Showing posts with label IRAN-CONTRA. Show all posts
Showing posts with label IRAN-CONTRA. Show all posts

Thursday, August 6, 2026

PREVAIL REVIEW / Barr Sinister: The Most Dangerous Man in America

                                

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The PREVAIL Review: Dog Days

I am on vacation. Beginning on July 26, I will run pieces from the PREVAIL archives every day until resuming new material on August 7—that is, tomorrow!

During those 12 days, new subscribers will receive 15 percent off the purchase of an annual subscription. With a paid subscription, you can join the lovely PREVAIL community and participate in the conversation.

Thanks, as always, for your support! And not to jinx it, but when I go on vacation, important things DO seem to happen…

Every piece at PREVAIL is free to read and always will be. No paywalls, ever. Your generous support keeps it that way. Thank you!



Note: This piece, one of the first on PREVAIL, ran on December 13, 2019.

He seems so nice.

Unlike Paul Manafort, who presents as the mobbed-up asshole he is, or Roger Stone, who arrayed himself like a comic-book villain, or Corey Lewandowski, who comes across as the drunken lout rooting for the other team behind you at the game, Bill Barr doesn’t look like a bad guy. He has a kind face, gentle eyes, a full head of hella-good hair, bookish glasses, and an avuncular manner. His pleasing plumpness is more Kris Kringle than Jabba the Hutt. In a word, he’s cuddly. But make no mistake: the once and current Attorney General is the most dangerous man in America. He may well be the Devil himself.

After some initial speculation that he was a “white hat”—wishful thinking, as it turned out, based on his reported close friendship with Robert Mueller—Barr outed himself as a traitor last spring, when, after pulling the plug on the Mueller investigation, he got in front of his old chum’s report with a mendacious “summary” that both undermined the Special Counsel’s findings and neutralized their impact. Since then, he has done everything in his substantial power to thwart the House impeachment inquiry, acting more as Trump’s defense attorney than a representative of the people.

This week, Barr blasted the IG report and the impeachment process and gave an interview with Pete Williams of MSNBC that was positively Orwellian in its use of doublespeak—prompting the former AG, Eric Holder, to rebuke him in the Washington Post. Walter Shaub, the former director of the Office of Governmental Ethics, was one of many respected professionals to sound the alarm about Barr’s despotic leanings:

That Holder and Shaub are Obama appointees does not make them wrong.

So: Bill Barr, white hat? More like white phosphorus. And I don’t just say that to be provocative. One of Trump’s most important directives, in his seditious capacity as Putin’s puppet, is to destroy the hallowed institutions of the U.S. government from within. Thus he installs an Education Secretary who doesn’t support public education, an EPA chief who denies climate change, judges who are ignorant of the court system, and so on. This is by design. Trump is the Russian malware president. He did not come to Washington to drain the swamp. He came to burn the country to the ground.

The third and most effective of Trump’s Attorneys General follows the same pattern. The man who leads the Department of Justice does not believe in justice—at least, not the American version of it. Indeed, Barr does not seem to believe in democracy at all. “Might makes right” is his credo. And he has made it his mission to ensure that the president’s might rivals that of a Saudi king, medieval Pope, or Roman emperor. He is, at best, a monarchist, and at worst, a raging Fascist. He is not just a traitor. He is an apostate, rejecting completely the prevailing faith of his countrymen—our American faith in democracy.

Donald Trump is a monarchist, too, in that he sees himself as some sort of king. But that is a function of his own narcissism and insecurity, not a coherent worldview. Barr is different. In a nation founded by revolutionaries, by patriots, he is a Tory—a redcoat. It is not difficult to imagine him dolled up in white wig and fancy get-up, grovelling before George III.

His treachery is so obvious as to be indisputable. But Barr is unique among the Trump loyalists for two reasons: First, he’s competent. Second, his motives are more opaque.

MICE is the acronym used for the four most common reasons traitors have for betraying their country: Money, Ideology, Compromise, Ego. Sometimes it doesn’t break down quite as neatly, but generally speaking, if you name me a traitor, I can identify exactly why they have betrayed their country to stand with Trump.

Barr is different. He’s almost 70 years old, with three grown children and grandkids. He made millions of dollars working as general counsel for GTE/Verizon—more than enough to support a comfortable retirement. He plays the bagpipes competitively. His wife is in a Bible study group with Robert Mueller’s wife, and the four of them were chummy. He was on the sidelines, a forgotten public figure from four administrations ago. He essentially applied for the job by circulating a position paper, written on spec, that blew smoke up Trump’s ample ass…and when the president came calling, he accepted the job. Why on earth did he do this? Why did he give up his cushy, pleasant existence to become, quite literally, the devil’s advocate?


