Has the Tech Stock Selloff Finally Arrived?

After soaring over 150% in 2024 alone... is it actually time to buy Nvidia? A 50-year Wall Street veteran gives his answer to Nvidia, right here...Including the name and ticker of one under-the-radar AI stock to buy instead of Nvidia... before Tuesday, December 3rd.

Trump's incoming chief of staff is a former lobbyist. She'll face a raft of special interests

BRIAN SLODYSKO
November 21, 2024

WASHINGTON (AP) -- As incoming White House chief of staff, one of Susie Wiles ' vexing challenges will be policing the buffet line of powerful interests who want something from Donald Trump.

It's a world she knows well. During Trump's first presidency, she lobbied for many of them.

Trump was first elected on a pledge to "drain the swamp" in Washington. But his transactional approach to the presidency instead ushered in a lobbying boom that showered allies, including Wiles, with lucrative contracts, empowered wealthy business associates and stymied his agenda after his administration was ensnared in a series of influence-peddling scandals.

Now, as Trump prepares to return to power, his victory is likely to embolden those who think they can get his ear, raising the prospect that his second administration could face many of the same perils as his first. That will test the ability of Wiles to manage a growing number of high-powered figures -- including Trump's children, his son-in-law Jared Kushner and billionaires like Elon Musk -- who will not be dependent on her for access to the president.

The appointment of a former lobbyist to such an important job "bodes very poorly for what we are about to see from the next Trump administration," said Craig Holman, himself a registered lobbyist for the government watchdog group Public Citizen. "This time around, Trump didn't even mention 'draining the swamp.' ... He's not even pretending."

In a statement, Brian Hughes, a spokesman from the Trump transition effort, rejected any suggestion that Wiles' history as a lobbyist would make her susceptible to pressure.

"Susie Wiles has an undeniable reputation of the highest integrity and steadfast commitment to service both inside and outside government," Hughes said. "She will bring this same integrity and commitment as she serves President Trump in the White House, and that is exactly why she was selected."

Wiles' job won't be easy

Wiles' selection as chief of staff was Trump's first announced hire after his win. Wiles co-led the former president's campaign and was widely credited with having run an operation that was far more disciplined than his two previous efforts. Even so, she will have her work cut out for her. Though the job has traditionally entailed policing who has access to the president, Trump chaffed at such efforts during his first presidency as he churned through four chiefs of staff.

During his recent victory speech, Trump called Wiles an "Ice Maiden" while praising her as a consummate behind-the-scenes player. She will be the first woman to ever hold the position.

What is also clear is that Wiles, 67, has successfully managed headstrong men across a lengthy career in politics, government and lobbying. The daughter of NFL player and sportscaster Pat Summerall, Wiles worked for U.S. Rep. Jack Kemp, a conservative icon, in the 1970s, followed by stints on Ronald Reagan's campaign and as a scheduler in his White House.

She later headed to Florida, where she advised two Jacksonville mayors and is credited with helping businessman Rick Scott, now a U.S. senator, win the governor's office. After briefly managing Utah Gov. Jon Huntsman's 2012 presidential campaign, she oversaw Trump's 2016 effort in Florida, when his win in the state helped him clinch the White House.

Wiles represented a Venezuelan TV network

Wiles was a partner at Ballard Partners, a regional firm that lobbied for Trump's companies in Florida. Shortly after Trump's election, Ballard set up shop in Washington and quickly became a dominant player, pulling in more than $70 million in lobbying fees during Trump's presidency, representing a who's who of corporate America, lobbying disclosures show.

Many of Wiles' clients were plain vanilla entities with obvious aims -- General Motors, a trade group for children's hospitals, homebuilders, and the City of Jacksonville, Florida.

One in particular stood out that speaks to the ways, subtle or otherwise, that foreign interests seek to influence U.S. policy. In 2017, Wiles registered as a lobbyist for Globovisión, a Venezuelan TV network owned by Raúl Gorrín, a businessman charged in Miami with money laundering.

Gorrín bought the broadcast company in 2013 and immediately softened its anti-government coverage. He hired Ballard to advise on "general government policies and regulations," lobbying disclosures show. But rather than working with the agencies that oversee telecommunications, Ballard's lobbying was trained on the White House, which would have little say in regulating a foreign broadcaster in the U.S. Globovisión paid Ballard $800,000 for a year of work.

