Ethics experts are furious after Trump allies running a private investment firm promoted an event called the “Inaugural U.S. Treasury A.I. Summit,” that was billed as having Treasury Secretary Scott Bessent deliver an address and was heavily implied to be an official government-sponsored event, even though it wasn't.
According to the Wall Street Journal, "The fund, called 1789 Capital, circulated the pitch to technology companies in recent weeks, calling the Oct. 21 event 'historic,' according to an email to potential donors and the pitch itself, a copy of which was reviewed by The Wall Street Journal. It offered an array of perks, including a VIP cocktail party and dinner, to those who paid," and was essentially sold to people as an event where Bessent would outline the Treasury Department's AI strategy.
Once reporters started asking questions, things changed.
"After the Journal inquired about the event, the conference organizers released some details about it — including a different name for it, 'AI Summit on American Prosperity,' that no longer included the word 'Treasury,'" said the report. Meanwhile, "people familiar with the event said it had been pitched differently in different venues."
Former White House ethics official Norm Eisen had some harsh words to say about the whole thing: “You have the official imprimatur of the U.S. Treasury being used for an event that appears to result in the personal gain of outside actors.”
"The Trump administration has embraced AI and top industry executives, seeing the technology as key to economic growth and national security. In July, Trump rolled out his AI strategy at a private-sector, invite-only summit co-hosted by a popular tech podcast run by tech executives and White House AI Czar David Sacks, a venture capitalist. Trump’s speech was livestreamed. The strategy called for the administration to establish its artificial-intelligence export program by Oct. 21," noted the report. "The conference is scheduled for the same day."
Among the backers of the 1789 Fund are Christopher Buskirk, a prominent donor to Vice President JD Vance, as well as Omeed Malik, a close friend of Donald Trump Jr., who is a partner of the fund but reportedly not affiliated with the AI summit.
This is the latest in a long line of ethics controversies that have plagued both Trump administrations. Another recent firestorm of controversy involves the Trump family's involvement in cryptocurrency as they oversee new regulations of the industry, as well as Trump's acceptance of a $400 million luxury jet from the nation of Qatar at the same time as the government is allowing a Qatari military facility to be built in Idaho, an issue that is even enraging some MAGA activists.