Epstein-Barr

From 1964-74, Barr’s father, Donald Barr, was the headmaster at Dalton, a progressive co-ed prep school on the Upper East Side of Manhattan, which alumnae include Chevy Chase, Anderson Cooper, Claire Daines, Sean Lennon, and Wallace Shawn. It was during his tenure that the 21-year-old Jeffrey Epstein, a college drop-out, was hired to teach mathematics, and immediately began grooming his young female charges. Indeed, one could scarce imagine a more ideal set-up for an ambitious pervert of Epstein’s peculiar and odious ilk.

As headmaster, Donald Barr was reportedly kind of a dick. A conservative and a libertarian, he was a stickler for the rules. He was evidently big into harsh discipline for minor infractions, especially drug related. And: he wrote a sci-fi novel called Space Relations, about a futuristic dude who is enslaved on some faraway planet by a dominatrix-y female oligarch, and made to have sex with minor girls for the purpose of sadism and procreation. As I’m not the first to point out, this seems of a piece with Epstein’s own predilections.

That novel, and the audacity of publishing it given his day job, suggests that Donald Barr was an arrogant prick who believed that consequences did not apply to him. As Becky Ferreira wrote in Vice: “Barr wrote a novel filled with underage rape at the same time he was running an esteemed Manhattan high school, and he didn’t even feel the need to use a pseudonym.”

What does this all mean? Probably nothing, as the younger Barr did not even attend Dalton, but rather Horace Mann, a rigid all-boys prep school notorious for its own sexual abuse scandal. But it gives insight into the man who raised Bill Barr: haughty, conservative, pretentious, domineering, and totally chill about raping kids.


The Agency

Barr’s first job after finishing his masters in Chinese Studies in 1973 at Columbia University, where his father was long a professor, was at the Central Intelligence Agency. While attending law school at night, he worked by day as an analyst in the Intelligence Directorate division. Frank Snepp, the CIA analyst-turned-Peabody-Award-winning-journalist, was his colleague in the early years. “Jovial and un­assuming, [Barr] took his cues easily from an overly politicized office chief,” Snepp recalled in 1992. “It was a to­ken of things to come.” In short, the young Barr was a kiss-ass.

As fate would have it, 1976 was the one year that George H.W. Bush served as DCI. Snepp writes:

Barr first met Bush in the CIA. In 1976, having shifted to the agency’s legislative office, he helped write the pap sheets that director Bush used to fend off the Pike and Church committees, the first real embodiments of Congressional oversight of the CIA. Intimates say the experience was for­mative for Barr, turning him into an impla­cable enemy of congressional intrusions on executive prerogative.

Here is the moment when Barr strayed from the true democratic faith to serve at the altar of unitary executive theory. A decade-plus later, he would put these despotic dogmas to good use in Poppy Bush’s Justice Department. Snepp explains how, at this time, Barr

drafted two key docu­ments rationalizing the U.S. invasion of Panama and the seizure of General Manuel Noriega….The first “opinion,” written in June 1989, recognized the president’s right to dispatch FBI agents abroad to arrest for­eigners even in violation of international treaties. The second document, issued the following December as American forces geared up to invade Panama, gave a patina of legality to the president’s desire to use the military in similar takedown opera­tions. Together, the two memos enshrine what has come to be known as the presi­dent’s “snatch authority.”¹

It should be noted that the U.S. Attorney responsible for prosecuting the “snatched” Panamanian president, Manuel Noriega, was none other than Robert Swan Mueller III. But one last bit about Barr’s “opinions,” prototypes for John Yoo’s Bush II Torture Memos: “In an inevitable seignorial flourish,” Snepp tells us, “the administration refused to release the com­plete contents of these documents, even to Congress.”

This is a nothing more than the Trumpist mantra of “Fuck You, Pay Me,” writ large.


Money Laundering

During Barr’s term as Attorney General, there were a series of banking scandals that involved money laundering for organized crime. The Bank of Credit and Commerce International, called BCCI, was known as the Bank of Crooks and Criminals. As the Washington Post reported in 1991:

BCCI made phony loans, concealed deposits, hid huge losses, and was the bank for a host of shady customers ranging from terrorists and spies to drug runners and dictators…

According to British authorities, BCCI committed fraud on a grand scale: keeping separate books for a "bank within the bank" that handled illegal transactions, making a $32 million payoff to silence one of its own managers, using clients' accounts to hide its own losses, and shuffling money among different affiliates to disguise the bank's true financial condition.

