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Rahm Emanuel Made Alarming Stock Trades as Ambassador to Japan
A report on the "suspiciously timed" trading comes as the longtime party insider mulls a run for Democratic National Committee chair.
Nov 19, 2024
"Siri, what is insider trading?"
That's how one reader responded to Tuesday reporting by The American Prospect's Daniel Boguslaw that Rahm Emanuel, who is supposedly mulling a bid for Democratic National Committee (DNC) chair, made some concerning financial moves while in his current government job.
Emanuel is the U.S. ambassador to Japan. He was previously the mayor of Chicago, a Democratic Illinois congressman, and a key adviser to former Presidents Barack Obama and Bill Clinton. While in the House of Representatives, he chaired the Democratic Congressional Campaign Committee and then the party's caucus in the chamber. He's also been an investment banker.
As Boguslaw detailed Tuesday:
Periodic transaction reports filed with the Office of Governmental Ethics over the past two years suggest that Chicago's golden boy may be better served returning to his roots on Wall Street, given the six-figure trades he executed at highly opportune moments in U.S.-Japanese trade relations.
Among the millions of dollars of stock trades Emanuel conducted between 2021 and 2024 while serving as ambassador, one purchase jumps out. On September 29, 2023, Emanuel bought between $250,000 and $500,000 worth of stocks in CoreWeave, a leading AI cloud computing service.
Emanuel's purchase took place one day before the Japanese government announced a $320 million subsidy to Micron Technology to manufacture storage components that are essential to the Nvidia chips which CoreWeave relies on for its AI computation services.
Emanuel "purchased between $100,000 and $250,000 worth of Ocient stock on March 8, 2024, before the close of the firm's series B raise," after the Illinois "data analytics company's CEO Chris Gladwin traveled to Japan in October on a trade delegation mission," Boguslaw noted. "At the end of July, Rahm also purchased between $50,000 and $100,000 worth of stock in Monroe Capital, a Chicago-based middle-market lender that specializes in collateralized debt obligations, the Frankenstein financial product that crashed global markets in 2008."
While Emanuel did not respond to the Prospect's request for comment, Jeff Hauser, executive director of the Revolving Door Project, declared on social media that it was a "MASSIVE STORY!"
Hauser told Common Dreams that "being ambassador to Japan is a big job, but normally owing to its importance to America's relationship with a key ally in a critical area of the globe, and not because of the access it apparently provides to actionable stock tips."
"Ambassador Emanuel's brain ought to have been focused on improving America's lot in East Asia, not maximizing his retirement account," he said. "We at Revolving Door Project have long argued that senior government officials should be limited to investing in diversified mutual funds rather than stock by stock. That Emanuel was making exotic investments in businesses he may have learned about on the government's dime only underscores the need for such reforms."
"If Democrats are to ever put a full and final end to Trumpism, they are going to need to develop a clear and consistent critique of why corruption by public officials is a bad thing. That would make Rahm Emanuel among the worst possible choices for DNC chair, especially since Sen. Menendez seems likely to be unavailable for the position," Hauser added, referring to Bob Menendez, a former Democratic senator from New Jersey who in July was convicted of taking bribes.
As Common Dreamsreported last week, progressive critics of Emanuel have called his potential leadership of the DNC—after various devastating losses for the party on Election Day earlier this month—a "sick joke" and "the worst idea in the world."
Noting Emanuel's consideration of the job in an email to supporters on Tuesday, Congresswoman Alexandria Ocasio-Cortez (D-N.Y.) said that "there is a disease in Washington of Democrats who spend more time listening to the donor class than working people. If you want to know the seed of the party's political crisis—that's it."
"The DNC needs an organizer who gets people," she asserted. "Not someone who sends fish heads in the mail."
Martin O'Malley, a former Democratic presidential candidate and Maryland governor, and Ken Martin, the Minnesota Democratic-Farmer-Labor Party chair and a DNC vice chair, have both formally launched their campaigns for the position.
Other potential contenders for the DNC post include Wisconsin Democratic Party Chair Ben Wikler and Chuck Rocha, a political strategist for the latest campaign of Sen.-elect Ruben Gallego (D-Ariz.) and the presidential campaign of Sen. Bernie Sanders (I-Vt.).
Sanders, who caucuses with Democrats, said after the elections earlier this month that "it should come as no great surprise that a Democratic Party which has abandoned working-class people would find that the working class has abandoned them."
According toCBS News:
Rocha said he's still waiting to see how the field develops before jumping in, and "if there's a better candidate that really stands for what I want to see done with the party."
