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Trump demands Fed’s Lisa Cook resign after Bill Pulte calls for ‘mortgage fraud’ probe

Lisa Cook, member of the Board of Governors of the US Federal Reserve, attends a Federal Reserve Board open meeting discussing proposed revisions to the board’s supplementary leverage ratio standards at the Federal Reserve Board building in Washington, DC, on June 25, 2025.
Saul Loeb | AFP | Getty Images
President Donald Trump on Wednesday demanded that Federal Reserve Governor Lisa Cook resign after a U.S. housing agency chief called on the Department of Justice to launch a criminal mortgage fraud investigation into the central bank official.
“Cook must resign, now!!!” Trump wrote in a Truth Social post that linked to a Bloomberg report on the allegations that Bill Pulte, director of the Federal Housing Finance Agency, has lodged against Cook.
Pulte, who has aggressively backed Trump’s attacks on the Fed and its chairman, Jerome Powell, tore into Cook at length on social media Wednesday morning.
“Lisa Cooked is cooked,” he wrote in one post.
He later wrote that he believes Trump “has cause to fire” the Fed governor, who was nominated by former President Joe Biden in 2022.
Cook’s letter to Attorney General Pam Bondi is the latest example of the Trump administration airing allegations of mortgage-related wrongdoing against the president’s opponents. The Justice Department is investigating Sen. Adam Schiff, D-Calif., and New York Attorney General Letitia James on similar grounds.
It also shows Trump expanding his efforts for the Fed to slash interest rates, a pressure campaign that so far has mostly focused on Powell.
Cook voted with the majority on the Federal Open Market Committee to keep rates unchanged after the group’s latest meeting last month.
The Fed and the DOJ declined CNBC’s requests for comment on Pulte’s claims and Trump’s reaction.
Pulte wrote in the letter, dated Friday, that mortgage documents obtained by FHFA appear to show Cook “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud.”
He accused Cook of “falsifying residence statuses” for a residence in Ann Arbor, Michigan, and a property in Atlanta, Georgia “in order to potentially secure lower interest rates and more favorable loan terms.”
For both properties, Cook “appears to have acquired mortgages that do not meet certain lending requirements and could have received favorable loan terms under fraudulent circumstances,” Pulte alleged.
Pulte in his social-media spree Wednesday morning also wielded his claims about Cook against Powell.
“I hear Jay Powell is scrambling this morning. He can scramble all he wants, but he might as well be scrambling eggs, because the party at the Fed is OVER!” he wrote at one point.
He claimed in another post, “Powell must look into it or he is complicit.”
This is developing news. Please check back for updates.
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Kawhi Leonard, Clippers used endorsement deal to ‘circumvent’ NBA salary cap: Report

Kawhi Leonard allegedly received a lucrative, no-work contract from a now-bankrupt environmental company with direct ties to his team, the LA Clippers, and franchise owner Steve Ballmer so that he could be paid more money without it counting against the NBA’s salary rules, according to accusations made by former employees of the firm to a podcast.
In the latest episode of the “Pablo Torre Finds Out” podcast, which was released Wednesday morning, seven anonymous former employees for San Francisco-based Aspiration, an environmental start-up company partly funded by a $50 million investment from Clippers owner Steve Ballmer, said the four-year, $28 million endorsement deal Leonard received in 2022 was for a “no-show job” intended to “circumvent the (NBA) salary cap.”
“We went through a litany of really, really top-tier name contracts, and then (someone would say), ‘Oh, by the way, we also have a marketing deal with Kawhi Leonard, like a $28 million organic marketing sponsorship deal with Kawhi,’” a person described as a former financial official for Aspiration said on the Torre podcast. “And (they’d say) that if I had any questions about it, essentially don’t (ask), because it was to ‘circumvent the salary cap. LOL.’ There was lots of LOL when things were shared.”
The NBA is “aware of this morning’s media report regarding the LA Clippers and are commencing an investigation,” league spokesman Mike Bass told The Athletic on Wednesday afternoon.
Messages left for Leonard’s business partners were not immediately returned.
