Democrats’ Hubris Paves the Way for a Second Trump
Term
Biden promised an end to chaos and lunacy. He barely
won, then utterly failed to deliver.
By Gerard Baker
Netanyahu’s Bold, Realistic Plan for ‘the Day After Hamas’
Gazans appear ready to rebuke the terrorists and work
with Israel to create a new governing body.
Ballistic Missiles Allow Iran to Act More Boldly
It has fired them into Iraq, Syria and Pakistan, and Israel is
within their roughly 900-mile range.
By Behnam BenTaleblu
Opinion | What We Learned From the Biden Family Depositions
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House Republicans have released transcripts of their depositions with Hunter and James Biden, and we’ve read them so you don’t have to trust what other papers don’t want to report. Far from Democratic claims that they show nothing wrong, the testimony confirms the story of political influence peddling and family profiteering. Even if he didn’t get a dime himself, Joe Biden willingly assisted his son Hunter and brother James in schemes to cash in on the Biden family name.
Under hours of questioning, Hunter and James acknowledged unsavory facts revealed by prior witnesses. Hunter finally admitted that former partner James Gilliar was indeed referring to Joe when he envisioned an equity partnership that included “10 held by H for the big guy” as part of a 2017 deal with Chinese energy company CEFC. This is notable after years of Democratic claims that the laptop on which this email was found was “Russian disinformation.”
Hunter also confirmed former business partner Tony Bobulinski’s testimony of a meeting that same year in Los Angeles with Hunter, James, Tony and Joe—in the midst of the CEFC deal-making talks. He didn’t “contest” former partner Rob Walker’s testimony that Hunter introduced Joe to the CEFC chairman at the Four Seasons hotel in New York.
He conceded former partner Devon Archer’s testimony that Joe showed up at business dinners that Hunter hosted in Washington’s Café Milano with Kazakhstan and Russian oligarchs, and that he put his father on speakerphone during other meetings.
Several witnesses have explained Hunter’s role as selling the Biden family “brand”—that is, his father’s influence in Washington. Mr. Archer, who sat on the board of Ukrainian energy company Burisma with Hunter, told the committee: “Burisma would have gone out of business if it didn’t have the brand attached to it.”
Mr. Bobulinski said Hunter’s speakerphone calls were engineered so Joe could impress would-be clients, “enabling the transaction.” A recent Politico piece about James Biden’s ill-fated venture with a hospital operator cited executives who said James invoked Joe while “wooing potential business partners.”
Yet even as the duo confirmed all this, they want the public to believe that testimony by the same witnesses about influence peddling is dishonest. Hunter said his father’s calls were merely coincidental bonding moments—doesn’t everyone put dad on speakerphone during business meetings? He said the “big guy” email was Mr. Gilliar engaging in “pie in the sky” dreams of working with a “former Vice President,” and that Hunter “shut it down.” He explained that Joe sojourning to Café Milano to say hi and order spaghetti was different than Joe coming “for” dinner.
Hunter didn’t claim his Fifth Amendment right not to answer questions, but he did reveal a conveniently spotty memory. Hunter couldn’t recall reading the famous “big guy” email, or writing threatening texts, and he disclaimed knowledge of the origins of the $142,000 used to buy him a luxury car. (Mr. Archer said it came from a Kazakhstan oligarch.)
James claimed not to recall his specific interactions with Mr. Bobulinski during the CEFC deal, even as he insisted Mr. Bobulinski never met Joe—a claim contradicted by Hunter. Hunter blamed his faulty memory and bad behavior on being “out of his mind” at times on alcohol and drugs, yet he suggests his substance abuse never caused him to cross ethical lines when it came to his father.
Joe’s involvement with CEFC and the “big guy” email occurred shortly after he left the Vice Presidency. This suggests Joe thought his political career might be over and was out to make money in the Beltway habit. That was his right, but then why didn’t he say that in 2020? The facts from the House investigation show he lied to the public about the extent of his knowledge and involvement with the Hunter-James businesses.
The interviews verified that Hunter and James made a bundle from their overseas work, though both struggled to describe what they provided in return. Both men failed to provide compelling explanations for their Escher-like financial accounts, which often involved odd payments, wires and entities. The committee has found more than $20 million from foreign sources that went to Hunter, James and business associates.
Letitia James Sacrifices the Rule of Law to Get Trump
By Alleysia Finley
New York isn’t Venezuela, but its political system is going the way of Caracas. Whatever Donald Trump’s financial transgressions, they pale in comparison with Attorney General Letitia James’s desecration of the law in service of destroying a political opponent.