But Rocha has set several action items he would take as chair: eliminate education requirements for senior DNC positions, mandating that state parties "be more inclusive" and diverse with consultant hiring, and to focus on building party infrastructure in all 50 states.
Asked about Martin's and O'Malley's campaigns, Rocha called them "names that are from the institution."
"I think we need somebody from the outside and a strategist to come in and rebuild the party," said Rocha, who noted that his non-college background and upbringing in East Texas could be an advantage as the party looks to reconnect with working-class voters.
Politicoreported Tuesday that another Sanders ally, James Zogby, "expects to formally launch his campaign in the coming days."
A longtime DNC member and president of the Arab American Institute, Zogby told Politico that he was motivated to run by his anger over Republican President-elect Donald Trump's defeat of Democratic Vice President Kamala Harris.
Zogby criticized Harris for campaigning with former Rep. Liz Cheney (R-Okla.), said the Democratic Party was too "focused on suburban women and not on white working-class people," and called the decision to not invite a Palestinian American to speak at the national convention "unimaginative, overly cautious, and completely out of touch with where voters are."
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NATO Announces Nuclear Drills as Nobel Goes to Atomic Weapon Abolitionists
Disarmament advocate Beatrice Fihn stressed that the exercise is practice for "wiping out hundreds of thousands of civilians" with weapons that would also "flatten cities and poison survivors."
Oct 11, 2024
The NATO military block announced Friday that its annual nuclear exercise is set to begin next week—news that arrived just as Japanese atomic bomb survivors who advocate for disarmament received the Nobel Peace Prize.
"There is bad timing, there is dropping a brick... and then there is this. Nice work," the Geneva Nuclear Disarmament Initiative said in response to NATO Spokesperson Farah Dakhlallah on social media.
Dakhlallah shared a NATO statement explaining that "Steadfast Noon," the two-week military drills scheduled to start Monday, will include 2,000 soldiers from eight air bases and more than 60 "nuclear-capable jets, bombers, fighter escorts, refueling aircraft, and planes capable of reconnaissance and electronic warfare" flying over western Europe.
"Nuclear deterrence is the cornerstone of allied security," NATO Secretary General Mark Rutte said in the statement. "Steadfast Noon is an important test of the alliance's nuclear deterrent and sends a clear message to any adversary that NATO will protect and defend all allies."
Mary Wareham, deputy director of the crisis, conflict, and arms division at Human Rights Watch, also responded to the spokesperson on social media, asking, "Any comment from NATO on today's announcement that the Norwegian Nobel Committee has awarded the 2024 Nobel Peace Prize to the Japanese association of atomic bomb survivors organization Nihon Hidankyo?"
Since the United States dropped atomic bombs on the Japanese cities of Hiroshima and Nagasaki in 1945, survivors known as hibakusha have shared their experiences to promote peace. The Norwegian Nobel Committee on Friday honored the group Nihon Hidankyo, which "has provided thousands of witness accounts, issued resolutions and public appeals, and sent annual delegations to the United Nations and a variety of peace conferences to remind the world of the pressing need for nuclear disarmament."
The committee highlighted that "the nuclear powers are modernizing and upgrading their arsenals; new countries appear to be preparing to acquire nuclear weapons; and threats are being made to use nuclear weapons in ongoing warfare. At this moment in human history, it is worth reminding ourselves what nuclear weapons are: the most destructive weapons the world has ever seen."
The peace award and plans for NATO's exercise come as Russia's invasion of Ukraine, Israel's assault on the Gaza Strip, and provocations against Iran have heightened global fears of nuclear war. Russia and the United States have by far the largest arsenals, but China, France, India, Israel, North Korea, Pakistan, and the United Kingdom also have nuclear weapons.
Beatrice Fihn, director of Lex International and a senior fellow at the United Nations Institute for Disarmament Research, stressed on social media Friday that NATO exercise is practice for "wiping out hundreds of thousands of civilians" with weapons that would also "flatten cities and poison survivors."
Fihn previously directed the International Campaign to Abolish Nuclear Weapons (ICAN), which in 2017 won the Nobel Peace Prize for its work on the Treaty on the Prohibition of Nuclear Weapons. On Friday, she urged countries that haven't yet signed the treaty to "listen" to the Nobel committee and Nidon Hidankyo.
ICAN's current executive director, Melissa Parke, said in a Friday statement that the campaign "is honored to have been able to work alongside Nihon Hidankyo and the hibakusha to push for the total elimination of nuclear weapons."
"Their testimonies and tireless campaigning have been crucial to progress on nuclear disarmament in general and the adoption and entry into force of the U.N. Treaty on the Prohibition of Nuclear Weapons," she added. "We call on the nuclear-armed states and their allies which support the use of nuclear weapons, including of course Japan, to heed their call to abolish these inhumane weapons, to make sure what they have been through never happens again."
