Financial Times: ‘Hegseth’s broker looked to buy defense fund before Iran attack.’

Heather Cox Richardson | Letters from an American

HCR
Heather Cox Richardson

April 20, 2026

Late Saturday evening, Josh Dawsey and Annie Linskey of the Wall Street Journal reported that Trump was so unstable and angry after learning on April 3 that Iranians had shot down an American jet that his aides kept him out of the room as they received updates, simply telling him what was going on at important moments.

The journalists describe an erratic president who entered the war after Israel’s prime minister Benjamin Netanyahu convinced him the Iranian people would support such strikes and after his successful extraction of Venezuela’s president Nicolás Maduro and his wife Celia Flores convinced him the military could pull off another quick victory. He seemed to believe that if his gamble worked, he would be saving the world.

But while the strikes did indeed kill Iran’s top leaders and badly damage its military, the Iranians closed the Strait of Hormuz. Trump did not foresee this outcome, although he was warned of it. He told his team that the Iranian government would give up before it closed the strait and, if it did manage to close the strait, the U.S. military would handle it. The journalists report Trump has “marveled at the ease with which the strait was closed.”

Once the strait was closed, the president flipped back and forth between demanding other countries help reopen it and insisting the U.S. didn’t need any help, between wanting to fight and calling for negotiations. On April 5, Easter morning, after the recovery of the second airman, he turned to trying to scare Iranian leaders into reopening the strait and ending the conflict, warning: “Open the F*ckin’ Strait, you crazy bastards, or you’ll be living in Hell.”

He added an Islamic prayer to be as insulting as possible, he later told senior administration officials. That, like his threat that “a whole civilization will die tonight,” was “improvisational,” officials told Dawsey and Linskey.

Seemingly unable to figure out how to find a way out of the war, Trump has told aides he wants to focus on other topics, and shifted his attention to fundraising events for the midterms or details for his ballroom. Clara Ence Morse and Dan Diamond of the Washington Post offered proof of Trump’s growing enthusiasm for his ballroom, noting that he has called public attention to it on about a third of the days this year, mentioning it less than tariffs or Iran but more than healthcare insurance or affordability. And his focus on it has increased as the year has progressed.

On Friday, April 17, after Israel and the government of Lebanon agreed to a ceasefire, Iran opened the Strait of Hormuz to commercial—but not military—vessels. Trump declared the strait was “completely open and ready for business” and that Iranian leaders had “agreed to everything,” including “never to close the Strait of Hormuz again.” But Iran’s chief negotiator posted on social media that Trump had made seven claims in an hour and that all seven of them were false. Iranians said that if the U.S. continued its blockade of Iranian ports, as Trump said it would, they would close the strait again.

On Saturday, they did, firing on a tanker and two other vessels, all of which left the encounters safely. Yesterday Trump announced on social media that the USS Spruance intercepted an Iranian-flagged cargo ship, the Touska, as it tried to pass the U.S. naval blockade of Iranian ports. According to Trump, the U.S. Navy “stopped them right in the tracks by blowing a hole in the engineroom” and then took control of the vessel. Trump posted: “We have full custody of the ship, and are seeing what’s on board!”

Senator Chris Murphy (D-CT) posted: “We are spending billions to keep our entire navy in the Strait to fecklessly fail to open a waterway that wasn’t closed until Trump’s pointless war of choice closed it. He’s just burning your tax money.”

The two-week ceasefire between the U.S. and Iran, begun on April 7, expires on Wednesday, April 22. On Friday, Trump said: “Maybe I won’t extend it, but the blockade is going to remain. But maybe I won’t extend it, so you have a blockade, and unfortunately, we’ll have to start dropping bombs again.”

Today Nick March of the BBC explained the fact pattern behind the general suspicion that someone is engaging in insider trading over Trump’s war announcements. After matching the president’s market-moving statements to the trade volume on a number of financial markets, March found “a consistent pattern of spikes just hours, or sometimes minutes, before a social media post or media interview was made public.” Marsh notes a similar spike over Trump’s announcement of his “Liberation Day” tariffs of last April.

A new NBC News Decision Desk Poll out yesterday showed that 63% of Americans disapprove of Trump’s job performance, while only 37% approve. Fifty percent say they disapprove strongly, a sign that they will be highly motivated to vote in the midterms. Sixty-seven percent of Americans disapprove of Trump’s handling of Iran, including 54% who strongly disapprove.

