Bailing out Bessent's buddies' bets on Argentina

The Trump administration really hates giving foreign aid that serves any kind of humanitarian purpose. They are clearly unmoved by the fact that that they may be responsible for the preventable deaths of millions of children in impoverished countries.

But a $20 billion lifeline to the right-wing government of Argentina, which has no strategic value to the US and has a decades-long history of corruption, unstable politics, fiscal mismanagement and financial crises? A country that has defaulted nine times on its sovereign debt, three times since 2001? No problem!

In other words, US taxpayer money is propping up the peso - allowing hedge funders to sell their Argentine assets at inflated prices, after which the peso will promptly fall again.

At: https://paulkrugman.substack.com/p/bailing-out-bessents-buddies-bets

Two to tango: Far-right Argentine President Javier Milei with U.S. hedge fund manager (and Bessent crony) Rob Citrone during happier days last year.

Citrone's Discovery Capital hedge fund has reportedly lost hundreds of millions since Milei's currency bubble burst in June - and thus stands to benefit from a U.S. taxpayer-funded bailout.

Argentine right-wing governments have a 50-year track record to borrowing billions, that largely go to finance dollarization and offshoring of peso assets by both local elites and foreign speculators.

U.S. taxpayer funds, however, have never directly been jeopardized as in this agreement.

US buys Argentine pesos, finalizes $20 billion currency swap

Source: AP

The U.S. directly purchased Argentine pesos on Thursday and finalized a $20 billion currency swap framework with Argentina’s central bank, Treasury Secretary Scott Bessent said in a social media post.

“U.S. Treasury is prepared, immediately, to take whatever exceptional measures are warranted to provide stability to markets,” Bessent said, adding that the Treasury Department conducted four days of meetings with Argentinian Finance Minister Luis Caputo in Washington D.C. to come up with the deal.

Bessent has insisted that the Argentina credit swap is not a bailout. Last month, President Donald Trump stopped short of promising Argentina’s President Javier Milei a financial bailout from the Latin American country’s economic turmoil.

Still, U.S. farmers and Democratic lawmakers have criticized the deal as a bailout of a country that has benefited from sales of soybeans to China, to the detriment of U.S. farmers.

Read more: https://apnews.com/article/trump-bessent-argentina-milei-currency-swap-7432a188e57264f0e5f6c753ddc40879

Argentine President Javier Milei regales supporters with a rock performance Monday night in Buenos Aires.

The concert - which was held to promote the far-right president's latest book, and whose US$300,000 financing has not been explained - came hours after Milei concluded negotiations for a US$20 billion U.S. taxpayer-funded swap with Treasury Secretary Scott Bessent.

The swap would commit the U.S. Treasury to purchase up to US$20 billion in Argentine pesos - a currency that has lost an average of 26% of its value annually since 2001, and 28% so far this year.

Swap negotiations began after President Donald Trump had declared his “complete and total endorsement for [Milei's] re-election as president” - though Milei is facing midterms.

Blow for Milei as Espert resigns House candidacy over links to indicted drug trafficker

Far-right Argentine President Javier Milei suffered another blow on Sunday as his top House candidate in the upcoming October midterms, José Luis Espert, withdrew his re-election bid for his Buenos Aires Province seat - the nation's largest.

The decision comes less than 48 hours after Espert, 61, admitted that he had received at least US$200,000 from Argentine-born U.S. businessman Fred Machado - indicted in 2021 in the U.S. District Court of Eastern Texas for drug trafficking.

The admission - which followed a turbulent week of denials and vitriol by both Espert and Milei - came only after a Bank of America statement revealing the 2020 wire transfer was publicized.

This followed the publication of fight logs showing that Espert had flown in Machado's U.S.-registered small planes at least 36 times in 2019 - contradicting his claims of "one flight...for my book tour."

Jail or bullets

Machado, 57, was allegedly a Florida-based aircraft broker for drug smugglers since at least 2011 - and has been implicated in high-profile money laundering cases in the U.S., Guatemala and Argentina.

Currently under house arrest in Argentina, Machado added in a interview on Monday that he spent a further US$150,000 on "expenses" for the hard-line Espert - who has frequently called for "jail or bullets" for anyone involved in the country's worsening narcotics trade.

The Argentine Supreme Court today approved Machado's extradition to the United States - after delaying the decision for three years, citing the use of the death penalty in the U.S.

The decision may become a further headache for the irascible Milei, who shares a lawyer with Machado: Francisco Oneto - who also represents disgraced former National Disability Agency head Diego Spagnuolo.

Recordings of Spagnuolo detailing a massive bribery scheme involving the President's Chief of Staff (and sister), Karina Milei, and other top Milei officials, upended Argentina's midterms when they became public on August 20th.

At: https://www.batimes.com.ar/news/argentina/espert-cuts-losses-and-resigns-candidacy-over-links-to-alleged-drug-trafficker.phtml

Flying high, far-right Argentine House candidate José Luis Espert (left) poses with his top contributor, indicted drug trafficker Fred Machado, in 2019.

Machado, according to witnesses involved in Espert's failed, 2019 presidential campaign, was also Espert's top adviser - and may have thus influenced national economic policy once Milei took office in 2023, when Espert became Chairman of Argentina's House Budget Committee.

Critics have noted that Milei's "Bases" deregulation bill, narrowly passed in June 2024 - and his October "tax amnesty" - were potential boons for money launderers.

Espert was further indicted today for improperly availing himself of the tax amnesty by "whitewashing" Machado's illicit funds.

Trump's Argentina bailout enriches one well-connected U.S. billionaire

Last week, Treasury Secretary Scott Bessent announced a $20 billion package to rescue the Argentine economy. The risky taxpayer-financed deal, which involves trading US dollars for Argentine pesos, has little upside for ordinary Americans.

