My Taco Tuesday morning train strike Lyft reads:

• Words That Mattered: Fed Chair Jay Powell: A close reading of Powell’s most consequential lines, dated and re-contextualized. Excellent reference for the next FOMC parse. (Stay-at-Home Macro)

• How Trump plans to keep tariffs at the center of his economic policy despite stinging court losses: The legal setbacks haven’t shifted the strategy — only the legal authorities being invoked. Tariff policy as a will-to-power exercise. (The Conversation) see also Trump’s Accounts Investment Fund for Babies May Shortchange Them. Here’s a Better Approach.: Barron’s on the so-called MAGA baby accounts and why a $1,000 seed wrapped in fee-heavy mechanics will likely leave kids worse off than a boring old custodial Roth. (Barron’s)

• Under one roof: housing and inflation expectations. Using household surveys for the United States, we find that people tend to overweight their expectations about house prices when thinking about inflation with a coefficient of 25%–45%, significantly above the weight of house prices in the inflation index. Should central banks care about this? The short answer is yes. The Bank of England’s staff blog on how the price of the place you live shapes the inflation you expect. A nice empirical piece for anyone tired of the “inflation is dead” / “inflation is back” pendulum. (Bank Underground)

• A Personal Finance Star on What Millennials Need From Their Boomer Parents: Ramit Sethi in NYT Magazine on the great wealth transfer’s awkward middle act — kids don’t need another inheritance lecture, they need the actual numbers and a willingness to talk before the funeral. (New York Times)

• Kushner Disappoints Mideast Clients Who Spent Millions Seeking Sway: Qatar, Saudi Arabia and the UAE backed Affinity Partners in hopes of gaining White House influence and investment returns. The US war with Iran that they opposed has shown the constraints of that approach. (Bloomberg free)

• CBS Cancels Itself, Not Just Colbert: What I didn’t anticipate was that the foundation of Mr. Colbert’s success was something new to late night: hard-core, point-of-view political comedy. He had developed it while contributing to “The Daily Show” on Comedy Central. A broadcast network, steeped in the traditional “both sides” style of Johnny Carson, was going to expect him to drop that as well as the character. The NYT opinion page on a network deciding it would rather not have an audience than have one with opinions. A useful case study in what happens when corporate parents start managing for the regulator, not the viewer. (New York Times)

• Your iPhone Gets Stolen. Then the Hacking Begins: Wired on the international crews who lift iPhones in the West and then phish the owners overseas to unlock iCloud. The hardware was never the real prize. (Wall Street Journal)

• The surprisingly strong case for feeling great about your coffee habit: Another week, another coffee-is-actually-fine review. The effect sizes are real, the mechanism is still hand-wavy. Drink up. (Vox)

• Attenborough at 100 — A Nature Documentary Archive: Sir David Attenborough just turned 100. In recognition of his brilliant career and life, here’s everything he’s ever worked on, in one place. Nearly 5,000 episodes across 90 series — from Zoo Quest in 1954 to Secret Garden in 2026. Search by animal, habitat, location, natural phenomenon, or theme to find exactly the episode you’re looking for.  A loving fan-built archive of David Attenborough’s seven decades of nature programming, organized for browsing. The closest thing to a centralized index of a body of work that quietly shaped how the world sees wildlife. David Attenborough’s life’s work, searchable. (Attenborough at 100)

• How Nicki Minaj Became Trump’s ‘No. 1 Fan’: The WSJ on the unlikely Minaj–Trump alliance and what it says about celebrity-political brand alignment in 2026. Less about the policy than about the audience each side thinks it’s buying. The rap superstar is throwing her weight behind the White House agenda after being courted by Trump’s 29-year-old celebrity whisperer (Wall Street Journal)

Video of the day: How Concerned Should Boeing and Airbus Be About the New Flying V?

Be sure to check out our Masters in Business this weekend with Sheila Bair, former Chairperson of FDIC from 2006-11. She helped steer the agency through worst financial crisis since the Great Depression. Her new book is aimed at young adults and teenagers, titled “How Not to Lose a Million Dollars”

Stocks are cheaper, but their prices are higher

Source: Mike WIlson via Sam Ro

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The post 10 Tuesday AM Reads appeared first on The Big Picture.

Escobar On Xi's "Constructive Strategic Stability"

Authored by Pepe Escobar,

If all of us are magnanimous enough, we might infer that Xi and Trump agreed on a three-year stability framework.

The headline on the front page of China Daily this past Thursday was a thunder and lightning “Red-carpet welcome for Trump in Beijing”.

Well, complete with electric jumpin’ children waving flowers and a visit to the Temple of Heaven, built in 1420, symbolizing the connection between heaven and humanity.

Youth meet tradition. The generation that will lead fully modernized China meets deep History. A dazed and confused POTUS could barely absorb a running masterclass in civilization.

Xi Dada was proverbially sharp: “We should be partners, not rivals.” The Exceptionals were stunned. All that after the non-stop litany of trade wars, tech sanctions, non-stop Taiwan hysteria, military encirclement, geoconomic confrontation, anti-China rhetoric.

Cool down. Be cool.

Oh, the twists and turns of the most important bilateral relation on the planet. Even as both economies are quite intertwined, bilateral trade in goods reached 4.01 trillion yuan ($590 million) in 2025. In global terms, that’s not exactly groundbreaking: only 8.8% of China’s total foreign trade.

At the state banquet, Xi’s sharp rhetorical dagger performed the feat of uniting MAGA and the rejuvenation of the Chinese nation:

“The people of China and the United States are both great peoples, achieving the great rejuvenation of the Chinese nation, and making America great again, can go hand in hand.”

The barbarians were puzzled. Again.

Then Xi explained where we are, concisely. It took only one sentence:

“The transformation not seen in a century is accelerating across the globe, and the international situation is fluid and turbulent.”

Compare it to when he first referred to the “transformation”, in public, for a global audience: right after the meeting with Putin in the Kremlin in the Spring of 2023.

And then Xi immediately asked: “Can China and the United States overcome the Thucydides Trap and create a new paradigm of major-country relations?”

As much as the Thucydides Trap is yet another feeble US ThinkTank-land concoction – the best analysts of Thucydides are Greeks and Italians, not the Beltway gang – Xi’s metaphor was actually stressing that China, now, is the leader of the new emerging order.

And it got here without firing a shot.

That “constructive strategic stability”

Xi then deployed his new vision for US-China relations – at least for the next 3 years – via a quite startling slogan: “constructive strategic stability” (italics mine).

Yet that presents three serious problems.

• The Empire of Chaos is not constructive: it’s destructive.

• It’s not strategic: at best it’s crudely tactical, tactics changing all the time.

• And it’s not about stability: it’s about instilling and deploying chaos, alongside lies, plunder and, as we see in Venezuela and especially Iran, piracy.

So Xi, rationally, cannot possibly expect “cooperation” from the Empire as “the mainstay” of the relationship, much less “healthy stability with competition within proper limits.”

If all of us are magnanimous enough, we might infer that Xi and Trump agreed on a three-year stability framework which should be interpreted as a structural reset – featuring cooperation first, then managed competition, and predictable peace as the end result.

Well, never forget we are dealing, in the immortal definition of Grandmaster Lavrov, with a “non-agreement capable” US.

And of course there’s the “Taiwan question”. Xi at his sharpest: “’Taiwan independence’ and cross-Strait peace are as irreconcilable as fire and water”. The Americans must exercise “extra caution” in “handling the Taiwan question”.

Xi called it “the most important issue in China-US relations”. For Beijing, this is the ultimate red line. Team Trump may still not understand the stakes. Taiwan is the variable with the potential to reset the whole, optimistic three-year “peaceful” equation to zero.

And incidentally, American MSM spin that Xi traded non-interference by the US in Taiwan for “helping” the US in Iran is absolutely ridiculous. China and Iran have an all-evolving strategic partnership.

While all that was proceeding in Beijing, I had the pleasure of spending a long geopolitical lunch in Shanghai with the remarkable Li Bo, the general director of Guancha, the number one independent media in China, with at least 120 million daily followers.

Among other nuggets, Li Bo explained that Taiwan is not a problem for Beijing: it’s an internal matter that will be solved peacefully. The real problem is the rearming of Japan, especially now when under the frankly militaristic Sanae Takaichi administration.

Now for the real VIPs in the Trump-Xi show. After all the “evil empire” craze, the decoupling hysteria, the de-risking paranoia, the sanctions tsunami, the tariff tsunami, the war rhetoric, we have an oligarchic bunch with a collective market capitalization of over $10 trillion flying to Beijing to literally beg Xi Jinping, in person, for…deals.

Trump was estatic:

“I wanted the number one from each empire! Jensen Huang, Tim Cook, Elon Musk, and the other titans… the best in the world are here, right in front of you.”

Then, the clincher:

“They’re here today to pay respect to you and to China. They come hungry to do business, invest, and create. From our side, it’ll be 100% reciprocal.”

The “indispensable” nation paying tribute to the real 21st century geoeconomic empire. History will have a ball with it.

The keys to the new Temple of Heaven

Tesla, Apple, Boeing, GE Aerospace, everyone may desperately need China’s rare earths: China controls nearly 99% of the global processing capacity for rare-earth minerals. Yet China, structurally, and increasingly, does not need these American behemoths.

The combined revenue exposure to China across the top 12 companies represented by their CEOs on this trip is over $300 billion a year.

Musk needs to keep building Teslas – the Gigafactory, his primary export hub, is outside of Shanghai – without a 100% tariff. Jensen Huang needs chip export licenses so Nvidia may sell into this immense AI market (but China doesn’t need Nvidia anymore). Tim Cook needs Apple’s $70 billion China supply chain to remain steady.

The real problem is BlackRock’s Larry Fink avid for Chinese financial markets to “open up” for extra Wall Street profits (Li Bo told me at best the Chinese will let them open a little office in Hainan island…) Fink, moreover, is the actual new leader of the Davos gang, directly responsible for the funding of AI surveillance data centers all over the US.

The White House readout was beaming on “expanding market access for US businesses into China and increasing Chinese investment into US industries”; “increasing Chinese purchases of US agricultural products”; and Xi expressing “interest in purchasing more US oil”.

Yet there’s not a single word about any “trade discussions” coming from the Chinese Ministry of Commerce.

So in theory we had this trillionaire CEO party eager to “open up” China for American business/trade. Business in Shanghai was definitely not impressed. After all China is actively building its own independence – it’s all enshrined in the targets of the new Five-Year Plan – while the US, via these trillionaire CEOs, essentially demonstrated the formalization of its own dependence.

