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AMAZING TRANSFORMATION IN SWEDEN!!TO CAPITALIST SYSTEM!!!

The World’s Most Surprising Capitalist Makeover Is Under Way in Sweden

The shake-up of cradle-to-grave care is lowering government spending, spurring innovation and stirring fears about those left behind

Sweden—This paragon of collectivism is pivoting toward rugged individualism.

For decades, Sweden was shorthand for the brand of high-tax, high-spend government that managed people’s lives from cradle to grave through state-run hospitals, schools and care homes.

No longer. With little fanfare, this Nordic country of 11 million has embraced capitalism.

Today, nearly half of primary healthcare clinics are privately owned, many by private-equity firms. One in three public high schools is privately run, up from 20% in 2011. School operators are listed on the stock exchange.

Sweden’s experience has lessons—good and bad—for other rich countries, including the U.S., where New York City Mayor Zohran Mamdani is looking to emulate parts of the state-centric model such as universal child care and city-run stores.

The capitalist makeover has allowed Sweden to do what few industrialized countries have managed in recent years: shrink the size of the state. That has enabled the government to sharply lower taxes and, economists say, sparked a surge in entrepreneurship and economic growth.

Its total public social spending bill—which includes healthcare, education and all welfare payments—has fallen to 24% of gross domestic product, similar to the U.S. and well below the over 30% for nations like France and Italy.

Public social spending as a proportion of GDP, 2022 or most recent year
France
31.6%
Italy
30.1%
Austria
29.4%
Finland
29.0%
Belgium
29.0%
Spain
28.1%
Germany
26.7%
Denmark
26.2%
Japan†
24.9%
Canada†
24.9%
Portugal
24.6%
Greece
24.1%
Sweden
23.7%
Slovenia
22.8%
U.S.*
22.7%
Poland
22.7%
U.K.*
22.1%
Czech Republic
22.0%
Luxembourg
21.9%
New Zealand*
20.8%
Iceland
20.8%
Norway
20.7%
Australia‡
20.5%
Data for *2021 †2020 ‡2019
Source: OECD

Sweden’s economy is expected to grow by around 2% a year through 2030, roughly the same pace as the U.S. and double the growth rates of France and Germany, according to an April forecast by the International Monetary Fund.

“Sweden is a real land of opportunity,” said Elisabeth Svantesson, the country’s finance minister. “I want people and capital to stay here and grow.”

While many European countries are raising taxes, Svantesson has cut them three years in a row. Sweden’s top income-tax rate has fallen close to 50% from nearly 90% in the 1980s.

Considering the overall tax burden, “it’s more attractive here…than the U.S.,” said Conni Jonsson, the billionaire founder of EQT, a Stockholm-based private-equity firm.

Critics say the paring back has gone too far. Inequality is soaring in this traditionally egalitarian country. Gang violence has surged in dozens of immigrant-heavy suburbs, creating areas where local criminal networks challenge state authority and hinder policing. A public debate is raging over for-profit schools, which critics say make money by skimping on playgrounds, libraries and staff.

“The American perspective of Sweden is so far off from reality,” said Andreas Cervenka, a Swedish author who recently returned home after living in California. “We are going from a society which is like, ‘One for all, all for one,’ to ‘Everybody is on their own.’”

Spurring entrepreneurs

Sweden didn’t always have a big public sector. The country climbed from being one of the poorest to the third-richest country in Europe over 100 years through 1970 without high levels of taxation.

But starting in the 1960s, the center-left Social Democratic Party—which dominated the country’s postwar politics—sharply raised taxes and spending, ultimately taking government spending as high as 70% of GDP by the 1990s.

The changes triggered a long period of weak growth, stagnant after-tax incomes and ballooning budget deficits and debt that culminated in a banking crisis in the early ’90s.

Under pressure from investors, the government instituted sweeping economic reforms over the next two decades. They included cuts to unemployment benefits and housing subsidies and the privatization of public services, as well as tax cuts and a reform of the pension system to make it more affordable. Strict limits were imposed on government debt. (Sweden’s debt to GDP is a meager 36%, compared with 129% for the U.S.) In the mid-2000s, the government eliminated wealth and inheritance taxes.

The result: Wealthy entrepreneurs who had fled Sweden’s high taxes have been returning, said Jacob Wallenberg, a member of the Swedish industrial dynasty that owns big stakes in Ericsson, Saab and other large companies.

When Wallenberg was growing up in the 1960s and ’70s, Swedes weren’t very wealthy, he said. The country, he noted, famously only had one Rolls-Royce car.

Today, international polling suggests Swedes are far more open to wealth than the French, Germans, Spanish or Italians, and more positive about the market economy than any European country except Poland. Sweden’s Rolls-Royce count is now over 800, and when the automaker decided to open its first showroom in Scandinavia in 2016, it chose Stockholm.

As the state retreated, the private sector expanded. A study published in April by the Stockholm School of Economics found that after Sweden removed inheritance and gift taxes in 2005, private firms with potential family successors grew faster, invested more and paid higher corporate taxes than firms without natural heirs.

Businesses championed new technologies in a bout of risk-taking with few equivalents in a region dominated by older industries and ambivalent about tech.

Niklas Zennström, the billionaire founder of internet-telecommunications pioneer Skype, said the privatizations helped fuel innovation in sectors like telecoms, which have underpinned the country’s tech boom. Zennström himself started his career building fiber-optic networks for a private telecom operator in the 1990s.

“Sweden was very early with mobile phones, with a high penetration of 3G and competition in mobile networks,” Zennström said. “There was a sense of entrepreneurship.”

