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Meet the Gulf ‘Spy Sheikh’ Backing Trump’s Insanely Corrupt Crypto Bank

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September 2, 2026
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Meet the Gulf ‘Spy Sheikh’ Backing Trump’s Insanely Corrupt Crypto Bank
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On this present day in 2025, the Trump administration carried out its first recognized strike on a ship in the Caribbean, claiming to be goal drug runners. Eleven individuals had been killed. A 12 months on, the loss of life toll from such extra-legal actions stands at 223 from 67 strikes.

Good morning! Andrew right here as we recap one other hellishly busy and principally hard-to-love information day. However first: Are you updated on what should be one the most brazen acts of corruption in U.S. historical past?

In at this time’s ‘First Draft,’ the UAE’s “spy sheikh” and his buddies personal half of the Trump household’s financial institution, far-right influencer Milo Yiannopoulos thinks ICE ought to persist with brutalizing different individuals, and progressive Senator Ed Markey trounces Rep. Seth Moulton in Massachusetts

Right this moment can be one other day on which ‘First Draft’ is printed and not using a paywall, so new readers can see what Zeteo brings to the desk: all the reporting and opinion you want, on the political topics that matter. Upgrade to paid now!

Let’s get to it.

President Donald Trump meets with Sheikh Tahnoon bin Zayed Al Nahyan, Tuesday, March 18, 2025. (Official White House Photo by Daniel Torok)

President Donald Trump and Sheikh Tahnoon bin Zayed Al Nahyan stroll and speak at the White Home in March 2025. Photograph by way of WhiteHouse.gov

With the each day onrush of stories about Donald Trump’s titanic corruption, fascism, petty grievances, and embarrassing misuse of taxpayer {dollars}, it may be straightforward to lose sight of his particular person acts of graft – even when they’re world-historic.

Final 12 months, the president made at the very least $1.4 billion off his cryptocurrency ventures. A lot of that haul got here from gross sales of his near-worthless memecoin, $TRUMP, which the president launched days earlier than his second inauguration. Much more got here from his household’s crypto trade, World Liberty Monetary.

As president, Trump has actively sought to spice up the crypto trade, whereas signing legislation to legalize and promote the sale of crypto “stablecoins,” like these marketed by World Liberty Monetary.

As dangerous as that each one sounds, it’s solely gotten worse as reporters have uncovered extra particulars about the president’s enterprise dealings with overseas leaders – and as the corruption has grown extra staggering.

Days earlier than Trump’s inauguration, his household inked a $500 million take care of an funding agency backed by Sheikh Tahnoon bin Zayed Al Nahyan, brother to the United Arab Emirates’s president.

Tahnoon is not only any wealthy Gulf Arab. He’s the UAE’s nationwide safety adviser, usually known as the “spy sheikh.” Per Bloomberg, Tahnoon is also called “the de facto enterprise chief of Abu Dhabi’s rich ruling household and the man at the helm of a $1.5 trillion empire.”

The take care of World Liberty Monetary gave Tahnoon and co. a 49% stake in the Trump household’s crypto bonanza. The general public solely realized many of those particulars in January, due to a Wall Street Journal report. After all, that was effectively after Trump’s second administration agreed to offer 500,000 superior AI chips per 12 months to the UAE, with a fifth slated to go to considered one of Tahnoon’s corporations. Complete coincidence!

The UAE had sought such AI chips earlier than, however was rebuffed by the Biden administration. Issues apparently modified after a number of conferences with Trump and his Center East envoy Steve Witkoff (whose son is World Liberty Monetary’s CEO), a go to to the White Home final March, and – after all – the funding in World Liberty Monetary.

One way or the other, the story retains getting worse.

As a part of the Trump administration’s unparalleled corruption, the president’s appointees lately gave World Liberty Monetary “preliminary conditional approval” to launch a financial institution.

That’s greater than dangerous sufficient. However roughly half of the financial institution will, naturally, belong to the Emiratis.

In keeping with a current Journal report, “Sheikh Tahnoon bin Zayed al Nahyan and co-investors are behind an entity that owns the largest stake – 49% – in the holding firm that World Liberty Monetary created to deal with its banking enterprise, in line with individuals aware of the matter.”

If it seems like extra Individuals needs to be mad about all of this, fortunately, it seems they’re.

A new poll from UMass Amherst finds that Individuals oppose Trump’s crypto grifting. Respondents had been advised that Trump and his household earned $1.4 billion final 12 months from their crypto ventures, and requested if a sitting president needs to be allowed to revenue from enterprise ventures that could possibly be affected by the insurance policies and selections of his administration.

The response was overwhelming: 77% of Individuals mentioned the president shouldn’t be allowed to revenue this manner, whereas solely 23% mentioned it needs to be allowed.

UMass moreover requested respondents whether or not they belief Trump to keep away from utilizing his place as president to profit his household’s enterprise pursuits. Roughly two-thirds of Individuals mentioned they don’t.