While all this sound and fury was going on in Beijing, the Foreign Ministers of Russia, China (not Wang Yi, he remained in Beijing side by side with Xi), India and, crucially, Iran, and others, were in New Delhi for a very important BRICS summit focused on what Moscow defined as reforming the system of “global governance” with a predominant role for the Global South.

BRICS may be in a coma. But if there’s anyone capable of resurrecting it, it’s Grandmaster Lavrov and Russia, side by side with China and emerging global power Iran. Once again: it’s the new Primakov triangle, RIC (Russia-India-China) which will find the real keys to open a new Temple of Heaven.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.

Tyler Durden Mon, 05/18/2026 - 23:25

Software CEO Convicted In Massive $1 Billion Medicare Fraud Scheme Targeting Seniors

In a verdict hailed by federal officials as a major blow against one of the most egregious health care fraud operations in Florida history, a jury in the Southern District of Florida convicted Brett Blackman, 42, of Johnson County, Kansas, on multiple conspiracy charges related to a sprawling scheme that bilked Medicare and other federal programs out of more than $1 billion.

Brett Blackman / Credit: Department of Justice

Blackman, the founder, owner, and CEO of HealthSplash, was found guilty of conspiracy to commit health care fraud and wire fraud, conspiracy to pay and receive health care kickbacks, and conspiracy to defraud the United States and make false statements in connection with health care matters. He faces a maximum of 20 years in prison on the primary fraud counts, plus additional time on the others. Sentencing is scheduled for August 26, 2026, according to the DOJ. 

From "Healthcare Innovator" to Fraud Mastermind

Prior to his legal troubles, Blackman positioned himself as a serial entrepreneur and healthcare technology disruptor. He described HealthSplash as a visionary platform built on blockchain and smart contracts to connect patients, providers, servicers, and payers with transparent, friction-free care. The company aimed to eliminate suffering by delivering healthcare data instantly and shifting the system from reactive to proactive.

Blackman had expanded a medical compliance documentation firm called PMDRx into DMERx (Power Mobility Doctor Rx, LLC) to broaden its offerings. HealthSplash acquired DMERx in September 2017. Court documents portray a starkly different reality: the platform became a tool for generating false and fraudulent doctors’ orders for durable medical equipment (DME), primarily orthotic braces, and other prescriptions.

How the Scheme Worked

Prosecutors said Blackman and co-conspirators aggressively targeted hundreds of thousands of Medicare beneficiaries - often vulnerable seniors - through foreign call centers, spam mailers, and telemarketing. The goal: pressure recipients into accepting medically unnecessary equipment.

Once beneficiaries agreed, the DMERx platform routed orders to telemedicine doctors who signed them—frequently with little or no patient interaction, and sometimes while falsely claiming in-person tests had occurred. Suppliers and pharmacies paid illegal kickbacks for these orders, then billed Medicare and other federal programs (including those serving veterans and military families) more than $1 billion. Federal programs paid out over $450 million on the fraudulent claims.

Evidence at trial included testimony from an undercover agent who posed as a beneficiary. A foreign call center pushed multiple braces on the agent, and a doctor signed orders claiming tests that could only be done in person - despite no real interaction. Blackman’s team allegedly used sham contracts and order manipulation to evade audits.

“This was not health care. It was a billion-dollar fraud machine,” said U.S. Attorney for the Southern District of Florida Jason A. Reding Quiñones. Officials emphasized the scheme’s industrial scale and its exploitation of the sick and elderly.

Co-defendant Gary Cox, former CEO of DMERx, was convicted in a prior trial in June 2025 and sentenced to 15 years in prison.

Flashy Lifestyle Amid Alleged Fraud

Federal releases highlighted Blackman’s lavish displays of wealth, including a music video featuring a waterfront mansion and photos of him adorned in gold accessories, including a large dollar-sign necklace.

Acting Attorney General Todd Blanche called it “cold, calculated, industrial-scale theft.” FBI and HHS-OIG officials stressed that no web of sham companies would protect fraudsters from accountability.

A photo of the mansion shown in Blackman's music video. / Credit: Department of Justice

The case aligns with broader DOJ efforts, including the recent launch of a dedicated Fraud Division and support for President Trump’s Task Force to Eliminate Fraud.

Tyler Durden Mon, 05/18/2026 - 23:00

The Politicization Of Everything

Authored by David Solway via The Epoch Times,

There was a time when politics occupied only a compartment of life.

A citizen might vote, follow public affairs, argue over taxes or foreign policy and then return to the ordinary business of living: work, worship, family, literature, music, sport, conviviality.

This older balance has been upended.

Politics no longer confines itself to government or elections; it increasingly permeates entertainment, education, business, sport, language—even private conscience. As I noted in my recent column about the “apolitical man,” today we inhabit a culture in which nearly every institution demands ideological participation, and where even silence or indifference may be interpreted as a political act.

The issue runs deeper than ordinary political disagreement. We are living through the gradual disappearance of non-political life itself. Today virtually everything arrives freighted with ideological significance. Everything must justify itself politically before it can simply exist.

As the great American political philosopher Harvey Mansfield observed in “The Rise and Fall of Rational Control,” modern society is crowded with instruments of state control “from the most trivial to the most coercive,” apparently to save us the inconvenience of thinking for ourselves. Yet these are also intrusions into privacy, exerting supervision and pressure over life and conduct. The modern political state no longer merely governs society; it increasingly seeks to furnish society’s entire meaning.

Polish philosopher Ryszard Legutko, having lived under both communism and liberal democracy, recognized the unsettling similarities between these ostensibly opposed systems. In “The Demon in Democracy,” Legutko argued that both systems tend toward ideological conformity and both believe themselves liberated from the obligations of history. The civilized past survives largely as maquillage—a decorative paste applied to glamorize a grubby political machine.

The result is what early 19th-century French political philosopher Alexis de Tocqueville foresaw in “Democracy in America”: a “network of small complicated rules, minute and uniform,” through which individuality is gradually softened, bent and guided into conformity.

De Tocqueville understood that democratic societies might drift not toward overt tyranny but toward a condition of permanent tutelage, in which citizens become increasingly dependent upon administrative systems regulating everyday life.

This tendency now permeates nearly every aspect of Western civilization. The quality of feeling itself has become political. Comedy is judged according to ideological criteria before anyone asks whether it is funny. Art becomes activism. Sport becomes moral theatre. Education concerns political formation rather than learning. Even the patent absurdities of wokism often fail to provoke laughter because they arrive stamped with a political brand.

The modern state increasingly treats culture not as an independent civilizational inheritance deserving protection but as raw material to be supervised, corrected, and ideologically aligned. The old pastoral ideal of the fulfilled and self-reliant individual citizen gradually gives way to the therapeutic subject: managed, supervised, controlled, yet perpetually assured of her freedom in “our democracy.”

One recalls the now-scrubbed World Economic Forum slogan: “You will own nothing and you will be happy.” This is the figment of the old apolitical man falsely wedded to the state. Dependency is rebranded as liberation. Administrative management becomes therapeutic care. The happiness of the classical apolitical man has been transformed into the imposed satisfaction of the political man.

The Russian theological philosopher Nikolai Berdyaev warned of this tendency in “The Destiny of Man” when he described the modern state’s willingness to sacrifice freedom—with its innate acceptance of risk and the possibility of failure—for the illusion of perfection. Once politics assumes responsibility for constructing moral meaning itself, there can be no genuine limit to state control. Every sphere of life becomes potentially political because every sphere may contribute either to ideological conformity or ideological dissent.

Meanwhile, the civilized inheritance sustaining the West steadily weakens. Our governing classes inhabit the architectural husk of antiquity while possessing little connection to the civilization that produced it. They have never read Plato or Cicero, scarcely know Virgil exists, and treat history largely as an embarrassment or political inconvenience. The shimmer of potentiality embodied in the classical world has been damped; the larger vista of human achievement increasingly redacted.

Yet not all is lost.

Churches, local associations, independent journals, small enterprises, and serious works of culture still preserve fragments of the civilization that politics alone cannot sustain. These “apolitical forces” remind us that human beings cannot live entirely within ideological systems without becoming spiritually diminished.

A civilization survives only when there remain spheres of life politics cannot wholly absorb. Once politics becomes everything, civilization itself begins to disappear.

Tyler Durden Mon, 05/18/2026 - 22:35

Japanese Bonds Crater After PM Takaichi Prepares To Issue Much More Debt To Pay For Gasoline Subsidies

While it may seem like every government these days - not just Emerging but certainly all Developing countries too - has become a banana republic in light of the increasingly more idiotic fiscal and monetary policies adopted to kick the can at least until the next election, nobody is quite as cartoonish as Japan, the place where all modern-day central bank experiments started in the late 1980s.

While on one hand the Japanese finance ministry and Bank of Japan have, in recent days and over the years, engaged in aggressive currency day trading, where they try to avoid a collapse in the yen by purchasing the currency in exchange for reserves such as US dollars, on the other hand, the same authorities have been, for the past 3 decades, been engaging in unlimited yen printing through perpetual QE (which despite the country's soaring inflation and collapsing currency, goes on to this day even though Japan's Yield Curve Control is taking a short break). End result: between the selling and buying of yen, the only thing Japanese officials have achieved is becoming the laughing stock of the world. Meanwhile, Japanese bond yields have exploded to multi-decade, if not record highs, as we showed last night.

One reason, besides all the other "usual suspects" such as soaring energy import costs, an grotesque inability to hike rates and contain inflation, not to mention relentless capital flight, is that as Reuters reported overnight, Japan's government is likely to issue even more debt as part of funding for a planned extra budget to cushion ​the economic blow from the Middle East war.

Of course, any additional debt issuance would further strain Japan's ‌already worsening finances and may accelerate rises in long-term interest rates. Actually, better make that "will" accelerate: the report pushed the yield on the benchmark 10-year Japanese government bond (JGB) to 2.8% on Monday, its highest since October 1996, and the 30-year yield to a record top.

On Monday, Prime Minister Sanae Takaichi said she had told Finance Minister Satsuki Katayama last week to start work on compiling a supplementary budget, a rather dramatic shift from previous remarks ruling out the chance of an extra budget.

The extra budget will focus on ​funding government subsidies to curb gasoline and utility bills, as surging oil prices caused by the Middle East conflict cloud the outlook for an economy heavily reliant on fuel imports ​from the region.

While the size of spending has yet to be worked out, the decision could cast doubt on the administration's laughable pledge to pursue a "responsible, proactive" ⁠fiscal policy. Spoiler alert: there is no "responsible" fiscal policy when your debt/GDP is over 200%. You can only hope for a peaceful death.

And the market was quick to react. 

"The about-face by Takaichi, who had been ruling out an extra budget all along, is making markets jittery and triggering a JGB selloff across the curve," said Katsutoshi Inadome, senior strategist at ​Sumitomo Mitsui Trust Asset Management.