The country saw more than 500 initial public offerings over the 10 years through 2024, more than Germany, France, the Netherlands and Spain combined, according to a landmark 2024 report on Europe’s economy by former European Central Bank President Mario Draghi. It has now moved ahead of the U.S. in the number of billionaires per capita, thanks to a thriving tech startup scene and videogame industry that has produced hits like Minecraft and Candy Crush.

‘More for less’

At St. Göran’s hospital in downtown Stockholm, radiologist Karin Dembrower huddled over a computer screen, pointing to tiny light spots indicating cancer on a black-and-white image.

“We cannot see with our eyes that there is something going on here but somehow the AI is seeing” it, she said.

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

CHINA IS ROLLING-OVER USA AND THE EU..DANGER???

China expanding its industrial dominance, warns US business group

Chamber of Commerce says west is running out of time to sever its growing reliance on Chinese supply chain
China is rapidly expanding its capabilities in high-tech fields such as robotics © Hector Retamal/AFP/Getty Images
The US Chamber of Commerce has warned that countries have only a “finite” window to respond to Chinese policies that are deepening reliance on its supply chains and harming the global economy.
The Washington-based lobby group said Beijing was “doubling down” on state intervention in manufacturing, services and frontier technologies.
It said China was ushering in a “new phase of global impact” marked by rising trade dependence and a rapid global expansion by its companies. It is also using tools such as export controls to entrench its position in global supply chains and counter foreign diversification strategies.
The warning came in the preface to a report on new Chinese industrial policies produced for the chamber by Rhodium Group, a consultancy. The chamber said the world had underestimated previous Chinese policies, including the Made in China 2025 programme to make the country more self-reliant in critical technologies.
“The challenge the world now faces is not the result of an intelligence gap . . . Reports were published. The warnings reached senior levels of government and industry across major economies. Yet in too many cases, the response was insufficient,” the chamber concluded.
The report comes as President Donald Trump prepares to visit Beijing this week for a two-day summit with his counterpart Xi Jinping. Immediately after the leaders met in South Korea in October, Treasury secretary Scott Bessent told the FT he had warned Europe and others that Chinese exports would flow elsewhere after the US erected a “tariff wall”.
Rhodium said China’s industrial policy was evolving from sectoral intervention to an “industrial policy of everything”. It said Beijing wanted to extend its dominance in industries such as critical minerals and magnets to a broader range of industrial products. Beijing was also putting more attention on services, it added.
The report said sustained government support and weak domestic demand had driven a rapid expansion of its goods trade surplus — doubling to $2tn since 2019 — in what some have dubbed “China Shock 2.0” as the country rapidly moves away from an economy based on low-cost manufacturing.
It said China was making significant gains in industries such as chemicals, machinery and industrial equipment, following earlier significant expansion of market share in industries such as electric vehicles and clean energy.
“Global reliance on Chinese supply chains is deepening across a growing number of critical products,” Rhodium said, adding that China was using regulation and economic coercion to reinforce control over key supply chains. “The window for effective policy response is narrowing,” it added.
Camille Boullenois, lead author of the report, told the FT that China’s evolving industrial policies posed a “real threat” to the economic engine of countries such as Germany and other advanced industrial economies.
“China’s rise is broadly eroding some of the last areas where they still have a technological and industrial edge, like chemicals, autos, machinery and robotics,” she said. “China is gaining market share incredibly fast in these sectors. If countries don’t react now, the industrial landscape could look very different in just a few years.”
The report noted that China’s most recent five-year plan had for the first time included a focus on advanced technologies such as biomanufacturing, nuclear fusion energy and brain-computer interfaces. This suggested that its industrial policy was evolving from focusing on strategic sectors to a “broader effort to reshape the entire industrial ecosystem”.
The trade surplus growth represented success moving up the production value chain and exporting high-tech goods but also its success substituting domestic products for imports.
China shock 2.0: the flood of high-tech goods that will change the world
Workers on the assembly line for electric vehicles at the BYD Co. factory in Zhengzhou, Henan province, China; on the right, solar panels at a photovoltaic power station at the Dunhuang Photovoltaic Industrial Park in Dunhuang, Gansu Province, China
Chinese companies are also becoming more reliant on revenues from sales outside China. It said the share of total revenue from overseas for the top 500 Chinese companies reached an average of 47 per cent by 2024, roughly equivalent to the figure for US groups.
Jörg Wuttke, former head of the European Chamber of Commerce in China, said the threat was particularly acute for manufacturing and export-focused economies such as Japan and South Korea. But he said Europe faced an economic juggernaut driven by overcapacity in China in addition to a strong euro versus the renminbi.
“The Chinese are always kind enough to tell us how they will roll over us, but we never want to hear it,” said Wuttke, partner at the DGA-Albright Stonebridge consultancy. “We cannot go on like this. If you are in the Eurozone you’re a dead duck.”
This entry was posted in CHINA on May 12, 2026 by sterlingcooper.

UNITED NATIONS IS A JUST A MONEY PIT AND AMERICAN TAXPAYERS ARE PAYING FOR THE WASTE!

Projects—and No One’s Watching

AP Photo/Evan Vucci

The federal government’s own watchdog has confirmed what the numbers have long made clear: the United Nations cannot be trusted to manage the money it receives, and the State Department has been complicit in letting it happen.

A new Government Accountability Office (GAO) report released in April examined 11 U.N. capital projects worth more than $4 billion combined. It found a predictable mess: years-long delays and nine-figure cost overruns, coupled with contractor failures and unusable designs, and a State Department bureau with no formal system for monitoring any of it.

