'Personal gain': Outrage as Trump allies approve private event posed as government launch

An investment fund led by prominent backers of President Donald Trump marketed a private tech conference in a way that appears to misappropriate the prestige of the U.S. Treasury, raising serious ethical concerns over whether public authority is being leveraged for private gain.

The Wall Street Journal reported Monday that the fund, 1789 Capital, distributed pitch materials to technology firms promoting an event dubbed the “Inaugural U.S. Treasury A.I. Summit,” telling potential sponsors that Treasury Secretary Scott Bessent would use the platform to unveil the government’s artificial intelligence strategy.

The materials were framed as an official government launch, despite no apparent authorization from the Treasury.

"The fact that a private conference was marketed as a government-hosted event designed to unveil U.S. government policy startled ethics experts. While government officials often attend conferences that are sponsored by corporate interests as speakers, it is unusual for conference organizers to seek out sponsorships and characterize it specifically as a government event," the report reads.

After media scrutiny, the report said, organizers rebranded the conference as the “AI Summit on American Prosperity,” dropping direct references to “Treasury." However, insiders say the pitch varied depending on the audience.

The report quoted a spokesperson for the Treasury Department, who was not named, as saying it had not approved the distributed materials. The spokesperson confirmed Bessent had been invited and intended to attend, citing his “focus on the economics of AI and ensuring that it will work for American businesses and workers.” A subsequent Treasury official added that Bessent could retract his participation if the ongoing government shutdown persists.

Ethics experts say the private event’s facade of government endorsement is alarming.

Norm Eisen, an ethics lawyer at the Democracy Defenders Fund, told the Journal: “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."

According to the report, the pitch promised sponsors access to VIP dinners, cocktail parties, logo placement in livestreams, and other branding perks.

Some companies reportedly expressed interest, hoping it would afford them influence with senior administration figures. The presentation did not specify sponsorship costs, per the report.