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CRAZY APARTMENT PRICES IN MONACO, CAN IT BE DIRTY MONEY? SAY IT IS NOT SO!

Three Bedrooms for €60 Million Shows Monaco’s Dirty Money Headache

A leaked trove of emails regarding the world’s priciest real estate offers a window into how the principality grapples with money laundering.
  • The Mareterra development in Monaco features 114 waterfront homes that initially sold for €16 million to almost €500 million, making it one of the most expensive and exclusive addresses on the planet.
  • Monaco has been added to the “grey list” for being deemed insufficiently vigilant about dirty money, and has since strengthened regulation and set up a financial intelligence and anti-money-laundering watchdog.
  • The principality’s new laws and greater oversight, including a tightening of know-your-customer rules, have led to penalties for firms that fail to flag suspicious activities, and may be diminishing Monaco’s appeal for some wealthy individuals.
Standing on the windswept balcony of the expansive apartment in Monaco’s Mareterra development feels a little like being on a superyacht heading out to sea. The unobstructed view of the Mediterranean stretches to the horizon, the pale ash floors evoke a ship’s deck, and fresh breezes keep things cool even on the hottest summer days.
The other thing the flat shares with a floating luxury palace: its price. Listed at more than €60 million ($70 million), the three-bedroom home costs more than many billionaires might spend on a sumptuous schooner or cruiser.
Those prices haven’t stopped the world’s ultrawealthy from snapping up Mareterra properties since they were first listed while still under construction in 2017. The 114 waterfront homes initially sold for €16 million to almost €500 million, and they would now likely cost even more. That makes Mareterra one of the most expensive and exclusive addresses on the planet, with views of the winding Grand Prix circuit, just a 10-minute walk from the storied casino and a few minutes farther from the yacht harbor.
The problem is, some prospective buyers of those properties have trouble establishing they’re the kind of residents the principality wants. For more than a century, Monaco has attracted tycoons, movie stars and sports legends—not to mention some less-savory types whose fortunes can’t always be traced to legitimate sources. A century ago, Somerset Maugham purportedly dubbed the area “a sunny place for shady people.” But Monaco, under increasing pressure to crack down on financial misdeeds, says those buyers are no longer welcome.
Those concerns came to a head in June 2024, just six months before Mareterra’s inauguration, when the country of 39,000 residents was added to the “grey list,” a roster of jurisdictions such as Syria, Venezuela and Yemen deemed insufficiently vigilant about dirty money.
The designation by the Paris-based Financial Action Task Force, a global watchdog created by the Group of Seven in 1989, sent Monaco into panic mode. As concern about being added to the list grew, the reigning monarch, Prince Albert II, shook up the Finance Ministry and strengthened regulation. The hit to Monaco’s image was “a wake-up call,” says Pierre-André Chiappori, who served as finance minister from March 2024 until last month. “We were maybe not alert enough in the past.”
Four areas were singled out as potential fronts for money laundering: real estate, yachting, sporting agents and private banks. The principality has started clamping down on companies that fail to flag suspicious activities, and it has set up the Autorité Monégasque de Sécurité Financière, a financial intelligence and anti-money-laundering watchdog. There are signs, though, that the actions are diminishing Monaco’s appeal for some people wealthy enough to afford the eye-popping prices at Mareterra, built on nearly 15 acres reclaimed from the sea.
The fresh laws and greater oversight include a tightening of so-called know-your-customer rules, which require businesses to understand where their clients’ money comes from and alert authorities about any suspicions. In the past year the regulator has penalized six firms for deficiencies, including two real estate agencies deemed to have insufficiently vetted buyers, including one that handled a Mareterra transaction.
As Monaco works to shake the grey-list designation, it’s instructive to look at the real estate sector, the heart of Monaco’s economy.
The principality’s property records as well as a stash of emails and preliminary deeds from Mareterra offer a snapshot of early sales and the vast sums at play. Bloomberg Businessweek reviewed documents from Distributed Denial of Secrets, a nonprofit that preserves hacked and leaked materials believed to be in the public interest. While there’s no suggestion that the developer or any individuals named in the materials were involved in any wrongdoing, the documents provide insight into the inner workings of the highest end of the property market, its broad geographic reach and Monaco’s concerns about money laundering.
The information included hundreds of messages between developer L’Anse du Portier, a local notary, bankers and several dozen prospective buyers or their representatives. They date from 2017, when construction of the seabed infrastructure was still underway, through mid-2022, more than two years before people began to move in. Interested parties included storied names such as UK chemicals billionaire Jim Ratcliffe; Formula One star Max Verstappen (he wanted six bedrooms and 14 parking spots); and Ukraine’s richest man, Rinat Akhmetov, who shelled out €471 million—almost certainly the priciest flat ever sold—for five full floors in an 18-story ceramic-and-glass structure (called “Le Renzo,” for its designer, starchitect Renzo Piano) that appears to float over the neighborhood.
Buyers had to be approved by Patrice Pastor, the head of Monaco’s most powerful property dynasty and the man who spearheaded the development. A L’Anse du Portier executive told the French daily Nice-Matin in 2022 that Mareterra required personal interviews with prospective buyers, and not just their legal representatives, with the aim of getting “the best people for the neighborhood.” That restriction, the executive said, would effectively rule out “clients from the Middle East, Asia and most Russians,” who tend to be less interested in dealing with such details on their own.
Yet among the first transactions in the cache of emails were deals by individuals with links to Russia that added up to more than €1 billion. Little-known aviation executives Konstantin Krivchenko and Dmitry Kuptsov—Russian-born, but with Irish passports—wanted to acquire four villas at €100 million each through specially created companies that Monaco authorities approved over Christmas 2017. Later emails indicate the pair missed payments on some properties, and they ultimately downsized to a single 2,300-square-meter (25,000-square-foot) villa with hammam, sauna, cinema, and massage and wine-tasting rooms. A representative for the men declined to comment.
In 2018, Valeriy Votinov, the then-21-year-old son of a former executive at oil giant Rosneft, offered more than €500 million for nine properties—among a flurry of transactions in the principality he was involved in around that time. In an email, Pastor described the largest of the prospective deals at Mareterra as “an important step” for the development. At the time his father, Andrey, was fighting extradition from the UK to Russia on charges of embezzlement (Russia’s request was turned down as British courts said the defendant might not get a fair trial).
Three years later, emails show the younger Votinov agreed to pay an additional €135 million for a five-story villa called Dream Catcher, with indoor and outdoor pools, a 10-car garage, and a disco in the basement. Yet when he left Rosneft in 2014 after two decades there, Andrey Votinov held a stake that would have been worth only about $1 million, according to company filings.
As Votinov tried to resell three of his flats after Russia’s full-scale invasion of Ukraine, the proposed buyer’s bank asked questions. A lawyer for Votinov wrote back: “Given the current context, it may be useful to point out that this shareholder is a Cypriot national and does not have Russian nationality.” Neither Votinov responded to requests for comment.
Russian steel tycoon Victor Rashnikov and his daughter had planned before the war to purchase Mareterra properties worth tens of millions of euros involving a Cyprus company and a Geneva bank. Rashnikov subsequently faced sanctions, and his attorney says his sale never went through and that he owns no property in the principality.
The Monaco government declined to comment on any particular transactions but says that it applies all EU sanctions and that any significant real estate purchases are subject to review, particularly those in Mareterra. Guy-Thomas Levy-Soussan, a lead executive behind the development, says “the sale of properties in Mareterra adhered to the highest standards of compliance,” in particular when it comes to money laundering and international sanctions. He says L’Anse du Portier gathered information on prospective buyers—the origin of their wealth, whether they’re legal residents of the principality, and if they already owned property there—to guide its selection, and that many were turned down.
Even before Monaco landed on the grey list, authorities say they were trying to root out so-called letter-box residents—people benefiting from the country’s zero income tax rate who didn’t really live there for the required six months annually. Newcomers must open a bank account and find housing before getting a residence permit. Homes must be big enough to house everyone who’s said to be living there, and authorities sometimes monitor utility bills and credit card expenses as evidence. “Monaco is a lot less of a ghost town compared to 10 years ago,” says Florian Valeri, head of real estate brokerage Barnes Valeri Agency.
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The grey-list designation adds to growing concerns among some locals that Monaco has lost ground as an international wealth destination, though the war in the Persian Gulf may change those calculations. An annual index from Barnes’ global parent, conducted before the hostilities, showed Monaco dropping 10 spots this year to 14th among cities with the greatest appeal for the ultrarich. Property consultant Knight Frank says that while Monaco remains the planet’s priciest real estate market, Dubai led growth in high-end residential property purchases over the past five years. And citizenship adviser Henley & Partners’ 2026 list of leading destinations for millionaires is topped by the United Arab Emirates and includes Portugal, Greece, Italy and Switzerland—but not Monaco.
The slide risks cooling a property market that’s as hot as you’d expect in a country smaller than Central Park with the world’s highest per capita income. But the stronger rules for banking, starting businesses and applying for residence permits are also becoming impediments to investment. “It’s a real challenge to open a bank account in Monaco,” says Remi Delforge, a lawyer who advises foreigners moving to the principality.
One person working in the Monaco property sector says a wealthy person from the Middle East recently gave up trying to gain residency after being asked for bank statements dating back decades, including from institutions that no longer exist. Some banks are reluctant to take on any new Chinese and Russian clients, says the person, who asked not to be identified discussing private transactions.
Chiappori, the former finance minister, says Monaco has carried out a sweeping inventory of property companies and that further money-laundering-related sanctions are in the pipeline. While it’s uncertain how long it will take to get off the grey list, he says the tougher restrictions are permanent. And if that means some potential buyers decide against Mareterra or Monaco’s next hyper-expensive project, that’s OK. “We don’t need dirty money,” he says. “The cost of tarnishing our image would be much higher than the benefits of selling an expensive apartment.” —
This entry was posted in Uncategorized on April 22, 2026 by sterlingcooper.

