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All posts tagged "steve witkoff"

'Never seen corruption of this magnitude': Horror as Trump family closer to launching bank

The Trump family's pathway to opening a bank through its cryptocurrency investments is sending shockwaves, according to reporting by the Wall Street Journal.

A trust company for World Liberty Financial, the Trump family's flagship crypto venture, has preliminary conditional approval to become a bank, The Journal reported. The Office of the Comptroller of the Currency, a Treasury bureau, gave the early preliminary approval on Friday.

Sen. Elizabeth Warren (D-MA) wrote in a statement that "we have never seen financial conflicts or corruption of this magnitude." President Donald Trump and his two sons launched World Liberty in late 2024 but have not yet made available promised borrowing, lending, and trading services, according to The Journal.

If World Liberty Trust secures final approval, it will be able to operate as a federally chartered national trust bank, which will allow it to issue, redeem, and safeguard a dollar-backed stablecoin it launched last year, The Journal reported. The stablecoin has a market value of about $4 billion, according to The Journal.

Unlike full banks, trust banks generally can't take deposits or make loans, The Journal reported. However, Trump has reported $1.4 billion in earnings from his memecoin and crypto ventures. The Journal noted that those earnings are "the biggest roadblock" for the Clarity Act, a landmark bill seeking a comprehensive regulatory framework for digital assets.

The White House has previously defended Trump's financial ventures as president, saying "neither the President nor his family has ever engaged—or will ever engage—in conflicts of interest," according to The Journal.

Zach Witkoff, the son of the president's friend and Middle East envoy, Steve Witkoff, is the chief executive of World Liberty Financial and chairman of World Liberty Trust Company. The company said it submitted "probably one of the most thoroughly reviewed applications in the history of the OCC" to become a bank, according to The Journal.

"We answered all of the regulator's questions, and we accepted the significant obligations and ongoing scrutiny that come with the national charter," Zach Witkoff said in an interview, per The Journal. "If we were looking for less oversight, we would not have chosen federal supervision."

Questionable Trump insider's rise began with a 3 a.m. ham-and-swiss sandwich: report

President Donald Trump's relationship with peace envoy Steve Witkoff started in an unusual way — over a deli sandwich, according to a Slate report on Wednesday.

Journalist and author Andrea Bernstein described her encounter with Witkoff, the Trump insider, whose financial ties have come under scrutiny as he works as "Special Envoy for Peace Missions."

"He looks like a grandpa, and sounds a little like a Jewish sidekick in a Pixar movie," Bernstein wrote. "I’d known of him as a New York real estate mogul from covering Trump’s first presidency, and New York politics and real estate before that, but only vaguely. One day, I leaned forward to ask Witkoff what brought him to the courtroom that day. He told me he’d come for his friend. That word stuck with me: friend."

That friendship started in the 1980s, around 3 a.m. in New York City, Witkoff has said.

“And he was—I knew who he was. He didn’t know who I was. And he didn’t have any money with him, and I was ordering from a local delicatessen for the people who were on my team. And he asked me if I would order him a ham-and-Swiss sandwich,” according to the report. "Witkoff did. Years later, when the two ran into each other again, Witkoff said, 'he actually remembered who I was, and remembered the sandwich incident. And we just, you know, had just developed a, you know, a friendship as a result of it.'”

That relationship eventually led him into Trump's administration. Since then, a number of questions have surfaced over Witkoff's business dealings amid his negotiating role representing the Trump administration with Ukraine and Russia, and in the Middle East.

"The Iranians see Witkoff’s business ties to the UAE, and Jared Kushner’s ties to the Saudis, not to mention Israel, as cause for deep suspicion as well, people familiar with Iranian negotiators told me," Bernstein wrote. "Saying that Kushner 'is a volunteer' with a 'record of success in helping the President,' Kelly maintained that 'his private business activities have nothing to do with the President or the administration.'"

"Even in Witkoff’s earliest encounters, 'there were concerns about Witkoff business ties,' including his earlier dealings with Qatar and the UAE, said Seyed Hossein Mousavian, a former Iranian diplomat who moved to the U.S. and became a scholar at Princeton University," Bernstein wrote. "'They knew he had close ties to Netanyahu.' The Iranians believed that 'Witkoff had meetings with high-level Israelis before and immediately after' he met with them, Mousavian said."

The White House has denied any conflicts of interest.

"Mr. Witkoff, like all Administration officials, takes seriously his compliance with the government ethics rules," the White House counsel, David Warrington, told Slate. "As Special Envoy for Peace Missions, he has not and does not participate in any official matters that could impact his financial interests. He has also divested from World Liberty Financial, notwithstanding his ability and willingness to recuse."