American taxpayers are left footing the bill, though. GAO confirmed the U.S. was the largest financial contributor to the U.N. in 2023. As of early 2026, the U.S. owed approximately $2.2 billion in unpaid dues, a figure the U.N. has been loudly publicizing while simultaneously running construction projects into the ground. An organization pleading poverty while mismanaging billions in active construction budgets is not a victim of underfunding. It’s a management failure dressed up as a cash crisis.


Read More: Who Really Needs the United Nations Anyway?

The United States Must Stop Supporting the United Nations


The single biggest disaster is the U.N.’s “Strategic Heritage Plan” in Geneva, a renovation now four years behind schedule and $91 million over its original $871.4 million budget. COVID, supply chain issues, contractor failures: GAO cites them all. So does every private construction firm that still manages to finish buildings. The U.N. has no competitive pressure and no consequences for failure, and it shows. The report, linked above, noted:

“Costs increased by 27 percent from the baseline because of the SHP’s schedule extensions.”

The project’s risk firm calculated that for every month of delay, the costs rise about $1 million.

It gets worse. The contractor on Building H, part of the same Geneva project, couldn’t manage its own subcontractors, finished two years late, and then left behind a defect list that kept growing long after “completion.”

“In December 2022, the list of minor defects that were not addressed included 10,588 issues that the SHP team had identified. By February 2024, the list had increased to 11,350 issues and included 412 on which there was disagreement with the contractor.”

Then there’s the International Telecommunication Union headquarters project. Member states approved architectural blueprints without anyone considering “cost and functionality.” Architects had “free rein,” billed for designs that were never buildable, and walked away. The GAO reported the U.N. burned through more than $20 million before scrapping the original plan entirely — not one wall built, not one foundation poured. In any organization accountable to someone, that would be a career-ending failure. Here, it barely registers.

The State Department’s Bureau of International Organization Affairs had no formal guidance for monitoring any of it. No written indicators. No threshold for when to intervene. No chain of accountability. Staff rotated every few years and largely made it up as they went.

“State IO officials said they do not systematically monitor key indicators, such as budget and schedule, and do not have clear triggers, such as percentage over budget or time behind schedule, for when to take action.”

GAO recommended State develop formal oversight guidance. And State agreed, a basic step that somehow required a congressional audit to produce.

Now consider the timing. In January, U.N. Secretary General António Guterres warned all 196 member states of “imminent financial collapse” if the U.S. didn’t pay its dues, claiming the organization would run out of money by July. Pay up, or else.

What Guterres didn’t dwell on: his organization was four years behind schedule in Geneva, had torched $20 million on unusable designs, and let a defect list balloon past 11,000 unresolved issues. This is the same organization demanding to know why Washington is hesitating.

President Trump has already pulled the U.S. from several U.N. agencies. He should keep going. The GAO report makes the case without any editorializing: $4 billion in projects, years behind schedule, $20 million torched before a shovel hit dirt, and a State Department with no system to catch any of it. We need to stop paying, and start leaving them for good.

Editor’s Note: The Democrat Party has never been less popular as voters reject its globalist agenda.

This entry was posted in Uncategorized on May 10, 2026 by sterlingcooper.

HOW RUDY MADE NEW YORK GREAT AGAIN!!!

When Rudy Giuliani Made New York Great Again

 

New York Former Mayor Rudy Giuliani’s recent brush with mortality reminds us how clearly his administration showed that people, not impersonal forces, make history— especially men of vision and courage like him. His mayoralty also offers today’s floundering New York the fundamental lesson that good government can make a city flourish, while bad government impairs it.

Reigning wisdom when Mr. Giuliani took office in 1994 was that the problem-ridden city was “ungovernable.” Crime had skyrocketed in the preceding decades, with murders doubling in the 1960s and doubling once more over the next two decades before reaching 2,154 in 1991—one every four hours, roughly. Dope dealers hustled on the street alongside pushy panhandlers and prostitutes. Derelicts slept alongside graffiti-smeared buildings. An epidemic of car break-ins led owners to post “No Radio” signs in their windows, and auto alarms blared indignantly at all hours. Businesses fled: The 116 major corporate headquarters in Gotham in 1971 had dwindled to 49 by 1995. Small-business owners buzzed customers in through locked doors and, at closing time, rolled down metal security gates, luring graffiti vandals.

Mr. Giuliani, a former federal prosecutor, ignored the cliché that you could cut crime only by addressing so-called root causes, poverty and racism. He instinctively grasped the theory of social scientists James Q. Wilson and George Kelling that stopping small crimes would prevent more serious crimes, just as replacing a broken window halts more window-breaking by showing that somebody watches and acts. He had seen this theory proven in the subways in the two years before his election, when Robert Kiley, head of the Metropolitan Transportation Authority, kept subway trains and stations hosed clean of graffiti and transit police chief William Bratton started arresting turnstile jumpers and graffiti vandals. Crime in the subways began to fall. When Mr. Giuliani entered City Hall, he named Mr. Bratton the city’s police commissioner.

With the mayor’s vocal support, Mr. Bratton put broken-windows policing to work, arresting “squeegee men” who smeared dirty rags across motorists’ windshields, holding them hostage for a “contribution.” Even minor crime, he showed, had no place in Mr. Giuliani’s New York—a lesson he amplified by arresting graffiti taggers and public urinators. Police stopped, questioned and frisked those suspected of carrying weapons or casing a business, dissuading the ill-intentioned from packing guns while reducing shootings. Mr. Bratton made computer maps of crime hot spots and concentrated cops where thugs operated. City Hall’s revolutionary idea was that cops should prevent crime, not solve it after it happened.