Last week, a New York appellate court rejected Mr. Trump’s petition to stay a legally dubious $454 million civil fraud judgment while he appealed the verdict. Ms. James is threatening to seize Mr. Trump’s properties if he doesn’t pay up by March 25. His appeal suggests he lacks the liquid assets to do so and might be forced to sell or mortgage properties.
It would be one thing if Ms. James were seeking restitution for victims. She isn’t because there are none. Instead she’s seeking financial penalties against Mr. Trump, which Democrats in Albany will spend on rewarding government unions and other political allies. This is the stuff of banana republics.
Ms. James ran for office in 2018 on the promise of taking down Mr. Trump. That she turned up evidence of inflated assets on financial statements he provided banks to obtain loans should have come as no surprise given his penchant for puffery. But her investigation into his vast business dealings failed to produce evidence of fraud.
No bank claimed to have lost money by lending to Mr. Trump, or to have been deceived by his financial legerdemain. Nor did any witnesses at trial say his alleged misrepresentations changed its loan terms or prices. Ms. James’s 2022 lawsuit lacked any evidence that Mr. Trump profited from any alleged wrongdoing.
A former Deutsche Bank risk manager testified at trial last year that the bank’s loan decisions were based on its own analysis, not Mr. Trump’s word. Banks know regulators can punish them for failing to do due diligence when underwriting loans.
Before the 2007-08 housing meltdown, banks qualified borrowers for larger loans than they could afford, often based on inaccurate financial records. Regulators later dunned them for slipshod underwriting. Yet Ms. James bizarrely argued that banks have somehow been victimized by Mr. Trump’s alleged misrepresentations even though they made money from the loans.
Because she couldn’t demonstrate that banks relied on Mr. Trump’s misrepresentations—a critical element of common-law fraud—she rested her case on a sweeping state civil fraud law known as Executive Law Section 63(12). The statute substantially mirrors federal criminal fraud statutes.
Yet in the interest of limiting freewheeling prosecutions, federal courts require proof of property loss or damage to prove fraud. The U.S. Supreme Court ruled last year in Ciminelli v. U.S.—a case involving New York public corruption—that misrepresentations aren’t enough. New York courts, on the other hand, have given a broad sweep to the state’s fraud law.
The state trial judge, Arthur Engoron, ruled on Feb. 16 that Mr. Trump’s false financial statements, no matter whether they harmed anyone, deserve to be punished. He required Mr. Trump to “disgorge” $355 million in “ill-gotten gains.” How did he come up with this figure? Financial legerdemain.
Ms. James hired a financial expert, who assessed the “interest rate savings” that Mr. Trump supposedly netted as the difference between what he paid and what he would have paid on his loans had his statements been accurate. The judge then tacked on the profit Mr. Trump putatively made on properties for which he submitted false financial statements.
On top of that, Judge Engoron added roughly $99 million in “pre-judgment interest” dating back to March 4, 2019—the day the attorney general launched her investigation—to punish Mr. Trump’s “corrupt intent or desire for personal profit.” Who cares that the lawsuit was motivated by Ms. James’s desire for political gain and government profit?
Ms. James last week jeered that Mr. Trump owes an additional $114,553.04 in interest to the state each day he doesn’t cough up the moolah. It could be argued that the grossly inflated penalties against Mr. Trump constitute ill-gotten gains for the state. Mr. Trump enjoys playing the victim, and Ms. James is more than enabling him.
If the judgment isn’t stayed or sharply reduced, Mr. Trump will have no choice but to dump his properties in a fire sale. Yet it’s doubtful Ms. James actually wants to seize those assets. That would require the state to operate and maintain them before auctioning them off, which it is manifestly incapable of doing. New York City public housing, Q.E.D.
Mr. Trump’s lawyers rightly argue that the state is trampling the rule of law by “unwinding complex commercial transactions between sophisticated parties” even when nobody has been harmed. What’s to stop the attorney general from doing the same whenever she disagrees with how a bank or business has valued an asset?
Ms. James says punishing Mr. Trump is necessary to preserve the integrity of the financial marketplace. But she’s doing more damage than Mr. Trump is.
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Biden Campaign Focusing on Going for 'Trump's Jugular'
By Matt Vespa
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Liberal Reporter Notices Something Odd About California's Democratic Primary Results
By Matt Vespa
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