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Fraud could be the last nail in the coffin for Gavin Newsom's presidential hopes |
California Governor Gavin Newsom's presidential ambitions face mounting challenges as revelations of massive welfare fraud plague his administration. Bogus hospice operations, stolen unemployment insurance, and student aid scams have reportedly cost taxpayers tens of billions of dollars, bringing federal investigations and embarrassing oversight to the Golden State. Recent charges against 14 hospice companies that billed Medi-Cal and Medicaid for $267 million in nonexistent services only came after podcaster Nick Shirley and CMS Administrator Dr. Mehmet Oz posted incriminating videos exposing blatant fraud. The state's relaxed oversight measures during the pandemic facilitated quick disbursement of funds while almost guaranteeing theft, with estimates suggesting California has lost at least $180 billion to fraud since Newsom took office. Beyond fraud, Newsom has overseen financial disasters including a high-speed rail project nearly 400 percent over-budget, recurring budget deficits driving higher taxes, and regulatory overreach making California one of the most expensive places to live. These failures have pushed over a million residents to flee the state on net since he took office. His ham-fisted attempts to broaden national appeal have also backfired, from controversial comments on transgender athletes to fabricated poverty stories in his memoir. A recent Orange County poll shows his approval at only 38 percent with 55 percent disapproving, suggesting his record as governor will be a significant obstacle to his presidential aspirations. |
"In this four block area of Los Angeles there are 42 hospices. So either there are a lot of people dying here, or you got a fraudulent activity that is so good that everyone wants to get in on it." — Dr. Mehmet Oz, CMS Administrator |
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Someone just spent $236,000,000 on a painting. Here’s why it matters for your wallet.
Late last year, a Klimt sold for the highest price ever paid for modern art at auction.
An outlier sure, but it wasn't a fluke. U.S. auction sales grew 23.1% in 2025. The $1-5mm segment even grew 40.8% YoY.
Now, the S&P, teetering on all time highs, just posted its worst quarter since 2022, oil was up 94% (briefly), and Moody's puts recession odds at 48.6%.
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It’s also had near-zero correlation with the S&P 500 since ‘95.*
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28 sales to date.
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*Investing involves risk. Past performance is not indicative of future returns. See important Reg A disclosures at masterworks.com/cd.
Federal Inspector General Uncovers $521 Billion in Government Fraud During Biden Administration |
The Biden administration's bloated government spending has created a fraud bonanza costing American taxpayers up to $521 billion annually, according to a damning new Government Accountability Office report. The April findings warn that all federal programs and operations are at risk of fraud, representing a complete breakdown of oversight under an administration more concerned with throwing money at problems than protecting taxpayers. Blue states lead the fraud parade with California at $180 billion, followed by Minnesota at $9 billion, New York at $6.5 billion, and Illinois at $5.2 billion. The federal government handed out $1.2 trillion in grants to state and local governments in fiscal year 2025 alone, creating a feeding frenzy for fraudsters while agencies struggle with basic fraud risk management practices. What makes this crisis even more infuriating is how preventable it was. The GAO has issued over 200 recommendations to fix fraud oversight, but 40 percent remain completely ignored. Weak internal controls, outdated data systems, and limited staffing capacity plague government operations while organized criminal gangs have figured out how to game the system. This massive fraud epidemic is the predictable result of an administration that prioritizes political theater over responsible governance. Every dollar stolen through government fraud is a dollar taken directly from the pockets of working Americans who play by the rules and pay their taxes, representing a fundamental betrayal of public trust. |
"All federal programs and operations are at risk of fraud." — Government Accountability Office Report |
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