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      CPAC: A Bacchanal of Right-Wing Pageantry, Passion and Grievance

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      While U.S. leaders are dealing with war in Europe and disruption of the global order, the leading lights of MAGA America are in central Florida this week for that annual bacchanal of right-wing pageantry and passion known as the Conservative Political Action Conference.With all the serious challenges the nation has faced of late, now seems like a perfect moment for serious conservative thinkers and activists to come together in pursuit of serious solutions. That, alas, is not what happens at CPAC.Put on annually by the American Conservative Union, whose name pretty much explains its aim, the confab may once have been about ideology or actual policy. But for years, the gathering has been better known as a multiday fringe fest featuring some of the most outrageous players on the political right.This time, it promises to be largely a celebration of former President Donald Trump and his angry MAGA vision for the nation — which makes it less distinct from the broader Republican Party than it once was. But such is the debased state of modern conservatism, and — for those who have the stomach for it — this circus can tell you a lot about the state of American politics.For most of its nearly five decades, CPAC was held in the Washington, D.C., area, the better to lure Very Important Politicos to the festivities. Last year, the Covid pandemic drove it out of the region — way too many local mandates for this freedom-loving crowd — and the event landed in Florida, the adopted home of one Donald J. Trump. But even if the former president were not a Florida Man, there is arguably no place more conducive to letting one’s freak flag fly than the Sunshine State. And providing a safe space to fly those flags has long been at the heart of CPAC.Damon Winter/The New York TimesThis year’s lineup provides the same caliber of thought-provoking offerings that the conference’s fans and foes alike have come to expect. Among the scheduled panel discussions are “The Moron in Chief” and the more baroquely titled “Put Him to Bed, Lock Her Up and Send Her to the Border.” The latter session will feature crack analysis by Jack Posobiec, the conspiracymonger known for scampering down the rabbit holes of crank theories such as Pizzagate.Asinine titles aside, the presentations offer a glimpse into what is obsessing the G.O.P.’s activist base. Among this year’s hot topics is clearly the threat of wokeness, inspiring multiple offerings, including “Awake Not Woke,” “Woke Inc.” and “Fighting Woke Inc.” A legal chat about “defending the canceled” seems to fit the theme as well.There are several presentations related to schools, including “School Boards for Dummies,” “Domestic Terrorists Unite: Lessons From Virginia Parents” and a town hall on the fittingly misspelled “Pupil Propoganda.”Mock if you will, but Republicans will wrap these culture war issues around Democrats’ necks in the coming midterms. CPAC is a prime venue for test-driving their material.Some offerings are more incendiary than others. Take “The Truth About Jan. 6: A Conversation With Julie Kelly,” who wrote the book “January 6: How Democrats Used the Capitol Protest to Launch a War on Terror Against the Political Right.”Then there’s “Lock Her Up, for Real,” featuring the former representative and enduring Trumper Devin Nunes; Kash Patel, a Nunes aide turned controversial Pentagon staff member; and Lee Smith, the author of a book purporting to show how Mr. Nunes uncovered the secret deep state plot to bring down Mr. Trump. So. Much. Fun.The conference set list includes some classics as well. “Obamacare Still Kills” should provide a warm dose of nostalgia. Ditto “I Escaped From Communist North Korea.” The enduring menace of Communism is always a crowd-pleaser at CPAC.The gathering’s educational component should not be pooh-poohed. Attendees tired of all the pandemic hubbub will want to catch the Saturday morning breakout session “Lock Downs and Mandates: Now Do You Understand Why We Have a Second Amendment.” And aspiring public servants surely learned a lot from the session “Are You Ready to Be Called a Racist: The Courage to Run for Office.”A couple of the presentation titles go so far as to name-check individuals who really rile up conservatives, so it is illuminating to see who rises to that level of distinction. This year’s honorees are the CNN host Don Lemon (“Don Lemon Is a Dinosaur: The New Way to Get Your News”) and Stacey Abrams, the Democratic candidate for governor of Georgia (“Sorry Stacey, You Are Not the Governor”).The lineup of speakers is as telling as the panels and town halls. Who’s in? Who’s out? Who’s got the loser time slots? This year features appearances by conference old-timers like Wayne LaPierre, the National Rifle Association’s longtime frontman, as well as rising MAGA stars like Donald Trump Jr., who scored the closing speech, and his fiancée, Kimberly Guilfoyle, an infamously high-octane orator. (One word for