In a proposal to the finance ministry, opposition party leader Yuichiro Tamaki called on Friday for an extra budget of about 3 trillion yen ($18.9 billion), which may serve as a benchmark ​for future debates on the size of spending.

"There's a host of reason to sell JGBs but very few to buy," Inadome said, adding that markets are starting to price in the chance of an extra budget to the scale of 5 trillion-to-10 trillion yen.

Finance minister Katayama, who is in Paris to attend the Group of Seven finance leaders' gathering, said on Monday she was instructed by the prime minister to "minimise various risks," when asked about the rise in long-term ​interest rates. 

"That's something I'm contemplating," Katayama said when asked how the government would fund the extra budget. She did not elaborate.

Japan already curbs gasoline prices with subsidies and eyes tapping existing funds to revive ​subsidies for utility bills (which of course means no demand destruction due to artificially low prices, but instead the massive new debt needed to subsidize said spending, will instead translate into state and sovereign destruction). An extra budget would come on top of a record 122-trillion-yen budget for the fiscal year that began in April, which makes up the core of the dovish premier's expansionary fiscal policy.

Critics warn that ‌more spending plans, ⁠coupled with slow interest rate hikes by the Bank of Japan, could fan inflationary pressure in an economy already seeing rising energy costs from the Middle East war and higher import prices from a weak yen.

Japan's Nikkei stock average fell on Monday and the yen hit 158.97 per dollar, the weakest level since April 29, and it's about to explode even higher once the marker realizes the sheer idiocy of selling dollars to buy yen on one hand, and then turning around and doing QE - i.e., printing yen - to absorb all the new massive debt issuance about to hit a bond market where the BOJ has long since become a 50% holder of all JGBs and the marginal price setter. 

"When countries like Japan and Britain contemplate fiscal stimulus, there's a tendency for that to trigger a triple selling of shares, currencies, and bonds because their economic growth is weak and inflationary risks are high," said Daisuke Uno, chief strategist at Sumitomo Mitsui Banking.

The extra budget will be compiled around June ​or July, when the administration will lay out ​plans to boost investment and details for a ⁠two-year freeze on an 8% levy on food.

Reuters tongue-in-cheekly adds that "the bond selloff would also complicate the BOJ's decision on whether to raise its short-term policy rate to 1% from 0.75% at its next meeting in June." Uhm, no, it wouldn't complicate it - it would make it an absolute farce as the last thing Japan needs if it is to sell even more debt, is higher rates. But then Tokyo better brace for a yen at 200 vs the dollar, unless the MOF is prepared to liquidate all of its USD-denominated reserves in an absolutely idiotic attempt to keep the yen from collapsing. 

At the June meeting, the BOJ will also review its existing bond tapering programme ​and unveil a new plan for fiscal 2027 onward.

The war-induced spike in energy prices, coupled with rising import costs from the collapsing yen, pushed Japan's wholesale ​inflation to a three-year high ⁠of 4.9% in April, bolstering the case for the central bank to raise rates as soon as next month.

While the BOJ tends to avoid shifting policy when markets are volatile, delaying rate hikes further could stoke already mounting fears it is behind the curve in addressing the risk of too-high inflation, analysts say. On the other hand, raising rates could spark an even more aggressive selloff across the curve, resulting in both a bond and FX market failure. Oops. 

Markets have priced in roughly a 70% chance of a June rate hike after a slew of recent hawkish signals from ⁠the BOJ ​and a split vote to the BOJ's decision to keep rates steady in April. Nearly two-thirds of economists polled by Reuters expect the ​BOJ to raise rates in June.

"If inflationary risks heighten, there's a chance the BOJ could raise short-term rates to 1.5% by the March end of the current fiscal year," said Mari Iwashita, executive rates strategist at Nomura Securities. The 10-year yield could ​head towards 3%, she added.

Tyler Durden Mon, 05/18/2026 - 22:10

Hundreds Of Subpoenas Are Targeting The Russian Collusion Hoax

According to Acting Attorney General Todd Blanche, the Justice Department is hunting the architects of the Russia hoax, and they’re leaving no stone unturned.

Blanche sat down with Bartiromo on Sunday Morning Futures to discuss what he says is a sweeping criminal investigation into the origins of one of the most destructive political operations in history. 

The Southern District of Florida has an open criminal probe. Hundreds of subpoenas. Hundreds of witnesses. Blanche insists the DOJ is working hard and working efficiently. Bartiromo, who has been covering this story for nearly 10 years, wanted answers on why the process has taken so long.

“What have you done about it?” she asked point-blank.

"Well, look, that's exactly what we're investigating right now. And by the way, what is not in dispute is that the whole Russia hoax, there was absolutely nothing to it," Blanche told Bartiromo.

"And so the question that the American people have to ask is, well, then why did they do it? Why did Comey say what he said? Why did the outgoing Obama administration do what they did?”

Blanche continued.

“And that's what we're studying right now, because it did great damage to this country. It did great damage to President Trump's first term. And we want to understand why that happened, why there are continued to be an effort by operatives in the government to go after President Trump while he was in office, and then, of course, over the past several years as well.”

 But Bartiromo wasn’t accepting his statements at face value.

 "I'd like to know why it's taking so long," Bartiromo pressed.

"Has the statute of limitations run up? Do you have no more wiggle room in terms of zeroing in on things like the Mueller report, the Nunes report, and all the evidence that was clear — that they knew there was no Russia collusion?"

Blanche pushed back on the statute-of-limitations concern, arguing that the conspiracy arguably continued well past its origins (through the Mar-a-Lago raid in 2023), which could extend the legal exposure considerably. He framed the entire thing as potentially one continuous criminal conspiracy, stretching from 2015 through 2023 as part of a singular effort to destroy President Trump. "Whether that's one conspiracy that continued from 2015, 2016, all the way up to 2023 is what we're looking at right now," Blanche said. "We're finding out some incredibly troubling things. And at some point at the right time, that will be made public."

 "When is the time right?” Bartiromo asked. “When should we expect these charges of conspiracy?" 

“Well, I mean, look, as has been publicly reported, the Southern District of Florida has an open criminal investigation,” Blanche explained. “That involves hundreds of subpoenas. It involves hundreds of witnesses. And so, as far as timing and when we can expect it, we are working hard, and we are working efficiently, but we are going to do it right. We are not going to rush something, rush something that shouldn't, that isn't ready. We're not going to reach a conclusion before our investigation is over. But I assure you and I assure the American people that we are completely focused on it.” 

With hundreds of subpoenas and hundreds of witnesses, this is clearly no small investigation. And considering the media and Democrats will scrutinize every move, the DOJ knows it can’t afford to cut corners. In a case this explosive, being thorough matters a lot more than moving fast.

 

Tyler Durden Mon, 05/18/2026 - 21:20

Trump Demands DOJ Probe Of Maryland's 500,000 "Illegal" Mail-In Ballots

Submitted by Maryland Freedom Caucus,

President Donald Trump is demanding immediate action from the Department of Justice over Maryland's exploding mail-in ballot scandal, and he's not mincing words.

In a Truth Social post on Monday, Trump slammed the fiasco:

 "In Maryland, they sent out 500,000 Illegal Mail In Ballots, and they got caught! So now, they're going to send out 500,000 more Mail In Ballots, but nobody knows what's happening with the first 500,000 they sent. … I'm going to ask the Attorney General of the United States, and the DOJ, to bring an immediate investigation into this situation."

The Maryland State Board of Elections admitted late last week that a third-party vendor printed and mailed roughly 400,000 ballots for the June 23 gubernatorial primary, with an undetermined number of voters receiving the wrong party's candidates. Because officials cannot tell exactly who received the flawed ballots, they are re-mailing replacements to every voter who requested one before May 14. However, the original ballots remain in circulation.

The Maryland Freedom Caucus was first out of the gate. On May 16, we issued a press release exposing the crisis, demanding that Jared DeMarinis release Maryland's voter rolls for a federal audit, and warning that "400,000 double ballots in circulation" threaten the fundamental principle of one vote, one person.

To restore faith in Maryland's electoral process, decisive action is necessary. We must release the voter rolls to the federal government to allow for a thorough audit into the reported issuance of 400,000 incorrect ballots. pic.twitter.com/39PJlDyKiN

— Maryland Freedom Caucus (@MDFreedomCaucus) May 16, 2026

This is not an isolated glitch. Last fall, the Maryland Freedom Caucus and our partners at Secure the Vote MD blew the lid off the Ian Roberts case — an illegal alien from Guyana who was registered to vote in Maryland for years, requested absentee ballots, and remained on the active rolls even after his arrest. That single case proved what we've warned for years: Maryland's voter rolls are bloated with non-citizens, deceased voters, and people who no longer live here.

Worse, when the DOJ requested Maryland's full voter registration data last year, the State Board of Elections stonewalled. Administrator DeMarinis specifically asked whether the list would be used for immigration enforcement before providing anything meaningful - a clear admission that transparency threatens their continued subterfuge.

BREAKING: Another Maryland Man controversy!

Have you heard the story of Ian Andre Roberts, the Superintendent for Des Moines Public Schools? He was arrested late last week for a standing deportation order. Turns out, he is actively registered to vote in Maryland, despite being… pic.twitter.com/T7XlAobQ6O

— Maryland Freedom Caucus (@MDFreedomCaucus) September 29, 2025

President Trump's call for a DOJ investigation is the national spotlight this scandal desperately needs. Permanent, no-excuse mail-in voting was sold as "convenient and secure." In reality, it has become a black box that erodes public trust and invites chaos, exactly as the Maryland Freedom Caucus has warned.

But calls for investigation without an immediate remedy will not restore Marylanders' confidence in their elections. Governor Wes Moore must immediately issue an executive order to restore strict chain-of-custody controls: end the use of unmonitored drop boxes, suspend the use of USPS for local delivery, require that all marked ballots be returned directly to a local Board of Elections office, and implement real-time logging so every ballot can be tracked from voter to canvass.

Tyler Durden Mon, 05/18/2026 - 20:55

Wayfair CFO's Muted Home-Goods Demand Outlook Offers More Bad News For Realtors

Wayfair CFO Kate Gulliver appeared at JPMorgan's conference Monday morning in a discussion with the bank's retail analyst, Christopher Horvers.

What caught our attention in the 35-minute conversation, which ranged from the online home-goods retailer's financial position to broader consumer trends, was Gulliver's outlook on home goods and housing markets.

A more active housing market typically drives demand for big-ticket home purchases such as sofas, tables, and other furnishings sold on Wayfair's online platform.

