A couple of days ago, The lead prosecutor in New York City tossed out the Eric Adams corruption case. Adams was charged with Fraud, bribery, and soliciting illegal campaign funds. According to CNN, Judge Dale Ho stated that he dropped the case because the Justice Department told him to do so, even though he had misgivings about dropping the case. Yesterday, when the case was dropped, Adams announced that he would run for reelection as an independent and bypass the democratic primary. According to a report in the New York Times, Adams felt that running as an independent would give him more time to prepare for the general election. It is unclear what will happen next, but he is a long shot for re-election despite his legal issues being resolved.
Author: petercrispin
Platini and Blatter Cleared in Corruption Case.
Today, Michel Platini and Sepp Blatter, two heavyweights of the global football administration, were cleared of corruption charges. According to a report in The Guardian, the Swiss attorney general’s office had asked for 20 months in prison with two years of the sentence suspended. This case centered around a payment of $2.2 million to Blatter from Platini in the name of non-contracted work done when Platini was advising Blatter’s campaign to be re-elected as FIFA president from 1998 to 2002. According to a report in the BBC, this case was tied in with the wider FIFA scandal and other high-ranking FIFA officials participating in corruption and bribery on an industrial scale. While this is no surprise to me, it is a sad indictment of the state of football that this type of corruption is accepted so readily and that supporters face ever-increasing prices. At the same time, the administrators who run the game continue to rich off the people who love the beautiful game so much.
Hollywood Director Rinsch Charged With Money Laundering and Other Crimes.
Earlier this week, Carl Rinsch, a Hollywood director who directed Keanu Reeves in the 2013 film 47 Ronin, was charged with Money Laundering as well as other financial crimes. According to a report in The Washington Post, Rinsch claimed that despite being paid $44 Million to make a science fiction series called White Horse, he asked Netflix for another $11 million. Rinsch allegedly took 10 of the 11 million, put it into a brokerage account, made some ill-advised bets, and lost most of it. However, with the few million remaining, Rinsch invested in cryptocurrency (specifically Elon Musk’s favorite cryptocurrency, dogecoin). According to a report in the LA Times, Rinsch spent $632K on two high-end mattresses. This whole caper would make a great Netflix drama.
Javier Milei’s Cryptocurrency Misadventures.
Last week, Javier Milei, the chainsaw-wielding president of Argentina, became embroiled in a cryptocurrency scandal. According to a report in the Guardian, Milei tweeted about a cryptocurrency called $Libra, saying it would boost the notoriously sluggish Argentine economy. According to a report in the AP, the backers of $Libra are a fascinating collection of characters. Hayden Davis, a well-known meme coin developer who founded the Melania Trump meme coin, is the main backer of Libra. As well as Davis, Dave Portnoy, the founder of Barstool, was deeply involved in the promise of an interview with Milei; finally, an unknown crypto backer known as “Meow” also played a prominent role. When Milei touted $Libra, the price went from $0 to $5 and then only a few hours later plummeted back down $0. This appears to be a classic “rug pull” whereby a cryptocurrency is artificially inflated, and the value craters when crypto influencers sell their shares, making the tokens worthless. It is unclear what will happen to Milei, but there are rumors of possible impeachment proceedings in the future.
The Perils of Trump Coin.
On the eve of the presidential inauguration, news filtered out that President Trump was releasing a “meme coin” called $Trump. Memecoins are cryptocurrency assets with no practical financial value but reference popular internet trends. In a report published by Reuters today, companies affiliated with Trump received $100 million in trading fees, and 50 of the most prominent investors in the Trump coin have made a $10 million profit. While this benefits Trump and his associates, it opens a massive ethical can of worms. There is a very real scenario: a foreign power such as Saudi Arabia could fill up its digital wallet with Trump coins instead of staying at one of Trump’s properties to curry favor with the new administration, as had happened during the first term. It will be fascinating to see how this story develops, but it highlights how murky the crypto world can be.
Anti-Corruption Siddiq Resigns Due to Anti-Corruption Probe.
Last week, the Anti-Corruption minister in Prime Minister Sir Keir Starmer’s government, Tulip Siddiq, resigned. Starmer and Siddiq have been politically close for a while as they are Members of Parliament (MPs) in neighboring constituencies in North London. In a report by the BBC, Siddiq is the niece of Sheikh Hasina, who was ousted as the Prime Minister of Bangladesh in a series of protests led by students last year. Hasina was also alleged to have embezzled £3.9 billion in infrastructure spending from her government. Siddiq’s name came up in a wide-ranging corruption probe linked to several shell companies regarding her use of several properties in north London. As last week wore on, it became clear that her position was untenable; hence, she resigned.
Close Ally of Orban Sanctioned By The US.
Last Week, the U.S. government sanctioned Hungarian president Viktor Orban’s cabinet minister, Antal Rogan. According to a report in Politico, Rogan has allegedly used his office to enrich himself and other Orban allies. In particular, Rogan set up a procurement system that funneled lucrative government contracts to Rogan’s allies and Orban’s Fidesz Party in a broader sense. According to a report in the BBC, Rogan runs the Hungarian Intelligence Service, and NATO allies are loath to provide the Orban government with sensitive information for fear that it may end up in the hands of President Putin, with whom Orban has a close relationship. The sanctioning of Rogan will likely prove meaningless as the incoming Trump administration will rescind the order due to his close ties with Orban.
EU Takes Back €1 Billion From Hungary.
Last week, the EU stripped € 1.04 billion in aid from Hungary. The EU and Hungary have been at loggerheads over development money for several years. According to a report in Radio Free Europe, The EU believed that the Hungarian government had violated EU public procurement rules. This type of aid is critical for Hungary as the traditional economy as manufacturing has declined; the Orban government has relied on these payments to prop up the economy as well as to use for infrastructure such as football grounds or repaving roads (I can attest to the fact that they are very smooth). It will be fascinating to see how this plays out; Hungary needs the money, but unless Orban changes his leadership style (which is unlikely), I don’t see the EU changing its mind.
South Korean Authorities Seek Warrant for Ex-President.
Earlier this week, South Korean authorities issued a warrant for former president Yoon Suk Yeol after he instituted martial law in early December. According to a report from ABC, prosecutors intend to question Yoon on allegations of abuse of power and inciting a possible insurrection. Another report from The Guardian states that shortly after the warrants were issued against Yoon, a task force set up to investigate the order of martial law raided the office of the South Korean army’s counterintelligence unit in an attempt to figure out what role they played. If found guilty of the insurrection charges, Yoon faces life imprisonment or even the death penalty. The warrant is valid until January 6th, and Yoon could be held at Seoul’s central prison until then.
Indian Businessman Adani Facing Fraud Charges.
Today, it was announced that Gautam Adani is facing multiple federal fraud charges. According to a report in The Washington Post, Adani is the second richest man in India and a close ally to Prime Minister Modi. Adani has many interests, from real estate to coal mines and solar farms. According to a report in the Washington Post, the charges that Adani faces surround an alleged $265 million bribe paid to the Indian government and then supposedly lying to investors about the bribe. This is not the first time Adani has faced allegations of wrongdoing around potential stock manipulation. If Adani is found guilty, it could have significant political ramifications in India.
Crispin Corruption Report 