JD Vance received cryptic warning that Trump envoys 'abusing' access for profits: report

An Iranian insider sent a private message to Vice President JD Vance warning that President Donald Trump's son-in-law Jared Kushner and Special Envoy Steve Witkoff "were exploiting the negotiations for financial gain," according to a new report from Drop Site News on Wednesday.

The message was sent to Vance through an intermediary as talks were underway in Lake Lucerne, Switzerland in June, a senior official told Drop Site.

"The Iranians warned Vance that the continued presence of President Donald Trump’s Special Envoy Steve Witkoff and son-in-law Jared Kushner would undermine the chance of turning the June 17 framework into an enduring deal," Drop Site reported.

"The Iranian official spoke to Drop Site on the condition of anonymity because he is not authorized to speak publicly," according to the outlet. "In the message, according to the official, Iran conveyed to Vance that the pair were more interested in exploiting insider knowledge of the negotiations to profit in financial markets than they were in reaching a deal. Iranian negotiators also expressed concern about repeated leaks from Kushner to Israeli Prime Minister Benjamin Netanyahu."

Witkoff and Kushner reportedly "talk almost every day to Netanyahu" and the head of the Mossad, a U.S. official told Axios. The Israeli prime minister had expressed concerns about the ongoing talks.

A U.S. official has denied the source's claims.

"We transmitted data and assessments through an exclusive channel to Mr. Vance," a senior Iranian official who had direct knowledge of the outreach told the outlet. "Iranian negotiators, he said, communicated to Vance that they believed Witkoff and Kushner were 'abusing' the diplomatic process, 'effectively disrupting the overall negotiating atmosphere.'"

Iranian negotiators have been clear about their stance against Kushner and Witkoff.

"Since the Iran war began, many financial analysts have described a pattern where speculative bets are placed or unusually large positions are taken in key markets related to the conflict and diplomatic events, including consistent announcements from Trump made just prior to the Monday openings of U.S. trading," Drop Site reported. "This has led to widespread public speculation that people with access to inside information are manipulating markets in oil futures, energy stocks, and prediction markets."

White House spokesperson Anna Kelly disputed the report in a statement, condemning Drop Site.

"No such message was ever transmitted to the United States. It’s sad that Drop Site News ‘reporters’ are so filled with hate for America and devoid of respect for themselves that they have become full-throated propagandists for the Iranian regime," Kelly said.

'How humiliating': JD Vance ripped as his confident Iran boast unravels in real time

Vice President JD Vance is facing online mockery after a boast about the recent Iran deal backfired.

Vance went on Fox & Friends Weekend on Saturday morning to tout Trump's new Iran deal. He told the Fox program, "My understanding, talking to Steve and Jared this morning, is that things are going well," referring to Steve Witkoff and Jared Kushner.

"The United States has all the cards," Vance continued. "The straits are now open."

Less than a few hours after he made those comments, Iran closed the Strait of Hormuz, and online commentators let him have it.

"How humiliating," writer Polly Sigh reacted on X.

"Steve and Jared - the two who completely bungled these negotiations from the start which led us into this mess," added MeidasTouch, a political news network.

"Talking to Steve and Jared. Good lord," wrote Missouri Democratic congressional candidate Fred Wellman.

"He's not a particularly good liar," veteran journalist Bill Kristol said. "But he's certainly a shameless one."

"Believe nothing that comes out of his mouth," Middle East and geopolitical analyst Matthew RJ Brodsky posted.

" Trump has given Vance enough rope to hang himself," economist and author Anders Aslund wrote. "Witkoff and Kushner are no negotiators, nor knowledgeable. The US has no cards."

"We said Uno. Iran said Draw Four," writer and podcaster Hemant Mehta posted, playing off Vance's card metaphor.

"It might be time to retire the 'we have all the cards' metaphor," University of Ottawa professor Roland Paris suggested. "Given how obviously the administration is being outplayed by those who supposedly don't have any cards."

Norman Ornstein, a political scientist and contributing editor for The Atlantic, simply reacted, "Hahahahahahahahaha."

Trump envoy's secret meeting with top nuclear scientists a clear sign for experts: report

President Donald Trump's Iran envoys Steve Witkoff and Jared Kushner made an unannounced trip to visit the nation's top nuclear experts at the national lab in Oak Ridge, Tennessee, according to an Axios report on Friday.

A deal to end the Iran war has not yet been reached, and many of the conditions were still under consideration, but the ongoing negotiations and secret meeting at the energy department facilities on Thursday signaled the experts "could play a role in nuclear negotiations with Iran," Axios reported.