The results were spectacular. Murders fell 20% to 1,561 the first year and a further 58% to 649 in 2001, Mr. Giuliani’s last year in office. With newly safe streets and subways, New York roared back to life. As the mayor cleared sex and smut businesses out of Times Square, he enticed Disney to restore a stately vacant theater as that area’s anchor. A visionary private effort had turned Bryant Park from a dope dealers’ den into a green oasis, and that district now thronged with tourists and office workers.

Restaurants and theaters boomed. Old businesses grew, and new ones opened, including even a tech Silicon Alley. Columbia and New York University became hot schools once parents stopped fearing urban crime. With opportunity burgeoning and the city’s rich inheritance of museums, concert halls, and landmark buildings safe to use, property values skyrocketed. Global tycoons looked to city real estate as a glamorous safe haven for money. New development proliferated, and construction workers, service staff and luxury retailers all profited. New York became once more the capital of the world.

Policy can change culture, Mr. Giuliani showed. It wasn’t the legacy of slavery that had created the disproportionately black urban underclass, he understood, but the message of victimhood and helplessness sent by framing crime as an inevitable response to oppression and welfare as deserved reparations. Criminals, not society, were to blame for crime, and welfare recipients were also citizens with agency who were responsible for their own fates.

Seizing on the 1996 welfare reform act, the Giuliani administration started an ambitious workfare program. Welfare offices became “job centers” and set welfare recipients to painting park benches, raking leaves and cleaning courtrooms. Recipients learned discipline and gained self-respect. Many moved into conventional jobs and, as in the nation as a whole, caseloads dropped dramatically.

A remarkable dividend of the new approaches to crime and welfare, one with only anecdotal rather than social- science evidence, was a dramatic thaw in race relations, as fear and resentment abated. But it didn’t last.

Beginning with the De Blasio administration in 2014, the Giuliani reforms slipped away while Amazon and then Covid and Zoom sharply challenged New York’s economic model of retail stores and office towers. As it holds on to old economic engines and searches for new ones, the city urgently needs the culture of personal agency and public safety that Mr. Giuliani fostered.

Mayor Zohran Mamdani evidently believes that legacy businesses and institutions are inexhaustible wealth-generators that, even as lowtax states beckon, will enable him to cultivate the tax-eaters and punish the taxpayers. That will prove a costly and tragic mistake.

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

ILLEGAL ALIEN’S AND OTHERS FINALLY STARTING TO GET REMOVED FROM DRIVER ROLLS!

US States Have Revoked 28,000 Non-Domiciled CDLs

Nationally, FMCSA Says 194,000 Drivers Could Lose CDLs

Sean Duffy

“When state leaders failed to keep Americans on the road safe, we stepped in and held them accountable,” Duffy said. (Adam Gray/Bloomberg)

May 7, 2026 10:48 AM, EDT

 

More than 28,000 foreign truckers no longer deliver cargo in the U.S. after states revoked their non-domiciled commercial driver licenses due to stricter federal regulations expected to remove nearly 200,000 drivers from hauling freight.

Transportation Secretary Sean Duffy highlighted the revoked non-domiciled CDLs among a list of one-year accomplishments to support the trucking industry under the Trump administration.

“We’ve brought back common-sense rules of the road including requiring English-language proficiency and valid working documents for foreign drivers,” Duffy said May 1. “The Trump administration has hit major milestones in our efforts to rein in the trucking industry which has been allowed to operate like the Wild, Wild West for far too long.”

He recalled how the U.S. Department of Transportation spearheaded a Federal Motor Carrier Safety Administration audit last June of states issuing non-domiciled CDLs and commercial learner’s permits.

FMCSA Enforcement Actions Sent to Numerous States

Duffy’s announcement stated that 26 states received “official enforcement actions” from FMCSA.

Auditors determined that more than 30 states had issued illegal licenses and permits to foreign truckers.

FMCSA previously stated that more than 30 states “issued tens of thousands [of] non-domiciled CDLs contrary to federal regulations.”

These violations involved driving credentials issued to:

  • Drivers with noncompliant non-domiciled CDLs beyond a driver’s expiration date for lawful U.S. presence
  • Citizens of Mexico and Canada who aren’t entitled to non-domiciled licenses due to a reciprocal agreement enabling them to use their country-issued licenses
  • Lawful permanent U.S. residents who should have been issued regular CDLs instead of non-domiciled ones
  • Foreign truckers without evidence verifying legal U.S. residence under FMCSA regulations

Trucking Industry Expected to Lose 194,000 Foreign Drivers

Duffy’s announcement emphasized FMCSA’s final rule in February 2026 that took effect March 16 “to stop unqualified foreign drivers from obtaining a non-domiciled CDL. More than 28,000 illegally issued licenses have been successfully revoked nationwide.”

This statistic represents 14% of the 194,000 current non-domiciled CDL holders expected to “exit the freight market,” as predicted by FMCSA’s final rule.

The final rule stated that FMCSA recognizes there is a population of current non-domiciled CDL holders who will no longer meet new eligibility standards, as well as new drivers with a different immigration status who will be ineligible.

The narrower regulations governing state licensing of foreign truckers are expected to result in a much smaller national pool of 6,000 foreign truckers able to hold these non-domiciled driving credentials.