Founded in 1972 by Agha Hasan Abedi, a Pakistani national, BCCI became the sort of institution that, a generation later, Russian mobsters would seek out to launder their money—and Donald Trump would look to in desperation for credit. As AG, Barr slow-footed the investigation into the Bank of Crooks & Criminals to the point of stasis—subpoeanas were delayed, nothing seemed to be happening. It took enormous effort from the crusading senator John Kerry to ensure that justice was served. How did Kerry do it? He used the New York state DA’s office—similar to how New York is now going after Trump’s tax returns:

Kerry opted in 1989 to take the same information that had been coldly received at [Bill Barr’s] Justice Department and bring it to New York District Attorney Robert Morgenthau, who agreed to begin a criminal investigation of BCCI, based on Kerry's leads. Kerry also continued to keep up the public pressure. In 1990, when the Bush administration gave the bank a minor slap on the wrist for its money laundering practices, Kerry went on national television to slam the decision. “We send drug people to jail for the rest of their life,” he said, “and these guys who are bankers in the corporate world seem to just walk away, and it's business as usual…When banks engage knowingly in the laundering of money, they should be shut down. It's that simple, it really is.”

Kerry’s assessment was, and is, correct. But Barr evidently did not think so. He employed a similar tactic in the “Iraqgate” scandal, kicking the can down the road, initiating futile action designed to run out the clock. Again: similar to the tactics he’s using now with respect to Trump.

Frank Snepp sums up the soporific details of Iraqgate neatly:

To be up to speed, you have to under­stand a few arcane facts. First, the [Bush I] adminis­tration is accused of having allowed U.S. agricultural loan guarantees to be used to underwrite military purchases by Iraq during the late 1980s when the official policy was: moderate through conciliation. Sec­ond, the Atlanta branch of the Italian bank Banca Nazionale del Lavoro is said to have floated $5 billion in illegal loans to Iraq during the same period. Third, [Bill Barr’s] Justice Department is suspected of having deliber­ately singled out BNL’s Atlanta branch manager for prosecution, saying he acted alone, so as to avoid embarrassing his high­er-ups in Rome and opening a can of worms that could reveal deeper administra­tion complicity in the funding of Iraq’s military buildup.

It looks like Barr bent over backwards to cover up the shenanigans at a bank based in Rome. Speaking of Rome


Opus Dei

Bill Barr is rumored to be a member of this hardline Catholic Prelature, made famous by the Dan Brown novel and Ron Howard film The DaVinci Code, in which its exemplar is a deranged albino monk who practices self-flagellation. That book, needless to say, is pure garbage, and its depiction of Opus Dei is just as implausible as its central Jesus-was-biological-forefather-of-kings conceit. As Anthony Lane wrote in his scathingly brilliant New Yorker review of the ponderous movie, Opus Dei is “the Catholic organization so intensely secretive that its American headquarters are tucked away in a seventeen-story building on Lexington Avenue.”

I don’t see how Barr fits in with these people. According to its website, “The aim of Opus Dei is to contribute to that evangelizing mission of the Church, by fostering among Christians of all social classes a life fully consistent with their faith, in the middle of the ordinary circumstances of their lives and especially through the sanctification of their work.” How is sanctifying Trump’s crimes doing the work of the Savior?² One of its handful of directives is this:

In their professional, family, political, financial or cultural activities, [members] act with freedom and personal responsibility, not involving the Church or Opus Dei in their decisions, nor presenting those decisions as the only Catholic solutions. This implies respecting the freedom and the opinions of others.

Like his fellow Catholic Paul Ryan, whose perversion of Catholic doctrine compelled the Jesuits and other faculty at my alma mater to write him an open letter of correction, Bill Barr does not strike me as particularly vested in Church orthodoxy. In almost every sense, he has failed to abide by the rules established by the Prelature—just as assiduously as he has done in his day job as AG. From where I sit, he’s rejected the teachings of Christ and of the Constitution.


Cover-Up

It should come as no surprise that a human being who shows the world a soothing, kindly, gentle, and compassionate face to conceal his own diabolical nature is into cover-ups. Barr was the Winston Wolff of the Bush I administration, especially with regards to the biggest scandal of the 1980s: Iran-Contra. One wag on the New York Times op-ed page dubbed him the “Cover-Up General.” Which bleeding-heart tree-hugging soy boy affixed this label? William Fucking Safire, that’s who—Nixon’s former speechwriter!