This morning, Trump’s social media account responded to the bad news of the weekend, including the Wall Street Journal story, by dismissing it. “Israel never talked me into the war with Iran,” the account posted. “[T]he results of Oct[ober] 7th, added to my lifelong opinion that IRAN CAN NEVER HAVE A NUCLEAR WEAPON, did. I watch and read the FAKE NEWS Pundits and Polls in total disbelief. 90% of what they say are lies and made up stories, and the polls are rigged, much as the 2020 Presidential Election was rigged. Just like the results in Venezuela, which the media doesn’t like talking about, the results in Iran will be amazing—And if Iran’s new leaders (Regime Change!) are smart, Iran can have a great and prosperous future! President DJT”

Over the weekend, David S. Cloud, Alexander Saeedy, and Nick Timiraos of the Wall Street Journal reported that officials from the United Arab Emirates (UAE) have asked Treasury Secretary Scott Bessent and Treasury and Federal Reserve officials if the U.S. will provide a financial backstop for the UAE if the Iran war continues to damage its economy.

Meanwhile, over the weekend, Senator Jon Ossoff (D-GA) reminded an audience that Jared Kushner, Trump’s son-in-law, is “on the Saudi payroll for $2 billion,” a reference to the $2 billion a Saudi sovereign wealth fund controlled by Saudi Crown Prince Mohammed bin Salman (MBS) has invested in Kushner’s private equity firm.

“And now he’s leading American diplomacy in the Middle East. Apparently, while at the very same time, asking princes and sheikhs across the Arab world to give him billions more. If you’re watching this online, don’t take my word for it. Look it up for yourself.

“Can you imagine…a normal sitting U.S. ambassador just hitting up Saudi Grand Prince Mohammed bin Salman for billions of dollars? But he’s a Trump. A royal. A princeling. The rules are for us, not for them.

“And it’s not just Jared getting in on the action. A company owned in part by Eric and Don Jr. has been pitching Gulf kingdoms on its drone interceptors during this war. The Financial Times reported: ‘Pete Hegseth’s broker looked to buy defense fund before Iran attack.’

“I tell you what, never before have we seen so little effort to hide so much corruption. The Mar-a-Lago Mafia has taken American corruption to spectacular new heights.”

This afternoon, Trump’s account posted: “I’m winning a War, BY A LOT, things are going very well.”

But things were not going very well. On Friday, Sarah Fitzpatrick published an article in The Atlantic that portrayed Federal Bureau of Investigation (FBI) director Kash Patel as a poor manager who is terrified he is going to lose his job and whose overuse of alcohol, tendency to disappear, and purges of FBI agents who had investigated Trump endanger our national security.

After Patel’s behavior in the locker room of the U.S. men’s Olympic hockey team, during which he was filmed shouting and chugging a beer, Ryan J. Reilly, Gordon Lubold, and Katherine Doyle of NBC News reported that Trump was unhappy with Patel over the incident. Shortly afterward, Patel directed the FBI to fire at least half a dozen FBI employees who had been connected to the 2022 search of Mar-a-Lago, the Trump Organization’s property in Florida, where Trump was storing classified documents he retained after his first term.

Over the weekend, Patel seemed to try again to curry favor with the president. He told Fox News Channel host Maria Bartiromo that the Department of Justice is about to make arrests related to the 2020 presidential election that Trump insists—falsely—was rigged. “We have the information that backs President Trump’s claim,” Patel said.

This morning, Patel sued The Atlantic and Fitzpatrick for $250 million for publishing “a sweeping, malicious, and defamatory hit piece,” full of “obviously fabricated allegations.” The suit says “Director Patel does not drink to excess…, and this has not, and has never been, a source of concern across the government.”

The Atlantic says: “We stand by our reporting on Kash Patel, and we will vigorously defend The Atlantic and our journalists against this meritless lawsuit.” Scott MacFarlane of MeidasTouch notes that the discovery phase of this defamation lawsuit, during which parties testify under oath, “could be quite something.”

And yet at the end of the day, it was Trump’s secretary of labor, Lori Chavez-DeRemer, who abruptly resigned after accusations that she has abused her position, drinks on the job, and has had an affair with a subordinate. An investigation into her conduct was nearing its completion. She is the third person to leave Trump’s cabinet: all are women.

When asked about Patel’s fitness for office, House minority leader Hakeem Jeffries said: “Kash Patel is deeply unqualified, deeply unserious, and his behavior is deeply un-American. And he should no longer be the FBI director. That shouldn’t surprise anyone that I hold that view because he never should have been confirmed to begin with. And we have to stop putting all the blame on the people who nominated this incompetent, toxic, malignant individual. What about the people who confirmed him? And it’s extraordinary to me that Senate Republicans confirmed people like Kristi Noem, Pam Bondi, Pete Hegseth, RFK Jr., and Kash Patel. All of them. Deeply unserious and deeply unqualified. And now the country is paying the price because of the individuals that Donald Trump chose to nominate as part of the Trump cartel that’s now doing great damage to the nation, and the fact that Senate Republicans, like helpless sheep, went along with it all.”