NEW YORKERS NOW LEARN ALL ABOUT SOCIALISM, ALWAYS STEAL OTHER PEOPLES MONEY, NEVER USE THEIR OWN!

“Mamdani Mart” Exposes The Inefficiency Of Socialism In One Chart

Saturday, Apr 18, 2026 – 05:05 PM

Andreessen Horowitz’s a16z New Media published the most popular charts of the week on financial markets, but the most revealing one came at the end of the note: a comparison suggesting that New York City’s first grocery store, which will soon be run by unhinged socialists, will be structurally less efficient than private-sector supermarkets.

But who cares when it’s not taxpayer monies?

According to the New York Post, Mayor Zohran Mamdani’s proposed city-owned grocery store in East Harlem would require roughly $30 million in taxpayer funding.

At just 9,000 square feet, the project implies a construction cost of about $3,000 per square foot – an exceptionally and alarmingly high number by grocery industry standards.

From an economic standpoint, the “Mamdani Mart” underscores a familiar pattern: state-directed supermarkets often fail to achieve the cost discipline, operational efficiency, and scale seen in private-sector chains.

xperimented with socialism:

  • “There’s No Nothing”: Empty Shelves, Rotten Odors Plague Gov’t-Funded Supermarket In Missouri

The end result is Cuba.

 

When taxpayer-funded stores fail, socialists will never blame themselves but will merely say they didn’t experiment hard enough.

  • nd The Radicalization Of America’s Nonprofit Left

Socialism is inherently parasitic, abusing productive taxpayers to subsidize left-wing experiments. It always tend to fail. Let’s not forget CNBC’s Sara Eisen blasted the far-left mayor after he filmed a promotional video touting a proposed new tax on luxury properties.

50,480302
This entry was posted in Uncategorized on April 19, 2026 by sterlingcooper.

COVID “VACCINES”AND MASKS WERE PURE BULLSHIT!

Fauci And CDC Proven Wrong As Massive Denmark Study Shows Masks And Vaccines Failed To Stop COVID

New research confirms 66% of Danish adults caught COVID despite extreme mandates

It wasn’t that long ago when health experts and government officials told us that we had proven, clear-cut tools to stop the spread of COVID. Force everyone to wear a mask, and get everybody vaccinated.

Anthony Fauci, in a White House briefing in early 2022, said, “We believe we can get there because we have the tools with vaccines, with boosts, with masks, with tests, and with antivirals.”

