By Marie-Rose Sheinerman
Sunday, August 09, 2026
Last May, President Trump held an “intimate”
dinner at his members-only golf club in Virginia for the top-220 investors
in $TRUMP, a meme coin he launched days before the start of his second term
that, by the end of 2025, would generate $636
million for him. About 100 protesters gathered outside in rain jackets,
baseball caps, and muddy sneakers to confront the dinner guests arriving in
shiny dress shoes, tuxedos, and black Cadillac SUVs. They pointed to the dinner
as the encapsulation of the troublesome grift of Trump’s second term: trading
personal access to the president in exchange for cash and funneling money to a
Trump-owned property. “This is like the Mount Everest of corruption,” Senator
Jeff Merkley of Oregon, a Democrat, said that night, standing before a crowd
spotted with signs reading grifter in
chief and don the con.
But a year later, when Trump hosted the winners of the second
iteration of the so-called crypto contest at a luncheon gala in Mar-a-Lago
in Florida, no large group of protesters greeted the attendees. The private
Florida resort is a logistically more challenging location for a protest than a
golf club 45 minutes from downtown Washington. But the ever intensifying rush
of ethics concerns had also made the crypto contest fade into the background,
even for activists who closely follow each allegation. The Mar-a-Lago edition
of the feast didn’t make headlines the way the first had done. “I think maybe
it is because people have become more inured to some of what was going on, and
it wasn’t breaking through in the same way,” Lisa Gilbert, a co-president of
Public Citizen, a consumer-rights group that helped organize the protest last
year, told me. “As profiteering becomes the norm, it’s harder to explain why
it’s outrageous.”
Washington’s ethics watchdog groups thought they were
prepared for Trump’s second term. During his first four years in the White
House, they had quickly learned which possible misuses of taxpayer funds to
focus on, which apparent case of profiteering off the presidency to anchor a
report around, and which allegations of nepotism or self-dealing to try to
pitch to journalists as worthy of a story. Most such allegations frequently
generated shock and anger, and some surveys
of Trump voters found that they were outraged at several of his Cabinet
secretaries for spending millions in taxpayer dollars on first-class air travel
and personal security, or Trump’s family businesses making millions while he
was in office. Sometimes, the backlash prompted accountability: Three of
Trump’s Cabinet members were forced out, lawmakers from both parties launched
inquiries into alleged ethics violations, and top officials reimbursed the
government for travel originally paid for by taxpayers.
This term, the watchdogs are even more alarmed by what
they’re witnessing, and they are racing to keep up. Public Citizen added
litigators and researchers, and Citizens for Responsibility and Ethics in
Washington (CREW) hired an expert in cryptocurrency. Last year, the Campaign
Legal Center filed its highest number of ethics complaints in a single year and
launched a tracker
of “corrupt transactions” to ensure that “the exhaustion factor” doesn’t get in
the way of keeping a careful count of such instances, even if the media no
longer closely cover each one, Saurav Ghosh, the group’s director of
federal-campaign-finance reform, told me.
That doesn’t mean the public has grown indifferent.
Although polls show that voters have long considered most
politicians to be corrupt, a recent survey by Echelon Insights found that
the share of Americans who see corruption as the biggest issue facing the
nation is now 17 percent, up from 8 percent in December 2024. But there has
also been a dampening of objections to possible instances of self-dealing,
especially among Republicans, and the examples of accountability are scarce.
Within a few days of the inauguration last year, the
administration had fired 17 inspectors general, dismantling oversight of
taxpayer funds, quid-pro-quo business ventures, and ethics-law violations. The
president made roughly $2.2 billion last year, according to The
New York Times, a windfall that came mostly from cryptocurrency deals,
a new source of income that now forms the bulk of his net worth at a time when
his administration has made eroding crypto oversight part of its economic
agenda. He also booked up to $117 million in legal settlements, mostly with
major tech and media companies, and $125 million from foreign golf and
real-estate deals—roughly twice the revenue generated from such deals in 2017.
The president has also made more than 21,000 securities trades, often in quick
bursts tied to market-moving moments he sparked, according to a Bloomberg
analysis. His sons’ portfolio of defensive-technology companies, meanwhile,
has collectively generated more than $3 billion in direct government business
since Eric and Donald Trump Jr. made their investments, The
Washington Post found.
“I think the big difference in this term is just how
blatant all of it is. In the first term, there was at least a head nod towards
Trump as president being separate from Trump the businessman,” Jordan Libowitz,
a spokesperson for CREW, told me. “Now that’s gone.”
The White House sees things differently. Anna Kelly, a
White House spokesperson, told me in an email that the allegations of
corruption are “the same, tired narrative that Democrats have pushed against
President Trump, his family, and his administration for a decade.” She said
that the president’s assets are “held in fully discretionary accounts managed
by independent third-party financial institutions” and that he has no conflicts
of interest.
But it’s hard to deny the shift in scale from Trump’s
previous four years in office. One of the many examples of how much has
changed: In the fall of 2019, the administration announced that the G7 summit
would be held at Trump’s golf club in Doral, Florida, which alarmed not just
watchdog groups but also Republican lawmakers who didn’t think the president
should award his own company a government contract. Two days later, Trump
retreated and blamed “Media & Democrat Crazed and Irrational Hostility” for
his reversal.
This March, the Doral golf club played host to the Shield
of the Americas summit, a gathering of Latin American and Caribbean leaders to
discuss combatting drug cartels. Trump has announced that the G20 summit later
this year will be held at the same hotel because it’s “the best location” for
the job. The reaction from GOP members of Congress to the news ranged from
silent to “thrilled.”
***
Many of the major ethics scandals of Trump’s first term
seem almost quaint: Housing Secretary Ben Carson, or possibly his wife, spent
$31,000 on a dining set. Ivanka Trump endorsed Goya beans. EPA Secretary Scott
Pruitt spent $43,000 to install a phone booth.