I won’t go into the intricacies of Iran-Contra. The salient point here is that H.W. Bush almost certainly lied to Lawrence Walsh, the Independent Counsel charged with investigating the scandal, when he claimed ignorance of the goings-on. When the subsequent criminal trial of former Defense Secretary Casper Weinberger threatened to expose this perjury, Barr urged his boss to issue Weinberger a pardon—which 41 dutifully did. Walsh, the Mueller of his day, thundered: “The Iran-Contra cover-up, which has continued for more than six years, has now been completed.” Barr groused that Weinberger and the others had been “treated unfairly.” Insert the adverb “very,” and this becomes one of Trumps pet phrases.

Given this unseemly history, what we can expect of Barr, for as long as he is Cover-up General for Donald J. Trump, is more of same: delay, inaction, obstruction of Congress, and, if necessary to protect POTUS, preemptive presidential pardons of the perpetrators. (Note: The previous sentence is an homage to Safire).

To be fair, while Weinberger and his accomplices—and likely Reagan and Bush as well—violated the law in Iran-Contra, they did so because they believed what they were doing was essential to national security. Iran-Contra did not exist so Ronald Reagan could build a shitty hotel in some wretched Eastern bloc city. (If Reagan came back from the dead and read up about Trump’s capitulation to Putin in Helsinki, to say nothing of the Zelensky affair, he’d march to 1600 Pennsylvania Avenue and 86 45 himself.)

Bill Barr, by contrast, does not seem to care about the underlying motives of the president. In his view, the president is an Augustus, above the law. What matter if the emperor in question is Marcus Aurelius or Caligula? This is, needless to say, antithetical to the American way. Rep. David Cicilline put it best during this week’s hearings: “If we decide the President is above the law, then we will no longer live in a democracy. We will live in a dictatorship—trading the values of Madison for the values of Moscow.” Or, I might add, the values of Monarchy.

And that brings us back to MICE. Barr’s motive, it seems to me, is one rarely seen in the current greed-fueled climate: ideology. Not Putinist ideology, of the kind espoused by Russophile Carter Page, or even Trumpist mobster ideology, but rather the ideology of unitary executive theory. To promulgate the peculiarly un-American view of president as king, Bill Barr is apparently willing to spend the rest of his life in prison. That, combined with the awesome powers of the DOJ at his disposal, makes him the most dangerous man in America.


Happily, there is a way to stop Bill Barr. The House has already found him in Contempt of Congress. Now, it must take him into custody until he 1) releases the full Mueller documents to the House Intelligence Committee and 2) allows all the president’s accomplices to honor their subpoenas.

What is the mechanism for arresting the guy in charge of authorizing all federal arrests? I’m not a lawyer, and I don’t know. But on page 30 of Congress’s Contempt Power and the Enforcement of Congressional Subpoenas: Law, History, Practice, and Procedure, Todd Garvey of the Congressional Research Service avers that

it appears that all that is legally required for House committees, the House general counsel, or a House-retained private counsel to seek civil enforcement of subpoenas or other orders is that authorization be granted by resolution of the full House.

So, I mean, can we at least try?³ If Barr can successfully maintain that a felonious president can do whatever the fuck-all he wants, surely the army of attorneys on Capitol Hill can figure out a compelling legal argument to stop him before he, you know, ends the American experiment once and for all.

Trump, with Barr as his first mate, has steered the country into uncharted territory. It’s time for the good guys to take back the helm.



Photo credit: President Donald J. Trump, joined by United States Attorney General William Barr, displays his signature after signing an Executive Order on Preventing Online Censorship Thursday, May 28, 2020, in the Oval Office of the White House. (Official White House Photo by Shealah Craighead).

Note: I have quoted liberally from Frank Snepp’s excellent 1992 Village Voice article, “Bill Barr: The ‘Cover-Up General.’” I encourage you to read every word of it.

Every piece at PREVAIL is free to read and always will be. No paywalls, ever. Your generous support keeps it that way. Thank you!


1

Donald has since used “snatch authority” to remove the president of Venezuela.

2

I have since learned that all of that Opus Dei is far more insidious than I knew in Decemver 2019.

3

This is, I believe, the first PREVAIL piece in which I propose a legal but unorthodox course of action for the Democrats to take to protect democracy that the party ignored, at all of our peril.

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Tuesday, May 26, 2026

Trump’s Scandals Have No Precedent

                                                                                                                                                                  

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Trump’s Scandals Have No Precedent

The Trump administration corruption is breathtaking in scale and volume


By Max from UNFTR.com

U.S. President Donald Trump and his son Donald Trump Jr. arrive at the White House in Washington, D.C., U.S., May 3, 2026. REUTERS/Annabelle Gordon

In just the past couple of weeks, there have been three separate instances of such unfathomable corruption that any other normal presidency wouldn’t have survived a single one of them. Let alone all three.