Rochelle Walensky, then head of the CDC, said something similar in 2021: “What I really want to emphasize in this moment is that we have the tools we need to address the Omicron variant. And those tools include what we have been saying…”You really do need to get vaccinated…you need to practice all of those prevention measures, including wearing a mask in public indoor settings.”

During a Senate hearing in 2022, she repeated that phrasing: “Our ability to manage this virus today is in large part due to the tools we have, vaccines, tests, treatments, and masks.”

There was, of course, no proof that masks or vaccine uptake would prevent COVID infection or transmission, and plenty of data demonstrating the opposite. But politicians and their public health advisors committed down the path of masks and vaccinations because backing down would mean admitting they were wrong.

But boy oh boy were they wrong, as research about the rapid spread of COVID indicated.

CDC

WASHINGTON, DC – JANUARY 11:  Dr. Rochelle Walensky, Director of the Centers for Disease Control and Prevention, testifies during a Senate Health, Education, Labor, and Pensions Committee hearing on Capitol Hill on January 11, 2022 in Washington, D.C. The committee will hear testimony about the federal response to COVID-19 and new, emerging variants. (Photo by Shawn Thew-Pool/Getty Images)

Research From Denmark Highlights How Pointless COVID Restrictions Were

Perhaps the simplest way to indicate how useless our COVID policies were at preventing viral spread is to examine how many people got COVID. There are many data points demonstrating this failure, in fact, they’ve been compiled into several books.

But one team of researchers accidentally disproved COVID mandates by turning their efforts to examining how widespread COVID infections had been in Denmark during a period of extremely restrictive policies attempting to stop the spread of the then-dominant Omicron variant.

This study looked at seroprevalence, essentially, how many people had COVID antibodies as a result of infection between November 2021 and March 2022. During this time period, Denmark had mask mandates, extraordinarily high vaccine uptake, and one of European government’s most favored policies, vaccine passports.

Sure enough, they estimate that a whopping 66% of healthy Danish adults got COVID in just over four months. Incredibly, roughly a third of infections were “not captured by SARS-CoV-2 RT-PCR testing.”

Infections were transmitted extremely quickly, with “32% of the adult Danish population” infected in “just four weeks.” These infections occurred, they wrote, “despite high vaccination coverage in the Danish population.”

Importantly, the infection fatality rate of the Omicron variant was also extremely low. They estimated that, per seroprevalence data, it was roughly 6.2 per 100,000 infections, across all ages measured in the study. Unsurprisingly, rates varied wildly between age groups. The 30-day mortality rate broken down by age was as follows:

  • 17-35 years: 1.6 per 100k
  • 36-50 years: 4.1 per 100k
  • 51-60 years: 7.6 per 100k
  • 61-72: 15.1 per 100k

You can see why it was so important to force 17-year olds to wear masks and get COVID vaccines.

These are all important takeaways, but to put it in proper context, and drive home how useless our restrictions were against infection and transmission, we can look at how Denmark handled the Omicron wave, policy wise. As well as how some “experts” responded to their measures and compliance.

Denmark, during this time period, had mask mandates, vaccine passports, and exceptional compliance. And 66% of the healthy adult population got COVID in just four months.

Very odd that these proven “tools” would not have stopped COVID transmission, isn’t it?

When we say exceptional compliance, that’s not an exaggeration. Denmark got nearly 90% of their adult population vaccinated by August 2021. Cases then exploded a few months later, despite listening to Fauci and the CDC’s health advice.

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Other “experts” at the time praised Denmark for their commitment to following science, such as former US Surgeon General Jerome Adams, Eric Topol, and Eric Feigl-Ding.

Topol said that Denmark showed how easy it was to “squash” the virus with masks and vaccine uptake. Same with Jerome Adams, who said their data showed that the “quickest way to end” surges was to “get your vax.” Both statements were obviously proven false, though neither acknowledged it or admitted it. When Denmark eventually relented on their policies after they’d conclusively failed, Eric Feigl-Ding criticized them heavily, saying “Danish political leaders have completely lost their frigging minds” by ending all “COVID-19 mitigations.” Cases plummeted immediately after they ended their mandates, because those “mitigations” did not work and, as this study demonstrates, a shocking majority of the population had already tested positive.

To sum up then, experts said that we had the tools to stop the Omicron variant: masks and COVID vaccines. Denmark tried those tools, achieved exemplary uptake, only for a study to later find that 66% of the adult population got COVID in a few months, with over 30% testing positive in a matter of weeks.

These policies didn’t work, the tools didn’t work, Omicron was far less dangerous than other variants anyway, and none of the experts who demanded these mitigations ever admitted any of it. A masterclass of misinformation, bad science, and gaslighting. The perfect COVID experience.

This entry was posted in COVID on April 19, 2026 by sterlingcooper.

ELON MUSK HAS A WAY TO BANKRUPT AMERICA!!!! DO NOT DARE TAKE HIS ADVICE POLITICIANS!

Elon Musk Is Spectacularly Wrong About “Universal High Income”

Elon Musk

Elon Musk is a man of extraordinary vision. He looked at the American space program, concluded that government bureaucracy had made it sclerotic and expensive, and built reusable rockets that changed the industry. He bet his own fortune on electric vehicles when the sector was a punchline and dragged it into commercial viability. He bought Twitter, renamed it X, and restored a platform that had become a censorship apparatus for progressive gatekeepers. On each of those fronts, Musk saw clearly what others refused to see.

Which is precisely why his latest proposal deserves a direct and honest answer: he is wrong. Not confused, not misguided in a forgivable way — wrong in a manner that conservatives, Christians, and anyone who has thought seriously about human nature should be able to identify immediately.

Late on a Thursday evening, Musk posted to his own platform that “Universal HIGH INCOME via checks issued by the Federal government is the best way to deal with unemployment caused by AI.” He added that inflation would not be a concern because “AI/robotics will produce goods and services far in excess of the increase in the money supply.”

As he famously once said, “Let that sink in.” The man who just spent months at the helm of the Department of Government Efficiency, lecturing the country about the catastrophic dangers of federal spending and the moral bankruptcy of dependency culture, is now proposing that Washington mail high-income checks to every American citizen as a permanent response to artificial intelligence. The irony is so thick you could cut it with Occam’s razor.