her: decaf.)An array of presumed presidential hopefuls/Trump lickspittles are having have their moments as well. Senators Ted Cruz and Josh Hawley and former Secretary of State Mike Pompeo are all on the program. Former Vice President Mike Pence is not, having declined his invitation.Gov. Ron DeSantis of Florida is generating the most buzz, mostly because the chattering class is giddy at the prospect of spotting even a hint of friction between Team DeSantis and Trumpworld. Mr. DeSantis is considered a top — maybe the top — 2024 presidential contender.Unlike some 2024 hopefuls, he has not pledged to sit the race out if Mr. Trump runs. This has not gone over well in Trumpworld. It is perhaps unsurprising then that the governor was given a not-so-great speaking slot this week: early on the opening afternoon, wedged in between a presentation by Matt Schlapp, the chairman of the American Conservative Union, and a speech by Florida’s lieutenant governor.Mr. Trump will speak at 7 on Saturday evening, serving as basically the keynote of the gathering.As the convention unfolds, look for breathless updates on the dynamic between the governor and the former president — especially as the time draws nigh to announce the results of the annual straw poll on who should be the next president.Last year, Mr. DeSantis was the solid winner when Mr. Trump was not among the options. This year’s results are likely to get more scrutiny than President Biden’s upcoming Supreme Court pick (OK, maybe not quite so much). That said, it’s worth remembering that, in the pre-Trump age, Senator Rand Paul won the poll three years running — 2013, 2014 and 2015 — with a Cruz win in 2016. So it’s best not to get too wrapped up in the predictive power of these things.Until recently, it was best not to take CPAC in general that seriously as a political barometer. But with the G.O.P. eaten alive by Trumpism, there isn’t much left of the party beyond its raging MAGA base. Which makes this four-day spectacle as representative of Republican politics as any event.Just one more thing to keep you up worrying at night.The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. More

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      Trump Deal Faced Widespread Investor Doubt Before Raising $1 Billion

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      More than a dozen big Wall Street money managers said no to Trump Media, but the Pentwater and Sabby hedge funds are among those that have committed millions.Last month, Donald J. Trump’s fledgling social media company announced that it had lined up $1 billion from 36 investors. The size of the deal, the former president said in the announcement, signaled that his start-up’s plan to end the “tyranny” of Big Tech had significant support.Getting there was no slam dunk.Beginning in the fall, bankers for the company, Trump Media & Technology Group, approached dozens of investors pitching the $1 billion deal, which offered them lucrative financial terms. By then, the start-up — intended partly as a conservative alternative to Twitter — had separately raised roughly $300 million through its planned merger with a special purpose acquisition company.Those willing to put up at least $100 million, Trump Media’s bankers told potential investors, would get a call from Mr. Trump, said five people who were briefed about the pitches but were not authorized to speak publicly. Despite the opportunity to invest in a deal whose terms were structured to make a profit for investors, many of Wall Street’s big names passed.More than a dozen well-known hedge funds and investment firms were hesitant to go into business with Mr. Trump, people briefed on the matter said, because any association with him could risk alienating their investors, which often include public pension funds and foundations. Others were wary of Mr. Trump’s history of corporate bankruptcies and disputes with lenders and partners, and concerned that details about his media company were scant.At the moment, Trump Media — which hired former Representative Devin Nunes, a staunch Trump ally, as chief executive in December — has no disclosed revenue or products.Among the funds that turned down Trump Media’s bankers were Millennium Management, a $57 billion hedge fund; Hudson Bay Capital, a $15 billion hedge fund; and Balyasny Asset Management, a hedge fund with $13 billion in assets, according to a spokesman. Apollo Global Management, the big private equity firm, also passed, a person briefed on the matter said. The deal on offer is known as a “private investment in public equity,” or PIPE, which gives certain investors discounted shares in a public company.People close to the three hedge funds did not explain why the firms had chosen not to invest.Highbridge Capital Management, a hedge fund unit of JPMorgan Chase, the nation’s biggest bank, had bought shares in the initial public offering of Digital World Acquisition, the SPAC that later agreed to merge with Mr. Trump’s company. However, Highbridge didn’t go into the PIPE deal because of the optics of doing business with Mr. Trump, one person