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Steve Bannon, the brains behind Donald Trumps upset election victory, saw the danger posed by the cash cravings of the First Family. In Fire and Fury, Michael Wolff chronicled Bannon drawing a direct line between purported dark doings at Deutsche Bank and Jared Kushners brushes with the Mueller investigation: This is all about money laundering It goes through Deutsche Bank and all the Kushner shit.

But thats only half the story. Late last year, a federal appeals court sustained subpoenas issued by congressional committees to the German bank for Trumps financial records. Come June, the supreme court will probably rule on the enforceability of those demands together with other cases concerning Trumps tax returns just in time for political convention season. In other words, Deutsche remains relevant to the 2020 elections.

In Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction, David Enrich delivers a master class in financial sleuthing. The New York Times financial editor follows the money, plows through paper and talks to dozens of people in the banks ecosystem. There are names, places and computer files. This is a first-rate read.

Dark Towers traces the banks arc from founding through the second world war to the present, excavates and analyzes Trumps relationship with his lender of last resort, and lays out the ties that bind Justin Kennedy, son of retired supreme court justice Anthony Kennedy, to the Trump family. In case anyone forgot, Brett Kavanaugh clerked for Kennedy pre, who interceded with Trump on Kavanaughs behalf.

Deutsche and its subsidiaries have faced an array of criminal and civil charges in the US and UK

Like a discordant melody that haunts disturbing lyrics, Dark Towers is woven with the life and the 2014 suicide of Bill Broeksmit, a former Deutsche executive. Broeksmit witnessed the banks growth, decline and brushes with the law. His death imparts to Enrichs book an air of mystery, crystalizing Deutsches descent and woes. The bank weighed on Broeksmit to the end.

He left an electronic paper trail. Val Broeksmit, his troubled son, found detailed information about what was going on deep inside the bank.

According to Enrich, there were minutes of board meetings. Financial plans. Indecipherable spreadsheets. Password-protected presentations. And evidence of his fathers misery.

In one email, the elder Broeksmit wrote: Hard to know how banks keep track of the hundreds of billions of dollars flowing through their pipes every day.

Sadly, Broeksmits death is not the only notable Deutsche suicide. Also in 2014, Charlie Gambino, an in-house bank lawyer, hanged himself at his home in Bay Ridge, Brooklyn. At the time, Gambino was attempting to navigate Deutsche through its Libor rate-fixing nightmare.

This past November, Tom Bowers, a banker who worked on Trumps account, killed himself. Bowers was an Enrich source with firsthand knowledge of the banks $640m loan on Trump International Hotel & Tower, Chicago.

Deutsche and its subsidiaries have faced an array of criminal and civil charges in the US and UK. Money laundering, Russia and rate-fixing played outsized roles. After the Guardian reported on Dark Towers, Deutsche issued a semi-oblique confession: While elements of the narrative seem to be exaggerated to fit into a storyline, we have long acknowledged and sought to learn from our historical shortcomings.

After learning that the special counsel had subpoenaed Deutsches records, Trump reportedly wanted Robert Mueller fired

Going back in time, Deutsche was formed in 1870. It financed German industry. Think regional, not global. Along the way, it found the time to bankroll the Nazis and provide construction finance for Auschwitz.

With the fall of the Soviet Union it looked east as would the 45th president for new markets and opportunities. Among other things, the nexus between Deutsche, Trump and VTB, a Kremlin-favored bank, left House Democrats and Enrich puzzled. The author posits: Perhaps this was more than a coincidence.

According to the Mueller report, in the midst of Trumps bid for the Republican nomination Felix Sater, a Trump crony and former convict, repeatedly attempted to arrange for Michael Cohen, Trumps now-imprisoned personal lawyer, and candidate Trump, as representatives of the Trump Organization, to travel to Russia to meet with Russian government officials and possible financing partners.

In a 19 December 2015 email, Sater wrote: Invitations & Visas will be issued this week by VTB Bank to discuss financing for Trump Tower Moscow. Politically neither Putins office nor Ministry of Foreign Affairs [can] issue invite, so they are inviting commercially/business.

Dark Towers provides no conclusive evidence that Trumps funding originated in Russia. Executives denied such ties, Trump Moscow was not built and the redacted Mueller report lacks any mention of Deutsche even as it contains multiple references to VTB. Then again, in December 2017, after learning that the special counsel had subpoenaed Deutsches records, Trump reportedly wanted Mueller fired.

