- 2 ngày trước
Four Corners - Season 2025 Episode 37 -
Chasing Trump's Billions
Chasing Trump's Billions
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03:37John, welcome to the Bitcoin Museum
03:39Thank you very much
03:40Yeah
03:41Nashville is becoming one of America's crypto hubs
03:46So as you can see here, a lot of differentiated artwork
03:50A lot of unique paintings from many folks who are focused on the Bitcoin space
03:55The Bitcoin Museum pays homage to the digital assets anti-establishment roots
04:03It's also a shrine to Bitcoin's future
04:08One that's been given an enormous boost by President Donald Trump
04:13This is the executive order on the Bitcoin strategic reserve signed by President Trump
04:18And what does that mean?
04:20Really, it's the adoption of taking Bitcoin as a reserve asset for the US government
04:26And, you know, eventually leading to potentially a stockpile of that
04:29And so we have a gold reserve and now the formation of a Bitcoin strategic reserve
04:34So that piece of paper and that signature of Donald Trump's probably the biggest boost Bitcoin's ever had?
04:40I would say so
04:41I'd say it's really helped to move Bitcoin into the mainstream
04:44Whatever the hell you do, you did a hell of a job
04:47But as well as all of the Bitcoin luminaires and legends here, you have legends in this room
04:54It was in Nashville in 2024 that the then presidential candidate first declared his support for crypto
05:02Hello Bitcoiners, thank you very much, hello, it's good to be with you
05:07It's good to be with you
05:08It's good to be with you
05:11Speaking before thousands at an annual conference of Bitcoin devotees
05:16Donald Trump made it clear a vote for him would be a vote for a crypto-friendly administration
05:23I pledge to the Bitcoin community that the day I take the oath of office
05:28Joe Biden, Kamala Harris' anti-crypto crusade will be over, it will end, it'll be done
05:35It'll be done
05:37I think there was a sense of excitement
05:38I think the prior regulatory administration, you know, all that
05:42There's a lot of enforcement that was happening without much clarity on how to navigate
05:47I'm proud to be the first major party nominee in American history to accept donations in Bitcoin and crypto
05:59And they've made a lot of them, I might tell you
06:02Donald Trump's appearance at that crypto event marked quite a turnaround
06:18The Trump family had made its fortune from tangible assets, real estate, resorts, casinos
06:25Bitcoin just seems like a scam
06:27I don't like it because it's another currency competing against the dollar
06:30I want the dollar to be the currency of the world
06:33That's what I've always said
06:37But returning to office has dramatically increased scrutiny of the family's business activities
06:43And raised concerns that there's a blurring of lines between the personal and the political
06:51Donald Trump the businessman was famous for property development such as this in New York
06:56But an extraordinary meeting here in May 2024 began a dramatic change
07:01For years he'd been a crypto skeptic
07:04But after that meeting, with the powerful crypto lobby, began the conversion of Donald Trump
07:13The meeting at Trump Tower was the culmination of a months-long campaign
07:18Spearheaded by leading Bitcoin advocate David Bailey
07:22We were sitting around and it's like, damn, if we could just get in front of Trump
07:26Like we could pitch Bitcoin to Trump and get him bought in on it, it'd be huge for Bitcoin
07:31Along with other crypto advocates, Bailey had honed a pitch for the presidential candidate
07:37There's also like the political calculus, like this is how many votes we think are out there
07:41This is how much money we think we can raise around these different topics and stuff
07:43Like, Trump's like an entrepreneurial guy, so he's looking at this from the standpoint of like, not only like, how's it good for the US, but also like, how's it good for my election prospects
07:53The crypto lobby's efforts were hugely successful
07:57Not only did Donald Trump vow to create a favourable environment for the industry, but the presidential candidate and his family decided to start their own crypto venture
08:07Join me live on Twitter Spaces at 8pm September 16th for the launch of World Liberty Financial
08:17We're embracing the future with crypto and leaving the slow and outdated big banks behind
08:22Just seven weeks before the presidential election, Trump and his sons launched a new platform, World Liberty Financial
08:31Their business partners included Trump confidant and now special envoy Steve Witkoff and his sons
08:42Donald Trump was the face of the publicity campaign and was listed on the so-called gold paper as its chief crypto advocate
08:51At that time, World Liberty Financial allowed people to invest through selling a token
08:5775% of the profit from each sale went to the Trump family
09:12When Donald Trump re-entered the Oval Office, World Liberty Financial says he was removed from his role
09:18The White House told Four Corners the President's personal assets are in a trust managed by his children and have nothing to do with his presidential decision-making
09:33In mid-March this year, World Liberty Financial said it had sold 550 million US dollars worth of its token
09:44We've estimated this has delivered the presidential family 390 million dollars in revenue
09:50How do you assess President Trump's second term?