However, her forecast for the remainder of the year was decidedly muted, a gloomy outlook that may leave realtors and mortgage brokers uneasy.

Horvers asked Gulliver about the home goods and housing markets, including whether she was worried about soaring energy prices, the post-stimulus era, and how those factors could affect consumer demand for home goods over the rest of the year.

Her outlook for the rest of the year was not great. She noted that the home goods category "has not been a tailwind for us."

"At some point, this cyclical category will recover, but our expectations for 2026 and our guidance for the second quarter do not assume any category recovery. Our operating assumption for 2026 is that the category stays where it is," Gulliver explained.

Gulliver's dismal view of the home goods and housing markets for the rest of the year offers valuable insight because Wayfair is one of the largest online home-furnishings platforms in the U.S.

Much of Wayfair's consumer base consists of millennials and Gen Xers in the household-formation cycle, including raising a family, buying a home, or moving into a larger residence, all of which drive demand for furniture and such.

This muted activity she observes and forecasts also comes as the 30-year mortgage rate is back around 6.5%, up roughly 35 basis points from when the U.S.-Iran conflict began in late February.

Related:

• Most Americans Can't Afford New Homes

• Home Prices Register Biggest Annual Increase In More Than A Year: Report

• The Frozen Market For Homes

Gulliver's view serves as a proxy for the housing market. Her comments this morning offer no relief for the struggling realtors and mortgage brokers over the last several years.

Also to note, rate markets are pricing in hikes next year as energy inflation from the Hormuz chokepoint disruption pushes up inflation expectations and TSY yields soar.

Tyler Durden Mon, 05/18/2026 - 20:30

Combined NextEra-Dominion Would Have 130-GW Large-Load Pipeline

By Robert Walton of UtilityDive

Summary

• NextEra Energy plans to acquire Dominion Energy in an all-stock transaction announced Monday, potentially creating the largest regulated electric utility in the world — with 10 million customers in four states — if the deal passes muster with three state and two federal regulatory commissions.

• The companies have proposed $2.25 billion in bill credits for Dominion customers in Virginia, North Carolina and South Carolina, and they say all customers would see benefits from “enhanced scale in operations, procurement, construction and financing.”

• The combined company would have a more than 130-GW large-load pipeline of projects and a rate base of $138 billion, which it expects to grow at approximately 11% through 2032, according to the deal announcement.

Company officials frame the deal as a win for customers by maintaining operating stability and putting downward pressure on rates while allowing the combined utility company to grow faster and more efficiently. Customer advocates, however, warned of the deal’s potential impact on consumers, and analysts say it could signal shifts in the utility operating model and wholesale markets.

“The Dominion Energy name isn’t changing, nor is how we operate locally, serve our customers or engage with the community,” NextEra Chairman, President and CEO John Ketchum said in a statement.

NextEra Chairman, President and CEO John Ketchum speaks during a panel at the BlackRock Infrastructure Summit in March 2026, in Washington, D.C.

The merger has been approved by the boards of directors of Dominion and NextEra, and the companies say they expect to close the transaction in 12 to 18 months subject to approvals from a host of regulators. The deal must be approved by the Federal Energy Regulatory Commission, Nuclear Regulatory Commission, Virginia State Corporation Commission, North Carolina Utilities Commission and the Public Service Commission of South Carolina.

Customer advocate group Clean Virginia called for state officials to subject the proposed merger “to the most rigorous scrutiny possible.”

“This deal would hand control of Virginia’s electric grid to a company with a deeply troubling track record,” Brennan Gilmore, executive director of Clean Virginia, said in a statement.

“Before Virginia ratepayers are locked into a relationship with NextEra Energy, every policymaker and regulator in the Commonwealth needs to understand what NextEra has done in Florida,” he added, pointing to rate hikes and scandals around dark money political advocacy.

The companies say they plan to maintain dual headquarters in Florida and Virginia. NextEra owns Florida Power & Light, which serves 6 million customer accounts. Dominion serves 3.6 million electric customers in its three-state territory, and about 500,000 gas customers in South Carolina.

The combined entity would have an almost $250 billion market capitalization, which the companies said would make them the “world’s largest regulated electric utility business by market capitalization and one of the world’s largest energy infrastructure companies.”

Consensus data from S&P Global Visible Alpha paints a picture of two growing companies. Analysts expect NextEra to have total operating revenues of $30.6 billion this year, up 11.68% year over year; Dominion is expected to see total operating revenues of $18.4 billion, up 11.5% year over year.

Limited energy capacity remains a vital issue for the broad adoption of AI.

“This deal may support increased scale and efficiency in the space to support the ramp in data center compute,” Melissa Otto, head of research at S&P Global Visible Alpha, said in an email to Utility Dive.

The deal would combine “two well-run utility franchises,” Alex Kania, BTIG managing director and utilities and power analyst, said in a statement. There is some question about how the combination could impact operations in the PJM Interconnection, he noted.

“We believe [the deal] could mark a step to a return to the integrated utility model that has largely been abandoned over the past 10 years — but we think that model may end up being one of the better ways to address PJM resource adequacy. Stay tuned,” Kania said in a research note.

Dominion’s pipeline of contracted data center capacity now stands at about 51 GW, the company said earlier this month in its first-quarter earnings. And in Virginia, its largest utility market, Dominion sold 4% more electricity year over year in the first quarter of 2026. 

Dominion’s position in Virginia’s “data center alley” means the utility is “very well situated for large load growth,” Kania said. Its large load pipeline and PJM interconnection portfolio would pair with NextEra’s “vast generation development platform” of gas, renewables and storage.

The combined entity would be “one of just a few players in PJM that could readily offer comprehensive grid and generation solutions to large load,” Kania said.

The deal “makes much sense for NextEra to rebalance its business mix,” Jefferies equity analyst Julien Dumoulin-Smith said in a Monday note. NextEra’s unregulated business has been growing faster than its utilities, “a trend expected to continue,” he said. “Buying a regulated business has been important for years.”

The combined business would be “anchored by a more than 80% regulated business mix, with approximately 11% regulatory capital employed growth across four fast-growing states with constructive regulatory environments,” Dominion and NextEra said.

Officials expressed confidence in getting the merger across the finish line.

“We have some experience getting deals done,” Robert Blue, Dominion chair, president and CEO, said in a call with analysts. “We feel very good about the way the deal has come together, with the focus on customers and communities, and that gives us a high degree of confidence.”

Under terms of the deal, Dominion shareholders will receive 0.8138 shares of NextEra Energy for each share of Dominion they own. The companies say this will result in NextEra and Dominion shareholders owning approximately 74.5% and 25.5% of the combined company, respectively.

Tyler Durden Mon, 05/18/2026 - 20:05

Almost All Non-Iran Tankers That Entered The Persian Gulf During The War, Have Successfully Exited With A Cargo

Despite a near-halt in daily Hormuz traffic, Bloomberg reports that almost all large non-Iranian tankers that have entered the Persian Gulf during the war appear to have successfully exited with a cargo, underscoring the emergence of a small group of shipowners willing to risk crossing the Strait of Hormuz.

At least 19 oil- and liquefied petroleum gas-carrying ships without Iranian links have both entered and exited Hormuz since March 1, according to vessel-tracking data compiled by Bloomberg. In contrast, about 100 such tankers that entered the Gulf before the conflict remain stuck for fear of attacks, the data show.

As noted above, merchant shipping through the vital energy chokepoint has - for the most part - ground to a halt since US-Israeli attacks at the end of February triggered a wave of Iranian retaliation and led Tehran to tighten its grip over the waterway. Yet a handful of vessels have been managing to cross under an array of schemes, including deals arranged at a government level (with payment in bitcoin) in some cases (and keep in mind that the numbers, both for ships stranded in the Gulf and those making the crossing, could be higher in reality, given many vessels in the region are switching off their satellite signals to protect against strikes).

Of the 19 ships to cross, seven have been linked to Greece’s Dynacom Tankers Management. The company has been one of the main firms to continue using the strait since the conflict began. In true honey badger form, the company is known to turn off its ship transponders and then to quietly make the Hormuz crossing usually under the cover of night. It is unclear if Dynacom had arranged any special arrangement with Tehran ahead of its crossings.  

The cargoes the vessels were carrying have largely been from the United Arab Emirates and Iraq. Of the rest, three were transporting oil from Saudi Arabia or a mix of oil from the kingdom and other Arab Gulf nations.

Only one large tanker that entered the Gulf after the war started hasn’t left, the data show.

The crossings are only a fraction of the typical Hormuz transits before the war, which accounted for about a fifth of the world’s oil supply.

 

 

Tyler Durden Mon, 05/18/2026 - 19:40

Trump: Holding Off 'Planned' Attack On Iran At Request Of Gulf Allies, 'Deal Will Be Made' Summary

• Trump says holding off on 'planned' Tuesday attack upon request of Gulf states.
• US denies earlier Tasnim report of agreeing to lift oil sanctions during talks; Trump tells NYP 'not open' to Iran concessions.
• Trump calls for Iran's total military surrender in Monday morning Truth Social post.
• Oil rebounds on Tasnim reporting Iranian denial: Tehran "under no circumstances" will negotiate nuclear issue as part of an end to the war.
• A flurry of (the somewhat typically-timed) Monday opener headlines have pushed oil prices lower, erasing weekend gains, including Al Arabia reporting that Iran is ready to accept a long-term nuclear freeze, instead of full dismantling.
• Iran has submitted its latest proposal comprising 14-points through Pakistan, amid reports that the US has offered to lift sanctions on Iranian oil during the interim negotiating period.

//--> //--> US obtains Iranian enriched uranium by December 31?
Yes 26% · No 75%
View full market & trade on Polymarket

*  *  *

Trump: Asked by Gulf States to Hold Off Attacking Iran

Here we go again: Trump says he's holding off a planned attack which was supposedly "scheduled" for Tuesday, at the request of Gulf leaders, including Qatar, KSA, and UAE. "A deal will be made," he says...

Oil drops on the headlines, amid the ongoing roulette...

Iranian President Somewhat Defensive

A message from Iran's president, perhaps aimed at those arguing that trying to engage the US has run its course. Words aimed at IRGC and domestic population, it appears...

"Dialogue does not mean surrender..." will "safeguard the interests and honor of Iran."

Trump 'Not Open' to Any Concessions for Tehran: NYP Interview

Another repetition of the weeks-long stale-mated reality: ...so Trump is 'not open' to any concessions, but Iran deal happening 'soon' - we are yet again told, as the Iranians themselves haven't appeared to budge on anything.