The Clippers’ communications team sent the following statement to The Athletic: “Neither Mr. Ballmer nor the Clippers circumvented the salary-cap or engaged in any misconduct related to Aspiration. Any contrary assertion is provably false: The team ended its relationship with Aspiration years ago, during the 2022-23 season, when Aspiration defaulted on its obligations. Neither the Clippers nor Mr. Ballmer was aware of any improper activity by Aspiration or its co-founder until after the government instituted its investigation. The team and Mr. Ballmer stand ready to assist law enforcement in any way they can.”
This is the second time in Leonard’s six seasons with the Clippers that accusations have surfaced suggesting he and his business representatives sought improper payments.
According to a 2019 report by The Athletic, the NBA conducted a formal investigation of complaints that Leonard’s uncle and chief business partner, Dennis Robertson, had asked for improper benefits from multiple teams when Leonard was a free agent that summer. Sources at the time said Robertson asked team officials for part ownership of the team, a private plane that would be available at all times, a house and a guaranteed amount of off-court endorsement money that they could expect if Leonard played for their team. League sources with knowledge of that investigation said no evidence was found indicating that the Clippers — who ultimately landed Leonard on a three-year, $103 million contract in the summer of 2019 — had granted any of the lavish requests, but Silver said if further evidence surfaced the league would re-open its investigation.
Teams and players found by the league to have illegally circumvented the salary cap are subject to fines, loss of draft picks, and even suspensions, as well as the voiding of player contracts. In 2000, the NBA punished the Minnesota Timberwolves and Joe Smith for circumventing the salary cap through a series of one-year deals with the promise of a longer, much richer contract afterwards. Then-commissioner David Stern fined the team $3.5 million, took away five future first-round picks, and suspended then-team owner Glen Taylor and then-chief basketball executive Kevin McHale for a year. Stern also voided all of Smith’s one-year contracts with the Timberwolves, which prevented him from being eligible for the $86 million contract he was to get from the team.
Ballmer is the richest owner in the NBA, with a personal fortune of $153 billion, according to Forbes. Additionally, Ballmer’s Intuit Dome is the host for the 2026 NBA All-Star Game, as well as the basketball tournament site for the 2028 Summer Olympics in Los Angeles.
Four summers before the Leonard-related accusations in the summer of 2019, Ballmer’s alleged handling of a player’s off-court finances first drew the attention of the league office. The Clippers were fined $250,000 in August 2015 relating to the free agency of big man DeAndre Jordan. The league found that the Clippers included a third-party endorsement deal in their pitch to Jordan in the form of a contract with Lexus that would have reportedly paid him $200,000 annually.
It is unknown if Ballmer was aware of the employment agreement between Aspiration and Leonard and what role, if any, that Ballmer played in facilitating the relationship between the environmental start-up and his star player.
Aspiration was a “green bank” that promised to supply carbon credits and plant trees to offset its clients’ carbon emissions. It filed for bankruptcy protection in March after its co-founder, Joe Sanberg, was arrested on charges of wire fraud. Sanberg pleaded guilty last month to defrauding investors of $248 million.
In publicly available bankruptcy filings reviewed by The Athletic, Aspiration’s three largest creditors listed are the Clippers, who say they are owed $30 million by the environmental firm; Forum Entertainment (also owned by Ballmer, claiming it is owed a debt of $11 million); and Leonard’s personal limited liability company, “KL2 Aspire,” claiming a debt of $7 million.
But the Torre podcast, which claims to have reviewed Aspiration’s internal emails and contracts with Ballmer and Leonard, said Ballmer agreed to wire $50 million to the start-up company in September 2021, a month after Leonard signed a team-friendly, four-year, $176 million contract extension with the Clippers. Just weeks after Ballmer agreed to wire the money, the Clippers announced Aspiration as its team sponsor in a 23-year, $300 million deal.
Leonard registered his limited liability company in November 2021 and, according to the podcast, his $28 million contract with Aspiration took effect in April 2022. He could have signed a shorter contract with the Clippers in 2021 that would have allowed him to become a free agent again in 2022 — when he would have been eligible for a $235 million contract. So the four-year deal he agreed to with the Clippers gave the team financial flexibility against the salary cap, as well as the security of knowing their best player was under contract for years.