What seemed to generate a drumbeat of headlines then was
the cost of Trump’s travel, especially to his own properties. Although Trump
had once ridiculed President Obama for taking a 2012 vacation that cost
“taxpayers millions of dollars,” he often traveled several times a month to his
private properties in Florida and New Jersey. Less than two months into his
first term, The Washington Post reported that Trump had spent nearly one
of every three days in office at one of his own properties. A Government
Accountability Office report found
that the president’s four trips to Mar-a-Lago in one month of 2017 cost
taxpayers a total of $13.6 million.
A year and a half into his second term, Trump has made
270 visits to his properties, marking a 14 percent jump compared with the same
point in his first term, according to the CREW
tracker (which updates daily). Trump’s taxpayer tab for golfing trips hit
$70 million last fall, HuffPost calculated.
If he continues golfing and traveling at the current pace, the analysis showed,
this term will run taxpayers $300 million—twice what they paid during his first
term. Those costs include protecting the president and his family; the Secret
Service spent
nearly $100,000 at Trump-owned properties in the first five months of the
second term.
A related category of recurring stories from the first
term concerned Trump’s Cabinet members and their questionable taxpayer-funded
travel. In the fall of 2017, Health and Human Services Secretary Tom Price
became the administration’s first Cabinet member forced to resign following
outcry over his use of public funds for work trips in private jets. Veterans
Affairs Secretary David Shulkin’s firing followed after, among other things,
the public learned of a taxpayer-funded trip to the United Kingdom he’d taken
with his wife. Interior Secretary Ryan Zinke left the administration in 2018
following several scandals involving misuse of government-funded travel,
including to Dallas and the Virgin Islands. And Pruitt, the EPA secretary,
faced scrutiny over repeated trips home to Tulsa and abroad on the taxpayers’
dime. In Trump’s second term, the focus of outrage is rarely the trips
themselves, but rather what happens on them—for example, FBI Director Kash
Patel’s taxpayer-funded trip to Hawaii, where he went on a “VIP snorkel” at a
Pearl Harbor memorial, and his trip to Milan for the Olympics, during which he
was filmed drinking in the locker room with the U.S. men’s hockey team.
One of the many scandals surrounding Kristi Noem when she
led the Department of Homeland Security involved a $70 million jet supposedly
intended for high-profile deportations, as well as the purchase of two luxury
planes for $172 million. Her replacement, Markwayne Mullin, uses one of the
planes to fly
home to Oklahoma most weekends, and the department says he picks up the
bill, although they won’t provide details on how that’s calculated. Another is
reportedly being used
by Melania Trump.
Yet another category of ethical issues that has gained
relatively little notice is the volume of merchandise being sold by the
president and those in his orbit. In February 2017, a weekslong controversy
followed Kellyanne Conway, then a top aide to Trump, promoting Ivanka Trump’s
clothing line during a Fox & Friends appearance. Conway faced
bipartisan accusations of violating a statute that prohibits federal employees
from using “their public office for their own private gain,” including through
“the endorsement of any product, service, or enterprise.” The Republican chair
of the House Oversight Committee pushed for a prompt review of Conway’s
statements, including possible disciplinary action.
Now brand promotion and trademarked gear have become so
ubiquitous in the White House that the Oval Office study—a small room that past
presidents have used for tasks such as reviewing speech drafts and making
calls—has been transformed
into a shrine for baseball caps and collectibles emblazoned with maga, gulf
of america, and trump 2028.
Officials throughout the administration are known to enjoy self-branded
merchandise (maybe Patel
most ardently). This past spring, the Trump Organization applied for a
trademark for “Trump 250” images to allow the president to profit from clothing
or knickknack sales tied to America’s 250th birthday. The Trump Organization’s
flagship store launched 168 new products in time for Trump’s second
Inauguration Day, according to a count by CREW. Truth Social, Trump’s primary
form of communication with the public, is his own company as well—meaning that
anyone who wants to hear directly from the president must do so on an app where
their clicks and page views generate ad revenue for Trump. (Many of those ads
are for his own products.) The company recently launched a service selling to
Wall Street early access to the president’s digital communications, which frequently
move markets.
But perhaps the most significant category of self-dealing
allegations is the one with no first-term analogue. A few days before Trump’s
second inauguration, an Emirati royal backed a deal to purchase a 49 percent
stake in World Liberty Financial, the Trump family’s primary crypto venture,
for half a billion dollars. The deal, reportedly signed by Eric Trump, included
$187 million up front and at least $31 million set to go toward entities linked
to the family of Steve Witkoff, a lead Middle East negotiator for the
administration and a co-founder of the crypto firm. A majority of the wealth
that Trump has amassed this term, according to financial disclosures, comes
from his family’s cryptocurrency businesses. World Liberty Financial applied
for a national-trust bank charter in January and is expected to receive
permission to operate like a bank in the near future, NOTUS reported
this summer, a move that could give executives yet another way to direct money
toward the president.
For Trump’s birthday, in June, a bloody spectacle arrived
on the White House South Lawn, courtesy of UFC Freedom 250; World Liberty
Financial was an “official partner,” and fighters were paid bonuses in
“stablecoins,” cryptocurrency issued by the company. The Trump family also used
the fight as an opportunity to sell physical silver and gold coins—some priced
as high as $12,000—featuring Trump’s face and purportedly “designed by
President Trump” through a collaboration between UFC and the Trump Organization.
The Public Integrity Project, a legal nonprofit, sued to try to stop the event,
calling it “a volcano of corruption,” but failed. Several other groups,
including CREW and Public Citizen, raised questions and condemned the
festivities. But the fights continued as planned.