by Anne Laurie|  February 18, 20243:15 am| 84 Comments

This post is in: 2024 Primaries, Grifters Gonna Grift, Proud to Be A Democrat, Republican Venality

Late Night  Open Thread:  Small Potatoes, and Few in the Hill

It’s a good thing RatF*cker Jr loves skiing, cuz he’s sliding downhill at great speed…

You are not your uncle.https://t.co/Qrn6waBuX3

— Charles P. Pierce (@CharlesPPierce) February 12, 2024

Can we please clear out the peanut gallery now? This is too important an election in too important a time in history for extraneous nonsense from its denizens. Dean Phillips is joining the Biden Is Past His Sell-By Date chorale. I don’t know what Cornel West is doing, but he’s doing it very quietly, and we’ve officially lost Marianne Williamson to the ineffable charms of the Field of Love, where she doesn’t have to pretend to enjoy going to Pizza Ranch in the middle of winter. That leaves us with Robert F. Kennedy, Jr., who managed to make the Super Bowl ever more of a freak show than it ordinarily is. I was dozing through a very uneventful first half when I was transported back to the winter of 1960. I felt a sudden urge to gobble some Bonomo’s Turkish Taffy and wash it down with a gallon of Moxie…

The extended Kennedy clan—and there is no other political clan that is quite so extended as the Kennedys—immediately went to DEFCON 1. The reaction was so instantly negative that the alleged candidate already has distanced himself from it, since it was merely the product of a PAC affiliated with his campaign…

Two hours apart lol pic.twitter.com/xSu3yvtPVB

— Tim (@tmbhmltn) February 12, 2024

show full post on front page

Late Night  Open Thread:  Small Potatoes, and Few in the Hill 1

Bought and paid for by Trump’s largest donor, Tim Mellon. That $15 million isn’t spending itself. pic.twitter.com/YXsZUO6hiI

— Lis Smith (@Lis_Smith) February 12, 2024

However, from what I’m seeing on social media — admittedly, not an expansive view — right now it’s the MAGAts complaining that RFK Jr stealing votes from their candidate, because he’s been pushing all their favorite conspiracy theories. (Bill Gates & the WHO want to poison you with nanobot vaccines in order to impose a New World Order! You will be forced to abandon your lovely suburban gated community to live in a Blackrock-owned apartment block, surrounded by illegals & worse!) So that cute lil Superbowl ad may have backfired nastily along multiple axes.

Perot got on the ballot in all 50 states. So far RFK Jr has gotten on the ballot in Utah. He’s having such a hard time getting on state ballots that he’s begun talking about trying to get the Libertarian Party nomination.

Cornel West may not get on any ballots. https://t.co/z0fakTzXEV

— Dana Houle (@DanaHoule) January 31, 2024


Also, there’s the problem that, as an ‘Independent’, RFK Jr has to qualify for ballot access without a free ride. His team has been sucking up to the Libertarians, but even they find his arguments dubious. And his superPAC’s methods for collecting signatures is already being litigated. (It ain’t easy, which is among the reasons we have only two major political parties.)

i thought this was the pitchbot for a moment. what a stupid ass timeline we live in. https://t.co/RjjBQH0op2

— Jean-Michel Connard (@torriangray) February 2, 2024

When RFK's campaign began, I called it a cynical cash grab. Now he's confirming it. https://t.co/g6CHPsvxOJ

— Bob Cesca (@bobcesca_go) February 13, 2024

Remember, social media peeps: Sharing is caring!

And guess who is funding it….(including that Super Bowl ad) Trump megadonors. I explained tonight on the show (all below) https://t.co/QcP9KBX2so

— Jen Psaki (@jrpsaki) February 13, 2024

Finally, a reminder that chemical & surgical enhancements are not necessarily improvements…

MSNBC just unearthed footage of RFK Jr. from 2000 admitting that a third party candidate only serves to help Republicans win.