"This meeting in Oak Ridge doesn't mean that a deal is going to happen, but it is a sign that the negotiations are in a very serious phase and that there is a good chance to get it done and we want to be prepared," a U.S. official told the outlet.

"Some of the country's foremost experts in uranium processing and centrifuge technology are based at Oak Ridge National Laboratory and Y-12 National Security Complex. In the past, nuclear materials and equipment — including from Kazakhstan and Libya — were routed through Tennessee," according to Axios.

The Trump administration and the National Nuclear Security Administration have not commented on the meeting.

The White House has indicated 'positive indications' of a potential finalized deal; however, internal divides among Iranian leaders have continued.

"If the negotiations advance to the second phase, the team of experts that met with Witkoff and Kushner would have to develop a plan for the disposal of Iran's nuclear material, how to limit the enrichment program further, and how to verify compliance," Axios reported.

Self-promoting rising star in Trump White House benched after 'rankling' top aides: report

A top Trump aide will have to give up working with top advisors dealing with the wars in Ukraine and Iran, according to a new report.

Josh Gruenbaum was a former advisor for Jared Kushner and Steve Witkoff. A report by Politico on Wednesday quoted anonymous sources who said that "he fell out of favor" and had a "penchant for self-promotion and an abrasive work style" that "rankled some of Trump's other senior advisers."

Gruenbaum, 40, was exiled to Trump's Board of Peace, where he'll be focused on Gaza. He first worked alongside Kushner and Witkoff on the Gaza ceasefire deal.

According to Politico, "he flooded various administration officials with phone calls and was seen as very focused on how his name appeared in stories and official communications."

One anonymous source said that, "While Kushner and Witkoff remain Gruenbaum’s allies, the pair didn’t stand in the way of paring back his duties."

White House spokesperson Anna Kelly confirmed that Gruenbaum "will continue to advance the President's agenda" on the Board of Peace, Politico reported.

Meanwhile, "Gruenbaum referred questions to the White House."

‘I think it says something’: Analyst reveals what Vance’s absence in Iran talks could mean

President Donald Trump has sent envoys Steve Witkoff and Jared Kushner to Islamabad, Pakistan, this weekend for continued negotiations with Iran — but Vice President JD Vance did not plan to attend — something a CNN analyst said was telling in a report on Friday.

Vance, who previously attended marathon talks with the Iranians earlier this month, will be on standby and available to join by phone or travel if need be, CNN reported. Mohammad-Bagher Ghalibaf, Iran's Speaker of the Parliament, who the White House views as Vance's counterpart and head of the Iranian delegation, will not attend either.

The timeline for the ongoing war has remained uncertain, with Trump telling reporters on Thursday "Don't rush me."

CNN special correspondent Jamie Gangel signaled that the Iran strategy has appeared to shift within the White House.

"Let's be hopeful. Let's be optimistic. It's moving in in the right direction," Gangel said.

"I think everyone would like this war to end," she added. "But we've seen a roller coaster here. And in when dealing with the Iranians, I've been told over and over by intelligence experts, they're really good at talking. And they will talk and talk until the cows come home. But getting to substantive negotiations is a whole other matter. So let's see where this goes. I do think it's interesting that Vice President Vance is not going. I think it says something about where we think this is at the moment."

Members of Vance's team were reportedly already in Pakistan for the talks with Iranian Foreign Minister Abbas Araghchi. Iranians have not yet confirmed if they will meet with the American delegation.

'Can’t send the two real estate developers': Top Dem slams Trump's Iran negotiators

Sen. Mark Kelly (D-AZ) spoke out on Saturday against special envoy Steve Witkoff and President Donald Trump's son-in-law Jared Kushner taking part in Middle East diplomatic efforts amid the ongoing Iran war, The Hill reported.

Witkoff and Kushner were among diplomats and leaders meeting for trilateral talks discussing how to end the ongoing conflict in the Middle East. In a conversation with Rev. Al Sharpton, Kelly described his concerns about the ongoing war.

"You can’t send the two real estate developers to negotiate a peace with another region," Kelly said at the National Action Network Convention in New York City.

Kelly also criticized Trump for lacking a plan and not consulting allies about the military attack, arguing Trump had "alienated our allies."

"There is one person responsible for closing the Strait of Hormuz. It’s Donald Trump," Kelly said. "What Donald Trump taught the Iranians is they now have a strategic asset that they can exploit for decades to our detriment."

Sharpton asked Kelly what Trump should try to do next to restore relationships with international allies.

"You’ve got to build this, these relationships back up with our allies in the region and with NATO, and then you got to get the Iranians to the table and have a serious discussion," Kelly said.

