Real difference between this and Anthropic's control of their "Donation". Like Elon says its the perception of doing good vs the reality of actually doing good. Thank you @elonmusk @altcap @DavidSacks
MAX-Q retweeted
Dear Secretary Bessent @SecScottBessent,
My name is Everett Stern. In 2010 I was a compliance officer at @HSBC. From a back office in New Castle, Delaware, I watched billions of dollars move to drug cartels, sanctioned regimes, and terrorist organizations. The enemies of the United States. I documented it, I escalated it, and when the bank would not act, I took it to the @FBI, the @CIA, and eventually the @SECGov.
The result was a $1.92 billion settlement. At the time, it was one of the largest in American history. It was also about five weeks of the bank’s profit. Not one banker was charged. Not one went to prison.
I paid a different price. I lost my career, my savings, and my place in the industry I had trained for. I was blacklisted. Every door in American finance closed at once. I slept on a camping cot in a 300 square foot apartment because I could not afford a bed, and I waited tables at @PFChangs to eat. I tell you this not for sympathy, but so you understand that I know exactly what it costs to do the right thing in American finance, and exactly how little the system does in return.
I made that sacrifice because I believed it would change something.
Yesterday, your department fined @BankofAmerica $1.2 billion for failing to report more than $5 billion in suspicious transactions, some of it tied by your own findings to Chinese laundering networks, narcotics, and the southwest border, alongside 475 apparent sanctions violations touching Russia, Iran, and global terrorism. The bank admitted it willfully violated the Bank Secrecy Act.
Fourteen years after HSBC. A bank with “America” in its name. And once again, not one individual charged.
Secretary Bessent, I want to say plainly what I believe you already know. The fines are not working.
A fine is paid by shareholders, absorbed by the balance sheet, and forgotten by the next earnings call. Bank of America reported earnings this morning. Nobody who set the alert thresholds, nobody who decided the 2024 cease and desist could wait, nobody who chose the backlog over the law will lose a single thing they value. Their lives are untouched. That is the entire reason the behavior repeats.
This is money laundering. This is blood money. Money that reaches a cartel buys fentanyl that kills Americans. Money that reaches a terrorist organization buys the next attack. This country has fought a war on drugs and a war on terror for decades, at enormous cost in lives and treasure, and all the while we have allowed the financing to flow through institutions we charter and regulate. Cut off the money and we win. We have never seriously tried.
There is also a question of equal justice that I cannot let go.
Before I walked into the FBI building to report HSBC, I stopped in front of the Great Seal on the wall and read the words engraved beneath it: “Justice is the defense of our liberty.” I believed that. I still want to. But every day in this country, people go to prison for crimes that are nothing next to moving money for the people who want Americans dead. A suit, a title, and a corporate badge should not be a shield from the consequences that apply to everyone else. If a street dealer goes to prison for what he sells, the banker who moved the cartel’s money should be standing next to him.
I also want to raise something that is rarely said in these conversations. Why has no one inside Bank of America come forward the way I did? The answer is that everyone in American banking knows what happened to me, and to the whistleblowers who came after. The last person who spoke up is the only policy anyone believes. That is a culture problem, and it starts with leadership, in the banks and in the agencies that regulate them.
This is not a political issue. It has spanned administrations of both parties. It is a national security issue, and I am asking you to treat it as one.
Three things would change the math overnight.
Refer individuals for criminal prosecution. Not the analyst in the queue. The executives who set the thresholds and chose the risk. One banker in handcuffs would do more than every fine in Treasury’s history combined.
End “too big to jail.” An institution cannot be too big to fail and too big to jail at the same time. If it is the first, it must be held to a higher standard, not a lower one.
And if Bank of America will not act as America’s bank, review its charter. A national charter is a privilege granted on behalf of the American people. It should be conditioned on not moving money for the people trying to kill them.