And then they confronted him on his hypocrisy. pic.twitter.com/rub0uNGCP3

— No Lie with Brian Tyler Cohen (@NoLieWithBTC) February 7, 2024

Cold Grey Pre-Dawn Open Thread: Small Potatoes, and Few in the HillPost + Comments (84)

Late Night Open Thread: Elon’s Tesla Plate Is Wobbling

by Anne Laurie|  January 31, 20242:26 am| 46 Comments

This post is in: C.R.E.A.M., Grifters Gonna Grift, Tech News & Issues, Schadenfreude

I have been waiting on this for a while since I found out that majority of the board leaders are either family or people has other businesses with. I think Tesla about to take another hit https://t.co/Ldp8jBWiih

— Sweet Love 🪬 ✨ (@NotoriousNichie) January 30, 2024

Sooner or later, gravity comes for even the most skilled, uh, performer… Per CNN, “Judge strikes down Elon Musk’s massive, multi-billion-dollar pay package”:

A Delaware state court judge has thrown out the 2018 pay package that helped to make Tesla CEO Elon Musk one of the richest people in the world.

Delaware Chancery Court Chancellor Kathaleen McCormick, who oversaw the bench trial that concluded in November 2022, ruled Tuesday that Musk and the Tesla board “bore the burden of proving that the compensation plan was fair, and they failed to meet their burden.”

The 303 million split-adjusted stock options that Musk had received as part of the package are worth $51 billion today, when calculated using Tuesday’s closing price, less the modest exercise price of $23.34 a share.

The case was argued in Delaware, where Tesla and many other major US corporations are incorporated. While Musk did not have an immediate comment on the decision, he did tweet Tuesday, “Never incorporate your company in the state of Delaware.”

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Attorneys for the shareholders who brought the suit had argued that the package of stock options was excessive and that the directors on Tesla’s board were not truly independent and were too close to Musk to protect shareholders’ interests…

Attorneys for Musk and the Tesla board argued the pay package was approved by a shareholder vote. Excluding the votes owned by Musk and his brother, 73% of the shares voting in that election supported the pay package.

The Tesla attorneys also argued that Musk, who does not receive a cash salary or bonus, would be uncompensated if the package was thrown out.

But McCormick rejected the argument that Musk would be uncompensated if the package was thrown out, writing, “Musk’s preexisting equity stake provided him tens of billions of dollars for his efforts.” …

Tesla shares slide after judge voids Elon Musk's $56 billion compensation https://t.co/FJd3yAW6JK

— CNBC (@CNBC) January 30, 2024

Per the Associated Press:

… McCormick concluded that the only suitable remedy was for Musk’s compensation package to be rescinded. “In the final analysis, Musk launched a self-driving process, recalibrating the speed and direction along the way as he saw fit,” she wrote. “The process arrived at an unfair price. And through this litigation, the plaintiff requests a recall.”

Greg Varallo, a lead attorney for the shareholder plaintiff, praised McCormick’s decision to reverse the “absurdly outsized” Musk pay package.

“The fact that they lost this in Delaware court, it’s a jaw dropper,” said Wedbush Securities analyst Dan Ives. “It’s unprecedented, a ruling like this. I think going in investors thought it was just typical legal noise and nothing was going to come out about it. The fact that they went head to head with Tesla and Musk and the board and voided this, it’s a huge legal decision.”…

New: Tesla investor Ross Gerber, perhaps Elon Musk's most visible defender on TV, says he believes the Tesla story is "played out." Musk blocked him on X. Linda Yaccarino stayed in touch. Story on Musk's uphill climb to win 25% control of Tesla: https://t.co/AkPXnDCWD1

— Faiz Siddiqui (@faizsays) January 28, 2024


Backstory, from the Washington Post — “Elon Musk’s uphill battle to win greater control of Tesla” [gift link]:

Six years ago, Tesla outlined an ambitious compensation package for its chief executive that made Elon Musk one of the wealthiest men alive, and investors were all for it. Now, the world’s richest person’s desire for more control over the company is facing skepticism from those same quarters.

