It's clear some readers misinterpreted — or didn't closely read — Monday’s edition.

John B., for instance, claims I’m “ignorantly ultra-biased” and left-leaning. Yet, the piece simply summarizes a televised Oval Office exchange using direct quotes. (And gives much credit to Team Trump, by the way.)

But this feedback highlights the confusion surrounding media coverage of the Ukraine war. Which leads to my subject today…

Once hailed as a reformer who would transform Ukrainian politics, President Volodymyr Zelensky’s tenure has raised serious questions about whether he is truly pro-democracy, pro-peace and anti-corruption.

As a professional comedian and actor, Zelensky’s path to the presidency came as a result of his portrayal of an anti-corruption character in the TV show Servant of the People.

Riding a wave of popularity, Zelensky launched his real-life political career and won the presidency in 2019 with a landslide 73% of the popular vote.

Despite Zelensky’s leadership, Ukraine has struggled to maintain its status as a democracy.

Your Rundown for Wednesday, April 2, 2025...

Zelensky’s Corruption

The country, in fact, ranks 92nd out of 167 nations in The Economist Democracy Index for 2024. At best, the index describes Ukraine as a “transitional” or “hybrid” regime.

To wit, Zelensky has undermined democratic principles — while consolidating power in the presidency — by suspending elections indefinitely after declaring martial law in 2022.

Likewise, in the name of suppressing Russian propaganda, media freedom has suffered under Zelensky.

His administration centralized major television networks into one state-controlled news program known as the “United News Telemarathon.”

Although the government denies direct editorial control, the lack of transparency and exclusion of opposition voices has raised accusations of censorship.

Then there’s Zelensky’s approach to the war with Russia. Notably, pre-war Zelensky promised to de-escalate tensions in the Russian-controlled Donbas region.

Granted, he had no control over Putin’s decision to invade Ukraine. But Zelensky, on several occasions, walked away from the negotiating table.

And his victory-or-death approach raises serious questions about whether Zelensky is prolonging unnecessary suffering.

With an estimated 500,000 military casualties (including Ukrainian MIAs), amputees are now re-entering military service due to manpower shortages.

More than three years after the war started — despite billions in military aid from Western allies — Ukraine’s territorial map remains largely unchanged.

Russia continues to control Crimea, parts of Donbas and key Black Sea ports — the same areas it held before its full-scale invasion in February 2022.

And while roughly 10 million Ukrainians have been dispossessed because of the war, Zelensky’s personal wealth is estimated between $20–$30 million.

The average Ukrainian? Earns between $5,000–$7,000 annually.

Moreover, corruption continues to plague Ukraine, despite Zelensky’s supposed anti-corruption platform.

High-profile embezzlement cases involving military officials have tarnished his administration’s reputation and even hindered Ukraine's bid for European Union membership.

Zelensky himself isn’t above reproach…

• The Pandora Papers, released in October 2021 by the International Consortium of Investigative Journalists (ICIJ), consist of 11.9 million leaked documents detailing the offshore financial dealings of global elites.

• While offshore accounts are not illegal, the secrecy surrounding them often facilitates unethical practices like tax evasion, money laundering, etc.

• The papers revealed that Zelensky and his close associates, including members of his TV production company Kvartal 95, operated a network of offshore companies starting in 2012. These companies were used to manage assets, including luxury properties in London.

• Just before his 2019 election, Zelensky transferred his stake in a key offshore entity, Maltex Multicapital Corp., to his aide Serhiy Shefir.

• Despite relinquishing ownership, arrangements were made for dividends to continue flowing to a company owned by Zelensky’s wife, Olena.

• The Pandora Papers further revealed that Zelensky's offshore company, Maltex Multicapital Corp., derived part of its revenue… from Russia.

In summary, Zelensky entered office as a symbol of hope for reform and peace…

But Ukraine is far from being a thriving democracy: Elections are suspended indefinitely, media freedom is curtailed and corruption persists.

Meanwhile, ordinary Ukrainians bear the brunt of an unwinnable war while their president enjoys a lifestyle far removed from their daily struggles.

As the likelihood of Ukraine’s defeat (or capitulation) seems inevitable… with one-third of the population displaced from their former lives and livelihoods… with 500,000 military casualties… I wouldn’t be surprised if President Zelensky is ultimately ousted from the country.

Perhaps Zelensky has kept a luxury property open for that eventuality.

Market Rundown for Wednesday, April 2, 2025

S&P 500 futures are down 1% to 5,615.

Oil is down 0.60% to $70.77 for a barrel of WTI.

Gold is up 0.45% to $3,161.50 per ounce.

And Bitcoin’s just under $$85,000 at the time of writing.