But his track record of unmatched successes will have many believing him regardless of how ludicrous the concept. Like all successful people, Musk has failed at many things. But the one that sticks out may be the least consequential. When he was unveiling the Cybertruck, he had someone try to break the “unbreakable” glass. They did. Twice.

He had so much confidence that it wouldn’t break that he did it with the world watching. Now, he’s asking for even more faith in a plan in which he appears to have equal confidence. The difference is he lost nothing with the Cybertruck stunt other than a little pride. With Universal High Income, he risks causing a global economic collapse and the end of modern Western society.

The Economics Don’t Add Up — And Economists Are Saying So

Musk’s inflation argument rests on a claim that AI-generated abundance will outpace any increase in the money supply, making government checks essentially cost-free. It is a seductive theory, and it is not entirely without merit as a long-run projection. But Sanjeev Sanyal, who served as the principal economic adviser to India’s Ministry of Finance, rejected the premise without hesitation.

“He is so wrong on this,” Sanyal wrote on X. “AI will certainly cause dislocation, but like all technology it will also create new jobs and opportunities in the medium term. AI and robots will also not produce goods and services in excess of money or demand that there will be no inflation.”

Sanyal’s critique cuts to the root of a well-documented economic fallacy. The assumption that AI will produce a fixed, finite number of jobs while simultaneously eliminating others rests on what economists call the “lump of labor” fallacy — the idea that there is only so much work to go around. By that same logic, the industrial revolution should have left every displaced artisan destitute forever. History has repeatedly demonstrated that technological disruption creates new categories of employment, often in industries that were entirely unimaginable before the disruption occurred.

Pratyush Rai, co-founder and CEO of Merlin AI, made the point about inflation with blunt arithmetic. “The basic math on UHI doesn’t add up,” he wrote on X. “If everyone gets a high income check, everyone’s competing for the same houses, land, schools, lifestyle.”

He is correct. You cannot flood an economy with purchasing power without bidding up the price of everything that is finite — and land, housing, and human services are very finite indeed. AI can automate a software task. It cannot manufacture more coastline.

The Numbers Don’t Justify the Panic — Or the Prescription

In the first quarter of 2026, employers announced over 27,000 AI-linked job cuts — a 40% rise year over year, according to Challenger, Gray and Christmas. That number is real and should not be dismissed. But it must be placed in context. The U.S. economy generates and destroys millions of jobs every quarter through normal market churn. Every major technological wave — from mechanized agriculture to the internet — produced displacement and then, with time and policy space to adapt, net employment growth.

The question is not whether AI disrupts; it is whether the correct response to disruption is to wire every American to a permanent government stipend or to build the conditions under which new industries, new trades, and new forms of value creation can emerge.

Musk’s own companies are among the most aggressive deployers of automation in the world. Tesla’s factories use more robots per square foot than almost any facility in manufacturing. SpaceX has relentlessly automated processes that once required large engineering teams. There is nothing wrong with that — it is innovation. But one might ask, with genuine curiosity, what exactly Musk believes will happen to the engineers, machinists, and logistics workers displaced by his own technology when their replacement income arrives via federal check. Will they spend the rest of their lives on the couch, optimized by abundance? Or will the human drive toward purpose, mastery, and contribution reassert itself — as it always has?

When the Left Agrees With You Immediately, Reconsider Your Position

Perhaps the most revealing moment in the entire episode came swiftly. Andrew Yang — the Democratic candidate who made Universal Basic Income the centerpiece of his 2020 presidential campaign and has been pushing the idea ever since — immediately embraced Musk’s proposal. “It’s clear that AI will wind up funding universal income,” Yang posted on X. “Let’s make that happen ASAP.”

When Andrew Yang is your most enthusiastic ally, something has gone wrong. Yang’s UBI vision was always about more than economics — it was about redefining the relationship between citizen and state, replacing the dignity of earned income with the managed comfort of government distribution.

Universal High Income goes further still. While UBI at least envisions citizens continuing to work while receiving support, UHI is openly predicated on a future in which work itself becomes unnecessary. That is not a conservative proposal. That is not even a liberal proposal in the classical sense. It is a utopian fantasy dressed in the language of technological inevitability — and utopian fantasies, as history has consistently demonstrated, tend to require totalitarian enforcement mechanisms before they are abandoned.

The Question Nobody Is Asking — But Should Be

The deepest problem with Musk’s proposal has nothing to do with inflation rates or fiscal projections. It has to do with the nature of man. Work is not merely an economic activity. It is, in the Judeo-Christian tradition that built Western civilization, a calling. When God placed Adam in the Garden, it was not to recline in passive abundance — it was to tend and keep it. The apostle Paul was not hedging when he wrote to the Thessalonians, “If any would not work, neither should he eat.” That is not a statement about poverty. It is a statement about dignity, purpose, and the ordering of human life toward something greater than consumption.

A culture in which meaningful work is replaced by government checks is not a culture at leisure — it is a culture in crisis. The social pathologies already associated with long-term unemployment — despair, addiction, family breakdown, community dissolution — do not disappear when the checks arrive. They accelerate. The problem was never the absence of money. The problem was the absence of purpose.

The Conservative Alternative Is Not Indifference

None of this is an argument for pretending that AI disruption is painless or that displaced workers should be abandoned. The conservative answer to technological displacement has always been grounded in the same principles that built the most prosperous economy in human history — free markets that create new industries faster than old ones die, an education and retraining infrastructure that prepares workers for emerging opportunities, and a safety net calibrated to transition rather than permanent dependency. The goal is not to make idleness comfortable. The goal is to make work possible.

Musk has done more than almost any private citizen alive to advance the productive capacity of the American economy. That record earns him enormous credibility on questions of innovation. It does not exempt him from scrutiny when he wanders into policy territory where the instincts of a tech optimist collide with the realities of governance, human nature, and fiscal sanity.

As Sanyal concluded, “Elon Musk’s universal high income will bankrupt any government that attempts it.” That is a verdict that should be taken seriously — not because Musk is malicious, but because well-intentioned proposals with catastrophic structural flaws have a way of becoming law.

The man who built rockets to escape Earth’s gravity should know better than anyone that some forces cannot simply be engineered away. Dependency is one of them.