Secretary Bessent, you said yesterday that these actions send a clear message that even the biggest institutions are not above the law. With respect, the institution was never the problem. The people inside it are above the law, and they know it. Until that changes, I will keep writing letters like this one, and the next bank will keep paying the next fine.
I gave up everything I had to stop this. I am asking you to use the power you have to finish it.
Respectfully,
Everett A. Stern
HSBC Whistleblower
Founder and Intelligence Director, Tactical Rabbit
MAX-Q retweeted
Today as we learn that Abdul El-Sayed lied about having dual Egyptian citizenship
I’d like to remind you that my attacks against Zohran started when we learned he lied on his application to Columbia University
Clicking the box for “Black/African-American”
Many defended him claiming he was born in Africa so he simply just didn’t understand the question
But his father is a Professor at Columbia… and the Director of the Institute of African Studies
The purpose of that box is an attempt to help tilt the scales for Black Americans who are the descendants of slavery and structural racism
Zohran’s father literally focuses on anti colonial studies
Zohran knew what that box meant
Zohran went on to campaign targeting support from the Black community (remember wanting to raise taxes in “richer and whiter neighborhoods”?)
But at the single highest accountability moment of his teenage years, he checked the easy box in an attempt to take a slot from someone who needed it
That’s the moment I knew he was a pathological liar, so I started looking into his background
And you see that from ~2012-2016 he had a subtle but well defined history of supporting terrorists
This included things like:
- defending one of the Boston Marathon bomber’s Miranda rights (which he was legally wrong about)
- likely asking for Justice for Rasmea Odeh, a Palestinian terrorist who bombed a supermarket in 1969 killing two children
Along with a few more examples of showing sympathy for terrorists
There was something unique about Zohran’s timing that led to him getting a free pass from deep investigatory work during his race
And now he’s on autopilot: smiling, nodding, and for the most part avoiding controversy (this post is basically the limit of how controversial he’ll go now that he has something to lose and is in eyesight of higher office)
But the warning signs have always been there
This day is profoundly painful for so many New Yorkers. It marks three years since the horrific war crimes of October 7. On that day, Hamas killed more than 1,100 Israelis and abducted 251 others. We grieve alongside our many friends and neighbors who still carry that unthinkable loss.
The suffering did not begin nor end that day. It instead continued through the Israeli government’s devastating, ongoing genocide in Gaza, in which it has killed more than 74,000 Palestinians—including more than 21,000 children. Even since the so-called ceasefire, more than 1,400 Palestinians have been killed. That suffering has intensified with every Israeli bomb dropped on ambulances waiting outside hospitals, every drone strike targeting a residential building or journalist, and every shipment of food aid turned away at a border crossing. Many New Yorkers are reckoning with this unbearable grief, and we mourn alongside them – all while knowing that our tax dollars fund these war crimes.
Three years later, we must refuse to accept a world in which occupation and apartheid continue, where war crimes are met with impunity, and our federal government continues its complicity with every arms shipment.
To honor the dead, we must fight for a world in which every person can live with freedom, safety, and dignity.
Just ordered this beauty, I wanted the L but the timeline to get it was too long for me. Even the Model Y performance is two to three months out! @Tesla is on 🔥FSD is incredible this is my second Tesla in addition to my current beauty Model S Plaid. I couldn't love this company any more than I do!! @elonmusk @SawyerMerritt @aelluswamy
News Alert ‼️ Isn't it curious that the Fake News Media sounds exactly like these radical Democrats 🤔 I wonder if they speak? @CNN @ABC @FoxNews @WhiteHouse @PressSec
This right here. Prime Example of why FSD should be Legal EVERYWHERE @Tesla @elonmusk @farzyness @wholemars @SawyerMerritt
MAX-Q retweeted
BREAKING: After reports of Delta CEO’s remarks about Elon Musk, United and American Airlines invite customers to switch without losing status.
Both airlines chose Starlink.
Best AI Agent on the Planet dot.com
Revolutionary for our truck drivers and transportation!! I love this company with all my heart ❤️ Also heavily invested!!
