At this point, the odds that Donald Trump is going to release his tax returns seem quite low. The president is, however, submitting personal financial disclosures for 2016, though you may or may not be surprised to hear that his lawyer didn’t think he should be forced to certify whether they were, y’know, legitimate. Per The Associated Press:
If you’re thinking “wait, what is the point of submitting financial disclosures at all if if he’s not going to put the signature he’s practiced so many times on the bottom of them, at which point they might as well be creative writing assignments by Don Jr.,” you’re not alone. Stand by for the president to tweet that he didn’t have to sign the documents but he chose to do so because that’s just the kind of American he is, and by the way, this whole thing is a witch hunt and no other president has ever been held to such ridiculous standards.
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Don’t worry, Steven Mnuchin is on it
Speaking of Donald Trump’s financial situation, you may have heard that some people are worried about potential entanglements the president might have with certain entities in Eastern Europe. At the treasury secretary’s hearing before the Senate Banking Committee on Thursday, Senator Sherrod Brown asked the Goldman Sachs banker turned hedge-fund manager turned foreclosure mogul to comply with a March request to “release a list of the president's and his family‘s ‘financial entanglements,’ to verify that none of those connections could raise possible conflicts with laws tied to terror financing, sanctions, and national security.” (During the hearing, a spokesman for the Treasury Department said in a statement that the agency had responded to Brown‘s request on March 31, though, according to CNN Money, the letter failed to include any details about Trump’s business ties). To which Mnuchin essentially responded: check’s in the mail.
“We will review internally whether it’s appropriate for it to come from us or somewhere else, and we’re happy to be responsive to you,” Mnuchin told the senator from Ohio.
Markets will be happy if Trump's trip abroad is slightly better than an all-out disaster
On Friday, the president, along with First Daughter and First Son-in-Law Ivanka Trump and Jared Kushner, other West Wing staff and dozens of reporters, embarked on a nine-day trip that includes stops in Saudi Arabia, Israel, Brussels, and at the Vatican. The getaway has many worried and not just because the guy writing Trump’s speech on Islam is Stephen Miller, whose previous work includes the administration’s travel ban targeting people from seven Muslim-majority countries. Here’s how the Times says other countries are prepping their officials:
Still, anything could happen. Some could speak for longer than four minutes and he’s abruptly cutting the trip short, gassing up Air Force One and fleeing to Mar-a-Lago that night. So Wall Street is keeping its expectations very, very low. Per CNBC:
Steve Cohen is back, baby!
The legendary hedge-fund manager, whose firm paid $1.8 billion and pleaded guilty to insider trading in 2014, saw seven of its employees convicted of securities fraud (two of the convictions were later overturned), changed its name from SAC Capital to Point72 Asset Management, and agreed to a two-year ban on managing outside money that expires on January 1, 2018, made a surprise appearance at the annual SALT hedge-fund conference in Vegas, where he hadn’t been seen since 2011. According to the Dealbook, he was spotted at the Bellagio craps table “wearing a purple glow stick around his neck, a souvenir from the Duran Duran concert he attended earlier in the evening.”
Jon Corzine is back too?
Remember Jon Corzine? For those of you who need a refresher, he’s the former Goldman Sachs C.E.O. who was pushed out of the bank in a palace coup by Hank Paulson, served as a U.S. senator for the state of New Jersey, became governor, lost his re-election bid to one Chris Christie, became the C.E.O. of MF Global with the hope of turning it into the next Goldman but instead drove it out of business. For a while, we were worried that there wasn’t much left for Corzine to do, professionally-speaking, given the unlikeliness of ever getting a job on Wall Street or in politics again. But last January, he settled with the Commodity Futures Trading Commission for $5 million and now, for his next act:
“I think I can read between the lines more than a lot of people can on these issues,” he told the Times. “And, you know, I am competitive.”
Elsewhere!
Trump’s Business Ties to Middle East Precede Him (N.Y.T.)
$110 Billion Weapons Sale to Saudis Has Jared Kushner’s Personal Touch (N.Y.T.)
The Giddy Messages Citi Traders Sent While Lehman Died (Bloomberg)
How U.S. Settles Sugar Dispute with Mexico Could Signal NAFTA Intent (W.S.J.)
Even Elon Musk thinks Tesla’s stock is insanely overvalued (The Hive)
Are You Crazy Enough to Buy a Quadruple-Leveraged E.T.F.? (W.S.J.)
Leon Cooperman pays $4.9 million to settle insider-trading suit (N.Y.P.)
$110 Million Basquiat Sold by Family Who Bought It for $19,000 (Bloomberg)
Carl Icahn's Charity Supports Education—It Also Lent Him $119 Million (W.S.J.)
“He was crazy, a real nut job.” (The Hive)