The past week has been a whirlwind of news, with the spotlight on Elon Musk‘s Department of Government Efficiency (DOGE) and its access to federal payment systems, the impact of President Donald Trump‘s tariffs on the soda industry, and more. Let’s dive into the details.
Treasury Probes DOGE’s Access to Payment Systems
The Treasury Department’s Office of Inspector General has initiated an audit of security controls for federal payment systems, following concerns about access granted to DOGE, an initiative tied to Elon Musk. The review comes in the wake of concerns raised by Democratic lawmakers over potential improper access and implications for government financial security. The audit will assess federal payment system security over the past two years, specifically investigating allegations of fraudulent access and potential misuse tied to DOGE’s involvement. =
Morgan Stanley’s CIO Sees DOGE as Potential Economic Booster
Mike Wilson, Morgan Stanley’s chief investment officer, has suggested that DOGE, led by Musk, could play a pivotal role in revitalizing the US economy. Wilson noted that DOGE has already pinpointed tens of billions in government waste, and a reduction in government size could lead to increased unemployment and prompt the Federal Reserve to lower interest rates.
Trump’s Tariffs and the Soda Industry
U.S. soft drinks primarily use high fructose corn syrup instead of sugar, a practice dating back to a trade barrier imposed by former President Ronald Reagan in the 1980s. This policy continues to shape today’s trade landscape, where President Donald Trump’s tariffs continue to impact global policy.
Trump Nominates Apple Employee to Oversee Auto Safety Probes
President Donald Trump has nominated Jonathan Morrison, an Apple employee and former chief counsel of the National Highway Traffic Safety Administration (NHTSA), to be the administrator of the U.S. auto safety regulator. Morrison will be responsible for overseeing safety probes into multiple automakers, including Tesla Inc.
Tesla’s $400 Million Cybertruck Deal Under Scrutiny
Prominent short-seller Jim Chanos has questioned a potential $400 million government contract for Tesla Inc.’s TSLA armored Cybertrucks, linking it to CEO Elon Musk's recent appointment to lead government efficiency initiatives. The criticism comes as a Department of State procurement forecast for fiscal year 2025 lists a five-year, $400 million requirement for "Armored Electric Vehicles."
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This story was generated using Benzinga Neuro and edited by Rounak Jain
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