President Trump told The NY Post on Monday he is “not open” to any concessions for Tehran after receiving the latest disappointing Iranian response on peace deal talks. Highlights:

• And in an ominous foreshadowing, Trump said Iran knows “what’s going to be happening soon.”
• In the brief phone interview The Post, Trump seemingly shut the door to Iran’s Sunday offer for a diplomatic talks.
• Asked about his Friday remark that he’d be willing to accept a 20-year moratorium on Iranian uranium enrichment, Trump interjected: “I’m not open to anything right now.”
• The president declined to get into any detail. “I can’t really talk to you about it. Too many things are happening,” he said.
• “I can tell you they want to make a deal more than ever, because they know we’re—what’s going to be happening soon,” Trump said.
• Questioned about regional source claims that Iran is attempting to “wait out” Washington on both the nuclear issue and reopening of the Strait of Hormuz, Trump said he “hadn’t heard that.”

US Denies Tasnim Report It Agreed to Lift Iran Oil Sanctions

And the denials keep rolling in. First via CNBC:

A U.S. official tells me the Iranian state media report that the U.S. has agreed to lift oil sanctions while talks are ongoing is false. https://t.co/gOcyBKDAxC

— Megan Cassella (@mmcassella) May 18, 2026

...as the US side does not seem very confidently in control of the situation - quite the opposite:

Senior U.S. official: "It's time for the Iranians to throw bit of candy out. We need some real, sturdy, and granular conversation [regarding the nuclear program]. If that's not gonna happen, we will have a conversation through bombs, which will be a shame" https://t.co/qTNrY1fgoN

— Barak Ravid (@BarakRavid) May 18, 2026

Just like that, back to square zero once again we go... and back to headline roulette. 

US PLANS NEW RUSSIAN OIL WAIVER AS IRAN WAR CRUNCHES SUPPLIES

US DENIES REPORT IT AGREED TO LIFT IRAN OIL SANCTIONS: CNBC

Steady climb in oil continues on the denials...

Trump Monday Morning Truth Social 'Threat'

Like clockwork, the start of the week threat from Trump on TS... same as the old threats:

And bearish news via Axios:

Iran has given an updated proposal for a deal to end the war, but the White House believes it is not a meaningful improvement and is insufficient for a deal, a senior U.S. official and a source briefed on the issue told Axios.

Oil Quickly Rebounding on Iranian Denial

In a far too familiar pattern, just before US market open on Monday, a slew of optimistic Iran headlines saw oil erase weekend gains, which mostly came through Saudi Arabia's state-funded Al Arabiya, as well as Reuters... only to be followed by Iranian officials rejecting the substance of these reports, putting things firmly back at square one. 

Tasnim has newly cited Iranian government sources who seek to make clear that "Iran under no circumstances" will engage in new nuclear negotiations for an end to the war. Contradicting the earlier morning reports, it still sees negotiations to find peace in the war with the US as separate from the nuclear file. "Fundamental differences between the Iranian and American texts still remain", Tasnim reports, citing a source.

"Despite some changes in the new American text, fundamental differences stemming from the Americans' exaggeration and lack of realism remain," Tasnim writes, citing the Iranian source. According to more of the statements per state media:

• "Iran will not abandon its firm and principled positions on ending the war and realizing the rights of the Iranian people".
• "Iran's frozen assets must be returned to the Iranian people in a transparent and definitive manner, and paper promises are of no use".
• "Despite some promises, there is disagreement about the return of the frozen funds".
• "Iran's determination regarding the necessity of paying compensation by the Americans for the military aggression against Iran is very serious".
• "The Americans are far from Iran's demands regarding its amount and some other issues."
• "the Americans are still trying to tie the negotiations to end the war to the nuclear issue, which is against logic and Iran will not agree to it. The Americans must understand that Iran will in no way agree to an end to the war in return for nuclear commitments".
• "Iran has not and does not have any intention of building nuclear weapons, and this claim is just an excuse and deception by the Americans. This issue has also been emphasized in the new text".

Oil reacted as expected to this official 'denial' of the prior optimism - quickly rebounding, also as Trump is said to be "losing patience" with the progress of talks. A US source has told Al Jazeera Iran has "days not weeks" to show progress.

The optimism and then denials happened within a span of a couple hours...

And here is the walkback, as IRGC must have just gotten the memo:

DESPITE SOME CHANGES IN THE NEW AMERICAN TEXT, FUNDAMENTAL DIFFERENCES STEMMING FROM THE AMERICANS' EXAGGERATION AND LACK OF REALISM REMAIN https://t.co/3KT4OeLhCq

— zerohedge (@zerohedge) May 18, 2026

Tasnim: Another Iranian Ship Breaks Through US Blockade Line

Iranian state media is claiming that a Iranian oil tanker under US sanctions that was off the coast of India two weeks ago has now docked at Kharg Island, having broken through the US naval blockade. Tasnim reports that "the LPG tanker passed through the US blockade line undetected and entered Iranian waters." 

The Pentagon has been asserting an essentially airtight blockade on 'illicit' ships going to or from Iranian ports. CENTCOM has said it has turned around at least 75 vessels, while Iranian media has since the blockade's start touted several ships making it through.

Long-Term Nuclear Freeze on Table

Saudi state-owned Al Arabiya early Monday has issued a bombshell if true (but still very much not officially confirmed), reporting that Iran has agreed to a long-term nuclear freeze instead of a complete dismantling. The outlet also reports that Iran has withdrawn its demand for compensation, instead demanding economic concessions. However, this could be highly dubious, given over the past several days Tehran has not shown willingness to back down from this demand of compensation.

It also seems Russia's offer to take and temporarily hold Iran's enriched uranium is being taken seriously. Here are the alleged "leaks" of the working draft peace document:

• Working on a condition transfer of enriched uranium to Russia instead of the US.
• Seeking multiple international guarantees for any agreement.
• Wants Pakistan and Oman to have a 'role' in any 'clash' in the Strait of Hormuz.
• Seeking a political formation that allows Iran to save face.
• Separate the maritime route from nuclear issues.

Oil pushes lower on the additional headlines, following initial reports that the US would lift sanctions on Iranian oil during the negotiating period...

As a reminder from days ago: "US President Donald Trump said Friday that he would accept a 20-year suspension of the uranium enrichment at the heart of Iran’s rogue nuclear program if Tehran gave a “real” guarantee, in an apparent shift from his previous demand that Iran permanently halt its program and his pledge to ensure Iran can never attain nuclear weapons."

US Lifting Oil Sanctions During Negotiation Period: Tasnim

Tasnim news agency says Iran has submitted its latest proposal comprising 14 points through Pakistan. State sources say the focus by Iranian leadership is to end the war and build trust. This as Pakistan’s interior minister has extended his Tehran visit for a third day.

In this context a source close to the negotiating team reportedly told Tasnim that, unlike their previous texts, Washington agreed in the new text to lift Iran's oil sanctions during the negotiation period. This is a first big sign of progress since the White House reportedly sent five 'counter' conditions to Tehran, which only offered a partial sanctions reduction.

Per more from Tasnim: 

• Waiving sanctions means temporarily lifting sanctions.

• Iran insists that lifting all sanctions on Iran should be part of the US's commitments.

• However, the US has proposed suspending OFAC until a final understanding is reached.

The headline was enough to push oil down, erasing the gains over the weekend...

Another blurb via TASS, offering a little more in terms of likely conflicting interpretations and expectations:

According to the source, unlike in its previous proposals, the US has agreed in its new offer to suspend oil sanctions against Iran for the duration of the talks. The source noted that Tehran, for its part, insists on the lifting of all sanctions, while Washington is only ready to waive US Treasury sanctions until a final agreement is reached.

More Latest Developments

According to more of the latest headlines via Al Jazeera:

• Iran’s Foreign Ministry spokesperson says talks between Iran and the US are continuing through Pakistan.
• He added that Iranian and Omani technical teams met in Oman to negotiate a mechanism for ensuring safe transit in the Strait of Hormuz.
• Kuwait and Qatar have condemned drone attacks on Saudi Arabia, which officials say originated from Iraqi airspace.
• The Israeli army says it struck more than 30 targets in southern Lebanon, which it claims were used by Hezbollah to attack Israeli forces.
• The Israeli navy has seized vessels that were part of the Gaza-bound Global Sumud Flotilla, arresting 100 activists on board.

And more developments via Newsquawk:

• US President Trump warned on Truth Social that the clock is ticking for Iran and that they better get moving fast, or there won’t be anything left for them, and that time is of the essence.
• US President Trump declined to give a specific deadline for negotiations with Iran and will hold a Situation Room meeting with his national security team on Tuesday to discuss possible options for military action, while he spoke with Israeli PM Netanyahu about the situation in Iran, according to Axios. Trump also stated that he still thinks Iran wants a deal and he is waiting for an updated Iranian proposal, which he hopes will be better than the prior offer. Furthermore, Axios’s Ravid reported that Trump threatened that attacks would resume with greater intensity if the Iranian regime does not come up with a better proposal, while Channel 12’s Kraus posted that President Trump said in a phone call that he thinks the Iranians should be afraid of what’s going on right now.
• Pakistan shared revised Iranian proposal to end the war with the US on Sunday night, according to Pakistani sources. The course added that "we don't have much time", adding that both countries "keep changing their goalposts".
• Western sources say the new Iranian proposal includes a commitment of unclear value not to produce nuclear weapons but no mention of uranium or Hormuz, according to Journalist Segal.
• Iranian Foreign Ministry Spokesperson Baghaei said talks with the US continue through Pakistani mediation. The spokesperson added that they have made great efforts for safe movement and protection of the Strait of Hormuz and are in constant contact with Oman to develop a mechanism. On Uranium, Baghaei said Tehran does not need any party to recognize its right to uranium enrichment and will not discuss during negotiations with the US.
• Iranian Defence Ministry spokesman Brigadier General Reza Talaei-Nik warned of a regretful response to enemies and said that Iranian armed forces are fully prepared to confront any potential attack by the US and Israeli regime, according to IRNA.
• Iranian Major General Rezaei said Iran is serious about diplomacy and negotiations, but is more serious about dealing with the aggressor, while he added that the US must now prove its good intentions and that Iranian armed forces are on the trigger as diplomatic efforts continue.
• Iran said transit through the Strait of Hormuz would flow again once its conflict with the US and Israel is over, although the sides remain far from resolving their differences, according to Bloomberg. In relevant news, three cargo-empty, US-sanctioned tankers reportedly slipped through the US naval blockade in recent days, according to TankerTrackers.com.
• Israel said it carried out a Gaza strike targeting the de facto head of Hamas's armed wing, while Israel also conducted an airstrike on the towns of Froun, Kfar Hounah and Zawtar al-Sharqiya in southern Lebanon. Furthermore, an Israeli air strike targeted Baalbek, Lebanon and killed an Islamic Jihad commander and his daughter.
• UAE officials said a drone attack set off a fire near the UAE’s nuclear power station, while it was still investigating the source of the attack.
• Saudi Defence Ministry said it intercepted three drones launched from Iraq after entering the kingdom’s airspace.