Gorrín worked to help Venezuelan leaders

Brian Ballard, president of the firm, said that it's clear to him that Gorrín's aims weren't limited to the media business. Gorrín, who owns several luxury properties in Miami, had long positioned himself as a bridge between Venezuela's socialist government and U.S. officials.

By the time Wiles and a team of Ballard lobbyists represented Globovisión, Gorrín was leading a quiet charm offensive for Nicolás Maduro's government that sought closer ties with Trump at a time when the country was facing food shortages, violent crime and hyperinflation. It started before Trump took office when Citgo, a subsidiary of Venezuela's state-owned oil company, kicked in a $500,000 donation for Trump's inauguration.

"He was a fraud and as soon as we learned he was a fraud, we fired him," said Ballard. "He would ask us to set up a lot of things, in LA and D.C., and then nothing would happen. It was all a fantasy. He just wanted to use our firm."

A few days after Ballard dropped Gorrín in 2018, federal prosecutors unsealed charges against the businessman for allegedly using the U.S. finance system to supply Venezuelan officials with private jets, a yacht and champion show-jumping horses as part of a fake loan scheme perpetrated by insiders to pilfer the state's coffers. Last month, he was charged a second time, also out of Miami, in another scheme to siphon $1 billion from the state oil company, PDVSA.

Wiles is described as a 'straight shooter'

Ballard said Wiles had almost no role in managing the relationship with Gorrín or several other clients for which she is listed as a lobbyist. But he praised her as someone who is a highly organized "straight shooter" and "tough as nails" despite her soft demeanor.

"She's the type of person who you want in a foxhole," he said. "She will serve the president well."

During Trump's first term, Maduro engaged in a peacemaking offensive that included attempts to hire at least two other lobbyists. It fizzled out, however. In 2019, the White House slapped crushing oil sanctions on the OPEC nation, closed the U.S. Embassy in Caracas and recognized the head of the opposition-controlled National Assembly as the country's legitimate ruler. Maduro was then indicted in 2020 by the U.S. Justice Department on federal drug trafficking charges out of New York.

Gorrín has long denied any wrongdoing and remains a fugitive. In a brief interview with The Associated Press, he called Wiles a "lady" and said she always acted professionally and humanely.

Ballard called the firm's work for Gorrín a "big mistake." Going forward, Ballard expects access to the White House to be more tightly controlled just as his firm, after a steep learning curve during the first Trump administration, will do a better job vetting potential clients to make sure their interests align with the president's agenda.

"We learned a lot," he says, "and so did the president."

Foreign clients

Globovisión wasn't Wiles' only client with foreign ties.

In early 2019, she registered with the Justice Department as a foreign agent working for one of Nigeria's main political parties for two months. Another client was an auto dealership owned by Shafik Gabr, a wealthy businessman who was in a financial dispute related to selling cars in Egypt with the subsidiary of the German automaker Volkswagen.

Wiles was also a registered lobbyist for the subsidiaries of a multi-national gaming company and a Canadian company looking to build a massive copper and gold mine near Alaska's salmon-rich Bristol Bay.

Wiles was hardly an outlier in Trump's Washington, where his eponymously named hotel served as a hub for lobbyists, business leaders and foreign governments looking to rub shoulders with Trump World figures as they sought the president's favor.

Though much of it was part of the normal course of business in Washington, a number of Trump allies and advisers were investigated and charged with crimes linked to their work on behalf of foreign countries and entities.

After becoming Trump's de facto campaign manager in 2022, Wiles kept on lobbying, this time for Mercury, a multinational public affairs and lobbying firm. Most recently she was representing the maker of Swisher Sweets cigars.

___

Goodman reported from Miami and Suderman from Richmond, Virginia.

Continue Reading...

Popular

This Mediterranean Restaurant Chain Acquired Kevin Miles-Led Zoës Kitchen In 2018. It Is Now Rising Fast As A Chipotle Killer: What's Making It Tick? (Updated)

CAVA Group's remarkable 268% stock surge, bolstered by its strategic acquisition of Zoës Kitchen and innovative fast-casual model, positions it as a strong contender to challenge Chipotle's dominance in the restaurant industry.

Dogecoin's Whopping 60.9B Movement In 24 Hours: A Bullish Sign?

