Trump nominated Todd Blanche for attorney general. Blanche defended Trump in criminal cases. The President picked the guy who kept him out of prison to now oversee the entire Justice Department.
Conflicts of interest used to mean something. A lawyer defends you in court. Then you make him the nation's top law enforcement officer. That's not a promotion. That's a f*cking takeover.
The DOJ fund controversy adds texture. Some money got moved around. Some people got upset. The details don't matter because nobody will face consequences. Blanche will investigate Blanche's former client's administration while his former client runs that administration. This is the legal equivalent of grading your own homework after copying it from the kid next to you.
Retail traders will somehow find a way to lose money on this. They'll buy calls on private prison stocks or short Tesla because Musk tweeted something about justice. They'll panic-trade based on DOJ headlines while the actual DOJ becomes a customer service department for whoever appointed them.
The attorney general position requires Senate confirmation. Blanche will sit in front of senators who already know how this ends. They'll ask tough questions. He'll give vague answers. Everyone will vote along party lines. Then he'll run the department that spent years trying to build cases against the man who hired him.
Charts don't care about institutional capture. SPY gaps up regardless of who runs Justice. Your portfolio dies because you bought options based on political drama instead of price action. Blanche gets confirmed. Trump stays out of legal trouble. You stay poor because you thought this headline mattered.
The lawyer who defended you from the law now controls the law. Somehow day traders will still blame Jerome Powell.
Photo by History in HD on Unsplash
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