* * *

While a Pakistani-mediated ceasefire managed to take effect on April 8, subsequent talks in Islamabad completely collapsed, but then President Trump later extended the truce indefinitely, likely to buy time and to figure out "what's next" - while seeking a complete blockade of Iranian oil exports, and of all vessels entering or exiting Iranian ports. Currently the sides are merely trying to get back to the table.

Tyler Durden Mon, 05/18/2026 - 16:20

Graham Calls For 'Short But Forceful' New Strikes On Iran, Complains Waiting For 'Status Quo' Talks Looks Weak

At a moment the US-Iran ceasefire is officially on life support, and with the world's most critical energy chokepoint remaining blocked while the American consumer is paying the price at the pump, beltway hawks are calling for renewed major military action to 'solve' the standoff.

Foremost among them, Senator Lindsey Graham, hit the Sunday news circuit to urge President Trump to rip up the current playbook and resume US major military strikes on Tehran. According to Graham, the current diplomatic paralysis and the shuttered Strait of Hormuz are only fueling Iran's strategic position while inflicting severe economic pain domestically.

He has perhaps picked up on the bad optics of Trump's constant barrage of Truth Social posts which often seem written in an exasperated and impatience style.

"I think the status quo is hurting us all," Graham told NBC News' "Meet the Press" - as he made the case for using military pressure to get the Iranians to comply with Washington demands on their nuclear program and other issues.

The well-known hawk from South Carolina correctly observed: "The longer the [Strait of Hormuz] is closed, the more we try to pursue a deal that never happens, the stronger Iran gets." However, this reflects one of those 'one more escalation step and the problem will be fixed' approaches among the NeoCons. The 'just one more thing' usually perpetuates the quagmire. 

He turned to urging the president to "weaken them further" given that "there's more targets to be had" - which is pretty much also the Israeli line.

Graham further said there are no signs that after the prior 38-day bombing campaign that Iran's leadership has abandoned what he called the Islamic Republic's supposed goal "to terrorize the world, destroy Israel, come after us."

"Gas prices will come down when you put Iran in a box," Graham added. 

Another interesting moment in the interview came when the GOP senator seemed in agreement with Trump on not caring about Americans' finances in comparison with the Iran nuclear question:

Trump drew criticism last week for saying he was not weighing Americans' finances in the talks, comments that stirred Republican anxiety ahead of the midterm elections. Graham dismissed that concern.

"It's worth losing my job," he told Welker. "If I had to give my job up to make sure Iran would never have a nuclear weapon, I would do it."

Iran is meanwhile still not backing down, after last Friday Iranian Foreign Minister Abbas Araghchi made clear that Tehran has "no trust" in Washington given its "contradictory messages".

Graham calling for a "short but forceful" new military escalation against Iran...

I have every confidence that President Trump fully understands the situation with Iran and will not continue to tolerate a refusal to negotiate in good faith along with Iran’s defiant aggression in the Strait of Hormuz and throughout the region.

It is abundantly clear to me…

— Lindsey Graham (@LindseyGrahamSC) May 18, 2026

He reiterated that Washington needs to get serious, while it is US officials saying Iran must show willingness to make compromise. At this point it seems Washington is the more desperate to get a deal done, but each side is waiting out the other.

Tyler Durden Mon, 05/18/2026 - 15:45

Watch $134 Million Go Up In Smoke As Navy Jets Collide At Air Show

As if Pentagon losses in the Trump-Netanyahu war on Iran weren't already sapping them enough already, American taxpayers were losers again on Sunday when two U.S. Navy EA18-G Growlers blew up in spectacular fashion after colliding at an air show at Mountain Home Air Force Base in Idaho. Four crew members ejected and were medically evaluated and said to be in stable condition.

EA18-G Growlers are used to jam and suppress enemy radar and other electronics (USAF Photo)

The aircraft were performing a maneuver for the audience at the Gunfighter Skies Air Show when they made contact and then appeared to be locked together. In an instant, the four crew members ejected. As their parachutes successfully deployed, the two jets -- valued at a combined $134 million -- fell to the ground together and exploded, generating a massive cloud of smoke, and necessitating a careful descent by the crew members who had to avoid landing in the flaming wreckage. Made by Boeing, the EA18-G Growler is an F/A-18 Super Hornet variant that serves as something of an "electronic bodyguard" for other aircraft, by jamming, deceiving or suppressing enemy radar and electronic systems. 

BREAKING: Two U.S. Navy jets collided mid-air and exploded during the Gunfighter Skies Air Show at Mountain Home Air Force Base. pic.twitter.com/R66ADWM2TY

— Breaking911 (@Breaking911) May 17, 2026

Jeff Guzzetti, an aviation safety expert, said the unusual collision in which the two jets were seemingly stuck together may have bought the crew members a few more critical moments. “It’s really striking to see,” Guzzetti told Associated Press. “It looks like they struck each other in a very unique fashion to cause them to remain intact and kind of stick to each other and that very well could have saved them.” Some social media users pointed to a wind advisory that had been issued. 

While the Air Force will investigate the crash, Guzzetti's first impression was that it was not a mechanical failure: "It appears to be a pilot issue to me...Rendezvousing with another airplane in formation flight is challenging, and it has to be done just right to prevent exactly this kind of thing.” The jets landed in an empty patch of land far from the audience. The crash started a brush fire that torched 25 acres, and forced the remainder of the show to be cancelled.  It was the first edition of the Gunfighter Skies Air Show since 2018, when a hang glider pilot was killed in a crash. 

The four aviators were able to land outside the inferno

The two jets are part of the Electronic Attack Squadron 129 at Whidbey Island, Washington. They become the third and fourth Growlers from Whidbey Island to be destroyed in just the past 19 months. In October 2024, both female crew members died when they crashed near Mount Rainer. There were no fatalities in a February 2025 crash in San Diego Bay, in which the two male pilots ejected before their jet met this end: 

New footage released shows an EA-18G Growler jet crashing into the San Diego Bay this morning.

The two pilots ejected before the jet crashed into the water.

The crash caused an 80 foot plume of water and mud, according to a witness.

According to the San Diego Union Tribune,… pic.twitter.com/jGJDYehTYZ

— Collin Rugg (@CollinRugg) February 13, 2025

Another aviation expert, Safety Operating Systems CEO John Cox, told AP that the maneuvers used to dazzle air-show crowds leave little room for error. "Air show flying is demanding. It has very little tolerance,” Cox said. “The people who do it are very good and it’s a small margin for error. I’m glad everybody was able to get out.” It's enough to make you wonder whether such demonstrations are a reasonable use of taxpayers' assets -- to say nothing of the risk to the crew members. 

A clearer view of the mid-air collision from a different angle. pic.twitter.com/wpxVQ8wJyp

— Arslan Akbar (@iarslanakbar) May 18, 2026

The Pentagon's loss of the two 67-million-dollar jets comes amid a very costly US war on Iran waged in tandem with Israel. On April 10, The War Zone reported that US forces had seen at least 39 aircraft destroyed at that point, including 24 MQ-9 Reaper drones, four F-15E Strike Eagles, two MC-130J Commando II's, an E-3G Sentry, two KC-135 Stratotankers, a CH-47F Chinook, two MH-6M Little Bird helicopters and an A-10C Warthog. 

Last week, the Pentagon owned up to $29 billion in costs of the war to date, though there are plenty of skeptics who think it's likely far higher -- along with some insiders. In late April, unnamed US officials who were familiar with the DOD's internal numbers said it was closer to $50 billion. That's just the Pentagon's tab -- it doesn't begin to account for the cost being imposed on American families and businesses via rising outlays for fuel, food and seemingly everything else. 

Tyler Durden Mon, 05/18/2026 - 15:05

Saylor's Strategy Scoops Up Another $2B Bitcoin, Holdings Reach 843,738 BTC

Authored by Helen Partz via CoinTelegraph.com,

Michael Saylor’s Strategy, the world’s largest public Bitcoin holder, made another massive BTC acquisition last week as the crypto asset hovered around $80,000.

Strategy acquired 24,869 Bitcoin (BTC) for $2.01 billion between May 11 and 17, according Monday's 8-K filing with the US Securities and Exchange Commission.

Source: SEC

The purchases were made at an average price of $80,985 per BTC, raising Strategy’s cost basis to $75,700.

The company now holds 843,738 BTC, acquired for about $63.87 billion. At the time of publication, the holdings were valued at roughly $65.3 billion, according to CoinGecko.

STRC sales account for 97% of the entire purchase

Strategy funded nearly all of its latest Bitcoin purchase through sales of its STRC perpetual preferred stock, which accounted for about 97% of total proceeds.

According to the SEC filing, Strategy raised roughly $1.95 billion from the sale of about 19.5 million STRC shares.

In comparison, Strategy’s Class A common stock (MSTR) contributed a smaller share of funding, generating about $83.7 million in net proceeds from the sale of 430,344 shares.

Source: SEC

The outcome was broadly in line with expectations from STRC Live, which reported heavy STRC activity during the week, including a record trading day of 15.1 million shares, with estimated purchases of around 15,466 BTC.

The structure mirrors previous large bitcoin buys this year, including a 34,164 BTC purchase, Strategy’s third-largest on record, which was also largely financed through preferred securities rather than common equity.

Strategy co-founder Saylor previously signaled that the company would add to its Bitcoin holdings by posting a chart showing Strategy’s purchase history with 109 Bitcoin acquisition events since 2020.

Its 843,738 BTC now far outpaces BlackRock, the world’s largest asset manager, which holds around 817,000 BTC on behalf of its clients.

The purchases came a week after Saylor raised the possibility of selling Bitcoin during Strategy’s recent earnings call, framing it as a way to better protect the asset’s long-term value.

He said that sticking too rigidly to a “never sell” Bitcoin approach could, over time, work against the very asset the company is built to accumulate and hold.

Tyler Durden Mon, 05/18/2026 - 14:50

Senate Parliamentarian Rejects White House Ballroom Funding In Reconciliation Bill

Authored by Joseph Lord via The Epoch Times,

The Senate’s nonpartisan referee has rejected a bid by Republicans to fund $1 billion for the White House ballroom expansion and other White House security upgrades.

According to Senate Parliamentarian Elizabeth MacDonough, the $1 billion proposal breaks the rules of the reconciliation process. As parliamentarian, MacDonough’s go-ahead is traditionally required to approve individual items passed under the partisan process.