10:06Speed, execution, I think what we've learned is they said, you know, in Jurassic Park
10:11The T-Rex has learned how to open the door
10:15President Trump has very much learned how to govern
10:18Brian Lanza is a former Trump advisor and communications director
10:22He says the President is doing nothing wrong
10:28The President has to abide by US law when it comes to businesses
10:32That's normal now, there's no conflict of interest laws related to the Presidency and the President
10:36And so he's operating within that space
10:42There's a US federal law preventing executive branch officials from having financial conflicts of interest
10:49But Presidents and Vice Presidents are exempt
10:55Eric Lipton is a Pulitzer Prize winning journalist
11:00He's been following the Trump family's investments for a decade
11:03He's made a choice to run, you know, for President
11:07And then to be elected and to serve as President
11:10And traditionally that means that you renounce your personal financial interests
11:16Then you only pursue the interests of the United States
11:19And while there have been family members in the past
11:22There have been members of the Bush family or the Carter family that did have outside interests
11:25Or the Biden family, I mean never at this scale or intensity
11:30And never with the kind of intersection with federal regulatory matters
11:35That the Trump family now has, particularly around cryptocurrency
11:37The crypto lobby was the most powerful and most influential in the 2024 elections
11:55They were the largest corporate donor in 2024 accounting for almost half of those contributions
12:01During the Biden administration, Corey Freyer was a senior advisor on crypto to the then chair of the Securities and Exchange Commission, Gary Gensler
12:15At that time, the regulator had taken enforcement action against a number of crypto businesses and individuals
12:21The breaches range from money laundering to fraud and insider trading
12:28We tried to work with the crypto industry to bring them in
12:34To do the things we would expect of any other financial industry
12:38And they refused over and over again
12:40And so we became very aggressive about enforcing the law
12:44On day one, I will fire Gary Gensler and appoint a new SEC chairman
12:55From now on, the rules will be written by people who love your industry, not hate your industry
13:01Gary Gensler stepped down from the SEC on the day of the inauguration
13:07The SEC's new chair, a Trump appointee, is a crypto advocate
13:12Trump and his family are interested in crypto for the same reason that a lot of crypto companies
13:21And a lot of crypto market players are interested in it
13:25The transactions can be nearly anonymous
13:28If you want to use your presidency to sell influence
13:32Or just to make money, crypto is a great way to do that
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15:39Ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho
16:09So this is my first car, believe it or not.
16:13It's a 2023 Lamborghini Urus Perfermonte.
16:16So Perfermonte is like the special version.
16:19So how does a 25-year-old end up with a car like this?
16:22So I had a small business when I was younger
16:25and I made about six figures from it.
16:28And from there I came across crypto.
16:35Nick Pinto got into crypto early
16:38and he's made a lot of money from it.
16:41He's pragmatic about the president's various crypto ventures.
16:47As long as I can profit from it,
16:49I feel like he can do whatever he wants.
16:53If there's a way for the average American
16:55to make money off of the president,
16:57I feel like it's OK.
17:06Thank you.
17:08So here we are, right?
17:10You're looking for your third Lamborghini.
17:13Yeah.
17:13What do you like?
17:14This one's nice.
17:17Nick Pinto was an early investor in the Trump token.
17:22Look at that.
17:23At the time of the dinner,
17:25he held around $370,000 worth.
17:30Nick Pinto has been trying to build a strong social media presence.
17:35This is my number.
17:37I finally found myself on the leaderboard.
17:39Number 72, NP.
17:41United States of America.
17:43At the gala dinner,
17:44he had one main goal.
17:46The past decision made your lives miserable.
17:48Going into this dinner,
17:49I was hoping to at least get a picture with Trump
17:51or actually do TikTok.
17:53So I was hoping to maybe do a trend
17:55or some short video with him,
17:57maybe like 15 seconds.
17:59It's not going to take much of his time.
17:59I just got to the Trump dinner.
18:01Trump came, gave a speech for,
18:02I think, exactly 23 minutes.
18:05And then he left.
18:06His helicopter was right back there.
18:08Left pretty quickly.
18:09Didn't stay for the dinner.
18:11Maybe he'll come back.