This entry was posted in Billionaires in the world on April 19, 2026 by sterlingcooper.

OBAMA PRESIDENTIAL LIBRARY LOOKS LIKE A PRISON!!!

image_0The Obama center sits on 19.3 acres in Chicago and contains a basketball court, two-level playground, recording studio and newly commissioned public art.

CHICAGO—Barack Obama’s new presidential center isn’t a cheap date, and neither is his adopted hometown.

When it opens June 19, it will set at least three modernera records for a former White House occupant: time taken to be completed, project cost and the price to get inside.

At $30, adult admission to see the 44th president’s story is more than at any other U.S. presidential library, a Wall Street Journal review shows. That is 59% higher than the average for presidents from John F. Kennedy through George W. Bush.

The top admission for the Obama Presidential Center is in keeping with the record expense of the project in a city known for complex and costly urban development, steep taxes and premium cultural attractions.

Chicago is certain to become a Democratic mecca for those eager to reconnect with their party’s most popular living former president. The center is expected to attract approximately 700,000 visitors annually and be an economic engine for the city, while also potentially helping transform the surrounding lower-income neighborhood.

The crowds and fundraising success (the Obama Foundation has disclosed donors of $1,001 or more) contrast with the struggles of the next Democratic president after Obama.

Former President Joe Biden has gotten off to a slow fundraising start for a center in Delaware, with some donors saying raising the necessary funds will be a heavy lift given how his presidency ended.

While the Obama project was initially estimated at $300 million, the final price tag hit about $850 million. The 19.3-acre campus includes a museum, foundation offices, a public library and recreational spaces.

Roughly $500 million was raised for the most recently built presidential shrine, the George W. Bush Presidential Library and Museum in Dallas.

Illinois residents, who helped underwrite some infrastructure costs, will get in free on Tuesdays and receive a $4 discount other days.

“Our campus is free and open to the public, with the exception of the four floors of the museum,” said Emily Bittner, a foundation spokeswoman. “We offer tremendous new amenities that no other presidential center provides, like an NBA-regulation-size basketball court, two-level playground, recording studio, classroom spaces and more than two dozen newly commissioned pieces of public art.”

Admission is in line with other major Chicago attractions. The Kenneth C. Griffin Museum of Science and Industry, not far away on the city’s South Side, is $25.95 for an adult. The Adler Planetarium is $25, while the Art Institute of Chicago is $32.

The Obama center’s opening is roughly five years behind what was originally planned after preservationists and activists slowed construction in court. Pandemic-related disruptions also delayed work.

Presidential libraries opened in recent decades in about half the time as this one, Wall Street Journal calculations show. The Ronald Reagan Presidential Library opened just more than 1,000 days after he left office. Bill Clinton’s took 1,398 days. The libraries of George H.W. Bush and George W. Bush averaged 1,653 days. Obama’s is set for 3,437 days.

Obama’s center won’t technically be a library. Instead, his foundation is paying $5 million to support digitizing millions of pages of unclassified records for online use. It will be run by the foundation rather than the National Archives and Records Administration, the federal agency that traditionally operates the libraries and museums.

This entry was posted in Uncategorized on April 18, 2026 by sterlingcooper.

FORECLOSURES SURGE NATIONALLY…NEW HOUSING CRISIS?

Foreclosure surge sweeps America: 118,000 homes at risk as families buckle under financial strain

A fresh wave of foreclosures is sweeping across the United States, with more than 118,000 homes caught up in the crisis in just the first three months of 2026.

It is a grim omen – with echoes of the run up to the 2008 Great Recession – that financial pressure is mounting for thousands of families.

New Attom data shows 118,727 properties were hit with a foreclosure filing in the first quarter – up 26 percent on the same period last year.

The figures also show a steady rise from the end of 2025, suggesting the problem is accelerating rather than easing.

Behind the numbers are homeowners increasingly struggling to keep up with mortgage payments as the cost of living remains stubbornly high.

Even more alarming is the surge in the number of homes actually being seized.

Banks repossessed 14,020 properties in the first quarter – a staggering 45 percent increase year-on-year – as lenders move more aggressively against borrowers who fall behind.

Experts say the trend points to a housing market under growing strain. ‘Foreclosure activity increased in the first quarter – with both starts and completed foreclosures posting solid year-over-year gains,’ said Rob Barber, CEO at Attom.

A fresh wave of foreclosures is sweeping across the United States, with more than 118,000 homes caught up in the crisis in just the first three months of 2026

A fresh wave of foreclosures is sweeping across the United States, with more than 118,000 homes caught up in the crisis in just the first three months of 2026

Coastal paradise is now ground zero for housing bloodbath… and America faces a reckoning

article image

‘While volumes remain below historical peaks, the continued rise, especially in starts and bank repossessions, suggests financial pressure may be building for some homeowners and could signal shifting housing market dynamics.’

The crisis is not hitting evenly across the country.

States in the South and Midwest are bearing the brunt, with Indiana emerging as the worst-hit state, where one in every 739 homes is facing foreclosure.

Close behind are: South Carolina (one in 743), Florida (one in 750), Delaware (one in 757), and Illinois (one in 833).

Florida, in particular, is a major flashpoint. The state not only ranks among the worst for foreclosure rates but also saw repossessions more than double compared to last year.

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At the other end of the spectrum, states like South Dakota, Vermont, and West Virginia remain largely insulated – for now – with far fewer properties affected.

Big metropolitan areas are also seeing a spike in foreclosure activity.

New York City recorded the highest number of foreclosure starts among major metros, followed by Houston, Chicago, Atlanta, and Dallas – a sign that the pressure is reaching both urban and suburban homeowners alike.

States in the South and Midwest are bearing the brunt, with Indiana (pictured) emerging as the worst-hit state, where one in every 739 homes is facing foreclosure

States in the South and Midwest are bearing the brunt, with Indiana (pictured) emerging as the worst-hit state, where one in every 739 homes is facing foreclosure

Behind the numbers are homeowners increasingly struggling to keep up with mortgage payments as the cost of living remains stubbornly high

Behind the numbers are homeowners increasingly struggling to keep up with mortgage payments as the cost of living remains stubbornly high

Rob Barber, CEO at ATTOM

Rob Barber, CEO at ATTOM

Nationwide, roughly one in every 1,211 homes had a foreclosure filing during the quarter.