familiar with the decision said. Investors who buy shares of a SPAC don’t know what company it will end up merging with, which is why they’re often called “blank check” companies.A spokesman for JPMorgan declined to comment.Mr. Nunes did not respond to emails seeking comment sent to his Trump Media address and the general company address. Liz Harrington, a spokeswoman for Mr. Trump, also did not respond to requests for comment.A lawyer for Trump Media and two bankers at EF Hutton, the small investment bank that arranged the financing and recently took the name of a once storied Wall Street firm, either declined to comment or did not return requests.Trump Media agreed to merge with Digital World in October, raising $293 million. On Dec. 4, the Trump company announced that it had lined up an additional $1 billion through the PIPE deal. Three dozen investors signed up, according to filings with the Securities and Exchange Commission, although they will have to turn over that money only if Trump Media’s merger with Digital World closes. Currently, that merger is under regulatory investigation. Its outcome will determine whether the deal can go through.Devin Nunes gave up his House seat to become chief executive of Trump Media in December.Stefani Reynolds for The New York TimesAmong the bigger investors: Pentwater Capital, a $10 billion hedge fund in Naples, Fla., and Sabby Management, a hedge fund in Upper Saddle River, N.J., that manages more than $500 million, several people who were briefed about their involvement said. The amounts that Pentwater and Sabby invested couldn’t be learned.“Investors have different risk preferences, including reputational as well as financial risk,” said Usha Rodrigues, who teaches corporate law at the University of Georgia School of Law. “If the deal is sweet enough, then the bankers will find someone who is likely to bite.”In the days before Trump Media announced its $1 billion financing, the former president called a handful of hedge funds, family offices and others who had signaled they would invest at least $50 million each, two people briefed on the matter said. The calls were intended as both a deal sweetener for larger investors and an opportunity for them to ask Mr. Trump questions about the start-up’s plans before they made plans to invest, several people said.Early on, Trump Media bankers told some prospective investors that they would get a call from Mr. Trump if they put in $100 million, according to interviews with those investors. Later on, other investors were told that $50 million was enough for a call.The roughly $1.3 billion raised by the two deals would provide Mr. Trump with funds to get his company going. But before a single dollar can hit Trump Media’s balance sheet, its deal with Digital World must overcome scrutiny by securities regulators. The S.E.C. is investigating some of the events leading up to the Oct. 20 announcement of Trump Media’s planned merger with Digital World.Regulators opened the inquiry after The New York Times reported that the chief executive of Digital World, Patrick Orlando, had talks with representatives of Trump Media as far back as March and had never disclosed that to investors — potentially flouting securities regulations. Regulators are also looking into trading in Digital World securities that happened before the merger announcement.As the start-up waits for the regulatory scrutiny to wrap up and its merger with Digital World to close, several people close to Mr. Trump have sought to raise a few million dollars from past supporters of his to provide Trump Media with funds to get going, said people who were approached or told about the efforts.Among those urging Trump donors to invest is Roy Bailey, a lobbyist who is also raising money for a super PAC that is financing Mr. Trump’s political operation as he weighs another presidential campaign in 2024, two people approached by Mr. Bailey said.One Republican donor, Dan Eberhart, who said he had spent time at the former president’s Mar-a-Lago Club in Florida recently, said he had “been approached by a number of people in Trump’s orbit” about investing in Trump Media. But, Mr. Eberhart said, “my focus is on investing in candidates to help us win back the Senate.”If regulators approve Trump Media’s merger with Digital World, investors in the $1 billion private deal stand to do well whether or not the company thrives. As part of the deal, investors get to buy shares of Trump Media for roughly 40 percent less than the prevailing market price. If the shares rise, they can profit from the rally. If the shares fall, their chance of losing money is significantly lower than that of the company’s other investors.The investors also have the right to “short,” or borrow stock to bet on a fall of Trump Media shares, as a further protection against the risk of a price decline.Vik Mittal, chief investment officer with Meteora Capital, which invested in the Digital World I.P.O., said the PIPE “provides downside protection to PIPE investors if shares of Digital World decline and unlimited upside if the deal works out.” His firm considered going into the PIPE but declined for reasons that Mr. Mittal did not want to divulge.In the meantime, retail investors have turned Digital World into something of “meme stock,” propping up its share price partly because of its association with Mr. Trump. Shares trade around $80 — much higher than the $10 price of the SPAC’s initial public offering.Susan C. Beachy More