The one query, after all, is why there are any Individuals who’re OK with Trump’s crypto corruption, or who belief him to keep away from utilizing the presidency to spice up his household’s enterprise pursuits. He’s doing that, after which some. We’ll certainly study extra quickly.

  • A marriage and 5 funerals: Iranian officers said a U.S. airstrike hit a marriage, killing 5, together with a 4-year-old baby, and wounding 68. The U.S. mentioned it didn’t goal civilians. Iran vowed revenge, and fired missiles and drones at U.S. websites in Jordan and different international locations. The U.S. army additionally said it struck Iranian air protection, radar, and maritime belongings, with Axios reporting tankers hit underneath a “tanker for tanker” coverage.

  • Acquainted threats: Hailing what he known as a “very justified assault,” Donald Trump reached for the kind of menace he has made repeatedly earlier than backing off, saying Iran shouldn’t battle again or it will be “hit once more at a a lot more durable and better stage, but it surely won’t be the largest assault of all of them, that’s ready in the wings.”

  • Artwork of no deal: Requested about the probabilities of one other ceasefire, Trump told Fox: “I feel an settlement with them isn’t price the paper it’s written on. We gave them plenty of probabilities.”

  • Sanctions speak: At the G20 finance ministers assembly, U.S. Treasury Secretary Scott Bessent said he discovered vital help for efforts to “economically asphyxiate this regime.” He additionally mentioned commerce routes would regulate and “in two years, the Strait of Hormuz can be a nugatory piece of water.”

  • Oil up: International oil costs rose above $4 a barrel on Tuesday, settling at a five-week excessive. Iranian Speaker Mohammad Bagher Ghalibaf mentioned: “If the enemy desires us to not export oil from the Persian Gulf, nobody will be capable to export oil.”

  • Lebanon newest: Greater than 10 European nations are prepared to ship troops to Lebanon to switch UN forces as a result of depart, liberating up native troops to disarm Iran-backed Hezbollah, EU overseas coverage chief Kaja ‌Kallas said. Israeli operations proceed in the south of the nation.

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Milo Yiannopoulos in Newport Seaside, California, on Oct. 8, 2024. Photograph by Phillip Faraone/Getty Photos.

It’s time to achieve once more for that tweet about leopards consuming individuals’s faces, though in the case of far-right Brit Milo Yiannopoulos and his feedback about his elimination from U.S. soil, it’s extra a case of “I by no means thought leopards would eat MY face,’ sobs man who voted for Leopards Consuming Individuals’s Faces Celebration, including: ‘However I nonetheless assume leopards ought to eat these brown individuals’s faces as a substitute.’”

Yiannopoulos was deported final week, accused of getting overstayed his visa and, extra importantly, fallen out with Laura Loomer, an extremist way better connected in Trumpworld. On Tuesday, again in London, Yiannopoulos spoke to fellow Brit Piers Morgan.

“I didn’t actually perceive the bodily actuality of how institutionalized the brutality is in America,” Yiannopoulos mentioned. “They put you in manacles, your palms, your ft, chained collectively. I imply, everybody arrested is like an MS-13 gang member, and it hurts much more than it seems like on tv.”

Authorities moved him each few hours, he mentioned, “to maintain forward of my lawyer.” He added: “Nobody would inform me something… it was humiliating, and it was disorienting and all the remainder of it. It was bodily degrading… I don’t assume I’ve ever been frightened like that earlier than.”

“This isn’t how immigration methods are alleged to work,” he mentioned.

Reminded of his vile remarks about ICE deportations, Yiannopoulos squirmed.

Morgan mentioned: “There you might be aggressively selling ICE… demanding that thousands and thousands of individuals be deported. Individuals say, ‘Milo, you’ve been hoisted by your personal petard.’”

“And I don’t have a phrase to say,” Yiannopoulos mentioned. “You bought me.”

However he did have phrases to say, attempting to wriggle away from his vile rhetoric about Somalis, claiming to have been “generalizing about teams which have rampant criminality.” Shamelessly, he mentioned, “It’s true that… the majority of Somalis in Minnesota are ultimately related with the fraud there,” and “It’s true that there are some demographic tendencies in the statistics about violent crime and sexual crime stuff in America.”

On the entire, Yiannopoulos added, ICE needs to be “deporting extra individuals.”

Morgan mentioned: “The issue you will have, I feel, in these tweets and public statements, is that you just weren’t singling out Somali criminals, for instance, or simply criminals. You wished Somalis as a gaggle, all deported. You mentioned that.”

He did. And now he’ll must say it from elsewhere.

  • Home of playing cards: Conservative Democrats Jared Golden and Marie Gluesenkamp Perez voted to rescue a GOP agenda, together with a decision condemning socialism. A senior social gathering aide advised Puck the transfer was “fucking atrocious.” Minority Chief Hakeem Jeffries said he would pursue disciplinary motion. Golden and Perez had been amongst eight Dems who voted for the anti-socialist decision. Two voted current. GOP Rep. Chuck Edwards was censured for alleged sexual harassment.

