Politics
Corporations and Billionaires Racing to Fund Trump’s Inauguration with Million-Dollar Donations
As Donald Trump prepares for his upcoming inauguration next month, a range of Fortune 500 companies, crypto firms, and individual billionaires are pledging substantial financial support, with some donations reaching up to $5 million. These contributions, aimed at underwriting the inaugural events, are part of a larger effort to build relationships with the incoming administration.
Amazon, Ford Motor Company, and hedge fund billionaire Ken Griffin are among the companies offering donations at the $1 million level. Cryptocurrency company Ripple is contributing $5 million in XRP digital currency, a move that highlights the growing influence of the crypto industry in Washington. While the swearing-in ceremony itself is funded by taxpayers, the accompanying events, including a candlelight dinner with Trump and exclusive VIP access, are privately financed.
The inaugural committee is offering perks such as access to private dinners with Trump and his wife Melania, and tickets to events like the “Starlight Ball” and the inauguration parade. These high-level donations are seen as a way for corporate interests and wealthy individuals to align themselves with the new administration, according to political analysts.
Michael Beckel, research director at Issue One, explained that large donations are a way to gain access to the president and key officials. “Money is a way of building relationships in Washington,” he said. “Everyone is racing to make friends with the incoming president, who has significant power.”
There are no legal limits on the size of donations to an inaugural committee, allowing companies and individuals to contribute large sums without restrictions. The identities of donors who contribute more than $200 will be disclosed 90 days after the event, following a report filed with the Federal Election Commission.
The crypto industry, in particular, has been eager to engage with the new administration. Coinbase, a major cryptocurrency trading platform, donated $1 million to support the inauguration, reflecting its goal of establishing regulatory clarity for digital currencies. Robinhood, an online trading platform, has also pledged $2 million, aiming to influence policies that promote free markets and consumer choice.
Companies like Ford and General Motors, which supported Trump’s first inauguration in 2017, are continuing their contributions this year, with each donating $1 million. These companies are hoping for favorable policies, such as trade deals and tax regulations, under Trump’s leadership.
In addition to corporate donations, individual supporters are also giving generously. Sheldon Adelson, a major donor to Trump’s first inauguration, was the largest individual contributor with $5 million in 2017. His widow, Dr. Miriam Adelson, is helping finance this year’s event.
The high-stakes nature of these donations underscores the deep ties between big business and politics, with many contributors seeking access to power in the new administration. As the inauguration approaches, these donors will enjoy unparalleled access to the president and his team, highlighting the significant influence of money in shaping the political landscape.
Politics
Top USAID Security Officials Placed on Leave After Tense Confrontation with Musk’s Government Office
Two senior security officials at the U.S. Agency for International Development (USAID) were placed on administrative leave Saturday after they refused access to personnel from Elon Musk’s newly established Department of Government Efficiency (DOGE). The confrontation escalated when DOGE staff attempted to physically enter USAID’s Washington, D.C. headquarters and threatened to involve law enforcement, according to multiple sources familiar with the situation.
The DOGE personnel allegedly demanded access to USAID’s security systems and personnel files, and some sources claimed they sought classified information as well. When denied access, DOGE staff reportedly threatened to call U.S. Marshals to gain entry, further intensifying the standoff.
The two USAID officials placed on leave, Director of Security John Voorhees and his deputy, are the latest in a series of high-level departures at the agency. These events have sparked concerns among some lawmakers that the Trump administration may be deliberately undermining USAID. Rumors have circulated that President Donald Trump is considering signing an executive order to merge USAID with the U.S. State Department, a move that Democratic lawmakers have argued would be illegal.
USAID, which provides billions of dollars in foreign assistance annually, plays a critical role in global efforts to combat poverty, address health crises, and respond to natural disasters. The agency employs more than 10,000 people, with a significant portion of its workforce stationed abroad. In fiscal year 2023, USAID extended assistance to about 130 countries.
This incident comes on the heels of other developments at the agency, including the suspension of around 60 senior USAID staff last week. These employees were accused of attempting to bypass an executive order regarding foreign aid, though no evidence of wrongdoing was found. Another senior official was also put on leave for attempting to reverse the action.
In addition, it has been reported that the entire USAID public affairs office was locked out of its systems, leaving staff without access to their work.
CNN has reached out to both the White House and USAID for further comment on the ongoing situation.
Politics
Tension Inside Treasury Department After Trump’s Team Targets Payment Processing System
A series of unsettling interactions between Donald Trump’s transition team and top Treasury Department officials has raised concerns over the future of federal payment systems. Just weeks before Trump’s inauguration, his team, including members of Elon Musk’s Department of Government Efficiency (DOGE), sought detailed information on how the Treasury’s Bureau of the Fiscal Service (BFS) processes trillions of dollars in government payments annually.
These payments, including Social Security benefits, tax refunds, and salaries for federal workers, are handled by BFS, a critical department responsible for nearly 90 percent of federal disbursements, amounting to over $5 trillion a year. What began as a routine inquiry soon turned into an alarming effort to examine the department’s payment systems more closely, with Trump’s team requesting access to sensitive information about the disbursement process.
Career Treasury officials were concerned by the unusual focus on the BFS. The requests, which included details about the department’s proprietary computer systems and field offices handling payments, raised suspicions among officials, particularly as they were unprecedented in previous presidential transitions. These actions, combined with the repeated focus on payment infrastructure, prompted worries about possible disruptions to an essential financial system.
Tensions escalated following the recent resignation of David Lebryk, the Treasury Department’s top civil servant, who left amid mounting pressure from Trump’s allies. Sources claim that Trump-affiliated officials had pressed to explore the Treasury’s ability to halt specific payments. Lebryk, however, pushed back, stating that halting payments was not within the bureau’s role, which is to disburse funds as directed by other agencies.
The controversy surrounding federal payments grew when the Office of Management and Budget (OMB) directed a freeze on trillions of dollars in federal spending, an order that was rescinded after causing an uproar. The episode, which involved Trump’s pick for Treasury Secretary, Scott Bessent, further amplified divisions within the department.
This week, Sen. Elizabeth Warren called for an investigation into the matter, expressing concern over Musk’s involvement and the potential political interference in critical payment processes. Musk had previously indicated his interest in reforming payment approval systems, claiming that Treasury officials had historically approved payments, including those to fraudulent or terrorist groups. This assertion, however, overlooks the established systems in place to ensure lawful payments.
As political maneuvering continues, the future of the BFS remains uncertain. The department’s crucial role in maintaining the country’s financial stability could be jeopardized by ongoing efforts to alter or halt certain federal payments, potentially undermining the trust necessary for a smooth-running economy. Meanwhile, the legal challenges to the administration’s spending freeze continue, highlighting the deep legal implications of any efforts to disrupt government payments.
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