18:12You never know.
18:12Anyway, the food's coming out now.
18:13I got to go.
18:15About 30 minutes after walking through the door,
18:18I realized there's no hope here.
18:20Trump already left.
18:21He came, didn't eat, didn't drink water.
18:24I don't think he even used the bathroom.
18:25He just left immediately on his helicopter.
18:27It sounds like, from what you're saying,
18:30he came, he saw, and he left and made money.
18:33I would say the entire dinner was about making money.
18:38And you feel ripped off?
18:40I would say, in a way,
18:42I do feel like I maybe kind of got scanned
18:44because it was definitely false advertising.
18:47They did advertise it as having dinner with Trump,
18:49and Trump did not eat anything at all.
18:51At least just drank a Diet Coke with us
18:54or something like that.
18:55We definitely would not have felt like
18:56we were scammed by him.
19:03The biggest investor at the gala dinner
19:05was a Chinese-born entrepreneur,
19:09Justin Sun.
19:10Really nice to be here today
19:12with, like, everybody in the crypto
19:14to witness this great moment of crypto.
19:20Sun is a crypto billionaire,
19:22also known for buying a piece of conceptual art,
19:27a banana gaffer taped to a wall,
19:29for $6.2 million US dollars,
19:33and then eating it.
19:37At the time of the dinner,
19:39Justin Sun held around $22 million worth of the meme coin.
19:44He'd also made two investments
19:46in World Liberty Financial,
19:49totaling $75 million.
19:52His first, just three weeks
19:55after Trump won the presidential election.
19:58The second, the day before his inauguration.
20:01The World Liberty Financial transactions alone
20:06delivered close to $50 million
20:08to the Trump family.
20:15At the time of his initial investments,
20:18Sun was being pursued
20:19by the Securities and Exchange Commission
20:22for allegations of civil fraud.
20:25But that was about to change.
20:30Justin Sun was under prosecution
20:32by the SEC under Chair Gensler
20:35for fraudulent activity.
20:39Shortly after Trump took power,
20:41his case was paused.
20:43His is not the only case
20:45that's been put on hold or dropped entirely.
20:48We have seen crypto companies
20:50that were being prosecuted
20:52under the last administration
20:54are now entering into partnership
20:56with Trump's businesses
20:57and essentially receiving lenience.
21:00World Liberty Financial is definitely,
21:02I think, one of the great examples, right?
21:05We can use World Liberty Financial
21:08to shape the world
21:09and really change the financial system.
21:12Justin Sun,
21:13seen on stage here with Eric Trump
21:15and World Liberty Financial co-founder
21:17Zach Witkoff,
21:18has recently committed to buying
21:21another $100 million
21:22of the Trump meme coin
21:24and a further $10 million
21:26of the World Liberty Financial token.
21:29He did not respond
21:31to a request for comment.
21:40Allegations of inappropriate conduct
21:43against President Trump have grown,
21:45but so too have the barriers
21:48to asking him a question.
21:50Access to presidential press conferences
21:52is limited to a small pool of reporters.
21:56This group used to be selected
21:57by an association of journalists.
22:00Now the Trump administration
22:02controls who's in and who's not.
22:05TV, correspondents and print for reporters.
22:09Those not in the official pool
22:11have to try their luck outside
22:13on the White House lawn
22:14when the president makes the short walk
22:16to or from the Marine One helicopter.
22:24We've come here as part
22:26of this Four Corners investigation
22:27into President Trump
22:29and his family's money.
22:30We want to ask him
22:31a couple of very important questions.
22:33Firstly,
22:34how much wealthier is he now
22:36than when he was re-elected here
22:37seven months ago?
22:38And how appropriate
22:40is it that the president
22:41is involved in so much
22:43business activity
22:44while in office?
22:47President Trump!
22:50President Trump,
22:51we want to ask you
22:52about your business activities.
22:55It was the end
22:57of a long day
22:58and the president
22:59was not taking any questions.
23:08There's more to this story
23:12than allegations
23:13of payment for access
23:15or individuals
23:16receiving favorable treatment
23:17after investing
23:18in Trump-affiliated businesses.
23:22Questions are now
23:24being raised
23:25about the impact
23:26of the presidential family's
23:27business dealings
23:29on U.S. foreign policy.
23:36Our journey in search
23:38of the Trump family money
23:39has brought us here
23:40to the Washington Bureau
23:41of the New York Times.