Source: Heather Cox Richardson | Letters from an American

Trump and Vance have followed Orbán’s model, attacking Europe and aligning with Putin

Heather Cox Richardson | Letters from an American

HCR
Heather Cox Richardson

April 13, 2026

On April 12, the day of Hungary’s parliamentary elections, the Conservative Political Action Conference (CPAC) posted on social media that it was closely watching the election and stood firmly behind Prime Minister Viktor Orbán.

As a major networking event and ideological trendsetter for the radical right in the United States, CPAC has been instrumental in celebrating Orbán’s Hungary as the center of the effort to destroy the liberal democracy of the United States and Europe in order to replace it with what Orbán called “illiberal democracy,” or “Christian democracy.” His system replaced the multiculturalism at the heart of democracy with Christian culture, stopped the immigration that he believes undermines Hungarian culture, and rejected “adaptable family models” in favor of “the Christian family model.”

Today Péter Magyar, the man who will replace Orban after winning the election in a blowout, revealed that Orbán was using government money to finance CPAC. Orbán has clearly been working for the benefit of Russia’s president Vladimir Putin, and just days before the election, news broke that last October, Orbán told Putin, “In any matter where I can be of assistance, I am at your service.”

So it appears that CPAC was funded by a foreign government that was working closely with Vladimir Putin. In a speech today, Magyar told reporters that the outgoing foreign minister, who has been accused of working closely with Russian foreign minister Sergey Lavrov, was shredding confidential documents.

The influence of Orbán on the U.S. right wing marked a change in Republican politics.

Before Trump won the presidency in 2016, the modern-day Republican Party was well on its way to endorsing oligarchy. It had followed the usual U.S. historical pattern to that point. In the 1850s, 1890s, 1920s, and then again in the modern era, wealthy people had come around to the idea that society worked best if a few wealthy men ran everything.

Although those people had been represented by the Democrats in the 1850s and the Republicans in the 1890s, 1920s, and 2000s, they had gotten there in the same way: first a popular movement had demanded that the government protect equality of opportunity and equal justice before the law for those who had previously not had either, and that popular pressure had significantly expanded rights.

Then, in reaction, wealthier Americans began to argue that the expansion of rights threatened to take away their liberty to run their enterprises as they wished. To tamp down the expansion of rights, they appealed to the racism of the poorer white male voters whose votes they needed to maintain control of the government, telling them that legislation to protect equal rights was a plan to turn the government over to Black or Brown Americans, or immigrants from southern Europe or Asia, who would use their voting power to redistribute wealth.

The idea that poor men of color voting meant socialism resonated with white voters, who turned against the government’s protecting equal rights and instead supported a government that favored men of property. As wealth moved upward, popular culture championed economic leaders as true heroes, and lawmakers suppressed voting in order to “redeem” American society from “socialists” who wanted to redistribute wealth. Capital moved upward until a very few people controlled most of it, and then, usually after an economic crash made ordinary Americans turn against the system that favored the wealthy, the cycle began again.

When Trump was elected, the U.S. was at the place where wealth had concentrated among the top 1%, Republican politicians denigrated their opponents as un-American “takers” and celebrated economic leaders as “makers,” and the process of skewing the vote through gerrymandering and voter suppression was well underway. Republican leaders wanted a small government that kept taxes low and left business to do what it wished, but they still valued the rule of law and the rules-based international order.

It’s impossible to run a successful business without a level legal playing field, as businessmen realized after the 1929 Great Crash made it clear that insider trading had meant that winners and losers were determined not by the market but by cronyism. And it’s impossible to do business without freedom of the seas and the stability of international rules.

But when Orbán took office for the second time in 2010, he courted the right wing with promises not to get the government out of their way, as right-wing politicians in the U.S. had done since the 1980s, but to use the government to impose their cultural values on the country at large. He established control over the media, cracking down on those critical of his party and rewarding those who toed the party line. In 2012 his supporters rewrote Hungary’s constitution to strengthen his hand, and extreme gerrymandering gave his party more power while changes to election rules benefited his campaigns.

Increasingly, Orbán used the power of the state to concentrate wealth among his cronies, and he reworked the country’s judicial system and civil service system to stack it with his loyalists. By 2026, Hungary still had elections, but state control of the media and the apparatus of voting made it very difficult for Orbán’s opponents to take power.

