Kalshi to Offer Margin Loans, Trump's Stock Trading

Kalshi, which brokers bets, wants to go Klarna, by allowing those bettors to borrow via margin loans.  If the CFTC grants approval, welcome to Kalsharna.

TechGods love offering addictive products that spin off mountains of cash.  Here's the hook.

1.  People struggling financially need their Kalshi bets to actually pay off. 

2.  79% of prediction market users lost money over the last year, placing them in a greater hole.

3.  Kalsharna will loan losers money so they can "win it back", but 4 out of five users continue to lose money on the site.

So if all this is stacked against the common person, who is winning?  Who is making a fortune predicting future stock prices?  

It's a nice gig if you can get it and Trump II has it in spades given he's traded more than all of Congress combined.

Cipher Digital Finally to Show Face

Cipher Digital, the company behind the Colchis Data Center, would not put San Angelo on its map.  This morning Cipher makes its first public appearance at Tom Green County Commissioners Court.  It's item #8 on the agenda.

San Angelo Mayor Tom Thompson steered me to Cipher in June.  Lots has happened in the interim.  Cipher Digital received conditional base load designation for their project just outside city limits on City Farm Road (adjacent to the Skybox/Emergent Data Center site).

The Mayor feared this would happen.  Months ago he wrote:

"ERCOT and AEP appear to be prioritizing the non-city property project for power allotments."

Wall Street took note of Cipher's ERCOT base load designation for Colchis.  Amazon is Cipher's big customer.

Emerging from the shadows is Lee Bratcher, Cipher Digital’s head of policy and government affairs.  He of the silver tongue will likely be effusive in his praise of local collaboration and extoll the virtues of their Colchis site.  

Expect no real details.  This is the beginning of an effort to obtain public subsidies, significant public subsidies.  Tom Green County has been very generous with tax abatements for prior solar/energy project.  The State of Texas has a giant pocketbook for economic development. TechGods have tapped that before and will do so again.

Cipher Digital is a former bitcoin mining company that is repurposing everything for AI.  The public is not supportive of handouts to companies chasing obscene wealth at their expense.  Cipher just needs to convince a majority of Commissioners and that process begins today.

Update:  Lee Bratcher of the silver tongue joined Cipher in early 2026.  The press release for his hiring noted:

Mr. Bratcher worked closely with policymakers, regulators, and industry leaders in the energy and data center spaces, contributing to the research and development of two pieces of legislation passed during the 87th Texas Legislative Session, as well as two additional bills enacted during the 88th Session and signed into law.

Bratcher dropped the name Bill Blevins, Cipher's Head of Grid Strategies:

Blevins joins Cipher from the Electric Reliability Council of Texas (“ERCOT”), where he served as Director of Grid Coordination.

That announcement came in June.

The project is yet to be approved but Cipher already gave AEP $17 million to prepare their grid connection.  Yes, things are coming into focus.   

To Project in His Service

Trump II's Department of the Interior is supremely focused on spreading their superior's name, image, form and likeness across our nation's capital.  Thus, they shall be called the Department of the Superior.

Heading this job is Superior Secretary Doug Burgum.  Ably assisting Burgum is Project 2025 architect Dennis Dean Kirk.  Together they will project Trump II's image in 2D, 3D on buildings, parks, anything federally owned and operated.  They will edit out any DDD side excursions Trump II may make during his time in the White House.

Project Trump II's image on as many things as possible.  Holy cow....this takes legions of enablers and lots of money.  How can this be in the U.S.A?

Politicians Red & Blue love PEU (private equity underwriters) and their new TechGod brethren.  Increasingly, more are one and their hubris really knows no bounds.

Update:  Who will keep the press out of the people's house?  Will it be the Department of the Superior?

Another usurpation by Trump II.  His savage whims are ceaseless.

Update 9-21-26:  Trump II tells CNN, MSNow and Politico to "hush, hush"..."Shut up now"

Several U.S. Senators embarrassed themselves on the Sunday shows by defending Trump II's latest savage whim.  

Trump II's engorgement of power and greed nears a bursting point.  Yes, sir.  You may have a tiny mint.

GAWDE Awful AI

TechGods love to imitate.  In this case, they may be going all out as Anthropic workers are rumored to be worshiping Claude AI as a deity.  

In Biblical times they were called slaves and fed gruel.  Today they are employees doing "grueling work,"  twelve hours a day, six days a week.  

Abusive work environments cause people to worship all kinds of ungodly things and horrible people.  TechGods, as a whole fall, into the horrible people camp.

There's always an angle with these guys.  Why would Palantir CEO Alex Karp suggest nationalizing AI companies on CNBC?  