23:43The Times
23:43has spent months
23:44investigating
23:45a $2 billion deal
23:46with the United Arab Emirates.
23:48The Times
23:49are about to have
23:50one of their final
23:51editorial meetings
23:52and they've allowed us
23:54to sit in on it.
23:59Sacks played
24:00an enormous role here
24:01and was given
24:01this special waiver...
24:03Journalist Eric Lipton
24:04is leading the investigation.
24:06I think we can try
24:07to look at the structure...
24:09It's interrogating
24:10if there's a connection
24:11between a $2 billion
24:13crypto investment
24:14and government negotiations
24:16about access
24:17to advanced AI chips.
24:20Honestly, we really have
24:21almost all of it in hand.
24:22It's the largest crypto infusion
24:24in the history of crypto
24:25in a single transaction.
24:27Time to save.
24:27OK. OK, bye.
24:28Bye.
24:29That was a very long call.
24:30Yeah.
24:33Interesting, right?
24:34A powerful Emirati,
24:38Sheikh Takhnun bin Zayed Al-Nayan
24:40is at the centre
24:42of both the crypto investment
24:43and the AI chip negotiations.
24:48Sheikh Takhnun
24:49is the deputy ruler
24:50of Abu Dhabi
24:51and the United Arab Emirates
24:54national security advisor.
24:57Starting in around 2023,
24:59Sheikh Takhnun realised
25:00that if the United Arab Emirates
25:02was going to continue
25:03to remain relevant
25:04in the world,
25:05that it needed to transition
25:06from being an oil-driven economy.
25:09And they have
25:09a $1.5 trillion
25:11sovereign wealth fund.
25:12He began to talk
25:14to American officials
25:15about getting access
25:16to, you know,
25:18hundreds of thousands
25:19of the most advanced
25:20AI chips
25:21that NVIDIA
25:22and other companies
25:23designed
25:24that are just
25:25transformational technology.
25:27Under the Biden administration,
25:31access to the chips
25:32was tightly controlled
25:33over concerns
25:34the technology
25:35might end up
25:36in the hands of China.
25:39With Donald Trump
25:40in the White House,
25:41the UAE
25:42saw an opportunity.
25:45In March,
25:46Sheikh Takhnun
25:47met the president.
25:48He also met
25:50US Secretary of Commerce
25:51Howard Lutnik,
25:52Secretary of Treasury
25:53Scott Besant,
25:54and Trump's
25:55special advisor
25:56on AI and crypto,
25:58David Sachs.
26:00In early May,
26:02the crypto investment
26:03was announced.
26:05The government of UAE
26:07through a company
26:07called MGX
26:08agreed to put
26:09$2 billion
26:10into the Trump family's
26:11World Liberty Financial,
26:13money that it was
26:14transferring to Binance,
26:15the cryptocurrency exchange.
26:19Sheikh Takhnun
26:20is the chair
26:21of MGX.
26:23The $2 billion
26:24investment
26:25in the Binance
26:26crypto exchange
26:28was made using
26:29a stablecoin
26:30minted by the
26:31Trump-related
26:32World Liberty Financial.
26:36Stablecoins
26:36are a type of crypto
26:38that is pegged
26:38to real-world assets
26:40like the US dollar.
26:42For the Trump family,
26:44the transaction
26:45offered the possibility
26:46of lucrative returns
26:48from interest earned
26:49on the stablecoin reserves.
26:51It's tens of millions
26:53of dollars
26:54that has effectively
26:55been going into
26:56the pockets
26:56of the Trump
26:57and Whitcoff families
26:58and their business partners
26:59from that single transaction
27:01that's from the United Arab Emirates.
27:04Two weeks
27:06after the $2 billion
27:07transaction,
27:08President Trump
27:09traveled to the UAE
27:10for an official visit.
27:13Yesterday,
27:13the two countries
27:14also agreed
27:15to create a path
27:16for UAE
27:17to buy
27:17some of the world's
27:18most advanced
27:19AI semiconductors
27:21from American companies,
27:23a very big contract.
27:25The US then announced
27:26it would allow
27:27the UAE
27:28to buy hundreds
27:29of thousands
27:30of NVIDIA's
27:31advanced AI chips.
27:34While there's
27:35no evidence
27:35that one deal
27:37was explicitly offered
27:38in return
27:39for the other,
27:40the timing
27:41is extraordinary.
27:44Of course,
27:45the assertion
27:45was that they
27:46were not related
27:46and that they
27:47were coincidental,
27:48but they involved
27:49the same government officials
27:50and the same families
27:52that were benefiting.