That model proved irresistible for right-wing leaders in the U.S. who courted radical white evangelicals and who recognized that their ideology was unpopular enough that the only way to make it the law of the land was to impose it through the power of the state. In Florida, Governor Ron DeSantis, who took office in 2019, followed Orbán’s model right down to the laws prohibiting discussion of LGBTQ+ issues and DeSantis’s attempt to strip Disney of its governance structure when it refused to adhere to the “Don’t Say Gay” law.

Orbán’s idea that the power of the state must be used to overturn democracy in order to enable a small group of leaders to restore virtue to a nation inspired the far-right figures that took charge of the Republican Party under Trump. As Heritage Foundation president Kevin Roberts put it: “Modern Hungary is not just a model for conservative statecraft but the model.”

Calling for “institutionalizing Trumpism,” Roberts pulled together dozens of right-wing institutions behind the Heritage Foundation’s Project 2025 to create a blueprint for a second Trump term that uses the power of the government to impose right-wing religious values on the U.S. In his foreword for a 2024 book by Roberts, then-senator and vice presidential candidate J.D. Vance made it clear he saw himself and Roberts as working together to create “a fundamentally Christian view of culture and economics.”

Since taking power, Trump and Vance have followed Orbán’s model both at home and internationally. Instead of working with our traditional allies, they have attacked Europe and aligned the U.S. with Hungary and Russia.

Establishment Republicans who wanted a smaller government liked Trump’s tax cuts and deregulation, but they did not like the threat of government intervention in their business decisions to force them to adhere to right-wing moral values. They are also not keen on Trump’s rejection of Europe and destruction of the rules-based international order under pressure from Putin. That order facilitates international trade.

In an op-ed in Fox News online today, Senator Mitch McConnell (R-KY), the old leader of the establishment Republicans, tried to sideline the MAGA Republicans when he wrote: “Watching this from Kentucky, it is hard to understand how some on the American right thought that staking U.S. influence on the outcome of a parliamentary election in a small, central European country was putting America’s interests first. To the extent that what happens in Hungary matters to America, it is a question of whether its actions on the world stage—not its social policies—align with America’s strategic interests.” By that, he tried to recall the Republican Party to his faction rather than that of the MAGA Republicans by pointing out that Magyar’s government seems more likely to resist America’s adversaries and work with America’s allies than Orbán was.

But the model that Hungarian voters’ dramatic rejection of Orbán offers to the U.S. is a more sweeping rejection of the whole radical right than McConnell suggests. Rather than centering an elite as lawmakers, as right-wing ideology does, it centers the people. Those who know Hungarian politics say that Magyar’s party won because voters recognized that Orbán’s vow to purify Hungarian society turned out to be a cover for extraordinary corruption of party leaders and cronies, while the destruction of the economy hurt everyday people.

Magyar and his party reminded Hungarians of the good in their country and reawakened their national pride. They promised voters a democratic state with the rule of law under a government that worked for the people.

Just as there is a blueprint for destroying democracy, there is also one for rebuilding it. “Let us now and here highly resolve to resume the country’s interrupted march along the path of real progress, of real justice, of real equality for all of our citizens, great and small,” New York governor Franklin Delano Roosevelt said to the delegates at the Democratic National Convention in 1932 as American democracy struggled to resist fascism.

“Out of every crisis, every tribulation, every disaster, mankind rises with some share of greater knowledge, of higher decency, of purer purpose,” FDR said. “Today we shall have come through a period of loose thinking, descending morals, an era of selfishness, among individual men and women and among Nations…. Let us be frank in acknowledgment of the truth that many amongst us have made obeisance to Mammon, that the profits of speculation, the easy road without toil, have lured us from the old barricades. To return to higher standards we must abandon the false prophets and seek new leaders of our own choosing.”

“I pledge you, I pledge myself, to a new deal for the American people,” FDR concluded. “Let us all here assembled constitute ourselves prophets of a new order of competence and of courage. This is more than a political campaign; it is a call to arms. Give me your help, not to win votes alone, but to win in this crusade to restore America to its own people.”A later press conference at the White House continued the wild lies and non sequiturs. Trump began the conference by greeting the reporters with “Happy Easter. We had a great Easter. This is one of our better Easters, I think, in a lot of different ways. I can say, militarily, it’s been one of the best.”

Source: Heather Cox Richardson | Letters from an American

Rick Steves “Oh, Canada!”

June 28, 2025

Two prominent Canadian authors share their perspective on today’s strained political relationship between the US and its northern neighbor. They reflect on their country’s geography, diversity, strength, and identity, and consider the history and attitudes that make Canada distinct from the US. And of course, they talk a bit of hockey.

Guests:

  • Author and former tourism official Rick Antonson
  • University of British Columbia anthropology professor and author Wade Davis