Argentina is not a significant US trading partner - and its economy, long in turmoil, has little impact on the United States.

However, Bessent’s announcement had massive economic benefits for one American: billionaire hedge fund manager Rob Citrone, who has placed large bets on the future of the Argentine economy.

Citrone, 60, the co-founder of Discovery Capital Management, is also a friend and former colleague of Bessent—a fact that has not been previously reported in US media outlets. Citrone, by his own account, helped make Bessent very wealthy.

Since Javier Milei, a right-wing populist, became president of Argentina in December 2023, Citrone has invested heavily in Argentina.

Argentina’s economic rebound contributed to Discovery Capital’s 52 percent return in 2024.

Then it all came crashing down.

At: https://www.motherjones.com/politics/2025/09/trump-argentina-bailout-hedge-fund-billionaire-rob-citrone-scott-bessent/

Two to tango: Far-right Argentine President Javier Milei gives a Trumpian thumbs-up with U.S. hedge fund manager Rob Citrone.

Citrone's big bets on Argentina contributed to his Discovery Capital’s 52% return in 2024 - but a sharp crash in both Argentine stocks and bonds this year has threatened to cost his hedge fund hundreds of millions.

U.S. bailout for Argentina: White House plans $20 billion deal for Milei government

Now, then: This is the same Donald Trump, who bailed out the same Argentina, with the same Economy Minister (Miami-based money launderer Luis Caputo) - and for the same reason (to try to alter the results of an Argentine election not going the far-right's way) - in 2018.

Suffice it to say, it didn't work then. And the lent dollars? Squirreled away by Argentine elites and foreign speculators, leaving Argentina the (unpayable) tab.

Jack Jones, balladeer famous for 'Love Boat' theme and 1960s hits like 'The Impossible Dream,' dies at 86

Jack Jones, a singer who found fame and chart success on the easy-listening side of the street in the 1960s, and who later became etched in television-watching America’s psyche with the “Love Boat” theme, died Wednesday at 86.

Jones died of leukemia at a hospital in Rancho Mirage, Calif., his wife of 15 years, Eleanora Jones, said.

Jones had hits on Billboard’s Hot 100 chart, but his highest chart numbers could be found on what was then known as the easy listening chart, which later became adult contemporary.

In the easy listening format, he had No. 1 singles with “The Race is On” in 1965, “The Impossible Dream (The Quest)” in 1966 and “Lady” in 1967.

At: https://variety.com/2024/music/news/jack-jones-dead-singer-love-boat-theme-impossible-dream-1236190455/

Crooner Jack Jones, 1938-2024, and his signature tune.

Apartment 7A truly is a feast for the eyes

“This is the role you were born to play.”

From the opening frame, I was enamored with Natalie Erika James’ sophomore motion picture, Apartment 7A. The overall production exudes a golden age film style that hypnotizes, making it the perfect way to kick off spooky season.

Given that most film fare spawning from franchises or well known properties tend to be mediocre at best (or for that matter a bunch of flim flam) I had grave concerns about a Rosemary’s Baby prequel.

Set in 1965-68 New York, Apartment 7A serves as a prequel to the famed Rosemary's Baby. The film opens with dancer, Terry Gionoffrio (Julia Garner), preparing to perform a stage musical. Sadly, all of her dreams come literally crashing down when she succumbs to an injury mid performance.

When a chance encounter leads her to the eccentric, elderly couple Minnie (Dianne Wiest) and Roman (Kevin McNally) Castevet, her life is forever altered in the most unimaginable way possible.

As the tagline of the film states, “Rosemary was not the first.”

It is unfortunate that Paramount+ elected to make this a direct to stream venture. I was fortunate enough to catch it on the silver screen during Fantastic Fest and it was such a treat.

At: https://www.moviejawn.com/home/2024/9/26/apartment-7a

Reprising the late Ruth Gordon's role, Dianne Wiest portrays the sinister Minnie Castevet - with Julia Garner taking up the role of Terry Gionoffrio, the forgotten first victim from Roman Polanski's Rosemary's Baby, in Natalie James' Apartment 7A.

Greg Palast: Vigilantes, Inc.

GOP strategy is: If you can't steal the vote, stop the voters (but keep trying to steal it anyway).

Prominent Texas Republican endorses Democrats Kamala Harris and Colin Allred

Former Tarrant County Judge Glenn Whitley began breaking with his now-radicalized party in 2022, when he endorsed Mike Collier over Lt. Gov. Dan Patrick.

But while he's not switching parties, Trump was the final straw as far as federal races (he's also endorsing Colin Allred).

"A lot of Republicans are afraid to stand up."

It's way too much fun to watch Kathy Bates in CBS' 'Matlock' reboot

Did you have "Kathy Bates plays a septuagenarian lawyer in a shockingly good 'Matlock' reboot on CBS" on your 2024 TV bingo card? Because I sure didn't!

But in this day and age on TV - with the chaos of streaming and the decline of traditional broadcast - there's no limit to the Mad-Libs-style shenanigans we'll see when it comes to what makes it on the air.

And while it could have been a train wreck of an intellectual property grab (we're looking at you, "Murphy Brown" revival), it is actually a darling little legal drama.

Bates, 76, is a doll, the cast is charming and the legal-plots-of-the-week are compelling.

At: https://www.usatoday.com/story/entertainment/tv/2024/09/22/matlock-reboot-cbs-kathy-bates-review/75248246007/

Legendary actress Kathy Bates is on the case as Madeline "Matty" Matlock in CBS' masterful reboot of "Matlock" - 9 EDT/PDT Thursdays on Oct. 17.