MAX-Q retweeted
Starship Flight 14 is now scheduled for next Tuesday, September 22. 🚀
They’re about to put one of these in orbit.
MAX-Q retweeted
Ro Khanna’s solution to taxing illiquid billionaire founders is so stupid it sounds like satire.
Say you founded a private company valued at $5 billion.
You do not have $5 billion (surprise).
You own shares that might eventually be worth $20 billion, $500 million or zero.
Government says congrats, pay up.
You say, “Cool, except I don’t have the cash.”
Ro’s fix? Pledge the shares to the government and borrow the money to pay the government.
This idea is absolutely bonkers.
The government decides what your private company is worth, taxes you based on its estimate, lends you money against it, and then takes the money back as taxes.
You now have debt against the government for imaginary taxes and if you don't pay you forfeit and the own a share of your company.
The government is now an appraiser, bank, creditor, tax collector and shareholder. Maybe we can fund more Learing Centers (I digress).
AND...it gets even dumber.
Under current federal tax rules, absent some special exemption, handing over collateral to satisfy nonrecourse debt is generally treated as a sale, which means another tax.
So California lends you $250M against startup shares so you can pay California its wealth tax. Ten years later the company is toast. You can lose your company, lose your shares and still owe taxes on money you never had.
And who exactly is valuing all of this?
Professional investors struggle to value private companies when they have data rooms, preferred terms, board access and actual money on the line.
Now government is supposed to put an annual mark on founder common and tax it?
A $10B preferred financing round does not mean founder common can actually be sold at that valuation. Different share classes exist. Liquidation preferences exist. Dilution exists. Secondary discounts exist. Sometimes there isn’t a buyer at any remotely comparable price.
So how do you solve this @RoKhanna?
We already know how wrong these marks can be. Roughly 67% of unicorns that IPO’d in 2025 priced below their last private valuation.
Yet somehow government is going to know the “correct” value every year.
You take the risk. You quit the job. You work for years. You take dilution. Most startups fail and your shares go to zero.
Government doesn’t share that downside.
Then policymakers look backward at Bezos, Zuckerberg, Musk and Jensen, the handful of guys who actually won, and use them to rewrite the economics for every kid deciding whether to take the same swing.
Heads, the company dies and government says “no crying in the casino.”
Tails, you actually win and suddenly you’re an evil tech billionaire who owes government 5% of the paper mark every year.
GGs.
Ro has to defend the moronic economics. Bernie’s job is to make sure you’re too angry to examine them.
“Fair share.” “Billionaire class.” “The rich.”
Instead of asking whether taxing unrealized ownership makes sense, Bernie changes the question to whether billionaires have too much money.
Don’t discuss liquidity. Show the mansion.
Don’t discuss valuation or incentives. Show the yacht.
That is class warfare.
And it matters before the company even exists.
Nobody knew Bezos would become Bezos when he started Amazon.
Nobody knew Facebook would become Meta.
Nobody knew Nvidia would become the most important chip company in the world.
Policy written around the winners changes the economics for the next generation of potential founders.
You aren’t only taxing Zuckerberg after Facebook worked. You’re changing the math for the 24 yr old kid deciding whether to spend the next decade trying to build the next one.
America works partly because ambitious people from all over the world come here believing the upside is worth the risk.
Leave the comfortable job. Start something. Raise money. Fail. Try again.
And if it finally works, own a meaningful piece of what you created.
If the new deal becomes “you eat all the downside, but if your paper equity gets big enough we start taking 5% every year,” don’t act shocked when some people stop taking the risk or take it somewhere else.
Bernie and Ro love showing you the lifestyle and telling you what they deem “excessive” wealth. What they rarely show is everything sitting underneath it.
Take Bezos.
Show his net worth going up $20B and ask why one guy needs all that money.
Alright champ, let’s zoom out.