Image
Trucks on Utah road

(THEPALMER/Getty Images)

FMCSA stated that “given the need for non-domiciled CLP and CDL holders to be vetted properly, this final rule limits individuals eligible for non-domiciled CLPs and CDLs to those maintaining lawful immigration status in these employment-based nonimmigrant categories: H-2A and H-2B nonimmigrant visas for foreign workers in agriculture or seasonal/peak-load non-agricultural roles, or E-2 investor visas.”

The revised FMCSA regulations now restrict eligibility to statuses subject to consular vetting and interagency screening of driver history records to close a significant safety gap, because such screening had been required for U.S. citizens but not for non-domiciled foreign truckers.

Under the previous regulations, states lacked access to either a driver’s historical record or concurrent driving record outside the United States. State driver license agencies also didn’t receive notifications of serious traffic violations that occurred in a foreign country during the validity of a non-domiciled CDL. The consular vetting process remedies those past deficiencies.

State Department procedures require consular officers to assess applicants’ driving history, experience and licensing eligibility when reviewing H-2A, H-2B and E-2 visas.

More Non-Domiciled Drivers Could Lose Licenses

More foreign truckers could lose their licenses if they live in a state “prohibited from issuing CLPs or CDLs because the state’s CDL program is decertified,” FMCSA’s final rule predicted.

Although states aren’t required to issue these driving credentials, most do. FMCSA’s enforcement actions after the audits require states to complete corrective actions or face withheld federal grants and possible prohibition from issuing non-domiciled CDLs and CLPs for prolonged noncompliance.

Both California and New York have found themselves one step closer to losing the ability to issue driving credentials to foreign truckers after FMCSA issued final noncompliance notices and permanently rescinded millions of dollars in federal funds as a first-step sanction.

Duffy’s recent announcement also contained a warning to noncompliant states.

“When state leaders failed to keep Americans on the road safe, we stepped in and held them accountable and we’re just getting started,” he declared.

North Dakota has resumed issuing non-domiciled CDLs after recently receiving FMCSA recertification.

Oregon and Nevada opted to permanently cease issuing their versions of non-domiciled CDLs and CLPs to foreign truckers.

 

This entry was posted in FRAUDS on May 7, 2026 by sterlingcooper.

THE MET GALA…WE ALL ASPIRE TO BE ATTENDEES?, WHAT A PARTY!

 

The Met Gala Is Entering Its Billionaire Era With Jeff Bezos and Lauren Sánchez

The Met Gala draws criticism as Jeff Bezos and Silicon Valley firms take a larger role in funding and shaping the iconic event.

Amazon founder Jeff Bezos and his wife, Lauren Sánchez Bezos, are pictured at the 2024 Met Gala. Photo by Kevin Mazur/MG24/Getty Images for The Met Museum

The official co-chairs of Monday’s Met Gala include Beyoncé, Nicole Kidman, Venus Williams, and, of course, Anna Wintour. Yet the star-studded lineup has been overshadowed by the event’s “honorary chairs,” a largely ceremonial title that has drawn outsized attention this year. Instead of designers, actors, musicians or athletes, the roles have gone to billionaires Jeff Bezos and his wife, Lauren Sánchez Bezos.

This isn’t the first time members of the tech elite have appeared at the Met Gala—Bezos himself attended in 2012, 2019 and 2024. But the prominence of his involvement this year has sparked a wave of criticism, shining a light on Silicon Valley’s increasingly influential role in fashion’s biggest night.

A growing relationship between the Met Gala and tech executives is “a new phenomenon in terms of the broader history of the gala, which was really about fashion,” Deirdre Clemente, a fashion historian at the University of Nevada, Las Vegas, told Observer.

Founded in 1948 by publicist Eleanor Lambert, the Met Gala began as a fundraiser for the Metropolitan Museum of Art’s Costume Institute, attended primarily by New York City socialites. It was a far cry from today’s global spectacle. The shift toward celebrity accelerated in the 1970s under former Vogue editor-in-chief Diana Vreeland, and by the time Wintour took over as chair in 1995, the event was well on its way to becoming a cultural juggernaut. (Wintour recently stepped down as editor-in-chief of Vogue U.S. but remains its global editorial director.)

As the Met Gala’s profile has risen, so has its price of entry. Tickets—available only to guests approved by Wintour—cost $100,000, while tables start at $350,000. As tech companies have amassed enormous wealth, they’ve increasingly stepped in to foot the bill in exchange for cultural cachet. This year’s table buyers reportedly include Amazon, OpenAI, Meta and Snap.

“I’m calling it the ‘Tech Gala,’ because so much tech has gotten involved over the last decade,” Amy Odell, the author of the 2022 Wintour biography Anna, told Observer. “Over the years, the price of admission has become so high that it’s just like, who else can afford it?”

Bezos, the founder of Amazon, and Sánchez Bezos are also serving as the lead sponsors for this year’s event. But it was the announcement of their roles as honorary chairs in February that ignited backlash. Despite Wintour defending Sánchez Bezos as a “wonderful asset to the museum and the event” in a recent CNN interview, criticism has continued to mount. An anti-billionaire activist group known as “Everyone Hates Elon,” has even plastered New York City with posters calling for a boycott.

Man puts up red poster reading 'Boycott the Bezos Met Gala.'
Posters condemning the involvement of Jeff Bezos and Lauren Sánchez Bezos in the Met Gala have popped up across New York City. Photo by Angela Weiss/AFP via Getty Images

For some observers, however, the presence of ultra-wealthy figures represents less a departure than a return to the gala’s fundraising roots. “If you’re talking about raising money, you invite the people who have the most money,” Adrienne Jones, a fashion professor at the Pratt Institute, told Observer. “Who else to invite to be an honorary chair but one of the wealthiest men on the planet?”