Is it a concerted effort to make AI sound really dangerous while AI firms are at stratospheric prices?  Sell to Uncle Sam and lock in those monstrous valuations.  It sounds like something schemed up by Peter Thiel/Alex Karp at a Bilderberg Group gathering.  AI has been on their agenda for many years and Palantir cut its teeth protecting global tamperers.

Politicians Red & Blue love private equity underwriters (PEU) and their new TechGod brethren.  TechGods have the AI companies, while PEUs finance their data centers.  

Lock in the insanity, lock in the profits!  Shift that unlimited liability to Uncle Sam.  It's perfectly diabolical and abusive to the U.S. taxpayer.

Update 9-21-26:  An Anthropic executive spoke to people of faith about AI.  AI is not people and it is clearly not God.  It's a deformation.  She shared that AI could show bad character in order to obtain the reward.

Author Alfie Kohn has long spoken about distortions caused by extrinsic motivators and the harm they do to intrinsic motivators.  AI is about achieving "rewards."  It should be no surprise that AI would lie, cheat and steal to garner the prize.  Many Western CEOs did that like crazy with their stock option compensation.  

TechGod Family Office Beats PEUs for Insurance Firm

The Dell Family Office and Sequence Holdings plan to take insurance broker The Baldwin Group private for $7.7 billion.  The play is multifold.  New owners can leverage reinsurance capital pools, increase profits via AI and broaden access to high net worth individuals needing specialized insurance products.  

Baldwin's CEO wrote:

The only thing changing is the capital structure around the firm, and we are changing it because the moment in front of us demands it. 

With the ownership and partners now behind us, we intend to lean further into that advantage than we have been able to as a public company in the current environment: in recruiting, in development, in the tools we place in colleagues' hands, and in the ownership opportunities we extend to the people who build. We plan to be the destination for the most talented and ambitious professionals.

As for the AI transformation the "sell out" CEO has an AI vision:

This is not only about efficiency and faster cycle times. The same technology is producing predictive pricing that reflects risk in real time, claims analytics that prevent losses before they happen rather than just processing them after the fact, sharper appetite matching between risk and capacity, better insights for continued development of proprietary products, and claims servicing that resolves faster and more fairly for the people who count on it.

Does that sound like more than a capital structure change (the only thing changing)?

It's hard to trash a public company in real time with AI disruption.  Shareholders have expectations that executives aren't going to destroy their investment.  Patient private capital has a long history of replacing people with incapable technology.  The greed and leverage boys have a new tool for doing that very thing.

One owner is the new kid on the block, Sequence Holdings.  Six months ago management introduced the firm on LinkedIn:

Today, we’re introducing Sequence Holdings, a permanent holding company to bring AI and engineering to the core of great American businesses. 

We've raised $75M, with our seed round led by Conviction and 8VC and our Series A led by Lux Capital, joined by Definition, Avenir, Chris Ré, and other leading institutional partners. 

Our team brings experience from Palantir, Scale AI, Silver Lake, Apple, and other excellent companies.

As for the "take private" it will work like this:

Agreement and Plan of Merger, by and among the Company, The Baldwin Insurance Group Holdings, LLC, Square Acquisition Parent, Inc. (“Buyer”), Square Acquisition Merger Sub I, Inc. and Square Acquisition Merger Sub II, LLC (the “Transaction”)

Dynamic crapification, here we come.  I believe that is the sequence.

Trump Boys All-In on Dominari

Don Jr. and Eric exercised the rest of their Dominari warrants and now hold nearly 1.4 million shares apiece.  

Together they hold 11.5% of Dominari which:

focuses on unique and compelling opportunities in the ever-emerging American technology and AI-verse. Through its various subsidiaries, the Company is currently engaged in wealth management, investment banking, sales and trading and asset management. In addition to capital investment, Dominari provides management support to the executive teams of its subsidiaries, helping them to operate efficiently and reduce cost under a streamlined infrastructure. In addition to organic growth, the Company seeks opportunities outside of its current business to enhance stockholder value, including in the AI and Data Center sectors.

Does this explain some of Trump II's aversion to setting the most basic boundaries on AI and data centers? 

 

I would state it directly but then I would be accused of doing some unwarranted. 

ChatGPT Unfamiliar, Gemini Gets Close

What is PEUReport?  ChatGPT is unsure.  Gemini should know as PEUReport is on Blogger, which is part of Google's product offerings.

The blog itself makes clear what PEU stands for, private equity underwriter not private equity underground.

It's been around since July 2007 and a few business writers have found it over the years.

"Readership", people and scrapers, have varied over the decades.  The initial boost from AI is over for this blog, although one of my other blogs is getting "millions" of views a month.  

So why the bloom off the PEU rose?

It's smart not to say bad things about your financier, especially as a politically connected TechGod.

Politicians Red & Blue love PEU and their new TechGod brethren and increasingly, more are one.