Zoom In/Zoom Out: Shell company corruption watch / The hard reality in Ukraine

There’s always a lot going on in Washington. Often, there is a clear “lead story” of the day that’s dominating the headlines and TV news rundowns. In this recurring post, I’ll Zoom In on something that deserves more attention, and Zoom Out on a big story of the day to step back from the buzz and look at the bigger picture. — Jared

ZOOM IN: Shell company corruption watch

Enforcement of corporate ownership rules and recordkeeping don’t command the same kind of attention as the war in Ukraine (see below) or President Trump’s tariffs, but don’t let this one escape your attention:

Yesterday, the Treasury Department announced that it was scrapping a rule designed to curb money laundering and the formation of shell companies. Declining to enforce this rule paves the way for corporate corruption and other crime.

The rule was based on legislation I supported to clamp down on anonymous shell company ownership — one of the most tried-and-true strategies that huge corporations use to game the system and avoid paying their fair share in taxes.

But anonymous shell companies also facilitate other crimes. According to the Institute on Taxation and Economic Policy:

Shell corporations formed in U.S. states have been used for all sorts of crimes. One of the most infamous examples involves the weapons trafficker Viktor Bout, played by Nicholas Cage in the movie Lord of War that depicted the case. Bout used more than a dozen U.S. shell corporations to help facilitate the crimes surrounding his eventual conviction for supporting terrorism. Shell corporations have been involved with Medicare fraud, laundering of illicit drug money to buy racing horses, a Moldovan sex trafficking ring in the U.S., and even allowed the government of Iran to evade sanctions and purchase a skyscraper in Manhattan without detection for many years.

Americans should keep our eye on the ball. Meaningless stunts and DOGE theatrics are a distraction. The real game is what’s being done to benefit billionaires at the expense of working-class Americans and grease the skids for corporate corruption.

ZOOM OUT: The hard reality in Ukraine

After a testy exchange with Ukrainian President Volodymyr Zelenskyy in the Oval Office last week, President Trump said the meeting would “be great television.” He was right. The meeting turned a complex geopolitical situation into a made for TV moment — a clash of big personalities in a small room.

Zoom out though, and the stakes of the moment in Ukraine are much larger than one heated discussion broadcast live on cable news. When Russia invaded Ukraine three years ago, many predicted a swift Russian victory with the rapid fall of the Ukrainian government and an easy Russian march to Kiev.

But the Ukrainians rose to the occasion, fighting fiercely to defend their sovereignty, making Russia’s invasion far more difficult than anyone — including Russian President Vladimir Putin — predicted. Last year, I advocated fiercely for continued support for the Ukrainian Army. Here’s what I said:

“Putin is actively challenging the international status quo that’s been in place since World War II. … Aid for Ukraine today reduces the risk that a future Congress will have to send American troops to fight on European battlefields tomorrow.”

The United States and Ukraine share a common adversary in Russia, which has launched cyberattacks against the U.S. and helped arm anti-American forces in the Middle East who used those arms to kill American soldiers.

There is truth to the political maxim that the enemy of my enemy is my friend. Providing the Ukrainians with weapons and ammunition supported American industry and jobs and helped check a global adversary.

But two years after the start of the war, a stark reality is beginning to set in. The Russian government is willing to suffer heavy losses to the Ukrainians, such that a protracted war of attrition is likely to make the ultimate outcome for Ukraine worse, not better.

America must make good on our commitments to allies. At a certain point, though, we must confront the possibility that continuing to arm the Ukrainians isn’t saving their country. It’s just prolonging a conflict at the cost of Ukrainian lives.

Ukraine has a right to defend itself, and President Zelenskyy has made clear that his people are willing to keep fighting. He’s also said that his country is open to peace with reasonable terms.

If peace is an option, Zelenskyy should make it his first priority — even if it means swallowing his pride. To strengthen his hand, he could call a new election to win a clear mandate from his people to pursue peace on honorable terms that they could accept.

Election or no, if the Ukrainians are willing to make peace, the United States should help them make it. But if the Trump administration is going to play peacemaker, it should do so with full understanding that Russia is a threat to our country, not a friend. We should steer the ship toward a peace in our interest — not Putin’s.

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