It would be generous to say that when it comes to Trump, where the truth lies is a mystery. Throughout the impeachment proceedings, Trump denied he had dispatched Rudy Giuliani to Ukraine to dig for dirt on the Biden family. After acquittal by the Senate, the president admitted it to Geraldo Rivera.

As for Trumps bet on Kennedy and Kavanaugh, it appears to have paid off. In last summers much-awaited census case, Kavanaugh voted that the commerce department decision to add a citizenship question was subject to only minimal judicial review. The fact that the government had been less than forthcoming failed to sway either of Trumps appointees to the highest court.

With the Deutsche Bank subpoena headed for resolution in a matter of months, we may see history repeat itself. Regardless, Dark Towers is an excellent primer for what may well await.

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Dark Towers review: Deutsche Bank, Donald Trump and a must-read mystery - The Guardian

In a manufacturing plant in Dongying, Shandong province, workers are pumping out thousands of brake rotors every day. After spending two weeks touring this factory and a dozen others like it, its clear that Chinese employees on the factory floornot to mention Chinese corporate accountantsexpect to find customers for their products. They know consumers need what theyre producing, whether theyre in China, Europe, Southeast Asia, or, yes, America, whether America imposes tariffs or not.

This brings us to a hard fact: America is not going to win an unqualified, unambiguous total victory in the trade war with China. Chinese consumers and businesses are not hurting any worse than American ones, so we shouldnt hold out for Chinese capitulation to American demands. Rather, we should make limited demands and look for a quick resolution.

There are a number of reasons why tariffs are not having their intended effect on Chinese companies and consumersand why there has not been a corresponding benefit for American companies.

First and foremost, tariffs only serve to onshore manufacturing if there is a domestic manufacturing base ready to meet the sudden new demand for tariff-free goods. To be blunt, America does not have that capacity, and few places other than China do. Take the automotive aftermarket, my industry. In China, the parts and repair aftermarket is projected to reach $188 billion this year alone, and is expected to overtake the U.S. in 2030 in terms of overall market demand. China has built the capacity to serve both the domestic and global market in a way U.S. producers simply havent. For certain parts, like power steering components, there are no quality producers outside of China. When there are no non-Chinese suppliers, a tariff becomes little more than a glorified sales tax on American consumers. Chinese companies feel no effect.

Second, tariffs arent all that hard to circumvent. Many Chinese manufacturing companies are moving to other countries (besides the U.S.) to create their products in tariff-free or reduced tariff countries. Buying component parts or raw material in China and manufacturing them in Mexico is a less efficient way of doing business, surebut its not any harder on Chinese suppliers. Whether companies should be doing this is a separate question. But whether global companies are circumventing tariffs is no question at all. American consumers arent the winners hereinternational trade attorneys are.

Third, Chinese consumers are, unfortunately, used to paying duties on goods. For decades, theyve had to pay higher prices to support domestic manufacturers and state-run companies. This is, of course, a violation of WTO rules. Yet that doesnt change the fact that Chinese consumers are more able to weather the increased prices necessitated by a trade warsimply put, years of practice have helped them develop a higher threshold for pain.

Finally, the U.S. is not the only market for Chinese goods, nor its only supplier. As trade tensions ratcheted up with the U.S., China unilaterally lowered tariffs with other nations, fostering alternative markets for their goods and alternative suppliers for their consumers. Chinese companies are also focusing more on their domestic markets. The U.S. is not Chinas only market for trade and commerce.

This isnt to say the trade war will end in an unambiguous loss, either. Chinas economic growth is slowing, so the trade war has built some limited leverage. Ultimately, the Chinese government wants the trade war to end.

America should not think, however, that its leverage is by any means enormous, nor should it think it is likely to develop more anytime soon. The trade war has harmed American companies, brands, and consumers, and the Chinese government knows it.

American trade negotiators need to look for an off-ramp, and they need to accept well less than total victory. They should not expect anything that approximates a balancing of the U.S. trade deficit, nor an end of subsidies to Chinese companies. They should settle for stricter intellectual property enforcement along with a few minor concessions and call it a day.