“Him asking for stock, the whole thing’s absurd,” Ross Gerber, a longtime investor and Musk ally, said in an interview, after issuing a stark conclusion: “I’m very grateful for the Tesla investment I made 10 years ago. We’ve reached a point as a firm, and me personally, where I feel the story is played out.”

While Gerber hasn’t pulled out of Tesla, he has tempered expectations about the company’s future — and become a vocal critic of Musk, one of the most vivid examples of mounting frustration with the entrepreneur regarded as brilliant but erratic. Since Musk this month requested a 25 percent stake in Tesla to avoid “a takeover by dubious interests,” investor patience has shown signs of wearing thin with the risks Musk has taken with his own fortune — and theirs. Gerber’s turning point was when he received outreach from hordes of Tesla investors seeking to pull out of the company after Musk fired off an antisemitic tweet in November.

A little more than a year ago, Musk sold billions in Tesla stock as he scrambled to finance his $44 billion purchase of Twitter, where he promptly gutted the social media company’s workforce, ditched the ubiquitous bird logo and rebranded it as X. Two months ago, advertisers began boycotting the platform after Musk put up the antisemitic post.

Amid that controversy, Musk launched a campaign to persuade Tesla shareholders to restore his stake in the company, saying his current 13-percent holding could leave him with “so little influence” as to be “essentially voted out” — making him reluctant to consolidate his artificial intelligence bets at Tesla. Musk’s vast empire includes a separate AI company called xAI.

His plea coincided with a devastating earnings report in which Tesla revealed that its revenue was stagnating in the face of steep price cuts that generated growth in sales volume. On top of that, the company forecast a potentially “notably lower growth rate” for 2024. The following day, Tesla’s stock plummeted by 12 percent, wiping out tens of billions of its value…

Meanwhile last week, Tesla investor Nell Minow, who serves as vice chair of ValueEdge Advisors, put out a note to clients — including large investors — questioning Musk’s request for a larger stake of the company that he hadn’t earned.

“I said it was somewhere between a 2-year-old tantrum and a gangster saying it would be too bad to have a brick thrown through your candy store window,” Minow said in an interview, likening Musk’s plea for more control to “extortion.”

“He is threatening to take away from the company something that already belongs to the shareholders,” she said. “He can’t do that any more than he can say, ‘I’m taking all the computers home with me.’”…

Gerber has regularly appeared on national television in support of Musk, but now he said the entrepreneur needed a dose of reality. Gerber lit into Musk publicly for putting Tesla at risk.

“It takes a lifetime to build a reputation, and a day to lose it,” Gerber wrote in one tweet, before lamenting that Musk “is not working on the mission at all!” and the “party seems to be ending” for Tesla investors.

Musk responded by blocking Gerber on the platform — an ironic move for “a guy who’s the champion of free speech,” Gerber said, calling it “essentially retaliation.”…

As I said months ago… the price wars are at Tesla to stay and @ElonMusk has no plan to win. He should have spent the last few years working on a $25k car instead of rage tweeting and building his adolescent dream tank. https://t.co/Z8bmedfB66

— Linette Lopez (@lopezlinette) January 25, 2024

“Tesla has lost more than $94 billion in market valuation in just the first two weeks of 2024.” https://t.co/Co66LOWGqf

— David Wallace-Wells (@dwallacewells) January 14, 2024

Early mover advantage gone forever. Bigoted narcissist at the helm. Brand reputation plummeting. Tesla will never regain this value. https://t.co/WgLuNzrQNV

— Tom Watson (@tomwatson) January 14, 2024

As opposed to their readers telling them??? What???? https://t.co/YBauyOamFr

— Ed Zitron (@edzitron) January 29, 2024

Late Night Open Thread: Elon's Tesla Plate Starts Wobbling

Late Night Open Thread: Elon’s Tesla Plate Is WobblingPost + Comments (46)

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