Leonard again signed a team-friendly deal with the Clippers in January 2024, a three-year, $153 million contract for less money (about $70 million) than he could have earned. The deal was framed as allowing the Clippers to have the financial flexibility to potentially re-sign fellow stars James Harden and Paul George.
According to the Torre podcast, language in Leonard’s endorsement contract with Aspiration gave him “the exclusive right to control and approve all content and distribution,” and gave Aspiration the right to terminate the contract “if Leonard is no longer an employee of the [Clippers] for any reason.”
Additionally, the Torre podcast said, there is no evidence of social media posts, photographs or appearances by Leonard promoting Aspiration, as stipulated in the contract. However, The Athletic found at least one social media post from the Clippers tagging Aspiration and referencing Leonard. (The team did the same for several other players without known ties to Aspiration, and Leonard did not retweet the post.)
Happy Birthday, Kawhi! 🎉
For every comment/retweet, @Aspiration will plant one tree for Kawhi’s birthday! pic.twitter.com/8zvZpj1xic
— LA Clippers (@LAClippers) June 29, 2022
“(Leonard) didn’t have to do anything,” the former finance department official at Aspiration, said on the Torre podcast. “Uncle Dennis demanded payment. It was priority one. It was something that had to be done, and it was crucial to our relationships with Ballmer and the Clippers.”
Robertson, Leonard’s uncle, is listed as the “designated representative” on the contract with Aspiration, according to Torre’s podcast. Messages left for Robertson by The Athletic were not returned.
Per Section 3 of Article XIII, which details the ‘Penalties’ within the section that covers salary cap circumvention, any team that violates league rules for a first time, as well as the player, could face the following outcomes (after their case goes to an Appeals Panel).
- A fine of up to $7.5 million.
- The “direct forfeiture of draft picks.”
- The voiding of the player’s contract, “or any Renegotiation, Extension, or amendment of a Player Contract, between such player and such Team.”
- A fine of up to $350,000 for the player.
- A suspension for up to one year for “any Team personnel found to have willfully engaged in such violation.”
- The voiding of any transaction or agreement found to have violated league rules, and the forced forfeiture of funds received in the deal “unless the player establishes by a preponderance of the evidence that he was unaware of the violation.”
“Pablo Torre Finds out” is an independently produced show licensed by The Athletic and distributed on its podcast network. The Torre podcast signed a licensing agreement with The Athletic Podcast Network last month and the episode released Wednesday is the first under the new partnership.
Law Murray contributed reporting.
(Photo: Ron Chenoy / Imagn Images)
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007: First Light gets a March 2026 release date and a $300 collector’s edition

As part of Sony’s big Bond-themed PlayStation State of Play, developer IO Interactive has revealed 007: First Light will launch for PlayStation 5, Xbox Series X/S, Switch 2, and PC on 27th March next year. Additionally, the studio has unveiled a collector’s edition with a price tag likely to leave you at least slightly shaken if not completely stirred.
007: First Light was announced all the way back in 2021, under the name Project 007, but it wasn’t until earlier this year that IO began discussing the game in earnest. The gist is that First Light serves as an origin story for IO’s Bond – part of what’s hoped to be a trilogy – charting the iconic spy’s early days as a “young, resourceful, and sometimes reckless new recruit”. It’s promising stealthy espionage, daredevil action set-pieces, cool spy gadgets, and seemingly everything else you might expect from a Bond game.
IO showed off some of that in more detail during Sony’s latest PlayStation State of Play showcase, and you can read more about 007: First Light’s gameplay fundamentals elsewhere on Eurogamer. But perhaps the biggest news of the evening was a confirmed release date. We already knew it was coming next year, but IO has now firmed that up into a 27th March launch. Additionally, it’s also announced a bunch of different editions as pre-orders get underway.
Anyone that pre-orders 007: First Light’s £59.99/€69.99/$69.99 USD Standard digital edition – which can be purchased for PS5, Xbox Series X/S, Switch 2, and PC (via Steam and the Epic Games Store) – will be upgraded to the Deluxe Edition at no extra cost. This gets you the game itself, 24 hours of early access, and a Deluxe Upgrade cosmetics bundle featuring four exclusive outfit skins, one new weapon skin, and the Gleaming pack. After launch, the Deluxe Edition will cost £69.99/€79.99/$79.99 USD.