In another worrying development, the foreclosure process itself is getting faster.

Homes repossessed in early 2026 had typically been in the foreclosure pipeline for 577 days – down 14 percent from last year and continuing a steady decline.

That means struggling homeowners may now have less time to recover financially or renegotiate loans before losing their homes.

These numbers present warning signs for the wider economy.

While today’s numbers remain below the catastrophic levels seen during the 2008 housing crash, analysts say the consistent rise in both foreclosure starts and completed repossessions could signal deeper trouble ahead.

The data suggests the housing market is ‘normalizing’ after years of unusually low foreclosure activity – but for many families, that normalization comes at a painful cost.

With foreclosure filings climbing, repossessions surging, and timelines shrinking, the latest figures paint a stark picture. A growing number of Americans are being pushed to the financial brink – and losing their homes as a result.

This entry was posted in FORECLOSURES on April 16, 2026 by sterlingcooper.

HUMANOID ROBOTS ARE BECOMING THE NEXT WORKFORCE? CHINA IS LEADING THE WAY!

Humanoid robots show off their language and boxing skills in Hong Kong

HONG KONG (AP) — A humanoid robot about the size of a primary school student had something to share in Hong Kong — it sang songs and spoke to people in Mandarin and English, answering whatever questions they posed and delighting the audience around it.

More than 100 robots were showcased at two exhibitions starting Monday at the Hong Kong Convention and Exhibition Center. The X2 Ultra robot from China’s prominent humanoid robot manufacturer AGIBOT Innovation (Shanghai) Technology Co. was among them.

When asked about its hobbies, the robot’s list went from doing sports and dancing to studying technology and listening to music. Describing the people in front of it is no challenge either: “a woman holding a phone, a woman holding a bag and a phone, a man holding a camera,” it said at one point.

Calvin Chiu, the chief operating officer of Novautek Autonomous Driving, AGIBOT’s agent in Hong Kong, said that the robot can provide emotional satisfaction to humans through conversations and serve as a teacher to older adults and children. Different robots can be programmed with different personalities, too.

“It would be like a friend,” Chiu said.

Chinese manufacturers among leading players

In China, technology has evolved into an area of competition with the U.S., with national security implications. Beijing’s latest five-year plan vows to “target the frontiers of science and technology.” Speeding up the development of products like humanoid robots and their applications is part of the 2026-2030 plan for the world’s second-largest economy.

Official data showed China had more than 140 humanoid-robot manufacturers and more than 330 models in 2025.

London-based technology research and advisory group Omdia recently ranked three of them — AGIBOT, Unitree Robotics and UBTech Robotics Corp. — as the only first-tier vendors in its global assessment in terms of shipment numbers. They all shipped more than 1,000 units of general-purpose embodied intelligent robots last year, with the first two companies shipping more than 5,000 units, the report said.

In February, humanoid robots were among the highlights of the CCTV Spring Festival  in China, a television show celebrating the Lunar New Year. A martial arts performance by children and robots stole the spotlight.

s a bill allowing closed-door trials for national security reasons

Diverse applications and manufacturing advantages

Some Chinese exhibitors flexed their advances at the Hong Kong Convention and Exhibition Center on Monday, showing robotic capabilities that ranged from talking to humans, punching and sand painting to doing backflips and catching suspects with nets during security patrol demonstrations.

Robert Chan, global strategy officer at EngineAI, based in Shenzhen, brought its PM01 robot to showcase its mobility, including doing a front flip. His company plans to launch two factories in China for mass production this year.

He said that China enjoys advantages in certain areas, such as low-cost engineering. He also pointed to the pattern of sharing know-how between companies, unlike in the United States and Europe, where companies typically shield their own technology.

Human-looking robots

Chan foresaw that the next stage of robotics would move toward robots featuring bodies looking like people, with more emotional exchanges and facial expressions, or even looking like they can breathe. That is about plugging the gap in robots’ interactions with humans, he said.

“The warmth and emotion exchange with the human being. Besides, helping humans to make the decision and helping humans to complete their task,” he said.

One company in the exhibition appears to be moving toward that direction.

From a distance, three women appear to be greeting guests at an exhibition booth at one corner. Up close, they turn out to be humanoid robots that could be the future of customer service and museum tour guides.

Wang Zuhua, business director at Shenzhen DX Intech Technology Co., said that the company sold more than 400 robots designed with female features and soft synthetic faces. Some are already working in museums and government venues on the mainland, where they can lead guests to washrooms and offices or provide venue tours, he said.

Malaysian visitor Russel Lupang was amazed by their appearances and movements.

“It’s beautiful, but not real feeling,” he said.

 

This entry was posted in Uncategorized on April 14, 2026 by sterlingcooper.

WARREN BUFFETT AGREES WITH STERLING COOPER’S ANALYSIS OF THE HIDDEN VALUE OF BERKSHIRE HATHAWAY, INC.

Intrinsic value is superior to book value when assessing the true worth of a business, Warren Buffett says.

Key Takeaways

  • Warren Buffett has pointed out that book value can significantly misstate the intrinsic value of a business.
  • He prefers using intrinsic value, “the discounted value of the cash that can be taken out of a business during its remaining life.”
  • Buffett goes so far as to say, “In all cases, what is clear is that book value is meaningless as an indicator of intrinsic value.”

Warren Buffett has repeatedly reminded investors that book value is often a poor measure of a business.

The calculation itself is simple: take the total assets minus liabilities. But book value, Buffett says, frequently misrepresents reality, whether by overstating or understating what a business is truly worth.

Over the years, Buffett has written about the shortcomings of using book value per share (BVPS) to value Berkshire Hathaway. As chair of the company, Buffett has preferred to focus on a company’s intrinsic value instead.

Buffett: Book Value Is a Limited Tool

Warren Buffett believes that book value, although an easily calculable number, is of limited use. For businesses where Berkshire Hathaway had full control, for example, the carrying value of those assets on the balance sheet could be far different from the businesses’ true intrinsic value.

Buffett described how Berkshire’s book value per share in 1964 was $19.46, but that the intrinsic value of the business at the time was far less because the company’s textile assets were worth less than their stated values.