Confirmed insider trading — not by someone in the administration, but by the sitting president of the United States. A literal slush fund to help criminals who are allied with the administration. And a finance scheme so monumental it has the potential to set up Donald Trump and his family as one of the wealthiest dynasties in the world.

The level of corruption on display right now is so profound that historians will spend decades writing books about this period. The problem is we’re living in it in real time, which means we’ve lost our sense of scale. Thus, I think it’s helpful to remind ourselves what a real scandal looks like. What it used to take to bring down an administration. And how far we have fallen from that standard.


Teapot Dome

It’s the 1920s. Warren G. Harding is president and is about to be hit by a scandal so significant that for the better part of a century it was considered the single greatest act of government corruption in American history. Here’s how it went down.

The U.S. government had set aside oil reserves in California and Wyoming specifically for the U.S. Navy — strategic petroleum holdings that were not for sale, not for lease, not for the private market. In Wyoming, one of those reserves sat beneath a rock formation that looked vaguely like a teapot.

A man named Albert Fall was Harding’s Secretary of the Interior and in 1921 he maneuvered to have oversight of those naval reserves transferred from the Navy Department to his own Interior Department. Then he quietly leased the Teapot Dome reserve to oil tycoon Harry Sinclair and the Elk Hills reserve in California to Edward Doheny — without competitive bidding, public disclosure or congressional approval. In exchange, Fall received up to $400,000 in bribes — cash delivered in a black bag, Liberty bonds, livestock for his New Mexico ranch.

When Senate investigators started pulling threads in 1924, the whole thing unraveled. Fall resigned. The leases were canceled by the Supreme Court, which declared them fraudulent and called Fall a “faithless public officer.” Criminal trials followed and Fall was convicted of bribery — becoming the first sitting cabinet member in American history to go to prison for crimes committed in office.

Harding died before the full scope of the scandal was known, spared the final reckoning.

The legacy: Teapot Dome produced a landmark Supreme Court ruling affirming Congress’s subpoena power in investigations. It defined the outer boundary of executive corruption for a generation. Its name became shorthand for what a cabinet official selling public assets for private gain looked like.

Watergate

Fifty years later, we got something even bigger and this time the guy at the top caught the heat.

June 17, 1972. Five men are arrested inside the Democratic National Committee headquarters at the Watergate complex in Washington, D.C. They’re there to photograph documents and plant listening devices. They work — directly or indirectly — for the Committee to Re-Elect the President. Richard Nixon’s committee.

The burglary itself was comically unnecessary. Nixon was ahead in the polls and likely to win in a landslide. But paranoia is its own logic and the cover-up that followed the arrest was where Nixon destroyed himself.

Hush money was paid to the burglars. FBI investigations were obstructed. Nixon’s own White House counsel John Dean told him directly that there was a “cancer on the presidency.” And all of it was recorded — on Nixon’s own secret taping system — including the smoking gun conversation in which Nixon ordered the CIA to obstruct the FBI’s investigation. That tape, revealed two years after the break-in, ended his presidency.

Photo: Demonstrators in front of the White House calling for Nixon’s impeachment.

Nixon resigned on August 9, 1974. The only American president in history to do so, prompting Gerald Ford to declare, “Our long national nightmare is over.”

But here’s the corollary to our current situation. Nixon didn’t just authorize a break-in. His administration was a catalogue of abuses: illegal use of military force, domestic spying, outright bribery, campaign contributions laundered through shell companies, the weaponization of the IRS against political enemies. And in one specific act of executive overreach — withholding congressionally appropriated funds for programs he opposed, a practice called impoundment — Nixon forced Congress to pass a law specifically to stop him.

The Congressional Budget and Impoundment Control Act of 1974. It passed with overwhelming bipartisan support, over Nixon’s veto. It established the Congressional Budget Office and required congressional approval before any president could rescind appropriated funds. This matters greatly today because Russell Vought—perhaps the most capable and dangerous person in this entire administration—is the one who orchestrated the theft of government funding to almost every agency in 2025, essentially flouting the Impoundment Act.

This is a very, very big deal. In fact, before we move on to another huge scandal in our little history lesson, let’s hang here for a second

Vought has testified that Congress can set the appropriations amount but cannot direct funds. That’s one interpretation, but it’s completely false. But because we live with the Roberts Supreme Court, this isn’t going to be considered. This is Russell Vought’s modus operandi and why he’s so dangerous. He knows with control of all three branches he can just break norms, protocols and laws to fuel his white Christian nationalist agenda. This is clearly the guy in the president’s ear because Donald Trump is too inept and distracted to pull this stuff off. And Vought is moving quickly and deliberately to tear as much down as he can. USAID, the departments of Education, Interior, Energy, EPA… all of these cuts and kneecapping of authority is this guy’s design and in the first year he did it all by ignoring the biggest thing that came out of the Nixon administration scandals.

