Actions by US President Donald Trump are raising serious questions about how he is using his position as president to make himself and his family richer. Some of Mr. Trump’s actions would have been enough to force earlier presidents from office.
Conflicts of Interest
In the US, politicians aren’t allowed to use their position to make themselves richer. This is generally considered “corruption“, and it’s against the law in most countries. When a politician has a “conflict of interest”, it means it’s possible for them to make decisions in their job that would help them personally. That makes it harder for them to make fair decisions. Usually politicians try to avoid having conflicts of interest.
In the past, many US presidents have put their businesses into a blind trust to avoid having any conflicts of interest. But Mr. Trump has chosen instead to have his businesses managed by his sons, Donald Trump Jr. and Eric Trump. Mr. Trump has not made much effort to keep his work as president separate from his businesses.
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In the past, many US presidents have put their businesses into a blind trust to avoid any conflicts of interest. Mr. Trump has chosen instead to have his businesses managed by his sons, Donald Trump Jr. and Eric Trump. Above, Mr. Trump and his son Eric, seen in early April at a golf course in Florida owned by Mr. Trump.
Mr. Trump and his sons have been using cryptocurrencies to make money. A cryptocurrency is a type of digital money that’s not controlled by any bank or government. Before he became president, Mr. Trump and his sons created a cryptocurrency business called World Liberty Financial (WLF). As president, Mr. Trump will play a big part in deciding the rules that control cryptocurrency businesses.
Critics say that WLF is really a way for people to pay Mr. Trump for favors. In one example, Chinese billionaire Justin Sun put $75 million into the business. After Mr. Trump became president, the US government said it was considering dropping an investigation into Mr. Sun.
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Before he became president, Mr. Trump and his sons created a cryptocurrency business called World Liberty Financial (WLF). Critics say that WLF is really a way for people to pay Mr. Trump for favors. Above, Mr. Trump and his sons (first three on top row) can be seen on the WLF website.
Memecoin
A memecoin is a kind of cryptocurrency that’s usually made for fun or as a joke. Memecoins have no real value. The only way a memecoin has value is if many people want to buy it.
Just days before he became president, Mr. Trump release two memecoins – one named for him and another named for his wife. These products have brought in hundreds of millions of dollars for Mr. Trump and his family. They make money when the price goes up, and any time anyone buys or sells the product.
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Just days before he became president, Mr. Trump release two memecoins. These products have brought in hundreds of millions of dollars for Mr. Trump and his family. They make money when the price goes up, and any time anyone buys or sells the product. Above, images from the website for Mr. Trump’s memecoin.
In April, Mr. Trump announced that he would hold a “private dinner” for the 220 people who had spent the most money on his memecoin. The announcement caused the value of his memecoin to rise sharply. To many people, this looked like a way of selling a meeting with the president.
Mr. Trump and his companies are represented by his sons in business deals in countries around the world. The deals involve real estate, hotels, and cryptocurrency. Donald Trump Jr. is starting a special club in Washington, DC that will charge people $500,000 just to become members.
(Source: Daniel Torok/White House [Public domain], via Wikimedia Commons.)
Mr. Trump has recently returned from a trip to the Middle East. The first stop was Saudi Arabia, where Mr. Trump is building a $530 million hotel. Saudi Arabia has put $2 billion into a company run by Mr. Trump’s son-in-law, Jared Kushner. Next came Qatar, a country that has offered to give Mr. Trump a $400 million plane. Mr. Trump says he plans to accept the plane. The final stop was United Arab Emirates, which has bought $2 billion worth of a stablecoin offered by Mr. Trump’s cryptocurrency business.
In the past, doing this kind of business while president would have been shocking. It’s likely that Congress would have investigated and perhaps punished a president for doing similar things. But Mr. Trump is strongly supported by Republican members of Congress. And since Republicans have a majority in the House and Senate, Mr. Trump is unlikely to be held responsible for any of these actions.