Both Witkoff and Kushner have led negotiation efforts throughout Trump's second administration. Both men have been involved in key conversations around the Russia-Ukraine war, ceasefire in Gaza and Iran's nuclear program.

They joined the U.S. delegation, led by Vice President JD Vance, which was meeting Saturday with Iranian officials in Islamabad, Pakistan, for the first in-person discussion since the 1979 Islamic Revolution. Negotiations were slated to try to ease the growing tensions between the countries and prepare for an end to the conflict after a two-week ceasefire was reached this week, although it has shown signs of unraveling.

'There’s no chance': Irate Iran officials refuse to speak with top Trump negotiators

Iranian officials have apparently refused to continue talks with President Donald Trump's two closest allies behind key negotiations in the Middle East, according to reports on Tuesday.

Negotiations involving Iran, Pakistan and the United States were expected to take place in Islamabad as early as this week or next; however, Trump's picks to discuss the ongoing military conflict were reportedly not wanted at the table, The Guardian reported.

Instead, another top Trump administration official was under consideration to join the talks: Vice President JD Vance.

Pakistani Prime Minister Shehbaz Sharif has suggested his country would be willing to help "facilitate meaningful and conclusive talks" and end the conflict.

"Pakistani sources said the US vice-president, JD Vance, was being put forward as a probable chief negotiator from the US side if talks went ahead," according to The Guardian. "Iranian sources have said they would refuse to sit down with Trump’s Middle East envoy, Steve Witkoff, or Trump’s son-in-law, Jared Kushner, who led the nuclear negotiations with Iran before the war."

Kushner and Witkoff were involved in talks with Iran prior to the joint U.S.-Israeli strikes that launched on Feb. 28. Since the war started, Iranian officials have reportedly decided they do not want to engage with the two men. Iran has suggested that the two knowingly misled Iranian officials during prior negotiations and were planning the attack all along, despite the closed-door conversations.

"With the previous negotiating team, there’s no chance," one diplomatic source told The Guardian. "The Iranian side regards the request for negotiations as another round of deception for the US-Israeli regime to find out a loophole to aggravate the strikes again."

Did Trump's son-in-law use diplomacy to lure Iranian leaders into a death trap?

Jared Kushner grew up sleeping in Benjamin Netanyahu’s bed.

That isn’t a metaphor or hyperbole. Netanyahu, during his visits to New York over the decades, was close enough to the Kushner family that, as the New York Times reported, he slept in Jared’s childhood bedroom. Jared Kushner didn’t grow up watching Netanyahu on the news the way the rest of us did. He grew up knowing the man as something close to a family institution.

And that man, who has said publicly that he has “yearned” to destroy Iran’s military and political leadership “for 40 years,” is the same man whose government may have been coordinating directly with Kushner in the days before the most consequential American military action since the invasion of Iraq or the Vietnam War.

We need to ask the question that official Washington is too timid, too compromised, or too captured by the moment’s war fever to ask: “Was Jared Kushner sitting across from Iranian negotiators in good faith? Or was he trying to get the Iranian leadership to meet together so Netanyahu could kill them all in one single decapitating strike?”

Here’s what we know. The third round of nuclear talks between the U.S. and Iran wrapped up in Geneva on Feb. 26th and 27th. The Omani foreign minister, who’d been mediating the talks for months, told CBS News on the eve of the bombing that a deal was “within our reach” and that Iran had fully given in to American demands and agreed it would never produce nuclear material for a bomb, or an ICBM capable of striking the United States.

A fourth round had already been scheduled for Vienna the following week to work through the technical details following final discussions in Tehran. The Iranian foreign minister told reporters his team was ready to stay and keep talking for as long as it took.

And then, less than 48 hours after those talks in Switzerland concluded, the bombs began to fall.

On the morning of Feb. 28th, Iran’s Supreme National Security Council was gathered together in their offices for meetings. That body, the one that manages Iran’s nuclear dossier and makes the regime’s most consequential decisions, is exactly where you would expect the Iranian leadership to be sitting after a round of talks with America that their own foreign minister was calling “historic.

They were almost certainly deliberating whether to accept or reject Kushner's American proposal. And according to the Wall Street Journal, American and Israeli intelligence had verified that senior Iranian leaders would be gathered at three locations that could be struck simultaneously. How they knew that is, as the Journal carefully noted, still unknown.

In other words, Iran’s entire decision-making apparatus was assembled in one place most likely because they were in the middle of an active negotiation with Jared Kushner. The talks had created a predictable, intelligenceable window.