They should let us all get back to work. And they should let those brake rotors rolling off the line in Dongying, Shandong province take their rightful place in an American consumers vehicle, helping that American get to work and go about his business without having to pay an import tax on an item that is not available anywhere but China.

Morris is Chief Merchandising Officer at US Auto Parts Network, Inc., the parent company of CarParts.com.

Read more:
Donald Trump Will Never Achieve 'Total Victory' in a Trade War with China - The National Interest Online

Of all the topics to occupy the mind of the most powerful person in the United States, one would not expect badgers to make a frequent appearance.

But the rotund, hairy omnivores were apparently an alarmingly regular topic of conversation in the White House during the early months of Donald Trumps presidency, according to Daily Beast reporters Lachlan Markay and Asawin Suebsaeng.

The authors detail Trumps preoccupation in their new book, Sinking in the Swamp: How Trumps Minions and Misfits Poisoned Washington.

Along with detailing the murky underworld of President Trumps Washington, dishing the hilarious and frightening dirt on the charlatans, conspiracy theorists, ideologues, and run-of-the-mill con artists who have infected the highest echelons of American political power, they also discuss Trumps fascination with badgers.

Over two pages, Markay and Suebsaeng explain that Trump would interrogate his former chief of staff Reince Priebus about the black, white and grey creatures.

The questions would arise at such opportune moments as when Priebus was attempting to brief the president on matters of healthcare initiatives, foreign policy, or Republican legislative agenda, they wrote.

Are they mean to people? Trump reportedly asked Priebus, perhaps thinking of badgers very long claws, which they use to dig the burrows that make their home. Or are they friendly creatures?

Trump would also demand to see photos of badgers, ask Priebus to give details on how badgers work, and wanted to know if they had a personality or were boring.

Priebus was also called upon to explain how the critters function and behave, what kind of food they like, and how aggressive or deadly they could be when presented with perceived existential threats.

Markay and Suebsaeng said Trump would frequently derail important policy discussions with questions about the animals.

An obviously enthralled president would stare at Priebus as the aide struggled for sufficiently placating answers, all the while trying to gently veer the conversation back to whether we were going to do a troop surge in Afghanistan or strip millions of Americans of healthcare coverage, they wrote.

Trump did not specify which of the 11 species of badger he especially wanted to understand, but given he appeared to be obsessed with the animal due to its association with Priebuss home state of Wisconsin, it was most likely the American badger scientific name Taxidea taxus that commanded his attention.

Wisconsin is known as the badger state less for the animal which is found in many US states than for its mining history. In the early 1800s, iron ore miners in the state would live inside the caves they were digging, and became known as badger boys or badgers.

The European badger, which is found in the UK, lives in a system of underground tunnels and chambers called a sett. Some setts have a section that is used as a bathroom.

Read more:
'Are they mean?' Donald Trump obsessed with badgers, new book claims - The Guardian

Telling reporters on the tarmac at Joint Base Andrews that he had commuted the sentence of former Illinois Gov. Rod Blagojevich and pardoned former San Francisco 49ers owner Edward DeBartolo, financier Michael Milken, and former New York City police commissioner Bernard Kerik, President Donald Trump said that in his own opinion he was the country's top cop.

"I'm actually, I guess, the chief law enforcement officer of the country," Trump said.

Watch:

TRUMP: "I'm actually, I guess, the chief law enforcement officer of the country." (The attorney general is the top law enforcement officer of the country.) pic.twitter.com/5ajK5CkTxB

Aaron Rupar (@atrupar) February 18, 2020

"NARRATOR: He is not the chief law enforcement officer in the country," tweeted filmmaker Billy Corben.

As Attorney General, a position created by the Judiciary Act of 1789, William Barr is the nation's chief law enforcement officer.

But, as New York Times reporter Charlie Savage pointed out on Twitter, Barr himself endorses Trump's view.

"William Barr likes to say that the president is the chief law enforcement officer of the country," said Savage. "It's part of his unitary executive theory mindset."

Trump's decision to commute and pardon Tuesday's quartet was seen by observers as another example of the president's corruption.

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In a statement, Common Cause Illinois said that by commuting Blagojevich's sentence, Trump was sending a clear message to other corrupt politicians.

"This decision is wrong and deprives the people of Illinois the justice they deserve," the group said. "After consistently ignoring our nation's ethics norms and laws for the last three years, President Trump has now chosen to side with the long line of Illinois politicians that have been imprisoned or had their careers ended due to corruption."

