Our new book is The Comeback: The 2024 Elections and American Politics. The first year of the second Trump administration has been full of ominous developments. Scandals proliferate.
Lawyers at the Internal Revenue Service sought to contest President Trump’s lawsuit against the agency, recommending several potential defenses in a case that the Justice Department nevertheless decided to resolve by creating an extraordinary $1.8 billion fund that could soon be used to pay Mr. Trump’s political allies.
I.R.S. officials prepared a 25-page memorandum outlining what they saw as flaws in Mr. Trump’s suit and advising the Justice Department to move to dismiss it, according to two people familiar with the memo. That memo was provided to Treasury officials in April, and it is unclear if they passed it along to its intended recipients at the Justice Department, according to the people, who spoke anonymously to discuss internal government deliberations.
No lawyers from the Justice Department ever appeared in court to respond to the suit or disputed any of Mr. Trump’s claims, which demanded at least $10 billion from the I.R.S. for not doing enough to prevent the leak of his tax information. The Justice Department instead made a highly unusual deal in the case. In exchange for Mr. Trump’s dropping the suit, the Trump administration created the $1.776 billion “anti-weaponization” fund for people who say they were wrongly targeted by the federal government.
The existence of the internal memo, which has not been previously reported, shows that the Trump administration disregarded readily available defenses to a lawsuit filed by the president against an agency he controls. While the Justice Department has said that Mr. Trump will not receive money from the new fund, critics have slammed the arrangement as a corrupt attempt at paying Mr. Trump’s political supporters, including, potentially, those who were convicted and later pardoned for storming the Capitol on Jan. 6, 2021.
Judd Legum at Popular Information:
On Monday, Popular Information broke the news that President Trump publicly praised two companies, Thermo Fisher Scientific and Apple, the same day he bought their stock. Trump took a tour of a Thermo Fisher facility and called on large pharmaceutical firms to partner with the company on the same day he bought between $15,000 and $50,000 of Thermo Fisher stock.
In a third example from Popular Information’s report, Trump bought between $50,000 and $100,000 in Micron stock and, the next day, touted Micron as “one of the hottest companies” in an interview on Fox News. Trump also encouraged people to “go out and buy a Dell computer” nine days after buying between $1 million and $5 million worth of Dell stock.
Popular Information’s investigation was based on Trump’s 113-page financial disclosure that was belatedly disclosed on May 14. The filing revealed that Trump had engaged in thousands of stock trades in the first three months of 2026. The hyperactive trading was an egregious violation of the presidential norm to avoid real or perceived conflicts of interest. In June 2016, in recognition that a president could not ethically trade individual stocks, Trump liquidated his stock portfolio.