Fast forward to December 2001, and book value per share had grown to nearly $38,000, and almost $100,000 by December 2011. However, those figures actually understated the intrinsic value of the company, with the stock’s price-to-book ratio falling from around 2.0 to 1.15 over the same ten years. As Buffet noted, most of Berkshire Hathaway’s underlying businesses were “worth far more than their carrying values.”

The moral of the story: book value can mislead in both directions. It can overstate or understate the true value of a business.

Book Value vs. Intrinsic Value vs. Market Price

  • Intrinsic value is “the discounted value of the cash that can be taken out of a business during its remaining life.” This is an estimate, and as such is subjective and sensitive to both interest rates and future cash-flow assumptions. But it is the only logical basis for valuation, Buffett says.
  • Book value is an accounting measure and not a reflection of a business’s real economic value. At Berkshire Hathaway, Buffett only uses the change in book value per share as a rough proxy to track changes in intrinsic value, but cautions investors to never confuse the two.
  • Market price is a third number that can get in the way, as it often reflects short-term market sentiment more than anything else.

Buffett’s Way of Doing Business

“[B]usinesses logically are worth far more than net tangible assets when they can be expected to produce earnings on such assets,” Buffett wrote. He prefers to measure a business’s “economic” performance, which is far superior to tracking its book value or even its earnings per share.

Look-Through Earnings

To assess a firm’s economic performance, Buffett likes to focus on the look-through earnings, rather than accounting constructs.

To make his point, Buffett has used the analogy of a college education. The tuition paid and lost income and experience while attending school is the “book value.” The relevant value, however, is the present value of the lifetime incremental earnings that the degree makes possible. For some, the intrinsic value (i.e., economic payoff) is greater than the price (cost). For others, it’s not.

The analogy emphasizes his overall point: focus on intrinsic value rather than cosmetic accounting. In either case, the book value concept has no real use in assessing one’s professional value creation.

This entry was posted in BERKSHIRE HATHAWAY on April 13, 2026 by sterlingcooper.

RUSSIA SEIZING USA COMPANIES’ ASSETS

Russia Seizes Control of US-Linked Aluminum Giant

Russia Aluminum

While Moscow extends diplomatic overtures toward Washington in hopes of normalizing relations and advancing Ukraine peace talks, the Kremlin continues to nationalize valuable foreign assets on its soil. The latest high-profile case involves CANPACK, a major aluminum beverage can manufacturer with deep Pennsylvania ties, whose entire Russian business has been stripped away by presidential decree. This development exposes the sharp contradiction at the heart of current U.S.-Russia dynamics: talk of renewed economic partnership on one hand, aggressive property redistribution on the other.

CANPACK’s Russian operations, built over nearly three decades and commanding an estimated 35 to 40 percent of the domestic aluminum can market, were placed under state “external administration” through a decree signed by Vladimir Putin on December 31, 2025. Company CEO Peter Giorgi described the reality bluntly: after state administrators arrived in mid-January, the owners lost all control. “I’m only a nominal shareholder,” Giorgi told Fox News Digital. “I lose all control of the company.” The business, valued at roughly $700 million, now answers to Kremlin-appointed managers through a shell entity called Stalelement.

This is no isolated incident. Since Russia’s full-scale invasion of Ukraine in 2022, authorities have increasingly invoked a 2023 legal framework to assume temporary control over foreign-owned assets. Similar actions have targeted subsidiaries of Danish insulation maker Rockwool, French food giant Danone, and brewer Carlsberg. Experts estimate dozens of companies have faced such measures. The pattern reflects a broader Kremlin strategy of bringing profitable or strategically important enterprises under tighter state influence, often justified as protecting “national interests” amid Western sanctions and corporate exits.

  • Russian President Vladimir Putin signed a December 31, 2025 decree placing CANPACK’s Russian operations—valued at roughly $700 million—under state “external administration,” transferring 100% control to Kremlin-appointed managers.
  • CANPACK, owned by a Pennsylvania-based holding company, lost all operational authority in mid-January 2026; senior executives including the general manager and CFO were removed.
  • The takeover follows a pattern of asset seizures targeting Western firms that remained in Russia after the 2022 invasion of Ukraine, including subsidiaries of Rockwool, Danone, and Carlsberg.
  • Despite the move, Putin’s envoy Kirill Dmitriev has been meeting with Trump administration officials to discuss Ukraine peace negotiations and future economic cooperation.
  • Analysts note American-linked companies have sometimes faced lighter treatment than European ones, as Moscow seeks to preserve possibilities for improved U.S. relations.
  • CANPACK operated in Russia for nearly 30 years and held 35-40% of the country’s aluminum beverage can market before the seizure.
  • The company reported pressure on remaining executives and significant financial transfers to pro-Kremlin causes, including support linked to the war effort.

Yet even as these seizures multiply, Russian officials signal interest in rebuilding bridges with the United States. Putin’s special envoy for foreign investment, Kirill Dmitriev, has traveled to Washington for discussions with members of President Donald Trump’s administration on potential Ukraine peace terms and longer-term economic cooperation. The timing raises pointed questions. How does one reconcile the nationalization of a major U.S.-linked manufacturer with overtures for renewed partnership? The mixed signals suggest Moscow seeks selective engagement—preserving leverage through asset control while testing Washington’s appetite for de-escalation.

Observers note that American-linked firms have sometimes received comparatively cautious treatment compared to their European counterparts. Alexander Kolyandr of the Center for European Policy Analysis observed that “American companies fared much better than the European ones,” attributing the difference to Russia’s desire to keep future U.S. ties viable. Still, the CANPACK case demonstrates that even U.S.-connected businesses remain vulnerable when they remain in Russia long after many peers departed. Giorgi explained that the company weighed leaving but struggled to unwind decades of investment or find a fair buyer, choosing instead to “stay the course” in hopes conditions would stabilize.

Under external administration, CANPACK’s Russian executives have reportedly faced pressure to approve financial decisions, with threats of dismissal for noncompliance. The company has had no direct access to or communication with its former operations. Russian business outlet Vedomosti reported that the division donated approximately 500 million rubles to a pro-Kremlin fund supporting the war in Ukraine. Company sources indicated roughly $18 million may have flowed to state-linked causes, with another $6 million directed toward a Russian Orthodox church—figures the firm has not independently verified but which underscore how quickly financial flows can shift once control is lost.