Diplomats who were part of the earlier rounds of talks now tell reporters that the Iranian side has come to believe they’d been misled, and that Tehran now views the Witkoff-Kushner negotiations as, in their words, “a ruse designed to keep Iran from expecting and preparing for the surprise strikes.”

That’s not the assessment of Iranian state media spinning a narrative after a military defeat; it’s the conclusion of people who were in the room, speaking to American journalists, on the record.

Now layer on top of that what we know about who Witkoff was meeting with in the days before they sat down with the Iranians. He flew to Israel and was briefed directly by Netanyahu and senior Israeli defense officials and then, with Kushner, flew to Oman and Geneva and sat across the table from the Iranian negotiators.

The man who briefed Kushner’s partner (Witkoff) before those talks — Netanyahu — is the same man who said on the night the bombs fell that “this coalition of forces allows us to do what I have yearned to do for 40 years.” He wasn’t even remotely subdued or reluctant about the possibility of the Middle East going up in flames, perhaps even igniting World War III. He was, instead, triumphant that he finally got an American president to do something he’d been unsuccessfully pushing for decades.

We also know that the Trump regime’s explanations for why the attacks happened when they did have collapsed into open contradiction. Secretary of State Marco Rubio initially told reporters the US struck because Israel was going to attack anyway and Iran would have retaliated against American forces. Trump then went on television and flipped the scenario upside-down, saying he might’ve “forced Israel’s hand.”

The two most senior officials in the administration told two diametrically opposite stories within 48 hours of each other, and neither story explains why the diplomacy that the Omani mediator called substantively successful — that essentially got America everything we said we wanted — was abandoned without the final round.

None of this proves that Kushner was running a deliberate double-cross operation designed to concentrate Iranian leadership in a killable location. What it does prove, though, is that the question is entirely legitimate and demands an answer under oath.

This is not the first time in American history that such a question has had to be asked, or that it damaged America’s reputation on the world stage. In October of 1972, Henry Kissinger stood before the cameras and told the world that “peace is at hand” in Vietnam. The Paris negotiations, he assured everyone, were on the verge of ending the war.

But it was a lie: two months later, Nixon ordered Operation Linebacker II, the most intensive bombing campaign of the entire war, dropping more tonnage on North Vietnam in twelve days than had been dropped in all of 1969 and 1970 combined.

The Paris Peace Accords were signed in January 1973 on terms that serious historians have long argued were not meaningfully different from what had been on the table long before the bombing. Kissinger won the Nobel Peace Prize for those negotiations. His North Vietnamese counterpart, Le Duc Tho, however, refused to accept his share of the prize, saying that peace had not actually been achieved and the Vietnamese had been deceived because the negotiations were a sham. And he was right: the war dragged on for two more years and was ended by Jerry Ford with the fall of Saigon.

The question that has haunted the world since those 1973 negotiations is the same question hanging over Kushner’s Geneva talks today: were the talks ever meant to succeed on their own terms, or were they simply a setup to destroy the Iranian leadership even if they gave us everything we wanted?

There’s also the Ronald Reagan precedent. His campaign was credibly accused of running a back-channel to Iran to delay the release of American hostages held in Tehran so that Jimmy Carter couldn’t get a pre-election boost from securing their freedom. It took decades for anything close to a full picture to emerge, but now we know that the Reagan campaign successfully committed that treason just to get him into the White House in 1980.

We don’t have decades this time. A war is under way and Americans are already dying. The leadership of a modern, developed country of ninety million people has been decapitated. And every foreign ministry on Earth is watching and drawing conclusions about whether they’ll ever again trust American diplomacy.

If the Iranians were right that they were “negotiated” into a kill box, no government facing an existential American ultimatum will ever be able to assume our good faith again.

The damage this administration is doing to American credibility isn’t abstract or temporary: when a country uses the negotiating table as a targeting opportunity, it poisons the well for every administration that comes after it.

North Korea is watching. Iran’s neighbors are watching. China is watching. The next time an American president sends an envoy somewhere with a genuine offer of peace, why would anyone believe it? Le Duc Tho knew the answer to that question when Kissinger betrayed his Vietnamese negotiating partners in 1973. The world is apparently relearning it now.

Congress has the constitutional power and the institutional obligation to call Kushner and Witkoff before investigative committees and ask them directly: What did you know about Israeli targeting plans during the Geneva talks? When did you know it? What were you instructed to accomplish or delay? Did you communicate with Netanyahu’s government during the negotiations themselves?

The man at the center of this diplomacy grew up treating Benjamin Netanyahu like a member of the family. That’s not a reason to assume guilt, but it sure as hell is a reason to demand answers, loudly, now, before the war makes the asking impossible.