A whopping 60.9 billion Dogecoin (CRYPTO: DOGE) has been transacted in the past 24 hours, hinting at a possible bullish trend for the meme cryptocurrency.

Single Stock Blueprint Available Now - Ad

Market Wizard Larry Benedict is one of the most successful traders you'll ever meet...But he doesn't make money the traditional way. In short: It's a way to trade just one stock...And potentially make all the money you need to fast-track your retirement -- no matter what happens in the stock market.

Bitcoin ETFs Have Outstripped Satoshi Nakamoto's Holdings

Bitcoin ETFs have now accumulated more Bitcoin (CRYPTO: BTC) than the holdings of Bitcoin’s

Forget Nvidia, Apple, Tesla, and Google - Ad

Market Wizard Larry Benedict: "Forget 99% of stocks: It's possible to make all the money you need for a happy retirement with just this one."

Deal Dispatch: Ubisoft In Buyout Talks, Dental Supplier Explores Sale, Beloved Drive-Through Goes Bankrupt

Dental supply maker Patterson Companies Inc announced Thursday that it is exploring strategic options, including a sale or merger, to boost shareholder value.

What to stream: Paris and Nicole reunite, Romano and Kudrow team up and Indiana Jones quests

Angelina Jolie portraying opera singer Maria Callas in the movie “Maria” and a Jamie Foxx Netflix comedy special are some of the new television, films, music and games near you.

Donald Trump Can't Save You From This Crisis - Ad

A huge economic crisis is about to strike America. 12 months from today, our country could be unrecognizable. That's why I've recorded this video and released it for free. Inside, I lay out exactly what's happening and several critical moves I believe every American should make right now.

As data centers proliferate, conflict with local communities follows

ALEXANDRIA, Va. (AP) — Richard Andre Newman thought he would live the rest of his life in his quiet, leafy neighborhood in suburban . He was born and raised in Bren Mar Park, where children ride their bikes and neighbors wave hello.

Why December 18th Will Impact Stocks More Than The Election - Ad

A man from a completely different government branch is going to stand up, say a few words... and make history in the stock market. This event comes along only every 25 years... And experts are already positioning themselves to profit from it.

Watch Jeff's New Demo: Elon Musk's New $9 Trillion AI Product - Ad

Why is Jeff Brown blindfolded and with his hands tied behind his back? It's all part of a crazy experiment involving a Cybertruck. See this demo because if Jeff is right... Elon Musk could make a lot of people rich with his new AI technology.

SoFi Unlocks SpaceX Exposure For Retail Investors: Here's How

SoFi Technologies announced expanded access to alternative investments on Wednesday through three new private market funds, including the Cosmos Fund which exclusively holds SpaceX stock. 

Is Enron back? If it's a joke, some former employees aren't laughing

HOUSTON (AP) — An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001.

Has the Tech Stock Selloff Finally Arrived? - Ad

After soaring over 150% in 2024 alone... is it actually time to buy Nvidia? A 50-year Wall Street veteran gives his answer to Nvidia, right here...Including the name and ticker of one under-the-radar AI stock to buy instead of Nvidia... before Tuesday, December 3rd.

Commanders hire Campbell's CEO Mark Clouse as their new team president

WASHINGTON (AP) — The hired Mark Clouse as their new team president Tuesday, putting the longtime food executive in charge of all facets of the organization's business operations when he starts in late January.

US expands list of Chinese technology companies under export controls

BANGKOK (AP) — The U.S. Commerce Department has expanded the list of Chinese technology companies subject to export controls to include many that make equipment used to make computer chips, chipmaking tools and software.

Exposed: 3 Cent Crypto to Explode December 16th? - Ad

Chris Rowe, the man who spotted 44 different coins that have returned over 100%, is now making the biggest crypto call of his ENTIRE career.... Because a powerful crypto event will trigger on December 16th... Sending hundreds of tiny cryptos soaring 5X, 50X, even 100X -- in just days.

Death sentence for real estate tycoon Truong My Lan upheld in Vietnam's largest fraud case

HANOI, Vietnam (AP) — The death sentence for real estate tycoon was upheld Tuesday in Vietnam's largest fraud case, the scale of which had raised concerns about the country's economy.

Top 3 Energy Stocks That Could Blast Off In December

When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term.