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      Redistricting Makes California a Top House Battlefield for 2022

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      As legislators across the country draw House maps to protect incumbents, a nonpartisan commission of California citizens is drafting one that will scramble political fortunes for both parties.FRESNO, Calif. — For nearly three years, Phil Arballo has been running for Congress against Representative Devin Nunes, the Republican that Democrats across the country have loved to loathe, raising money by the truckload and compiling an email outreach list that is all the more impressive considering his lack of political experience.On Monday, Mr. Nunes announced he would resign from Congress at year’s end to lead former President Donald J. Trump’s media and technology company, continuing an unswerving fealty to Mr. Trump that had turned him into a national figure of admiration on the right and contempt on the left.Mr. Nunes was prodded toward that decision in large part by the nonpartisan California Citizens Redistricting Commission, which this week is putting the finishing touches on new boundaries.The plan is likely to transform the district he has represented for 19 years from a dusty, rural swath that voted for Mr. Trump in 2020 by 5 percentage points into one centered here in Fresno, the fifth-largest city in California, which Joseph R. Biden Jr. would have carried handily.Mr. Arballo, who lost to Mr. Nunes last year and had been hoping to challenge him again, realizes he will have a different opponent.“It’s going to be fun, though,” Mr. Arballo said, speaking from his spare campaign headquarters in a nondescript office park here. “And what we can do is also wash away the gerrymandering that’s going to be happening all over the country.”Legislatures from Nevada to Georgia are drafting new House district lines under the required reapportionment that occurs every 10 years. Most of them are seeking to protect incumbency and maintain a partisan edge by eliminating competitive seats, a process that Republicans in particular have exploited to gain a heavy early advantage in their push to wrest control of the House next year. The Justice Department filed suit on Monday against a Texas map gerrymandered by the Republican-led legislature that would make that state redder, potentially leaving only a single district in play.Mr. Nunes in Washington last year. He announced on Monday that he would resign from Congress to lead former President Donald J. Trump’s media and technology company.Stefani Reynolds for The New York TimesBut in California, the map will stand in stark contrast to most of the country, scrambling the fortunes of lawmakers in both parties and creating the broadest — perhaps the only — true battlefield for 2022. Lawmakers should see the full plan by Friday, and the commission will send it to the secretary of state by Dec. 27.Legislatures in nine other states, working off the 2020 census, have completed new maps of 116 House districts. In only 10 of those would the candidate who won 2020 have prevailed by 7 percentage points or less, according to the Princeton Gerrymandering Project; that is half the number of competitive districts that existed in 2018 and 2020.Redistricting at a GlanceEvery 10 years, each state in the U.S is required to redraw the boundaries of their congressional and state legislative districts in a process known as redistricting.Redistricting, Explained: Answers to your most pressing questions about redistricting and gerrymandering.Breaking Down Texas’s Map: How redistricting efforts in Texas are working to make Republican districts even more red.G.O.P.’s Heavy Edge: Republicans are poised to capture enough seats to take the House in 2022, thanks to gerrymandering alone.Legal Options Dwindle: Persuading judges to undo skewed political maps was never easy. A shifting judicial landscape is making it harder.In contrast, California alone could end up with eight or nine battleground districts.