Silicon Valley’s growing presence at the Met Gala has been building for years. Amazon sponsored the event in 2012, followed by Apple in 2016. TikTok backed the gala in 2022, the same year OpenAI created an A.I. installation for the Costume Institute’s accompanying exhibition. Attendees have included not only Bezos but also Elon Musk, Tim Cook and Sergey Brin.

In 2022, Wintour even invited Sam Bankman-Fried, the FTX founder later convicted of fraud, to attend and potentially sponsor the event. He ultimately canceled at the last minute, reportedly frustrating Wintour’s team, according to Michael Lewis’ 2023 book Going Infinite.

Despite occasional controversy, tech companies remain eager to participate. A six-figure fee “is a drop in the bucket to them,” said Odell. “What they get in exchange is so much more valuable, which is to be seen as glamorous and cool and to get that kind of exposure to a largely female audience.”

This year’s backlash, however, signals a shift in public sentiment. Critics are responding not just to tech’s presence but to Bezos and Sánchez Bezos being “front and center this time,” Jones said, pointing as well to growing concerns about wealth inequality and the labor impacts of A.I.

Whether that backlash will alter the Met Gala’s reliance on Silicon Valley remains uncertain. “They opened the door for Silicon Valley to now be a part of this—and the money they’re bringing with it,” said Jones.

 

 

This entry was posted in Billionaires in the world on May 5, 2026 by sterlingcooper.

$800,000,000 YES $800 MILLION PAID BY THE LARGEST SETTLEMENT FOR ABUSE BY NEW YORK ARCHDIOCESE…IS THIS REALLY A RELIGION OF GOOD WORKS AND EXAMPLE OF JESUS?

Archdiocese of New York Agrees To Pay $800,000,000 in Sex Abuse Settlement WHY ARE THESE ABUSERS in the funny hats SMILING?

Two years after the Archdiocese of Los Angeles reached an $880 million settlement with men and women who survived childhood sexual abuse at the hands of Roman Catholic priests and clergy in their diocese, the Catholic Archdiocese of New York is following suit, agreeing to pay more than $800 million to its own sexual abuse survivors.

So far, the Catholic Church has paid out more than $5 billion in settlements, which has bankrupted at least 19 dioceses.

The archdiocese has been planning this for a while. Along with selling off buildings and laying off staff, including the sale of their New York headquarters for $100 million, the Archdiocese is suing its insurance company, Chubb.

The archdiocese claims that “even though we have paid them over $2 billion in premiums by today’s standards, [Chubb] is now attempting to evade their legal and moral contractual obligation to settle covered claims which would bring peace and healing to victim-survivors.”

Chubb insists that it is not obligated to settle several of these claims, some of which go back over 80 years, because the church knew about the abuse and did nothing to stop it, making the incidents ineligible for coverage.

A letter sent by the Archbishop of New York, Ronald Hicks, notes that the matter has been a painful process, but they hope that all parties accept. If so, they would each received around $215,000. It reads in part:

As you may have heard, the Archdiocese of New York and the Plaintiff’s Liaison Committee (PLC), which represents a majority of victim-survivors, have been working hard for several months to reach agreement on a global settlement of all sex abuse lawsuits.  The parties have been working to create the framework of a comprehensive arrangement that will deliver compensation to victim-survivors faster and more efficiently than the traditional legal process. These discussions have been facilitated by Judge Daniel J. Buckley, a highly experienced neutral third-party mediator. Although much work remains to be done before a settlement can be finalized and consummated, I am cautiously optimistic about the path we are on.

Members of the PLC, attorneys who have long advocated for victim-survivors, have begun reaching out to counsel for all impacted individuals and it is our sincere hope to achieve full participation; we cannot begin to compensate victims until full participation is achieved. If a truly global settlement can be achieved, compensation will become available to victim survivors in the fastest, most comprehensive manner possible, without the need for lengthy painful litigation for victim-survivors or bankruptcy proceedings for the Archdiocese. Though I am new to the Archdiocese of New York, I recognize the immense effort that this Archdiocese has dedicated to supporting victim-survivors over the past decade. My predecessor, Timothy Cardinal Dolan, established the Independent Reconciliation and Compensation Program (IRCP) in 2016 which provided millions in compensation to victim-survivors. The Archdiocese has sold off the majority of its real estate holdings and made significant cuts to our staff and other operational expenses. These cuts have been painful for us, but they were necessary measures to secure the resources needed to compensate victim-survivors.

It cannot be denied that this has been a painful process – most significantly so for the victim-survivors and their families and loved ones who have suffered, in most cases, for decades. I pray that all of us, as the Family of God, will come together to support and affirm these individuals and take these next steps to bring about some healing and peace.

This entry was posted in CATHOLIC ABUSERS on May 5, 2026 by sterlingcooper.

SOUTHERN POVERTY LAW CENTER IS JUST ANOTHER SCAM!

Fake Perils Make Real Money

You didn’t need a legal case to know that the Southern Poverty Law Center, to stay alive, badly needs the perils it claims to deplore. The federal indictment, which charges the nonprofit with wire fraud, false statements and conspiracy to conceal money laundering, alleges that the Montgomery, Ala.-based group paid hefty sums to “informants” supposedly operating inside extremist groups. Millions of dollars allegedly went to these “field sources”—Klan members, neo-Nazis—even as the SPLC labeled the same organizations dangerous extremists on its website.