The episode carries clear lessons for Western investors and policymakers. Remaining in a hostile jurisdiction carries escalating risks, particularly when geopolitical tensions persist. Property rights that appear secure under normal commerce can evaporate through decree when governments prioritize state control. For American companies and their shareholders, the CANPACK seizure illustrates the limits of hoping for stability in an environment where rule of law bends to political necessity.

From a broader strategic standpoint, the contrast between asset seizures and diplomatic outreach highlights the transactional nature of Kremlin policy. Russia appears eager to ease sanctions pressure and reopen economic channels with the United States, yet unwilling to relinquish tools of coercion at home. This duality tests the wisdom of any renewed engagement. History warns that partnerships built on selective property respect and uneven reciprocity rarely deliver lasting mutual benefit.

As the Trump administration navigates these overtures, the CANPACK matter serves as a sobering case study. American interests demand clear-eyed realism. Economic cooperation cannot flourish where private enterprise faces arbitrary seizure, nor can genuine peace negotiations proceed without addressing the pattern of aggression that prompted Western sanctions in the first place. Families and businesses watching from afar deserve policies that protect rather than expose hard-earned assets to foreign predation.

The seizure of CANPACK’s Russian holdings stands as more than a corporate footnote. It reveals the enduring tension between Moscow’s ambitions for renewed Western engagement and its domestic practices of centralized control. Until Russia demonstrates consistent respect for property rights and international norms, any talk of partnership must be met with caution. In the meantime, Western firms would do well to learn from this episode: presence in uncertain markets requires more than hope—it demands rigorous risk assessment and contingency planning.

Ultimately, the path forward for U.S.-Russia relations hinges on deeds, not declarations. Nationalization of foreign assets while courting American goodwill sends a contradictory message that prudent leadership cannot ignore. The American people, long weary of entanglements that favor adversaries, expect policies rooted in strength, reciprocity, and the defense of legitimate economic interests.

This entry was posted in Government on April 12, 2026 by sterlingcooper.

BARRON TRUMP NOW HAS HIS OWN COMPANY!

Barron Trump’s new drink company announces first flavor ahead of launch

Barron Trump, the youngest son of President Donald Trump, is one of five partners in a new beverage business called Sollos Yerba Mate Inc

WASHINGTON, DC - JANUARY 20: Barron Trump arrives to the inauguration of U.S. President-elect Donald Trump in the Rotunda of the U.S. Capitol on January 20, 2025 in Washington, DC. Donald Trump takes office for his second term as the 47th president of the United States. (Photo by Chip Somodevilla/Getty Images)

Barron Trump’s new drink company is gearing up for its launch(Image: Chip Somodevilla, Getty Images)

Barron Trump’s new drink company is gearing up for its debut, and the brand has unveiled its first flavor.

The youngest son of President Donald Trump, who made a disturbing sex comment on stage that silenced the alarmed audience, and first lady Melania Trump is listed as one of five partners in Sollos Yerba Mate Inc., based on business filings submitted in Florida and Delaware this past January. Yerba mate is a caffeinated herbal beverage – a trendy drink option that often serves as a substitute for coffee across America.

Find more about Mar-a-Lago has 1 'unspoken rule' about Barron that everyone must follow
Mar-a-Lago has 1 ‘unspoken rule’ about Barron that everyone must follow

It the forthcoming product launch on LinkedIn, posting footage of a carton of Sollos Yerba Mate-branded beverages perched on a surfboard drifting across the water. It comes after Melania Trump was left humiliated by a screaming kid’s 3-word comment as he pointed at her.

The post’s text announced, “Introducing our 12-pack: Pineapple + Coconut. Launching May 2026.”

The debut offering of the caffeinated, earthy beverage will feature tropical notes. On their LinkedIn profile, the Sollos Yerba Mate squad characterizes the enterprise as a “lifestyle beverage brand built around yerba mate and clean, functional ingredients.”

Speaking to Newsweek, a company representative explained, “In the foreseeable future Sollos will only have one recipe. We didn’t set out to make a flavor lineup; we set out to make the perfect drink. Most brands launch with five flavors, hoping you’ll like one of them. We spent all of our time, energy, and resources obsessing over a single recipe until it was flawless.”

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Sollos Yerba Mate

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Sollos announced the first flavor of its yerba mate drinks will be pineapple and coconut(Image: Linkedin)

What role does Barron play in Sollos Yerba Mate?

The 20 year old is registered as a director of the company along with Spencer Bernstein, Rudolfo Castello, Stephen Hall, and Valentino Gomez.

The firm secured $1 million in funding via a private placement, according to U.S. Securities and Exchange Commission documents. The filing listed the five partners’ names and the business address.

Sollos operates from a 4,500-square-foot location in Palm Beach, Florida, situated roughly 1 mile from the president’s Mar-a-Lago estate.

Barron is presently a second-year student at New York University’s Stern School of Business. He relocated to the Washington, D.C., campus at the beginning of his sophomore year last autumn, following his freshman year at NYU’s Manhattan location.

Bernstein, who serves as SOLLOS Chief Operating Officer, and co-founder Hall revealed in separate LinkedIn announcements that they are taking temporary leave from university to concentrate on Sollos, though both intend to resume their studies and complete their degrees.

Barron’s drink business has link to father’s campaign donor

Barron’s latest business endeavor has sparked some scrutiny following revelations that Sollos is connected to his father’s campaign contributor and former tennis partner.

Trump’s long-time associate Jay Weitzman is the proprietor of the $16 million five-bedroom residence near Mar-a-Lago where the company is headquartered, based on a Newsweek investigation. Weitzman runs a parking enterprise that has been awarded federal contracts since 2005, and he has previously contributed to the president.

There is no suggestion of wrongdoing. Weitzman made clear to Newsweek that he holds no stake in, nor any connection to, Sollos. He explained that the company is registered at his address simply because his grandson, Bernstein, who serves as one of the firm’s directors, resides with him.

This entry was posted in Uncategorized on April 9, 2026 by sterlingcooper.

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