CONFLICTS OF INTEREST
Musk also has a business goal. In his mind he is ridding Washington of regulators who stifle US entrepreneurialism. That would be a worthy cause.
In practice, he is removing those whose expertise is to monitor fraud and abuse. This started with Trump’s firing of 18 inspectors general. He then moved on to the government’s chief ethics officer.
Musk’s toll began on day one with the resignation of Mike Whitaker, the FAA chief, who had announced fines on Musk’s SpaceX rocket company for safety breaches.
Last week, Musk trumpeted his closure of the Consumer Financial Protection Bureau with a post stating “CFPB RIP” followed by a gravestone emoji. The agency, which was created after the 2008 financial meltdown, protects consumers against bank fraud and small print rip off by corporate America.
It also regulated fintech platforms. A few days earlier, Musk’s X had struck a deal with Visa to launch X Money Account – a key step towards its goal of being an “everything app”. Consumers will soon be able to get all their social media, bank transfers, AI support and neo-Nazi propaganda from one platform.
Trump says that Musk is policing his own conflicts. That might come as a surprise to Narendra Modi, India’s prime minister, who last week was treated to a head of state-style meeting with Musk on US government property.
On one side were Modi’s officials. Facing them were three of Musk’s infants and one of their mothers. Trump saw no problem with the fact that Musk was “possibly” there to talk business. Musk wants India to lift its blocks on Tesla and SpaceX.
Take nothing at face value. Plans to fire thousands of Internal Revenue Service officers ahead of this year’s tax deadline casts doubt on Musk’s sincerity in wanting to cut the US deficit. Government cannot function without the means to collect taxes.
Last week Trump said: “He who saves his country does not violate the law.” Musk believes he is saving America. With a cause this noble, he has no time for the law.
Source: CNA