There’s also a physical release – known as the Specialist edition – featuring all the above plus the Classic Tuxedo Skin, for PS5, Xbox Series X/S, Switch 2, and PC. And for the big spenders out there, IO is releasing a limited edition Legacy variant. This physical-only release for PS5, Xbox Series X/S, and PC costs a not-insignificant £259.99/€299.99/$299.99 USD and includes everything featured in other editions, plus a couple of exclusive weapon and outfit skins, a Golden Gun figurine with a stand and secret compartment, a certificate of authenticity, and a magnetic steel case. Oh, and a great big box.
Whether IO Interactive can pull off its ambitious Bond origin story remains to be seen, but Eurogamer’s Alex Donaldson previously opined that signs are good. “In one trailer, [the Hitman studio] has totally proven it ‘gets’ Bond,” he wrote, “and it’s all about the salivating consumerism.”
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The first new Bond game in over a decade is Hitman meets action blockbuster

IO Interactive seemingly wrapped up its assassination series Hitman in 2023, launching the anthology on practically every game platform. But it’s not done with sneaking, subterfuge, and… sniper rifles. The game developer announced that it was making a new James Bond game, teasing an “unrefined” Bond in training – yes, it’s another reimagined origin story.
At a closed-door briefing at Gamescom, I watched the team play through some early parts of 007 First Light, with Bond part of a team of more seasoned spies hunting down a rogue double-‘o’ agent. Ah, that sounds like a Bond plot.
The gameplay was separated into three parts. First, the creative, exploratory sandbox part, as Bond tries to elbow his way into a bougie mansion – when he should be readying the escape car. Like Hitman, Bond can sneak around, triggering items to draw away guards or distract from his own actions. He scrambles up a building to get in through an open window, while vaguely flirting with staff and pretending he’s meant to be there. The team explained that social interactions will form another part of how the rookie agent can interact with people and progress through areas and toward goals.
Some features differentiate First Light from the aforementioned bald-headed assassination games. First of all, it’s far less centered on all the killing (at least until the full-throttle action sections later), with the team attempting to reflect Bond adventures beyond bullets and grizzly ends.
There’s also an Omega-branded Q Watch that attempts to elegantly fold in HUD features like location markers, weaponry, and gadget selection. It’ll also help analyze the environment for interactive parts and opportunities for Bond. Players will apparently have a degree of freedom to decide how they approach missions and areas, even if we only saw one approach during this presentation. It did manage to convey the stress and pressure I’d expect to feel from an IO Interactive game.
The early demo diverges from Hitman familiarity elsewhere. IO Interactive said that while 007 will offer a linear adventure of sorts, players will still have “control of their adventure.” A blend of action setpieces and more measured, thinking, exploratory sections should separate it from other games and other Bond games, too, which have typically been first-person shooters, some of which are terrible.
The demo jumps ahead as Bond follows the rogue agent in an exciting-looking car chase. These reminded me of Uncharted car segments, filled with destruction and chaos. Bond drives through a Swiss market, with something catching on his car tires for the rest of the chase, while there are jumps, explosions, and near-misses as you fight to catch up. It’s a shame that, at this early stage at least, you can tell that regardless of your honed driving skills, you will never catch up to your quarry until the game wants you to. The chase ends at a very well-guarded airbase.
This leads into the other facet of First Light: gunplay and way too many oil drums and trucks filled with gasoline. The final segment includes Bond rushing the airbase and chasing a military transport craft as it takes off. Fighting is a mix of duck-and-cover, using the environment, and, if all else fails, throwing your gun once it’s out of bullets.
There’s a great point after Bond barely makes it on board the plane just before it takes off. He uses his Q Watch to tilt the plane, swinging cargo and enemies into the walls of the plane or even out the cargo door. Eventually, 007 is flung from the plane too, and as he falls, has to claim a parachute.
It’s a real change of pace from the early part of the demo but suggests First Light might cover all the Bond movie beats. I might not be sold on another Bond origin story, but hopefully, IO Interactive can successfully blend three different types of game together.
007 FIrst Light is scheduled to arrive on March 27 for the PS5, Xbox Series X / S, Switch 2 and PC.
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