Rep. Bill Pascrell (D-N.J.) issued a scathing statement on the pardons, drawing attention to Milken's crimes in particular.

"Trump has used pardons almost exclusively to shield unrepentant felons, racists, and corrupt scoundrels like Blagojevich and now Milken, one of the most prolific financial criminals in U.S. history," said Pascrell. "The presidential pardon is sacred under the Constitution and perhaps represents Trump's most dangerous abuse of power precisely because the pardon power is unfettered and cannot be reviewed by Congress or the courts."

In a statement, Media Matters for America spokesperson Laura Keiter said that Trump's tying of the pardons and commutations to Fox News was just another example of the corrupting influence of the network.

"President Trump's pardon of Bernard Kerik and commutation of Rod Blagojevich's sentence are further proof that Fox News continues to help drive the agenda of Trump's White House," said Keiter. "This is the 11th time that Trump's use of executive clemency and pardons has been linked to his Fox News obsession."

Blagojevich's appearance on Trump's long-lived NBC reality show "The Apprentice" and the president's history of attacking the Central Park Five present a telling contrast, saidCitizens for Responsibility and Ethics in Washington researcher Robert Maguire.

"As Trump commutes the sentence of a former contestant on his reality TV show who went to jail for crimes he was literally caught committing, it's worth noting that Trump called for the Central Park Five to get the death penalty, and he still thinks they're guilty," said Maguire.

More here:
After Granting Blagojevich and Others Clemency, Trump Calls Himself the 'Chief Law Enforcement Officer of the Country' - Common Dreams

House Minority Leader Kevin McCarthy was on Fox News last night, explaining to Laura Ingraham that Donald Trump is an everyday man of the people, because unlike Democrats, who are all out-of-touch elitists, Donald Trump actually just barely puts up with the rich people with whom he surrounds himself and for whom he operates tacky, overpriced trash palaces. We haven't actually seen the whole segment, but do we really need to?

McCarthy was part of an Ingraham Very Special Episode on liberal elites last night, the same show where Candace Owens explained LBJ hated black people so much he signed civil rights laws to trap them in Democratic bondage. McCarthy's segment followed a rant called "A Party of Snobs," in which Ingraham explained that all liberals are exactly like Michael Bloomberg, who said a dumb and deceptively edited thing about how for 3,000 years, farming has been super easy because all you do is dig a hole, drop in a seed, add water, and you're a farmer, but those people can never learn tech jobs. (Apparently no liberals mocked Bloomberg at all, so you didn't see it.) So that would explain that "THE ELITIST LEFT" chyron.

McCarthy explained that, by contrast, the guy with the gold-covered penthouse apartment is just an ordinary Joe like the people who elected him:

We haven't actually ever seen a photo of Donald Trump "hanging out" with the people who built his buildings, possibly because so many of them would be asking him to finally pay them for the work they did. (The complaints continued even after Trump took office.) But McCarthy said it on Fox, so you'd best believe it will now be seen as true by Trump voters. Maybe Trump will incorporate it into his attacks on the elitists who scorn him, even though he's actually richer and better educated and more elite than them! He went to Wharton!

As for Trump hanging out with the people who buy rooms from him, let's just recall that he likes some of the people who pay dues at Mar-a-Lago so much that he lets them direct policy in his administration, like those three guys who tell the Department of Veterans Affairs what to do. We've seen plenty of photos of Trump hanging out with his many important guests, like the ones who got to listen in on Trump's dinnertime War Room while he planned a missile strike on Syria, or the grifty massage parlor lady getting rich Chinese folks to buy access to Trump and selling them millionaire visas.

We're also pretty sure the Chucklefucks aren't actual construction workers, either. Nor were the Saudis who rented enough rooms to rescue Trump's profits for 2018.

And then there are the people who are buying the buildings. That would be the Russian money launderers, of course. But sure, maybe Trump doesn't find them very authentic, and only puts up with their phoniness and airs because he has to.

In his heart, he just wants to get away from it all and drive a big truck, after all.

[Acyn Torabi on Twitter / NBC News / WaPo / Fox News]

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Excerpt from:
Kevin McCarthy: Donald Trump Always Hangs Out With Everyday Working Folk He Refuses To Pay - Wonkette