One of the indictment’s claims, if borne out, so perfectly captures the cynicism of radical politics in the 2020s that you’d call it far-fetched if you read it in a novel by Christopher Buckley. The indictment alleges that one source “was a member of the online leadership chat group that planned the 2017 ‘Unite the Right’ event in Charlottesville, Virginia and attended the event at the direction of the SPLC.” This person, say prosecutors, “made racist postings under the supervision of the SPLC and helped coordinate transportation to the event for several attendees.” Between 2015 and 2023, the nonprofit paid this informant $270,000.

The SPLC’s lack of compunction amazes, but its intrigues flow from the nature of the activist nonprofit enterprise. Like almost all advocacy organizations, the SPLC faces the temptation to exaggerate the urgency of its mission and the extent of its accomplishments. Donors respond to big claims and menacing specters. Hence the SPLC’s desperate effort to defame people and organizations on the political right—Charles Murray, Prager University—as promoters of ” hate” and “extremism.” The war for America’s soul may go well or poorly, but the money’s got to keep flowing.

Which is why that Unite the Right rally was the best thing ever to happen to the SPLC. A gathering of, at most, 500 young nincompoops high on racist humbug metamorphosed, in the minds of anxious Americans—and with the media’s help—into a mass movement of brownshirts ready to seize the country’s institutions and overthrow its government. Donations to the nonprofit ballooned in the year after the rally.

The SPLC didn’t create the Charlottesville rally, though its machinations probably helped at the margins. The import of the episode, though, lies in the fact that the nonprofit’s leaders plainly felt it had an interest in making the threat of white racial bigotry appear to hold more sway over American life than it does. “Interest” in the crassest, monetary sense.

The modern liberal outlook, to borrow the political philosopher Kenneth Minogue’s metaphor, must have dragons to slay. When the dragons diminish in size or die out altogether, the civic-minded liberal naturally wants to invent bigger ones, if only to have things to worry about. As with every such mental pathology, this one offers financial rewards to determined exploiters.

The late Jesse Jackson based a lucrative career on the fiction that America in the 1980s and ’90s still excluded black Americans from opportunity in the way the South had under Jim Crow. The static

history of racist America he helped to propagate allowed Jackson, in the 2000s and 2010s, to threaten large companies with boycotts on the grounds that they hadn’t done enough to mitigate racism. His attacks would conveniently cease when the companies agreed to donate to Jackson’s political operation.

Al Sharpton followed the same path. Only Mr. Sharpton, unapologetic perpetrator of the 1987 Tawana Brawley hoax, spun the perception of perennial racism into a decadeslong media career. Ibram X. Kendi, Robin DiAngelo and other “antiracist” theorizers attained celebrity status by persuading millions of well-meaning people to fear and loathe nonexistent monsters.

The District of Columbia teems with nonprofits dedicated to the proposition that one thing or another menaces the citizenry. Human Rights Campaign, to take one example, regularly informs its followers and donors that gay, “trans” and “gender-expansive” Americans suffer from routine violence and bigotry at the hands of their countrymen. In 2025, HRC brought in $46 million in contributions.

Climate catastrophism has grown into a global grift, with poor countries demanding billions in “reparations” from nations with functioning markets, but consider climate alarmism’s role in American politics. For decades, the Environmental Protection Agency and related government bodies have doled out grants to climate- related nonprofits that return the favor by churning out apocalyptic reports about an always-imminent climate crisis. The 2022 Inflation Reduction Act supersized that effort. In 2023, the Biden administration came up with what it called the American Climate Corps, to “mobilize the next generation of clean energy, conservation and resilience workers”: that is, to send millions of public dollars sluicing through climate nonprofits around the country.

To its credit, the Trump administration canceled the program, but similar funding streams proliferate across federal and state agencies. A cynical observer might feel inclined to use the word “racket”: Environmental agencies fund activist groups, which make apocalyptic claims more credible, thus enabling the agencies to demand more funding and regulatory authority from government budgetwriters. Now that’s what I call sustainability.

 

This entry was posted in Uncategorized on May 2, 2026 by sterlingcooper.

MEET THE LOCAL CELEBRITIES TWO OF THE HARDEST WORKING DOGS AT THE AIRPORT…WHO NEEDS PEOPLE!?

The hardest-working staff at the airport? These two good boys.

Border collies Hercules and Ned help protect planes and passengers from bird strikes. We spent a day with the local celebrities at work.

Yesterday at 5:00 a.m. EDT
Ned, left, and Hercules take a break from work at the West Virginia International Yeager Airport, where they patrol and clear wildlife on the airport runways. (Rich-Joseph Facun for The Washington Post)

Five days a week, and sometimes weekends, the herding dogs punch the clock and go to work clearing birds and woodland creatures from the mountaintop airfield at CRW. Their job as “wildlife canines” is critical to protecting planes and passengers from potentially dangerous wildlife strikes.

.

“My co-workers are all about the safety of the people flying in and out of the airport,” said Chris Keyser, 59, the airport’s wildlife specialist and dog handler. “They always want to do their job to make everybody safe.”

Collisions with local fauna is a real and rising threat. Between 1990 and 2024, the Federal Aviation Administration received reports of 313,716 strikes, including 25 accidents that caused 52 human deaths. In 2024, the agency registered 22,372 collisions, a 14 percent increase from the previous year.

Since the dogs joined CRW’s wildlife management team — Hercules in 2018 and Ned in 2024 — Keyser said bird strikes have declined by more than 70 percent. As of January, according to the FAA Wildlife Strike Database, the airport has submitted only one incident to the agency, a brush with a common grackle.