“There’s no question we’re going to end up with more competitive seats,” said Rob Stutzman, a Republican consultant in Sacramento.The first draft of the map shocked much of the California delegation. No longer able to count on his rural, agricultural base, Mr. Nunes would have had to win over the gracious neighborhoods along Van Ness Avenue in Fresno, with their verandas and Black Lives Matter flags, and the hipsters of the city’s Tower District, who have more affection for Devin Nunes’ Cow, a Twitter account mocking the congressman, than the man himself. The commission appears intent on giving Latinos in the Central Valley a chance to elect their first representative ever.Mr. Nunes could have moved to a new district taking shape along the Nevada border, which will be heavily Republican, but he chose to go elsewhere. He was not alone in pondering a new future. After losing his San Diego-area seat to a Democrat in 2018, another outspoken conservative, Darrell Issa, moved to a conservative district abandoned by the indicted Republican Duncan Hunter. That seat could end up far more competitive.Representative Mike Garcia, a Republican, won a special election to replace a young Democrat felled by a sex scandal, then shocked Democrats by winning re-election last year by 333 votes in a district that Mr. Biden won by 35,000. The commission, however, appears intent on lopping off Republican-heavy Simi Valley from Mr. Garcia’s district in north Los Angeles County, leaving him holding on by a thread to a considerably less conservative seat.“It makes guys like me perk up and go, ‘OK, what was the rationale for dumping this?’” Mr. Garcia said of the commission’s decision. “When you go through all the questions that are, in my opinion, objective, the only thing you’re left with is a rationale that is political.”Democrats are at risk, too. The commission has proposed eliminating the Los Angeles seat of Representative Lucille Roybal-Allard, who in 1992 became the first Mexican American woman elected to Congress. Representative Katie Porter, a hero of the national Democratic Party, appears likely to be left with a more Republican district in Orange County — a fate that could prompt her to run for the Senate instead, either by challenging Alex Padilla, the Democrat appointed to fill Vice President Kamala Harris’s seat, or waiting for Senator Dianne Feinstein, 88, to step aside.Representative Lucille Roybal-Allard on Capitol Hill in 2019. The nonpartisan California Citizens Redistricting Commission has proposed eliminating her seat.Gabriella Demczuk for The New York TimesCalifornia’s 10th Congressional District, currently represented by Representative Josh Harder, a young, up-and-coming Democrat, will become heavily Republican, most likely sending Mr. Harder in search of a new district. (It was the expected destination of Mr. Nunes.) That could cost the quiet backbench Democrat Jerry McNerney, who might find himself a sacrificial lamb.The former governor who set the process in motion, Arnold Schwarzenegger, is watching the free-for-all with glee. When he took office in 2003, he had never thought of redistricting reform, he said in an interview last week. But what he found was a system he called “wacky,” in which Democrats and Republicans came together every 10 years to redraw the lines of State Assembly districts, State Senate seats and U.S. House seats to preserve the status quo — politicians picking their voters, not the other way around.“It was worse than the Politburo,” said Mr. Schwarzenegger, a Republican who came to office after a recall election. “The Constitution says, ‘We the people,’ not ‘We the politicians.’”From 2002 to 2010, one California congressional district changed party hands. Since 2012, when the first map of Mr. Schwarzenegger’s redistricting commission went into effect, 16 seats have flipped. He called it “without doubt” one of his proudest achievements.The commission includes five Republicans, five Democrats and four members not affiliated with a party, selected from citizen applicants. Commissioner J. Ray Kennedy, a Democrat, said the panel must create districts of equal population that are contiguous and compact, and to the extent practicable, keep counties, cities, neighborhoods and “communities of interest” together.A person should be able to walk from any part of a district to another without crossing into a different one, though bulges and loops do form to comply with the Voting Rights Act’s requirement that minority voters get representation. Competitiveness is not a criterion, but it is a byproduct.Compliance with the Voting Rights Act could create the first two Latino districts in the Central Valley, to the detriment of two Republicans: Mr. Nunes and Representative David Valadao, who will square off next year with Rudy Salas, a member of the State Assembly and a prime Democratic recruit. The district remains highly competitive but will slightly shift from Fresno and into Mr. Salas’s stronghold of Bakersfield.“The way that the commission is looking at this independently, it’s actually shifting the district toward my home base, Kern County, which is my media market, where they’ve known me for at least 12-plus years since my time at City Council, and now with the State Assembly,” Mr. Salas said on Tuesday. “So I feel very confident.”The contrast between California and the rest of the country is stark.Ryan Mulcahy, the campaign manager for Mr. Arballo’s congressional campaign, in Fresno, Calif., on Friday.Mike Kai Chen for The New York TimesIn Georgia, Republican legislators collapsed two competitive districts won narrowly by Democrats into one heavily Democratic district in suburban Atlanta. The state will have no competitive districts next year.Understand How U.S. Redistricting WorksCard 1 of 8What is redistricting? More