  • Publish haste: A U.S. Postal Service whistleblower said the service might “derail” the midterms if it continues dashing out “untested” expertise as a part of Donald Trump’s try to limit voting by mail. Revealing the claims, Senator Richard Blumenthal advised Postmaster Common David Steiner to desert all such actions.

  • Elections information: Analyst Charlie Prepare dinner said Republicans might count on the midterms to be “dangerous, actually dangerous, or actually horrible.” DHS posted a webpage for a nationwide voter registry, an try to intrude with state-run elections. Republicans in the third-most populous Texas county slashed polling stations by a 3rd.

  • Advert nausea: In North Carolina, the father of a murdered faculty soccer participant said the GOP Senate Management Fund tricked him into recording an advert he thought was in opposition to gun violence however which is definitely a smear in opposition to Democrat Roy Cooper. In Maine, Democratic Senate candidate Troy Jackson was targeted by a volley of unfavourable adverts whereas GOP incumbent Susan Collins was attacked for caving to Trump.

  • Florida lady: Te Mayonna Brown, the GOP candidate in Florida’s twenty fourth Home district, misplaced underneath a special identify in a main this 12 months in Illinois, the place she seems to be underneath felony indictment for wire fraud, the Bulwark reported. Brown denied the indictment. Her marketing campaign supervisor claimed it had been dropped.

  • Trial time: Tyler Robinson, charged in the killing of far-right provocateur Charlie Kirk, will face the loss of life penalty at trial in Utah, a decide ruled. Robinson has pleaded not responsible.

  • On the Mark: Greater than 180 Jewish figures signed a letter in help of Mark Ruffalo, saying the actor was the goal of a “smear marketing campaign” and “spurious expenses of antisemitism.” Ruffalo has accused the Ellison household, Trump allies behind the Paramount-Warner Bros merger, of complicity in Israel’s genocide in opposition to Palestinians.

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Senator Ed Markey could also be 80 years previous, however his Tuesday evening Democratic primary victory over 47-year-old Rep. Seth Moulton was by no means actually unsure. In spite of everything, the final time Markey was up for re-election, in 2020, he took down a Kennedy. You don’t try this in Massachusetts until voters such as you.

Voters, significantly younger ones, like Markey as a result of he has made himself a champion of progressive values, specializing in environmental points and infrequently showing with luminaries like Rep. Alexandria Ocasio-Cortez of New York. AOC remains to be simply 36 years previous. Markey can be half a century older than that at the finish of his subsequent time period, presuming he beats Republican John Deaton subsequent. Markey has mentioned he’ll then retire.

Markey’s fellow Massachusetts progressive, Senator Elizabeth Warren, celebrated his win. “Double woohoo!” she posted. “Ed’s a champion for working individuals, and he’s the finest associate in the Senate that cash can’t purchase.”

Senator Ed Markey, 80, is considered one of two members of Congress who had been on Capitol Hill underneath President Gerald Ford, who left workplace in 1977, and are nonetheless there now. Who’s the different one?

Hold your eyes out for the reply beneath!

  • 🇺🇦🇷🇺 Drone alerts: Ukrainian President Volodymyr Zelensky warned “each airline that makes use of Russian airspace,” in addition to insurers and anybody utilizing “Russia’s key airports,” that “there can be drones in Russia’s skies on a scale that merely must be taken into consideration.” Ukraine won’t goal civilian planes, he mentioned. Germany said Russia was behind a drone assault at Leipzig/Halle Airport final month.

  • 🇨🇦🇺🇸 Grown-up talking: Canadian Prime Minister Mark Carney said talks to resolve Donald Trump’s commerce conflict would start when U.S. officers “cease doing memes, ​cease throwing shade, cease attempting to be robust and begin being critical about ‌having ⁠these discussions.” Trump has posted AI slop and repetitive threats.

  • 🇨🇳🇳🇵 Flood fallout: Mass burials had been carried out, and rescue efforts continued as the loss of life toll from enormous flash floods in China and Nepal passed 1,100, with greater than 3,900 individuals lacking, together with about 590 overseas nationals.

  • 🇻🇪 Oil transfer: A U.S. official said Chevron would increase operations in Venezuela, days after Trump bragged about taking oil wealth out of the nation whose former chief, Nicolás Maduro, the U.S. kidnapped in January. Vitality Secretary Chris Wright was as a result of go to the nation with Chevron executives Wednesday.

  • 🇨🇩 Ebola replace: Faculties reopened in Ituri province, the space of DR Congo at the heart of the fastest-growing outbreak in historical past, regardless of academics’ and oldsters’ considerations. The loss of life toll stood close to 3,000, from greater than 6,000 instances.


Vice President JD Vance is
focused on bringing about the finish of the world. Which is… not your common message two months out from the midterms. (Additionally: think about if a Muslim politician mentioned this!!!)

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Zeteo’s Martin Pengelly contributed to this text.

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