Republicans are seeking to use the reconciliation process—which is not subject to the filibuster—to pass $72 billion in funding for Immigration and Customs Enforcement (ICE) and Customs and Border Protection, which has been blocked by Democrats in the wake of fatal shootings of U.S. citizens by immigration agents. The GOP bill would fund the agencies through 2029, the end of President Donald Trump’s second term.

Trump has long pushed for the addition of a major ballroom to the East Wing of the White House, particularly in the wake of an alleged assassination attempt while attending an event away from the executive mansion.

The Secret Service had requested the money after the incident at the White House Correspondents’ Association dinner last month.

Republicans had pursued including this funding in an immigration enforcement funding package.

According to Democrats, MacDonough’s ruling holds that funding for a project as large as the proposed White House expansion is too broad to be included in the filibuster-proof bill.

It’s unclear which, if any, segments of the GOP proposal can be included in the final funding bill.

The parliamentarian left the bulk of the bill’s immigration language intact, barring some minor provisions such as the one providing funding for Customs and Border Protection to hire, train, and pay agents. Republicans have indicated that these sections can be revised and retained in the legislation.

A model of the White House and proposed ballroom (R) is displayed during a ballroom fundraising dinner with President Donald Trump in the East Room of the White House on Oct. 15, 2025. Kevin Dietsch/Getty Images

Technically, Republicans can ignore MacDonough’s rulings, which are ultimately considered advisory; however, respect for the parliamentarian’s authority is so deeply embedded in the upper chamber’s culture that this rarely happens.

Ignoring or overriding a ruling on a budget reconciliation bill would set a precedent that could deeply weaken the filibuster, an eventuality that members of both parties have long wished to avoid.

In 2021, after the Senate parliamentarian rejected a bid by Democrats to include a $15 minimum wage in a reconciliation package, some Democrats called for the ruling to be overturned; however, these calls were ultimately rejected.

Senate Majority Leader John Thune (R-S.D.) speaks to members of the press in Washington on April 14, 2026. Madalina Kilroy/The Epoch Times

A spokesman for Senate Majority Leader John Thune (R-S.D.) wrote in a post on X that “none of this is abnormal” during the complicated budget process that Republicans are using to try to pass the immigration enforcement and White House security money on a partisan basis.

“Redraft. Refine. Resubmit,” Wrasse said in the post.

Senate Minority Leader Chuck Schumer (D-N.Y.) framed the ruling as a win for Democrats.

“Republicans tried to make taxpayers foot the bill for Trump’s billion-dollar ballroom. Senate Democrats fought back — and blew up their first attempt,” Schumer wrote in a May 17 post on X.

“Americans don’t want a ballroom. They don’t need a ballroom. And they sure as hell should not be forced to pay for one,” Schumer added, vowing that Democrats would continue to seek to block funding for the White House expansion.

Tyler Durden Mon, 05/18/2026 - 14:15

Judge Dismisses Musk's OpenAI Lawsuit After Jury Reaches Verdict

Update: Musk to appeal

*  *  * 

A nine-person federal jury has sided with OpenAI, Sam Altman, Greg Brockman, and Microsoft, determining that Elon Musk filed his high-profile lawsuit too late under the statute of limitations. The verdict effectively ends Musk’s claims that OpenAI abandoned its founding nonprofit mission to benefit humanity.

The jury unanimously concluded that Musk knew or should have known about OpenAI’s shift toward a for-profit model and major Microsoft partnerships years earlier - potentially as far back as 2019–2021, making his August 2024 filing untimely. U.S. District Judge Yvonne Gonzalez Rogers in turn accepted the advisory jury’s finding on this threshold issue and dismissed the case. 

Musk, a co-founder who contributed roughly $38–44 million in OpenAI’s early days, alleged that the company betrayed its original charitable trust by pursuing massive profits and commercial deals, particularly with Microsoft. He sought up to $150 billion in damages or “ill-gotten gains,” the removal of Altman and Brockman from leadership, and a restructuring to restore the nonprofit focus on safe, humanity-benefiting AI.

OpenAI countered that Musk was fully aware of the company’s evolving plans (including for-profit elements he himself had once advocated), waited until after launching his competing xAI venture in 2023, and was motivated by competitive rivalry rather than genuine concern for the mission. They described the suit as “sour grapes.”

Developing...

Tyler Durden Mon, 05/18/2026 - 13:38

Judge Tosses Key Evidence In Luigi Mangione Case Over Warrantless Backpack Search

A judge just handed Luigi Mangione some big wins in his high-profile murder case. On Monday, New York Supreme Court Justice Gregory Carro issued a mixed ruling on evidence seized during the suspect’s dramatic arrest at a Pennsylvania McDonald’s. The decision represents a partial victory for the defense on constitutional grounds while delivering a significant boost to prosecutors by preserving the most damning pieces of physical evidence linking Mangione to the assassination of UnitedHealthcare CEO Brian Thompson.

Mangione, 28, appeared in court for the hearing, dressed sharply as he has throughout proceedings. He has pleaded not guilty to second-degree murder and other charges in the Dec. 4, 2024, killing that shocked the nation and ignited fierce public debate over corporate greed in the American healthcare system.

The Arrest and the Evidence at Stake

The ruling stems from Mangione’s arrest on Dec. 9, 2024, in Altoona, Pennsylvania - roughly 280 miles from the Manhattan crime scene. Police responded to a tip after Mangione was recognized while eating breakfast. Officers approached him, and what followed became the focal point of lengthy suppression hearings held late last year.

During the initial encounter at the McDonald’s, officers conducted a warrantless search of Mangione’s backpack in a public setting, visible to restaurant employees and patrons. They discovered a loaded gun magazine wrapped in underwear and other items. The search was paused, and Mangione was taken to the Altoona police station, where a more formal inventory search occurred.

Justice Carro ruled that the initial McDonald’s search was improper - an unconstitutional warrantless intrusion because the backpack was not within Mangione’s immediate control or reach at the time. As a result, several items recovered during that phase are now suppressed and inadmissible in the state trial.

The Ditched Evidence Includes:

• Loaded handgun magazine
• Cellphone
• Passport
• Wallet
• Computer chip
• Certain initial statements made by Mangione to officers at the scene

However, the judge found the subsequent search at the police station valid, allowing prosecutors to use critical items recovered there.

Admissible Key Evidence:

• The alleged murder weapon: A 3D-printed “ghost gun” with a silencer, which ballistics reportedly match to shell casings found at the crime scene.
• A red notebook containing handwritten notes expressing deep frustration with the health insurance industry—often described in media as a “manifesto.”
• USB drive and related items from the station search.

This split decision mirrors similar outcomes in Mangione’s separate federal case and underscores the complexities of Fourth Amendment jurisprudence in high-stakes arrests.

The Crime That Captivated America

To understand the ruling’s weight, one must revisit the events of December 2024. On the morning of Dec. 4, Brian Thompson, 50, a father of two and CEO of UnitedHealthcare, was gunned down in cold blood outside the New York Hilton Midtown. He was heading to an investors’ conference when a masked assailant approached from behind and fired multiple shots. Thompson was struck in the back and leg; he died shortly after.

The killer fled on a bicycle, leaving behind shell casings engraved with the words “delay,” “deny,” and “depose” - phrases widely interpreted as a pointed critique of insurance industry practices that deny claims and delay care. Surveillance video, fingerprints, DNA, and other forensic links quickly pointed investigators toward Mangione, a 26-year-old University of Pennsylvania graduate from a well-to-do Maryland family with a background in engineering.

Mangione’s arrest five days later, with a fake ID and a backpack full of incriminating items, ended a intense manhunt. His Ivy League education, handsome appearance, and apparent grievances against corporate America turned him into an unlikely folk hero for some. Protests, “Free Luigi” chants, and online memes have accompanied the case from the start, reflecting broader societal anger over healthcare costs, claim denials, and corporate profiteering.

Legal Strategy and Implications

For the defense, led by prominent attorneys, the suppression motion was a cornerstone of their strategy. By challenging the backpack search, they hoped to dismantle much of the prosecution’s physical case. While they secured wins on peripheral items, the admission of the gun and notebook is a heavy blow. The notebook, in particular, could allow prosecutors to argue motive and premeditation before a jury.

Manhattan District Attorney Alvin Bragg’s office hailed the ruling as preserving justice for a “premeditated, targeted” killing. Bragg has emphasized that additional evidence - beyond the backpack - ties Mangione to the scene, including video footage, ballistics, and witness identifications.

Legal experts describe the outcome as a classic “partial win” scenario. Defense attorneys may appeal the admissible evidence or challenge statements under Miranda rules (the judge also addressed Huntley issues regarding voluntariness of statements). However, with the weapon and writings intact, the state’s case remains formidable.

The state trial is scheduled to begin September 8, 2026, in Manhattan Criminal Court. A separate federal case, charging stalking and other counts, carries potential life sentences but no death penalty following an earlier federal ruling. Mangione remains detained at the Metropolitan Detention Center in Brooklyn.

Tyler Durden Mon, 05/18/2026 - 13:30

Russian Drone Hits Chinese Ship In Black Sea, Less Than 24-Hours Before Xi-Putin Summit

Just 24 hours before Presidents Vladimir Putin and Xi Jinping are set to meet for their planned summit in Beijing, soon on the heels of Trump's visit, and a geopolitical wrench may have just been thrown into the works.

According to Ukrainian President Volodymyr Zelensky, Russian forces have attacked a Chinese ship heading toward a Ukrainian port - a provocative move that threatens to seriously anger Beijing at the worst possible diplomatic moment.

via Ukraine Navy

Early Monday morning, a Russian drone reportedly struck the KSL Deyang, a vessel flying under the Marshall Islands flag, just off the coast of Ukraine, Reuters also confirms.

The ship was reportedly empty at the time while en route to Ukraine's Pivdennyi port in the Odesa region to load up on iron ore concentrate.

A fire was observed on board, but it was quickly brought under control and extinguished, with the vessel escaping severe damage. 

The Ukrainian government is alleging this wasn't some kind of accidental fog-of-war blunder, with President Zelensky immediately calling out Moscow:

“Drones struck Odesa ... and one of the UAVs hit a vessel owned by China. The Russians could not have been unaware of what vessel was at sea,” Zelensky said.

A Ukrainian navy spokesman told AFP that none of the crew members, all Chinese nationals, were injured. He added that the vessel continued on its journey.

“The ship was entering for loading. After it was hit at night by a Shahed, the crew coped with the consequences on their own. Fortunately, no one was injured, and the vessel continued on its way to its port of destination,” navy spokesman Dmytro Pletenchuk said.

The incident went down just after on Sunday Xi and Putin had just exchanged "congratulatory letters" to set the stage for Putin's upcoming arrival in Beijing. 

