In early December, Financial Times published a story announcing that Vulcan Elements had received a $620 million loan from the Pentagon. According to Brad Reed of Common Dreams, Vulcan is, “a tiny startup of 30 employees that specializes in producing rare-earth magnets used in drones, radars, and other pieces of military equipment.”
Reed explained that one of Vulcan’s backers was 1789 Capital, “a venture capital firm founded by pro-Trump donors in 2023.”
Financial Times also reported that four other companies in the 1789 portfolio, “have won contracts from the Trump administration this year, amounting to more than $735 million.”
But it is not only Trump donors in on the action. Donald Trump, Jr. was brought in as a partner in 2024. How convenient.
Reed connected the dollar signs further, pointing out “the Vulcan Elements contract comes just weeks after the Florida-based drone startup Unusual Machines, in which Trump Jr. has held a $4 million stake, received a contract from the U.S. Army to manufacture 3,500 drone motors.”
Young Trump was invited to join Unusual Machines as an “adviser” shortly after pop won the 2024 election. Coincidental timing, I’m sure. At that time Popular Information, which broke the story, noted Trump Jr. possesses “no notable experience with drones or military contracting.”
We might have seen a hint of his real talent earlier, according to an August AP story by Bernard Condon.
Condon explained that when Donald Jr. and his brother, Eric, were hired as “advisers” by New America Acquisition 1 Corp., they received founder shares “worth millions of dollars” in the “company with no operating business that hopes to fill that hole by purchasing an American company that can play ‘a meaningful role in revitalizing domestic manufacturing,’ according to the filing.”
What kind of advice was the company looking for? The original filing indicated it would be “well positioned” to gain federal or state government incentives.
When questioned about this wording, the company deleted it in a revised filing.
Reed’s story continues: “Kathleen Clark, an expert in government ethics, said any excuses are too late because the Trumps had already tipped their hand.
“‘They just deleted the language. They haven’t committed not to do what they said earlier today they were planning to do.’” According to the Washington University law professor, “It’s an attempt to exploit public office for private profit.”
The Trump boys have evidently been watching their dad.
And the grift goes on. In October Donald Jr. assumed advisory positions with Kalshi and Polymarket, “the two industry-leading prediction market companies,” according to Financial Times.
Prediction market? Trump’s social division is launching a betting platform called Truth Predict. Others have noted possible insider gambling knowledge on certain fronts where the president of the United States has the power to determine outcomes.
[Maybe such a setup could have given our financial genius president enough of a house edge so as not to bankrupt his casino.]
When the Trumps, or most other folks, launch companies, they seek investors.
What Professor Clark said about those investing in Trump’s crypto-currency ventures still resonates:
“These people are not pouring money into coffers of the Trump family business because of the brothers’ acumen. They are doing it because they want freedom from legal constraints and impunity that only the president can deliver.”
It also helps that such a president can direct hefty contacts toward those filling the family coffers. It would be nice if the rest of us had such financial leverage. Sixty percent of the country lives paycheck-to-paycheck.
Grift is the family business model.
Last week Evan Dyer of CBC looked at the situation. The headline for his analysis was: “Countries have gotten results after enriching the Trumps. Could Canada do the same?”
After citing a raft of incidents, Dyer quoted Kim Lane Scheppele, a Princeton professor of sociology and international affairs:
“Trump is by far the most visibly corrupt president the U.S. has known. He doesn’t even try to hide that he’s making himself immensely rich by monetizing his office.”
What’s good for the gander is great for the goslings — and awful for the country.