Amazon employs more than 1 million people in the United States. Independent sellers using Amazon support more than 2 million U.S. jobs and paid more than $100B in wages in 2024.
So before you even get to Bezos’ personal tax return, millions of people are earning money because this company exists.
Those wages generate income taxes and payroll taxes.
Amazon’s sales generate sales-tax revenue.
Amazon itself pays corporate income taxes, employer payroll taxes and state and local taxes.
In 2025 Amazon reported roughly $12.4B of federal income-tax expense, $7.9B of federal employer payroll and other taxes and fees, and $7.5B of state and local taxes.
Then there’s another $24.8B collected and remitted on behalf of employees and $33.4B in sales taxes.
Roughly $86B moved through those reported tax categories in one year.
Did Amazon itself economically bear all $86B? Obviously not.
Customers pay sales tax. Employees pay their withholding.
That's how this all works. The company created the jobs, wages and transactions that created the tax base.
Bernie wants you staring at Bezos’ personal tax return as though none of that exists.
The million-plus employees, sellers, suppliers, truck drivers, warehouses, contractors, construction crews, software companies and retirement accounts all disappear.
And quick reminder: Bezos getting $10B richer because Amazon had a good day in the market does not mean $10B landed in his bank account. The market repriced stock he already owned.
When he actually sells appreciated shares, that generally creates a capital-gains tax bill.
Jensen Huang got insanely rich because Nvidia became insanely valuable.
Nvidia also employs roughly 42,000 people, around 31,000 in R&D, and paid more than $20 BILLION in cash income taxes in its latest fiscal year.
Nearly $17B went to the federal government alone.
It also reported roughly $7.9B in taxes tied to employee stock plans.
So Jensen got richer. Shareholders got richer. Employees got richer. Government collected billions.
All four things can be true at once.
Meta spent more than $72B on capex in 2025. That money went into chips, data centers, power, construction, engineers and contractors.
Not Zuckerberg’s checking account.
A lot of people make money when successful companies make money.
That story just sucks for class warfare. It is much easier to show the billionaire’s net worth and pretend his gain was everyone else’s loss.
And federally Sanders and Khanna want to do this every year.
A 5% annual tax on wealth.
So forget the valuation mess for a second and just run the math.
Your assets make 8% and government takes 5% of the asset value?
That 5% tax just ate 62.5% of your 8% gross return, before income or capital-gains taxes.
Make 5%? Your entire nominal return is gone.
Make 3%? You’re selling principal to pay the tax.
Obviously people react to that. Investors demand more return, founders rethink where they live and capital goes looking for better economics.
Which is a bizarre experiment to run when America is already winning on startups and innovation.
The U.S. has roughly 950 private unicorns and produced more than half of the world’s new unicorns in the first half of 2026.
California attracted roughly $191B of venture investment in 2025, ~60% of the U.S. total.
Other countries spend decades trying to manufacture this ecosystem. Startup visas, tax incentives, special programs, anything to attract founders and capital.
We already have it. Maybe don’t fuck it up.
Bernie calls it “fairness.” Fine. Define fair @BernieSanders
The top 1% earned roughly 21% of U.S. adjusted gross income in 2023 and paid roughly 38% of federal individual income taxes, about $823B.
Washington spends $6.28T, annually, and already has a $1.8T deficit through July.
I don't think you need more money.
Before inventing another tax base, maybe explain where the money already goes and what outcomes we're getting for it.
California spent nearly $24B on homelessness and nothing got better. Billions lost to medicare fraud. There is reported $200-400B of what we know lost to it each year.
Not sure giving the government more money, especially California is a good idea.
But taking another dollar out of productive private capital does not magically make that dollar better allocated.
Other developed countries have already wrestled with this too.
The number of OECD countries with individual net wealth taxes fell from 12 in 1990 to 4 by 2017.
Maybe they all got captured by billionaires. Or maybe they learned something.
Valuing private assets is messy. Liquidity matters. Capital moves. People move. Incentives matter.