A portrait of Hercules, along with his various work gear (blue pilot’s cap, goggles) and honorary patches. (Rich-Joseph Facun for The Washington Post)

“Border collies are so intelligent and can endure the heat and cold really well,” said Keyser, who owns seven dogs. “They are full of energy and they like doing their job, because they’re herding dogs. It’s born in them.”

The 9-year-old Hercules owes his livelihood to Piper, the border collie who chased 9,347 birds over 6,206 hours at Cherry Capital Airport in Traverse City, Michigan. Piper died of cancer in 2018.

CRW airport authorities, inspired by Piper’s accomplishments, decided to recruit a border collie of their own. After graduating from Flyaway Geese, a North Carolina dog-training facility, Hercules moved to the Charleston airport. When he was 7 years old and starting to slow down, Keyser drove back to North Carolina and returned with Ned, a tireless go-getter with a shiny black coat and pointy bat ears.

“Herc is a working dog and loving dog,” Keyser said. “And Ned is all about work, but he likes to play ball, too.”

Since introducing Hercules and later Ned, 4, on social media, the pups have gained celebrity status with about 72,000 followers on Instagram and TikTok. Passengers and flight crew members passing through Charleston often request a cuddle session with the pups. The dogs even have their own apparel line as well as souvenir swag sold at the airport gift shop.

I count myself a fan and was delighted when Keyser invited me to accompany the pups on a daily patrol earlier this month. Unlike many working dogs at airports, petting Hercules and Ned is allowed. The wildlife team, in fact, encourages it.

Preparing the dogs for duty

Hercules, left, and Ned prepare for another shift of work with wildlife specialist Chris Keyser. (Rich-Joseph Facun for The Washington Post)

6:49 a.m. Keyser arrives in the pre-security departures hall a few minutes after the first plane of the day, a Chicago-bound United flight, has lifted off. He dashes outside to grab a biscuit from a friend who asks if, in return, he can say hello to the dogs.

Unfortunately, Hercules and Ned have not clocked in yet.

7:04 a.m. In a back office inside the Airport Response Coordination Center, a creature stirs.

“I can see a little nose,” says Keyser, peering through a crack in the blinds covering the door to their den.

Hercules and Ned live at the airport full-time, in an all-white room furnished with dog beds and kennels, hooks for their leashes, harnesses, pilot hats and coats, and a shrine to them. Portraits by admirers adorn the walls, and a display case contains military patches that soldiers traded in exchange for a Wildlife Patrol CRW badge embossed with a cartoon image of the pups.

After a breakfast of kibble and fish oil, Keyser says the magic words: “Are you ready to run some birds?”

First runs of the day

Keyser patrols the airport in his SUV, with Ned and Hercules in tow. (Rich-Joseph Facun for The Washington Post)

7:30 a.m. Hercules and Ned jump into the back seat of a white SUV emblazoned with a logo of the goggled dogs — the same graphic that appears on the back of Keyser’s hoodie and the patches as well as the magnets and mugs sold in the airport gift shop. (Some of the products predate Ned and feature only Hercules.)

Inside the vehicle, the air conditioning blasting on a crisp April morning, Keyser describes the four seasons through the lens of a border collie.

In the spring, when migratory birds are flying north, the dogs can disperse flocks of up to 200 crows, rafters of turkeys and nimbus clouds of starlings, one of the most dangerous hazards for planes. If starlings make contact with an aircraft, Keyser said it is like “getting hit with a shotgun.” April rains turn the grassy airfield into an all-you-can-eat buffet for birds.

“If we make it unpleasant, they won’t want to come here to eat,” he said.

Ned, left, and Hercules wait for another flock of birds or other wildlife to chase. (Rich-Joseph Facun for The Washington Post)

Summer slows down, as birds seek shade from the heat. Fall picks up with birds of prey, such as barn and screech owls and red-tail hawks. On gusty days, upward of 50 turkey vultures can surf the wind currents overhead. Anytime of the year, the dogs might come across a whitetail deer, coyote or turtle, which can derail a taxiing plane.

7:45 a.m. Before driving onto the airfield, Keyser calls the air-traffic control tower to check in. Ned, upon hearing a voice crackle over the radio, joins the conversation, whining and barking.

Keyser runs the dogs on all four taxiways, plus the perimeter and the one runway, totaling five or six miles a day. Though the 767-acre airport is small — it served 423,000 passengers last year, nearly 106 million fewer than Hartsfield-Jackson Atlanta International Airport — it can be busy.

In addition to three major airlines and one budget carrier, CRW serves the West Virginia Air National Guard’s 130th Airlift Wing; private jets, military and cargo planes from the Capital Jet Center; and Marshall University’s flight school.

7:50 a.m. On their first lap, the dogs speed by a parking lot of C-130 Hercules aircraft, the namesake of the elder border collie. (Keyser had tried to rename Ned, but the young pup ignored any commands directed at “Charlie.”)

Hercules, left, and Ned wait for a command at CRW as Keyser checks the perimeter of the property. (Rich-Joseph Facun for The Washington Post)

“Shake ’em out. Flush ’em out. Get the stubborn ones,” Keyser shouted at the blur of fur. “Look, look, look. Look, look, look. Shh, shh, shh.”

So many birds are migrating that they’re appearing on weather radar
 
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June 17, 2025

“Good job!” Keyser shouts, their reward for being such good dogs.

This entry was posted in Uncategorized on April 27, 2026 by sterlingcooper.

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.

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