Back to Nixon. In the end Watergate produced more good-government reforms than any single event in American history. The War Powers Act. The Foreign Corrupt Practices Act. The Inspector General Act. Civil service protections. Campaign finance reform. And Impoundment. And of course, it gave us the suffix. Every scandal since has been appended with “-gate” to signal the depth of the wrongdoing. Monicagate. Deflategate. The suffix is so ubiquitous we’ve almost forgotten why it exists.

Iran-Contra

Let’s move ahead to the go-go 1980s and a scandal that revealed something even more troubling than personal corruption: a secret government operating inside the official one. Also chillingly familiar in today’s world.

In the early to mid-1980s, Congress passed a series of amendments referred to as the Boland Amendments to curtail US involvement in Nicaragua. They were specifically designed to prohibit U.S. government funding of the Contras, the anti-Sandinista rebels in Nicaragua. The Reagan administration disagreed with this law. So rather than work through democratic channels to change it, senior officials decided to simply ignore it.

Photo: Oliver North testifying on the Iran Contra affair

Under the scheme, U.S. officials would sell arms to Iran — which was under an arms embargo, and which had taken American hostages — and use the proceeds to secretly fund the Contras. The operation was run out of the National Security Council by a Marine lieutenant colonel named Oliver North, who kept meticulous notebooks documenting every step of the scheme. When the Lebanese magazine Ash-Shiraa broke the story in November 1986, the whole covert architecture collapsed into public view.

Reagan went on national television and insisted the U.S. did not trade arms for hostages. (Just like Bill Clinton did not have sexual relations with that woman. Like Trump barely knew Jeffrey Epstein). Anyway, four months later, he went back on national television and said that yes, in fact, it did. “What began as a strategic opening to Iran deteriorated, in its implementation, into trading arms for hostages.” His approval rating suffered the largest single-month drop of any American president in history — from 67% to 46%.

This was back when presidents cared about approval ratings.

The fallout: Reagan appointed the Tower Commission to investigate. Independent counsel Lawrence Walsh spent nearly seven years on the case. He secured a dozen indictments, eight convictions or guilty pleas. Among the convictions were Oliver North and National Security Advisor John Poindexter. Secretary of Defense Caspar Weinberger was indicted. Most convictions were later vacated on appeal, or pardoned by George H.W. Bush in his final days in office — a pardon Walsh suggested was partly designed to prevent Bush himself from being implicated.

In the end, no one went to prison. But the scandal cracked something open about how American foreign policy actually worked — covert operations, off-the-books funding, a shadow government running foreign wars without congressional knowledge. The public’s trust in the presidency, already damaged by Vietnam and Watergate, dropped another floor.

The legacy: Iran-Contra revealed that the guardrails of democratic oversight could be routed around if the executive was determined enough.


Insider Trading

The aforementioned scandals were legitimately a big deal. Historic ones we study in school. Now let’s talk about what has happened in a matter of weeks in the Trump administration to give you an idea of the speed, the scale, and the brazenness of what is unfolding.

In mid-May, Trump filed a mandatory ethics disclosure covering his stock trades for the first quarter of 2026 — January through March. What was in it is extraordinary. Over 3,700 individual stock transactions with a total value of somewhere between $220 million and $750 million. More than 30 individual purchases worth $1 million or more apiece in a single quarter.

The companies: Nvidia, Microsoft, Apple, Amazon, Broadcom, Goldman Sachs, Alphabet, AMD, Intel, Micron. And here’s where it gets interesting. The executives of nearly all those companies accompanied Trump on his trip to Beijing the week before the disclosures came out. The president was on Air Force One with the CEOs of the companies he had just bought millions of dollars of stock in.

It gets worse. Trump toured a Thermo Fisher Scientific manufacturing facility and on the same day he purchased tens of thousands of dollars in Thermo Fisher stock. Trump gave a speech calling Apple “a great company” and praising Tim Cook by name. Same day: he purchased hundreds of thousands of dollars in Apple stock. Trump gave a Fox News interview in which he described Micron Technology as “one of the hottest companies.” One day later: he purchased Micron stock. Trump gave a speech in Georgia and told the audience — directly, on camera — to “go out and buy a Dell computer.” Nine days later: he purchased millions of dollars in Dell stock.