Tax income. Tax realized gains. Close actual loopholes. Audit the stuff you already spend.
America became the world’s innovation engine because people came here, took huge risks, raised capital, built companies and owned the upside when it worked.
You want more people making that bet.
Not fewer.
Be very careful messing with that machine, especially when the people asking for more of the capital are already almost $40T in debt.
“He can afford it” is not economics.
“Fair share” means nothing until you define it.
And envy is a terrible tax policy.
MAX-Q retweeted
Some thoughts on Dario’s post:
1. Dario does not actually address Gavin Baker’s account of what he said – something he could easily deny if it were inaccurate.
2. Dario claims his critics live in a “bubble” where all regulation equals regulatory capture. He calls this an overly simplified view and notes that “Many people outside this bubble think of regulation as something that constrains corporate power and benefits ordinary people.” This argument is a straw man. Of course treating all regulation as capture would be overly simplified – but almost no one holds that view. I have repeatedly argued for strong antitrust enforcement to keep industries competitive, especially Big Tech. If Anthropic continues toward monopoly or duopoly status, I would be among the first to demand those rules apply.
3. Regulatory capture is not vague or in the eye of the beholder. Nobel laureate George Stigler defined it as regulation acquired by an industry and designed and operated primarily for its benefit. Stigler challenged the traditional view that government regulation arises from a benevolent state protecting the public from market failures. Rather, industry groups have concentrated stakes and pour resources into influencing regulators, whereas the public’s stake is diffuse and unorganized. The revolving door between companies and the agencies that regulate them compounds the problem. Anthropic understands these dynamics: it has hired multiple senior Biden AI-policy officials and built a substantial government-affairs operation plus a network of aligned organizations to push its preferred frameworks at state and federal levels.
4. Dario has consistently pushed for a new federal agency to review and approve frontier models prior to release – a proposal framed variously as an “FDA for AI,” an “FAA for AI,” and most recently a “FINRA for AI.” I call it a “DMV for AI” because a review process modeled on the FAA or FDA (which takes years) or FINRA (which issues rules for a staid industry widely seen as protecting incumbents) will create long queues as AI models wait for testing and approval. This process will only become more labyrinthine as rules accumulate to prevent theoretical harms. This would handicap the U.S. relative to China, which will not adopt the same constraints. It would also undermine Anthropic’s own business model, whose pricing power depends on remaining ahead of open models. Whatever Dario states today, it is difficult to believe the company would simply accept outcomes that erase that advantage.
5. Anthropic is on track to become one of the most valuable companies in history, with the resources to navigate any approval process and shape the rules while competitors wait. Dario wants open models under heavier scrutiny – he has called them dangerous in Senate testimony, criticized them for not being centrally monitored or withdrawn, and linked them to IP theft. He says he has never sought a ban, but he could achieve a similar result by insisting that identical rules apply to both open and closed models. The U.S. risks becoming an island of costly closed models while the rest of the world races ahead with broader choice.
6. Dario acknowledges that AI is structurally centralizing but attributes this mainly to chips and scaling laws. Access to compute matters, but the deeper risk is who decides which capabilities are available to whom. His preferred pre-deployment testing and FAA/FINRA-style oversight would place that gatekeeping power in a federal bureaucracy working hand-in-glove with a small number of frontier labs – reinforcing centralization rather than countering it.
7. The second part of Dario’s post assumes we have amnesia about Anthropic’s well-orchestrated campaigns hyping AI fears. His May 2025 claim that AI would wipe out 50 percent of entry-level knowledge jobs within five years still lacks supporting evidence fifteen months later. Similarly Anthropic breathlessly promoted its heavily contrived “blackmail” study on 60 Minutes. Yet Dario blames public negativity on a long-standing loss of trust in institutions rather than his own messaging.