The China-owned vessel wasn't the only ship attacked within that span of time. According to The Independent:

Russia attacked a Panama-flagged civilian vessel heading to Ukraine's Chornomorsk port in the southern Odesa region on the Black Sea early on Monday, the regional governor said.

It is one of several ships destined for Ukrainian ports that have been struck by Russian forces in the past day.

The vessel was damaged in the attack, which caused a fire, Governor Oleh Kiper said on the Telegram messaging app, adding that no one had been injured in the incident and that the crew had extinguished the fire. The vessel has continued on its way, the governor added.

TradeWinds is also suggesting a third ship was struck, but few details have been given. Black Sea transit continues to be a dangerous prospect, also with naval mines long being a feature of the 4+ year long war.

Tyler Durden Mon, 05/18/2026 - 12:00

DoJ Establishes "Anti-Weaponization" Fund After Trump Drops $10 Billion Lawsuit Against IRS

Update (1130ET): The DOJ announces that as a part of the settlement agreement in President Donald Trump v. the IRS, the Attorney General established “The Anti-Weaponization Fund” to provide a systematic process to hear and redress claims of others who suffered weaponization and lawfare.

“The machinery of government should never be weaponized against any American, and it is this Department’s intention to make right the wrongs that were previously done while ensuring this never happens again,” said Acting Attorney General Todd Blanche. “As part of this settlement, we are setting up a lawful process for victims of lawfare and weaponization to be heard and seek redress.”

“The use of government power to target individuals or entities for improper and unlawful political, personal, or ideological reasons should not be tolerated by any Administration,” said Principal Associate Deputy Attorney General Trent McCotter. 

Bloomberg reports that the fund will receive $1.776 billion and will come from the judgment fund, which is a perpetual appropriation allowing DOJ to settle and pay cases.

The fund will have the power to issue formal apologies and monetary relief owed to claimants.

The Fund will consist of a Commission of five members appointed by the Attorney General. One Member will be chosen in consultation with congressional leadership. The President can remove any member, but a replacement must be chosen the same way as the replaced member was selected.

*  *  *

As Tom Ozimek detailed earlier via The Epoch Times, President Trump’s attorneys on Monday filed a court notice voluntarily dismissing his $10 billion lawsuit against the IRS and the U.S. Treasury Department, in a case that accused the agencies of failing to prevent a former contractor from leaking Trump’s tax returns to the media.

No reason was stated in the May 18 motion, which asks the court to dismiss the case with prejudice, meaning Trump and the other plaintiffs cannot bring the same claims again in the future. A court filing in April indicated that talks were underway to settle the case, with the parties stating at the time that discussions were taking place “productively to avoid protracted ligitation.”

Monday’s filing said the IRS and Treasury Department had neither filed an answer nor moved for summary judgment, allowing the plaintiffs to dismiss the action unilaterally without requiring court approval or government consent.

Trump, along with two ​of his sons and the Trump ⁠family business, sued the IRS ​and the Treasury Department in January, accusing both agencies of failing to take mandatory precautions to prevent former IRS contractor Charles “Chaz” Littlejohn from illegally obtaining access to their tax records and disclosing that information to The New York Times and ProPublica.

The lawsuit alleged that Littlejohn had “staff-like access” to confidential tax return information and exploited weaknesses in IRS safeguards to obtain and leak the records between 2019 and 2020.

Lawsuit Details

The lawsuit, filed in the U.S. District Court for the Southern District of Florida, sought at least $10 billion in damages and accused the IRS and THE Treasury of violating federal privacy laws governing taxpayer information.

Trump brought the suit in his personal capacity, while Donald Trump Jr., Eric Trump, and the Trump Organization were also named as plaintiffs.

Littlejohn, who at the time was employed by defense contractor Booz Allen Hamilton, was accused of having improperly accessed and disclosed tax information related to Trump and affiliated entities, including business holdings.

The plaintiffs claimed Littlejohn’s actions caused “reputational and financial harm, public embarrassment, unfairly tarnished their business reputations, portrayed them in a false light, and negatively affected President Trump, and the other plaintiffs’ public standing.”

The lawsuit argued that IRS and Treasury safeguards were so inadequate that the agency took roughly 3 years to detect the breach.

“Defendants had a duty to safeguard and protect Plaintiffs’ confidential tax returns and related tax return information from such unauthorized inspection and public disclosure,” the complaint alleged, pointing to the need for the agencies to have in place appropriate technical, employee screening, and monitoring systems to prevent Littlejohn’s actions.

“Defendants failed to take such mandatory precautions.”

Littlejohn pleaded guilty in October 2023 to one count of unauthorized disclosure of tax return information.

Prosecutors said he used broad search parameters to conceal his activities, uploaded stolen data to a private website to avoid IRS monitoring systems, and stored records on personal devices before providing them to media outlets.

In January 2024, U.S. District Judge Ana Reyes sentenced Littlejohn to five years in prison, the maximum sentence permitted under the statute. Reyes described the breach as the “biggest heist” in IRS history.

“It cannot be open season on our elected officials,” Reyes said, noting that Littlejohn purposefully sought his job at least in part to obtain and leak tax information.

Before Monday’s voluntary dismissal, the case had appeared to be moving toward a possible resolution in recent weeks.

In an April 17 filing, attorneys for Trump and the Justice Department jointly requested a 90-day pause in proceedings to allow settlement negotiations to continue.

The IRS and THE Treasury Department did not immediately respond to requests for comment on the dismissal filing.

Tyler Durden Mon, 05/18/2026 - 11:40

Cuban Foreign Minister Says US Is Building 'Fraudulent Case' For Military Action

Authored by Chris Summers via The Epoch Times (emphasis ours),

Cuban Foreign Minister Bruno Rodríguez on May 17 said the United States is building a “fraudulent case” ​to justify economic war and eventual military intervention against the Caribbean island nation.

Cuban troops participate in a military parade in honor of former Cuban leader Fidel Castro at Revolution Square in Havana on Jan. 2, 2017. Yamil Lage/AFP via Getty Images

His comments were a direct response to a report by Axios, which cited classified U.S. intelligence reports saying Cuba had obtained more than 300 military drones and had discussed using them against the U.S. military base at Guantanamo Bay, which is at the eastern end of the island. The Epoch Times is unable to verify the Axios report.

“Without any legitimate excuse, the #US government is building, day after day, a fraudulent case to justify a ruthless economic war against the Cuban people and eventual military aggression,” Rodriguez said in a post on X. “Specific media outlets are playing along, promoting slander and leaking insinuations from the U.S. government itself.”

The minister did not specifically mention the Axios report about military drones, and he did not formally deny that Cuba possessed such weapons, which have been used by both Russia and Iran, and Tehran’s proxies, in conflicts in recent years.

“Cuba does not threaten or desire war,” Rodriguez added. “It defends peace and is willing and preparing to confront external aggression in exercise of the right to legitimate self-defense recognized by the UN Charter.”

In a May 18 email to The Epoch Times, a U.S. State Department spokesperson said the U.S. president will always act “to protect Americans, our interests and our homeland from any threat.”

“President Trump ... has taken historic action to rid our backyard of uncontrolled migration, dangerous narco trafficking, organized crime, and hostile foreign military presence,” the department said.

“Cuba, a failed Communist state which has long hosted hostile foreign military, intelligence and terror groups, presents a significant threat to our national security that President Trump will not allow to devolve into a greater crisis to the safety and security of Americans.”

In a May 17 post on X, Monroe County Sheriff’s office, which covers the Florida Keys, said, “Monroe County Sheriff Rick Ramsay has not been contacted by any federal or state authorities regarding news reports Sunday of any possible military action taken by Cuba against the U.S. military base in Cuba at Guantanamo Bay using drones.”

The post quoted Ramsay as saying he did not believe there was any reason to be concerned.

“I am confident I will be notified if anything does change and I will alert the public,” Ramsay added.

The Cuban ambassador to the United Nations, Ernesto Soberón, said in a May 17 post on X that the people of Cuba “stand ready to defend their territory, their sovereignty, and their independence.”

“Cuba would never initiate an attack on any country, let alone the United States,” Eva Golinger, an attorney and writer based in New York, said in a May 17 post on X. “They do, however, have the right to self defense under international law, as all countries do, if they are attacked.”

U.S. President Donald Trump has previously said Cuba persecutes and tortures political opponents, provides a safe haven for terrorist groups such as Hezbollah and Hamas, and constitutes an “extraordinary threat to U.S. national security and foreign policy.”

Last week, Cuba said it poses no threat to U.S. national security and that there are no legitimate grounds for it to remain on the list of state sponsors of terrorism.

CIA Director John Ratcliffe and other officials visited Cuba on May 14, at the invitation of the communist regime in Havana. At the time, the U.S. Embassy in Cuba referred The Epoch Times to the White House for comment, which in turn referred it to the CIA. The CIA didn’t respond to an email seeking comment on that meeting.

Fuel Crisis

Cuban Energy and Mines Minister Vicente de la O Levy said on May 13 that the country has completely run out of diesel and heavy fuel oil, and its power grid has entered a critical state.

O Levy said Cuba had not received any oil imports since December, until Russia sent 100,000 tons (about 700,000 barrels) of crude last month.

Trump said on Truth Social last week that Cuba was asking for help and that the two countries were going to talk.

Newly erected holding tents for detained migrants at the U.S. Naval Station in Guantanamo Bay, Cuba, on Feb. 21, 2025. U.S. Navy/AFN Guantanamo Bay Public Affairs via Reuters

The regime in Cuba was founded in 1959 after rebels led by Fidel Castro ousted U.S.-backed leader Fulgencio Batista. Under Castro’s leadership, the regime moved toward Marxism-Leninism and consolidated one-party communist rule in the years that followed. Cuba was closely allied with the Soviet Union until the bloc’s collapse in the early 1990s.

Cuba was heavily reliant on Venezuelan oil, supplied by former Venezuelan leader Nicolás Maduro’s socialist regime, but that supply was stopped after he was ousted in January and replaced by interim leader Delcy Rodríguez.

Mexico also stopped sending oil, under pressure from the United States.

A watch tower at Camp X-Ray, which was the first detention facility to hold what the U.S. government described as "enemy combatants," at the U.S. Naval Station in Guantanamo Bay, Cuba, on June 27, 2013. Joe Raedle/Getty Images

The U.S. State Department said in a May 13 post on X that it “is publicly restating the United States’ generous offer to provide additional direct humanitarian assistance to the Cuban people.”

“The Cuban regime must decide whether to accept our offer or deny life-saving help for the Cuban people, who desperately need it,” the State Department said.

Tyler Durden Mon, 05/18/2026 - 11:20