Let’s be precise about the structure here: the president of the United States has a trust that holds his assets. That trust is managed not by an independent blind trustee — as every ethics norm and presidential tradition requires — but by his son, Donald Trump Jr. There is no legal or practical barrier preventing Trump from communicating with Trump Jr. about what to buy and when.

Now layer in the prediction markets. Bubblemaps, a data analytics firm, identified nine anonymous accounts on Polymarket and Kalshi — the betting platforms — that placed more than 80 bets on U.S. military actions: the timing of bombardments, ceasefire announcements, geopolitical events. Their win rate was 98%. Total winnings: over $2.4 million. One account called “Magamyman” made $553,000 betting on the death of Iranian Supreme Leader Khamenei. An active duty Army Master Sergeant was indicted in April for using a VPN to place a $34,000 bet on the capture of Nicolas Maduro — a bet that paid out $400,000. The White House itself sent a memo to staff in March reminding them that using nonpublic government information to bet on prediction markets is a federal crime. They sent the memo because it was already happening.

Unsurprisingly, Donald Trump Jr. is an investor in Polymarket through his venture capital firm, 1789 Capital.

No charges have (yet) been filed. Nothing has been proven in a court of law. But remember, in the Teapot Dome scandal it took two years of Senate investigation just to establish that Albert Fall had accepted a bribe. The mechanics of accountability move slowly. But the pattern here is not subtle. The president buys stock. The president makes a public statement that moves that stock. The president profits. Over and over and over again, more than 3,700 times in ninety days.

But wait, there’s more.

Slush Fund

On the same day that the stock trading disclosures were generating headlines, the Trump Justice Department quietly announced something else. Acting Attorney General Todd Blanche — who, before taking that job, was Donald Trump’s personal defense attorney — unveiled what they called the Anti-Weaponization Fund totaling $1.776 billion to be drawn from the Treasury Department’s Judgment Fund and for the stated purpose of compensating people who claim they were unfairly targeted by the Biden administration’s Justice Department.

Let’s walk through how this money was created, because the mechanism is as important as the amount.

Trump filed a $10 billion lawsuit against the IRS — his own IRS, the one that reports to his own Treasury Secretary — over the leak of his personal tax returns. A federal judge had already cast doubt on the basic legality of a sitting president suing a department he controls. But before any ruling came down, the Justice Department settled the case. Against itself. The $10 billion suit became a $1.776 billion fund — controlled entirely by Blanche, Trump’s former personal attorney — to pay out Trump’s allies. Payable by the Treasury. Also his.”

Rep. Jamie Raskin did not mince words: “No president can concoct a fake case for $10 billion in damages against the government so he can be plaintiff and defendant and then ‘settle’ his bogus case against himself as a judge. This case is nothing but a racket.”

Senator Ron Wyden called it “the most brazen theft and abuse of taxpayer dollars by any president in American history.”

But here’s where it gets worse. The money doesn’t go to Trump directly — at least not yet. It goes into a fund controlled by a five-member commission. Those five members are hand-picked by Todd Blanche. The recipients of the payouts will not be made public nor will the amounts apparently. The process is entirely internal to an administration that has already demonstrated it will use every lever of government for political purposes.

And who are the beneficiaries? The roughly 1,600 people charged over the January 6 attack on the Capitol. Proud Boys. Militia members. Trump allies who claim they were “weaponized” against. Trump’s inner circle. Actually, we don’t really know, do we?

And what happened when this was announced? The Treasury’s own general counsel Brian Morrissey, a former clerk for Supreme Court Justice Clarence Thomas, resigned. A man who worked for Clarence Thomas decided even this was a bridge too far.

Crypto Grift

Last year we connected the dots on the Trump Family’s World Liberty Financial stablecoin gambit that sets the family up to be one of the wealthiest families on the planet. For this to happen, three distinct bills would have to clear Congress. The GENIUS Act, The CLARITY Act and the Anti-CBDC Surveillance Act. Together these bills would allow the Trump family to possess one of the only authorized mechanisms to buy U.S. Treasuries on the blockchain.

The GENIUS Act, which in and of itself is not a bad piece of legislation, is already law. But it’s the next two that in tandem weaponize the GENIUS Act and set the family up for life.

Last week the CLARITY Act cleared the an important milestone being passed by the Senate Banking Committee on May 14th in a 15-9 vote. Every Republican voted yes. Two Democrats crossed over. No Democratic amendments were adopted — not on ethics, not on anti-money laundering, not on consumer protection. All rejected or ruled out of order by Senator Tim Scott who chairs the committee.

