One of the biggest investors in a Trump-backed crypto fund has yanked his money - before the fund could even make a deal. 1/4 🧵

CRO has been sinking along with many other novel tokens. Executives behind the Cronos venture point out - rightly - that other founding investors have slightly increased their stake in recent months. Goldman's office declined to comment on why he bolted. More @Capitol_Forum

The venture, backed by Trump Media & Technology Group (#DJT), the parent of Truth Social, was conceived to mimic companies that accumulate bitcoin. Except this venture was going to stockpile CRO - a token minted by https://t.co/9IG8UfN8xK 3/4

The erstwhile investor, Jay Goldman, controlled 5% of the fund behind Trump Media Group CRO Strategy - a venture that's supposed to sock away a novel token called Cronos (CRO). In late September, Goldman sold the stake, according to filings. 2/4

2/2 And is UBS seeking a role in a Fannie/Freddie offering? Pulte had two meetings with the Swiss investment bank in recent weeks - one of those at the White House. FHFA did not respond to ? More from our FOIA request @Capitol_Forum

1/2 Interesting items on Bill @pulte calendar. Face-to-face with Goldman's Solomon and BlackRock's Fink in recent months but also FBI/Justice sit-down. This was a few weeks before the FHFA chief made allegations against Lisa Cook.

Insurance giant UnitedHealth has nearly 2700 subsidiaries and affiliates. Can a company that sprawling thrive? Some doubt it. "The nerve endings are not reaching the fingers and toes.” Our story with @TheProspect citing research from @wendellpotter @UHC

A Wall Street regulator has $1.6 bln in a rainy day fund and @DOGE wants to grab it. The cash is in a surplus account at the @USOCC and it's meant to help police big banks. In recent weeks, DOGE has asked whether it can grab the loot. Exclusive news @Capitol_Forum

BIG event today. Justice antitrust chief Gail Slater and FTC Chairman Ferguson are on the same stage. Get your eyeballs on this today! Livestream link below. $COF $DFS

story @Capitol_Forum in front of paywall:

What’s the theory? Facebook creates an invisible profile of you that’s valuable to advertisers. Are you trustworthy? Should you get a credit card? A mortgage? Credit bureaus like Equifax help answer those questions and they report to the CFPB. Shouldn't Meta?

So what happened? “We just ran out of time,” said a former CFPB official familiar with the matter. “If we had a couple more months, this would either be settled or we would see Meta in court.” Now it’s up to Trump’s pick for the CFPB to decide what to do with the case.

Meta itself warned investors back in September that the CFPB was close. The CFPB found faults with Meta’s “advertising for financial products and services on our platform,” Meta said in a SEC filing. “the CFPB could file a lawsuit in the near-term and seek financial penalties.”

A few weeks ago, Mark Zuckerberg acknowledged that the CFPB was on his tail. “They kind of found some theory that they wanted to investigate,” he told Joe Rogan. “It’s like, OK, clearly they were trying really hard to find some theory.”

The CFPB spent at least three years investigating this matter. Meta handed over vast records explaining its data collection and marketing systems. Dozens of CFPB staff reviewed that evidence and helped build the case.

The CFPB under Chopra determined that Meta’s ad targeting policies discriminated in advertising for financial products and violated laws that protect consumers from faulty credit reports, said sources familiar with the matter.

The Consumer Financial Protection Bureau was poised to sue Meta over allegedly abusing targeted ads when Rohit Chopra, the former director, was ousted this month. Will Trump’s pick for the CFPB drop the case against Facebook? 🧵

🤔CFPB staff have been locked out of the office so who filing these briefs?

The agency confirmed it’s “taking a close look at” the deal: “Further consolidation in markets core to American economic life - whether in the financial sector, agriculture, airlines, or groceries - does not serve the American economy, consumers, or competition well.”

“We are concerned that the Capital One/Discover merger could most affect those consumers who can afford it the least,” according to an emailed statement from the California Department of Justice, which is under state AG Rob Bonta.