CURRENT EVENTS

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Someone must’ve finally explained to him it is a bad time to undermine the mortgage market …
 


“… When it was all over, Trump apparently decided he had been thinking too small. In his first term, he made improper millions. In his second term, he is reaching for billions: a $2 billion investment by a United Arab Emirates state-owned enterprise in the Binance crypto exchange using the Trump family’s stablecoin asset. An unknown number of billions placed by Qatar in a Trump-family real-estate development in that emirate, topped by the gift of a 747 luxury jet for the president’s personal use in office and afterward.

Government-approved support for a Trump golf course in Vietnam while its leaders were negotiating with the United States for relief from Trump tariffs. Last week, Trump hosted more than 200 purchasers of his meme coin, many of them apparently foreign nationals, for a private dinner, with no disclosure of the names of those who had paid into his pocket for access to the president’s time and favor.

The record of Trump real-estate and business projects is one of almost unbroken failure; from 1991 to 2009, his companies filed for bankruptcy six times. Few if any legitimate investors entrusted their money to Trump’s businesses when he was out of office.

But since his return to the White House, Trump has been inundated with cash from Middle Eastern governments. Obscure Chinese firms are suddenly buying millions of dollars’ worth of Trump meme coins. So are American companies hard-hit by the Trump tariffs and desperately seeking access and influence. After Trump invited major holders of his crypto funds to dinner, Wired quoted a crypto analyst about the coin’s value proposition: “Before, you were speculating on a TRUMP coin with no utility. Now you’re speculating on future access to Trump. That has to be worth a bit more money.”

Nothing like this has been attempted or even imagined in the history of the American presidency. Throw away the history books; discard feeble comparisons to scandals of the past. There is no analogy with any previous action by any past president. The brazenness of the self-enrichment resembles nothing seen in any earlier White House. This is American corruption on the scale of a post-Soviet republic or a postcolonial African dictatorship.…”
 
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