Gregory Kulacki, who has worked with disarmament advocates in Japan as East Asia project manager for the Union of Concerned Scientists' Global Security Program, similarly said Friday that "the testimony of the Hibakusha demonstrates the grave risks we still run by the very existence of nuclear weapons, which have only become more destructive. It's time for the world to not only acknowledge the risks of nuclear weapons but take action to enact a permanent international ban against them."
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Head of Nuke Abolition Group Decries Gaza Suffering After Winning Nobel Peace Prize
Toshiyuki Mimaki said he had believed "the people working so hard in Gaza" would be awarded the Peace Prize, referring to aid workers with UNRWA.
Oct 11, 2024
Calling for peace in war zones around the world and an end to the proliferation of nuclear weapons, a grassroots group organized by survivors of the United States' atomic bombing of Hiroshima and Nagasaki in 1945 was awarded the Nobel Peace Prize on Friday.
Nihon Hidankyo was established in 1956 after a number of local organizations of hibakusha, the Japanese name for "bomb-affected people," joined together.
Toshiyuki Mimaki, the group's leader, was three years old when the U.S. killed 100,000 people in Hiroshima with a nuclear weapon, and his message after learning Nihon Hidankyo was the 2024 Peace Prize winner was straightforward.
"I am not sure I will be alive next year," said Mimaki, 82. "Please abolish nuclear weapons while we are alive. That is the wish of 114,000 hibakusha."
Mimaki focused not only on the plight of the estimated 650,000 Japanese people who survived the Hiroshima and Nagasaki attacks, but also people—particularly children—facing war now.
"It has been said that because of nuclear weapons, the world maintains peace. But nuclear weapons can be used by terrorists," said Mimaki. "For example, if Russia uses them against Ukraine, Israel against Gaza, it won't end there. Politicians should know these things."
"In Gaza, bleeding children are being held [by their parents]," he added. "It's like in Japan 80 years ago."
Mimaki said he had believed "the people working so hard in Gaza" would be awarded the Peace Prize, referring to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), which was also nominated.
The U.N. agency has struggled to continue providing humanitarian services to Palestinians in Gaza this year after unverified claims by Israel that 12 UNRWA workers were involved in a Hamas-led attack last year prompted countries including the U.S. to suspend its funding. A majority of countries—but not the U.S., the agency's biggest donor—have restored funding after an independent probe found Israel had not provided evidence for its accusations.
Kazumi Matsui, the mayor of Hiroshima, said that with the average age of hibakusha now 85, "there are fewer and fewer people able to testify to the meaninglessness of possessing atomic bombs and their absolute evil."
"People in coming generations must know that what happened is not just a tragedy for Hiroshima and Nagasaki, but one that concerns all humanity that must not be repeated," said Matsui.
The International Campaign to Abolish Nuclear Weapons (ICAN), which won the Nobel Peace Prize in 2017 for its efforts to ensure countries comply with the U.N. Treaty on the Prohibition of Nuclear Weapons, applauded the Nobel Committee for recognizing Nihon Hidankyo's "lifelong work to bring the world's attention to what nuclear weapons actually do to people when they are used."
Several years after the nuclear bombings, rates of leukemia diagnoses rose considerably in Japan among survivors. After a decade, other cancers were also detected at higher-than-normal rates. Pregnant women who were exposed to radiation from the bombings also had higher rates of miscarriage and their infants were more likely to die.
Cancer rates have continued to increase among hibakusha throughout their lives.
"It is particularly significant that this award comes at this time when the risk that nuclear weapons will be used again is as high, if not higher, as it has ever been," said Melissa Parke, executive director of ICAN.
As Nihon Hidankyo was honored "for its efforts to achieve a world free of nuclear weapons and for demonstrating through witness testimony that nuclear weapons must never be used again," the North Atlantic Treaty Organization (NATO) announced it would be holding its annual nuclear exercise, "Steadfast Noon," on October 14 over Western Europe.
On "Democracy Now!" on Friday, Joseph Gerson, president of the Campaign for Peace, Disarmament, and Common Security, said the award "could not come at a better time."
"What most people don't understand is the increasing danger of nuclear war at this point," said Gerson. "Among all the nuclear powers, the threshold for nuclear use is decreasing, and all the nuclear powers are in the process of so-called 'modernizing' their nuclear arsenals. This is a very dangerous moment."
"We must, as the hibakusha say, recognize that human beings and nuclear weapons cannot coexist," Gerson added, "and we have to work for their abolition."
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