Eric Swalwell was filming his denial video from inside a billionaire's mansion when the man who owned it decided he was done.
Now that billionaire just said something about Swalwell and the Democrat Party that Democrats will be quoting against each other for years.
And as Eric Swalwell’s epic implosion concludes, the two words he used to describe his new political home say everything about where the party stands in April 2026.
Stephen Cloobeck Spent $1 Million on Swalwell Before the Rape Allegations Hit
Stephen Cloobeck built Diamond Resorts International into a global hospitality empire and spent nearly 40 years writing checks to Democrats.
He ran briefly for California governor himself, then dropped out and threw his full weight behind Eric Swalwell – more than $1 million to a supporting committee, a $31,000 trip to France, and the run of his 9,700-square-foot Beverly Hills mansion as a live-in campaign headquarters.
Just weeks ago, Cloobeck called Swalwell his "little brother" in an interview with Politico.
Then four women came forward with rape and sexual assault allegations.
Then over 50 of Swalwell's own staffers signed a letter calling for him to resign.
Then the Manhattan District Attorney announced a criminal investigation.
By Sunday, Cloobeck had kicked him out and told the New York Post exactly how he felt.
"I am no longer supporting Eric. F—ing tell everyone I'm a libertarian. F— you, Democrat Party. I'm a libertarian now."
Now Swalwell has made it official – he is resigning from Congress.
The man who spent years lecturing America about threats to democracy could not survive the week.
Fang Fang, the Intel Committee, and the Pattern Democrats Kept Ignoring
What makes this so satisfying for every conservative who has been paying attention is who Eric Swalwell actually is.
This is the California congressman who spent years on the House Intelligence Committee while a Chinese spy named Christine Fang – known as Fang Fang – had infiltrated his political operation.
Fang bundled money for Swalwell's 2014 campaign.
Fang helped place an intern inside his congressional office.
Fang cultivated ties with him over multiple years as part of a Chinese Ministry of State Security influence operation targeting rising American politicians.
The FBI briefed Swalwell on Fang's true identity in 2015 and he cut contact – but by then she had already been working her way through his world for three years.
Nancy Pelosi kept him on the Intelligence Committee anyway.
Democrats tabled a Republican motion to remove him in 2021 on a party-line vote.
Speaker McCarthy finally removed him in 2023, saying publicly that if anyone had received the FBI briefing he had, "you wouldn't have Swalwell on any committee."
The whole time, Swalwell was lecturing the country about threats to American democracy.
The whole time, Democrats said he was fine.
Hakeem Jeffries Called for a Swift Investigation After 50 Staffers Already Quit
Cloobeck is not some anonymous bundler slipping away quietly.
This is a man who proved his loyalty with a checkbook, a transatlantic flight, and a mansion – and whose verdict on the Democratic Party, delivered in a profanity-laced interview to the New York Post, is not a policy disagreement.
It is a character judgment.
They protected Swalwell when the Chinese spy story broke.
They protected him when the rumors about female staffers started circulating on social media.
Hakeem Jeffries, Katherine Clark, and Pete Aguilar only issued their joint statement calling for a "swift investigation" after the San Francisco Chronicle and CNN had already published the accounts and the political damage was done.
That is who Democrats are: a party that protects its people until the protection becomes more expensive than the person.
Elon Musk left the Democrats over policy.
Bill Ackman left the Democrats over policy.
David Sacks left the Democrats over policy.
Cloobeck left because the man he called his little brother allegedly raped a woman and the party that took his money for 40 years looked the other way until it was unavoidable.
Swalwell's resignation doesn't end the criminal investigation.
The Manhattan DA doesn't close cases because a congressman clears out his office.
There is no spin for that.
Sources:
- Isabel Vincent, "Billionaire Stephen Cloobeck cuts ties with Eric Swalwell and fumes 'F— the Democratic Party,'" New York Post, April 12, 2026.
- Olivia Rondeau, "Billionaire Kicks Rep. Swalwell Out of House, Wants Donations Back," Breitbart News, April 12, 2026.
- Ali Swenson and Michael R. Sisak, "Eric Swalwell ends bid for California governor after sexual misconduct allegations," CNN Politics, April 12, 2026.
- Bethany Allen-Ebrahimian and Zach Dorfman, "Exclusive: Suspected Chinese spy targeted California politicians," Axios, December 8, 2020.
- "House Democratic Leadership Statement on Accusations Against Rep. Eric Swalwell," Office of Rep. Hakeem Jeffries, April 10, 2026.
