Our forthcoming book is The Comeback: The 2024 Elections and American Politics. The second Trump administration is off to an ominous start. Its corruption is unprecedented. Qatar's gift of a jet is just one example. His memecoin is another.
When Hillary Clinton was first lady, a furor erupted over reports that she had once made $100,000 from a $1,000 investment in cattle futures. Even though it had happened a dozen years before her husband became president, it became a scandal that lasted weeks and forced the White House to initiate a review.
Thirty-one years later, after dinner at Mar-a-Lago, Jeff Bezos agreed to finance a promotional film about Melania Trump that will reportedly put $28 million directly in her pocket — 280 times the Clinton lucre and in this case from a person with a vested interest in policies set by her husband’s government. Scandal? Furor? Washington moved on while barely taking notice.
The Trumps are hardly the first presidential family to profit from their time in power, but they have done more to monetize the presidency than anyone who has ever occupied the White House. The scale and the scope of the presidential mercantilism has been breathtaking. The Trump family and its business partners have collected $320 million in fees from a new cryptocurrency, brokered overseas real estate deals worth billions of dollars and are opening an exclusive club in Washington called the Executive Branch charging $500,000 apiece to join, all in the past few months alone.
Just last week, Qatar handed over a luxury jet meant for Mr. Trump’s use not just in his official capacity but also for his presidential library after he leaves office. Experts have valued the plane, formally donated to the Air Force, at $200 million, more than all of the foreign gifts bestowed on all previous American presidents combined.
And Mr. Trump hosted an exclusive dinner at his Virginia club for 220 investors in the $TRUMP cryptocurrency that he started days before taking office in January. Access was openly sold based on how much money they chipped in — not to a campaign account but to a business that benefits Mr. Trump personally.
This $1.5 billion golf complex outside the capital, Hanoi, as well as plans for a Trump skyscraper in Ho Chi Minh City, are the Trump family’s first projects in Vietnam — part of a global moneymaking enterprise that no family of a sitting American president has ever attempted on this scale. And as that blitz makes the Trumps richer, it is distorting how countries interact with the United States.
To fast-track the Trump development, Vietnam has ignored its own laws, legal experts said, granting concessions more generous than what even the most connected locals receive. Vietnamese officials, in a letter obtained by The New York Times, explicitly stated that the project required special support from the top ranks of the Vietnamese government because it was “receiving special attention from the Trump administration and President Donald Trump personally.”
And Vietnamese officials have waved the development along in a moment of high-stakes diplomacy. They face intense pressure to strike a trade deal that would head off President Trump’s threat of steep tariffs, which would hit about 30 percent of Vietnam’s exports.