Here is what this bill does and who it benefits. The Trump family, through an entity called World Liberty Financial, issues a stablecoin called USD1. They reportedly pocketed $57 million on the launch alone and have secured over $2 billion in institutional deals, including one with an Abu Dhabi sovereign wealth fund. The CLARITY Act creates the regulatory framework that legitimizes their coin, protects their market position, and hands oversight of the entire crypto industry to the CFTC — a smaller, more industry-friendly regulator — rather than the SEC.

Meanwhile, a companion bill called the Anti-CBDC Surveillance Act permanently prohibits the Federal Reserve from issuing a digital dollar. A government-issued digital currency would be the Trump family’s primary competitor. Congress is in the process of banning it. Forever.

Tether, the largest stablecoin issuer, earned over $10 billion in profit last year from reserve income alone. Circle, the second largest, is on pace for nearly $3 billion. Those numbers will look small in a decade. And the Trump family’s USD1 is positioned — through legislation their allies are writing, with amendments from their opponents blocked — to capture an ever-growing share of that market in perpetuity. Since the Trump USD1 was launched it has already doubled in market cap and currently sits as the world’s fourth largest stablecoin by issuance volume.

The most vocal and righteous opponent of this bill is Elizabeth Warren, but despite her objections, she doesn’t represent all Democrats. One of two Democrats on the Senate Banking Committee to cross over to advance this bill is Ruben Gallego of Arizona who received approximately $10 million in crypto industry support in his 2024 Senate race. He was subsequently named Ranking Democrat on the Digital Assets subcommittee — the subcommittee that oversees this exact legislation.

Earlier this year he held a fundraising retreat at a luxury Sedona resort alongside Marc Andreessen, whose firm has invested in over 100 crypto startups and contributed more than $44 million to the same PAC that spent millions electing Gallego. So there’s blame to go around.


Teapot Dome was one transaction. One bribed official. One cabinet secretary. This is a sitting president using the legislative process to build a private financial empire — with no ethics provisions, no guardrails on his personal conflicts, and seemingly only one senator fighting it.

Three scandals. Three weeks. Any one of them, in any previous era of American governance, would have ended a presidency. Together, they represent something we don’t yet have adequate language for — not because the words don’t exist, but because we’ve never needed them at this scale before.

The historians will have plenty to write about. Our job is to make sure the story doesn’t get lost in the noise while it’s still happening.

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For deeper dives into economic and socioeconomic stories, visit UNFTR.com or @UNFTR on YouTube. Make sure to sign up for the FREE weekly UNFTR newsletter here.


SOURCES

Yahoo News / Daily Beast: Trump’s Own Handpicked Lawyer Quits Treasury in Disgust at Massive $1.8B Grift https://www.yahoo.com/news/articles/trump-own-handpicked-lawyer-quits-080655433.html

The Intercept: Trump’s “Anti-Weaponization” Fund Is a Handout to His Hardcore Supporters https://theintercept.com/2026/05/19/trump-anti-weaponization-fund-jan-6/

The Daily Beast: Trump Insiders Face Wild Allegations After ‘Insane Pattern’ Spotted on Polymarket and Kalshi

https://www.thedailybeast.com/trump-insiders-face-wild-allegations-after-insane-pattern-spotted-on-polymarket-and-kalshi/

Euronews - Stock Trades Reveal Trump Made Massive Gains on Big Tech Bets

https://www.euronews.com/business/2026/05/15/trump-discloses-stock-trades-revealing-massive-gains-in-2026-with-bets-on-big-tech

Britannica: Teapot Dome Scandal

https://www.britannica.com/event/Teapot-Dome-Scandal

Britannica: Watergate Scandal

https://www.britannica.com/event/Watergate-Scandal

Wikipedia: Congressional Budget and Impoundment Control Act of 1974 https://en.wikipedia.org/wiki/Congressional_Budget_and_Impoundment_Control_Act_of_1974

Bill of Rights Institute - The Iran-Contra Affair - https://billofrightsinstitute.org/essays/the-iran-contra-affair/

CNBC: Senate Banking Committee Advances CLARITY Act in 15-9 Vote https://www.cnbc.com/2026/05/14/clarity-act-congress-crypto-senate.html

UNFTR: The Heist, Part Two: The CLARITY Completes It (Video)

Teapot Dome

https://www.history.com/articles/teapot-dome-scandal

Teapot Dome Photo credits: US Senate Historical Archive

Iran Contra Photo Credits: Britannica and National Security Archive

Watergate Photo Credits: History.com and FBI





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