December 16th - The Biggest Crypto Event in History - Ad

According to the man who called every major market top and bottom for the last 29 years... A single event triggering on November 18th will send the crypto market soaring. But what's more exciting... is that this event could send a small sector of the crypto market soaring 5X, 25X, and even 100X higher in just days.

Bitcoin SV Is Up 80% Over The Past Month: What's Going On?

Bitcoin's historic rise past $100,000 this week has sparked a surge of activity across the cryptocurrency market, bringing renewed attention to Bitcoin SV (CRYPTO:

Here's How Ray Dalio Thinks Trump's Second Term Could Reshape the US and the World

Donald Trump's second term as president is expected to bring about a significant shift in the global and domestic order, with Trump's selections for key posts set to aid in this transformation.

What's Going On in This Strange Facility Near Mar-A-Lago? - Ad

Most people have no clue this unassuming facility exists. Yet the minute Donald Trump takes office... This could be the most important building in America. More important than the Capital, the Pentagon... even the White House. Because this may well be the epicenter of Trump's New Manhattan Project.

Trudeau to meet with Canadian opposition leaders to discuss U.S. relations after Trump tariff threat

TORONTO (AP) — Canadian Prime Minister Justin Trudeau will have a meeting with all opposition leaders to discuss U.S.-Canada relations after U.S. President-elect Donald Trump on all Canadian products.

Wall Street Legend Issues Inauguration Buy Alert - Ad

If you've underperformed this raging bull market, if you've lost money or missed out... this is your final chance to potentially profit.

This Crypto 'Killer App' Could Grow 1,000% Under A Trump Administration: Report

A new report indicates that stablecoins, currently a $163 billion market, could grow to represent 10% of the U.S.

Member of Little Rock Nine christens nuclear submarine named for Arkansas

NEWPORT NEWS, Va. (AP) — The nuclear submarine USS Arkansas was christened Saturday, almost a decade in the making since the U.S. Navy announced that a Virginia-class submarine would bear the state's name.

Why Is This Bull Run Scaring JP Morgan, Goldman Sachs, and Warren Buffett? - Ad

Billionaires Warren Buffett, Stanley Druckenmiller, and David Tepper have all sold off massive U.S. stock positions. Billionaire Ray Dalio, who runs one of the world's most successful hedge funds, says, "Things are going to get worse for our economy." What are these billionaires so worried about?

Tesla Cybertruck Crash In California Claims 3 Lives, Leaves 1 Seriously Injured

In a tragic incident early Wednesday, a Tesla Cybertruck crashed in Piedmont, California, resulting in three fatalities and one serious injury.

A top Fed official leans toward December rate cut but says it depends on economic data

WASHINGTON (AP) — A top Federal Reserve official said Monday that he is leaning toward supporting an interest rate cut when the Fed meets in two weeks but that evidence of persistent inflation before then could cause him to change that view.

"This Will Be Worse Than the Great Depression, the Dot-Com Crash, and the 2008 Crisis Combined" - Ad

According to Dan Ferris, who has predicted nearly every major market crisis of the last 25 years, a new crisis in the US economy could soon cost you 50% of your portfolio or more if you don't prepare your wealth now. Especially if you're sitting on large gains.

Elon Musk's X Objects To Sale Of Infowars Accounts To The Onion, Claims Ownership Over Alex Jones's Social Media

Elon Musk's X has objected to the bankruptcy sale of Alex Jones's Infowars accounts to The Onion, citing terms of service that prevent the transfer of social media accounts without its approval.

Northern Star Acquires De Grey For $3.3 Billion, Secures Promising Tier 1 Asset

Northern Star Resources announced $3.3B acquisition of De Grey Mining's Hemi gold project, boosting overall production to 2.5M ounces annually by 2029.

Act by January 28th: Discover Elon's Mind-Blowing New Invention! - Ad

When you click here you'll discover what Elon Musk's newest invention can do... And how it works... You might think it's straight out of a sci-fi movie. But Elon just conducted a real-life test on a human, and the outcome was astonishing.

Search for UnitedHealthcare CEO's killer yields evidence, but few answers

NEW YORK (AP) — They have seen him smiling on a hostel security camera, but don’t know his name. They found the backpack he discarded while fleeing, but don’t know where he's gone.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright activatrade.ca
Privacy Policy | Terms of Service