8. These narratives have done more than anything to shape public fear. People are left asking the same question Mark Zuckerberg posed: why race to build a future you describe in such negative terms? Thomas Sowell’s "The Vision of the Anointed" captures the mindset – elite intellectuals convinced that only they are enlightened enough to control the outcome. As Zuckerberg notes, concentrating power in the hands of an enlightened few has rarely produced the promised results; the practitioners turn out to be less enlightened in practice than in self-conception.
9. Gavin Baker summarized the disagreement cleanly on our pod: Dario believes frontier AI is too powerful to distribute; we believe it is too powerful to centralize. Dario appears to believe, sincerely, that safety and progress are best served by centralizing authority in a marriage of corporate and state power. The weight of human history gives us reason to fear that outcome.
1/2 Thanks Gavin for an especially thoughtful exchange. I don't usually spend much time on social media but I wanted to engage here because it really brings out the heart of an important conversation.
First, on regulation, I think that “either concentrate it in the hands of a chosen few companies and politicians via regulation or distribute it widely” is a false choice. I know that there’s a sort of Silicon Valley shorthand where regulation = regulatory capture = concentration of power, but I’ve always found this to be an overly simplified picture of the world. Many people outside this bubble think of regulation as something that constrains corporate power and benefits ordinary people. I don’t necessarily agree with that perspective either, rather I think it’s complicated and really depends on what the “regulation” consists of. But in particular I think that those in the “regulation = regulatory capture = concentration of power” frame often underrate the decentralizing power of objective and fair institutional processes. A crude analogy is that the formal court system can sometimes feel stuffy and elitist, but it does a much better job of defending the rights of vulnerable individuals than the alternative, mob justice. At their best, institutions can vest power in ideas rather than people, and thereby decentralize that power.
This is why Anthropic has always made its policy proposals very carefully. We try very hard to make proposals that disadvantage (slow down) frontier AI companies while *advantaging* smaller competitors. California’s SB53 (which we supported), and even the much-maligned SB 1047 (which we were ambivalent on), completely exempt any company below a certain amount of revenue or model training costs from being covered at all (it was $500M for SB 53, lower for 1047 but we objected to that). More recently the testing process we’ve advocated for at CAISI and the White House involves more rigorous tests for frontier models than off-frontier models — something that differentially advantages challengers. Similarly, the “Pacing the Frontier” letter envisions (or at least Anthropic’s preferred implementation of it envisions) modulating the pace of the very best models while not constraining those who are catching up. This hurts the business interests of the frontier labs and helps challengers, including open-weights!
Overall my view is that AI is *structurally* a technology that tends to concentrate power, for reasons that have nothing to do with regulation (more to do with the extreme implications of the scaling laws). Open-weights do help some with this but are nowhere near a sufficient solution because they simply shift the concentration somewhat to those with the most compute and chips (which are roughly the frontier labs plus maybe hardware providers). By contrast I think the right “rules of the road” can simultaneously (a) address AI’s cyber/bio/alignment risks, (b) institutionally constrain the power of the frontier AI companies, and (c) leave room for open-weights models while also addressing the specific risks that they bring.
BTW I do not think that the events of the last few months have “failed to result in [my] preferred regulatory path”. The approach that the Trump administration is reported to be taking — pre-deployment testing for frontier models, and also testing of open-weights models when they get closer to the frontier — is one that I am very supportive of, though of course I have to see the details to be sure. I am also supportive of Demis Hassabis’ ideas around a FINRA-like entity. This contrasts with six months ago when most of the industry was still pushing for preemption of all state regulation and no apparent federal approach either.
Replying to @EricLDaugh @WarlordDilley
Send them a message @EastlakeLWSD . Tell them what you think, xitter.cf/tltyns/status/20814336…
Replying to @EastlakeLWSD
Maybe you should hire less shitty people to work for you? xitter.cf/ericldaugh/status/2081…
Watch Starship's thirteenth flight test xitter.cf/i/broadcasts/1AJEmmYdM…























