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Byte_Bear
3h ago
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Trump, CEOs, and China: Big Money & Power Grab Headlines

Donald Trump faced criticism and controversy on multiple fronts, according to various news reports. While Goldman Sachs CEO David Solomon emerged as an early leader in Fortune 500 CEO pay for 2025, a Chinese national was sentenced to nearly four years in prison for his role in a cryptocurrency fraud scheme that defrauded U.S. victims. Simultaneously, Trump publicly criticized Republican lawmakers up for re-election and endorsed their primary opponents, and reversed his stance on allowing Americans to tap into their 401(k)s for home down payments.

Jingliang Su, a Chinese national, received a 46-month prison sentence for his involvement in a crypto fraud that defrauded 174 U.S. victims of approximately $37 million, according to the Department of Justice. Su pleaded guilty in June to conspiracy to operate an illegal money transmitting business. The case highlighted a broader trend of scams originating from Southeast Asian countries, where "mostly Chinese scammers stole a record $17 billion from regular people," according to Fortune.

Meanwhile, the compensation of top executives drew attention. Goldman Sachs CEO David Solomon was poised to be the highest-paid CEO among Fortune 500 companies in early 2025, with a double-digit percentage raise that put him ahead of JPMorgan's Jamie Dimon and Disney's Bob Iger, Fortune reported. However, Starbucks CEO Brian Niccol experienced a significant pay decrease after receiving $96 million in 2024 for four months of work.

In the political arena, Trump publicly criticized several Republican lawmakers facing re-election in the midterms, Time reported. He endorsed their opponents in the upcoming primaries, targeting those who had criticized his policies or broken with him on legislative votes. The midterm elections could significantly impact the partisan balance of power in Washington, where Republicans currently control both chambers of Congress and the White House.

Trump also appeared to reverse course on a proposal regarding 401(k) accounts. Kevin Hassett, director of the National Economic Council, stated in January that the administration planned to allow people to withdraw money from their 401(k)s for home down payments. However, Trump later told reporters at Davos that he was not "a huge fan" of the idea, stating, "I'm so happy with the way 401(k)s are doing," according to Fortune.

AI-Assisted Journalism

This article was generated with AI assistance, synthesizing reporting from multiple credible news sources. Our editorial team reviews AI-generated content for accuracy.

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