Here are four financial stories which broke in the past 48 hours which have serious political implications for the current regime.
1. CNBC:
"21st Century Fox has been holding talks to sell most of the company to Disney: Sources"21st Century Fox is a wholly-owned subsidiary of News Corp (which, amongst other things, owns Faux News Channel). Disney owns so many things, including ABC, Marvel, Lucasfilm (i.e.
Star Wars), and Jim Henson Associates (i.e. the Muppets). The chances of this going through, with all the potential antitrust issues, aren't that great...but then that's what I said before Comcast was allowed to acquire NBCUniversal.
2. Speaking of Faux News/NewsCorp/21st Century Fox, the second-largest shareholder of the company is from Saudi Arabia: Prince
Al-Waleed Bin Talal bin Abdulaziz al Saud. His net worth of $18 billion puts him at #45 on the Forbes' World's Richest People list.
He was arrested today in a supposed "crackdown on corruption". What it really is, though, is a consolidation of power of the new prince on the throne, Crown Prince
Mohammed bin Salman. As
Thomas Friedman explains
here, this is the culmination of four simultaneous revolutions that are ongoing under the new Crown Prince. The Prime Minister of Lebanon yesterday resigned, while in Saudi Arabia. That was no coincidence. Neither, I think, was
the "accidental" death of another Saudi prince in a helicopter crash in Yemen a couple of days ago.
3. Guess who has financial ties to both Crown Prince
Mohammed bin Salman and Prince
Al-Waleed Bin Talal?...
Trump has ties to both the Crown Prince Bin Salman and the billionaire investor Bin Talal.
In addition to having likely orchestrated Trump's trip to Saudi Arabia, Bin Salman has reportedly developed a relationship with White House advisor Jared Kushner — the husband of the president's daughter and another 30-something man who has ridden family connections to the center of the world stage.
In fact, Kushner made a secretive trip to Saudi Arabia last week — just days before Bin Salman's sweeping set of arrests.
As for Bin Talal, he and the president go back at least to the 1990s.
Between 1991 and 1995, Bin Talal came to the rescue of Trump, whose real estate empire was in financial trouble. Bin Talal purchased a yacht from the New York real estate mogul and was part of a group that helped take the city's floundering Plaza Hotel off Trump's hands.
But things have not been amicable between the two billionaires of late.
In 2015, Bin Talal bashed Trump for his rhetoric during the presidential campaign, and even called for him to drop out.
"You are a disgrace not only to the GOP but to all America," he said in a Twitter post. "Withdraw from the U.S presidential race as you will never win."
Trump responded: "Dopey Prince @Alwaleed_Talal wants to control our U.S. politicians with daddy's money. Can't do it when I get elected. #Trump2016"
4. Prince
Al-Waleed Bin Talal, in addition to his holdings in 21st Century Fox, is the largest individual shareholder of Citigroup, and owns 3% of Twitter. That stake is worth around $ 8 billion now. According to
the Paradise Papers, another early investor in Twitter and in Faceb__k was Russian billionaire Yuri Milner. And guess where the source of the millions he put into Twitter & FB came from, and guess who he also steered money towards?
Two Russian state institutions with close ties to Vladimir Putin funded substantial investments in Twitter and Faceb__k through a business associate of Jared Kushner, leaked documents reveal.
The investments were made through a Russian technology magnate, Yuri Milner, who also holds a stake in a company co-owned by Kushner, Donald Trump’s son-in-law and senior White House adviser.
The discovery is likely to stir concerns over Russian influence in US politics and the role played by social media in last year’s presidential election. It may also raise new questions for the social media companies and for Kushner.
...Faceb__k and Twitter were not made aware that funding for the investments came from the state-controlled VTB Bank and a financial arm of the state oil and gas firm Gazprom, according to Milner. A spokesman for Kushner declined to comment.
The files show that in 2011, VTB funded a $191m investment in Twitter. About the same time, Gazprom Investholding financed an opaque offshore company, which in turn funded a vehicle that held $1bn-worth of Faceb__k shares.
The money flowed through investment vehicles controlled by Milner, who in 2015 invested in a startup in New York that Kushner co-owns with his brother. Kushner initially failed to disclose his own holding in the startup, Cadre, when he joined Trump’s White House.
Milner once advised the Russian government on technology through a presidential commission chaired by Dmitry Medvedev, the former president and current prime minister. Now based in California’s Silicon Valley, Milner has invested $7bn in more than 30 online companies including Airbnb, Spotify and the Chinese retailers Alibaba and JD.com.
...The disclosure that stakes in two of the US’s biggest technology companies were financed by Russian entities with links to the Kremlin comes as the covert use of their platforms by Russians aiming to boost Trump’s 2016 presidential campaign is under intense scrutiny. Both VTB and Gazprom are now under US sanctions.
But yeah, please continue claiming that this is all a nothingburger and that Hillary Clinton had uranium in her purse along with that hot sauce. I believe you.