27:53What does all this
27:54mean for
27:55US foreign policy?
27:58I think the problem
27:59is it creates questions
28:00about what is driving
28:01US foreign policy.
28:03This is a country
28:03that has spent decades
28:05trying to build
28:06a reputation globally
28:07that integrity
28:08in governance matters.
28:09It's outrageous.
28:12It's absolutely outrageous
28:13and the American people
28:15should be horrified
28:16that this is going on.
28:19Virginia Cantor
28:20is one of America's
28:21foremost ethics lawyers.
28:23She's worked under
28:24both Republican
28:25and Democrat
28:26administrations,
28:28advising the US
28:29Department of Treasury
28:30and the Securities
28:31and Exchange Commission.
28:34You have to ask yourself,
28:36why didn't the UAE
28:38state-backed investment fund
28:40called MGX
28:41just take their money
28:42and invest it directly
28:45in Binance?
28:47No, they didn't do that.
28:50They had a cutout.
28:51The cutout was
28:52the stable coin
28:54from the World Liberty Finance.
28:57It's expected to earn
28:58$80 million-plus
29:00a year in interest.
29:02At the end of the day,
29:04what's simple is
29:05the American people
29:06expect their president
29:08to be representing
29:10the public's interests,
29:13right?
29:14You can't be confident
29:15of that
29:16because now
29:17this money is coming in
29:18and undoubtedly
29:20is influencing
29:21his official activity.
29:24In his first term,
29:31Donald Trump
29:32made it clear
29:33that for him
29:34and his sons
29:35that there were
29:36limitations
29:37on their business
29:38activities,
29:39particularly, say,
29:40with foreign governments
29:41and foreign deals.
29:42Why do you think
29:43that's different
29:44in the second term?
29:45Because it didn't matter
29:45in the first term.
29:46The criticisms
29:47were so overwhelming.
29:48Even though they didn't
29:48have deals
29:49with foreign governments,
29:50they didn't do
29:50a lot of these deals,
29:52you still had the criticism
29:53from the media
29:53and from the left
29:54saying, you know,
29:55criticizing what little
29:57they did do.
29:58So why put restrictions
29:59on yourself?
30:00Wouldn't you think
30:00that if you're president
30:01then you would put on hold
30:03at least for four years
30:05your business activities?
30:07I think he did
30:07in the first term.
30:08But he hasn't
30:09in the second term.
30:10But what was the point?
30:11You know,
30:11he did in his first term.
30:13He got supremely criticized.
30:14He got subpeated.
30:15He incurred all these costs
30:17by trying to create
30:18this additional layer
30:19of separation.
30:21And all he did
30:22was just cost him money.
30:23Even those
30:27within the Republican Party
30:29who were critical of Trump
30:30argue that his business
30:32activities are in no way
30:34a liability to his base.
30:36The normal laws
30:38of political gravity
30:38just don't apply
30:40to Donald Trump
30:40in the way that they do
30:41for anyone else.
30:42For most voters,
30:43it is so factored in
30:45because they've known
30:46Donald Trump
30:47as successful businessman
30:48their entire lives
30:50or, you know,
30:51half their lives.
30:53And so I think
30:53many Americans
30:54don't see a problem
30:55with this president
30:56enriching himself
30:57while in office.
30:58The Trump family's mixing
31:11of business and politics
31:12extends beyond
31:14just crypto.
31:15I look forward
31:16to playing it today.
31:17We'll play it very quickly
31:18and then I go back
31:19to D.C.
31:19and we put out fires
31:21all over the world.
31:22On a detour
31:27from an official trip
31:28to Europe
31:28and the UK
31:29in July,
31:30the president
31:31took care of business
31:33opening a new
31:35Trump-branded golf course
31:37in Scotland
31:37alongside sons
31:39Eric and Donald Jr.
31:40We're doing projects
31:51in Jeddah,
31:51we're doing projects
31:52in Oman,
31:52we're doing projects
31:53in Riyadh,
31:54we're doing projects
31:55all over the region.
31:55The Trump organisation,
31:57the family's
31:58long-standing
31:58holding company
31:59now managed
32:00by the president's sons,
32:02has been expanding
32:03its portfolio.
32:05We're doing projects
32:06all over the region.
32:07I'm doing a big hotel
32:08in Dubai as we speak.
32:09We're about to do one here
32:10in Abu Dhabi
32:11which we're super excited about.
32:14Since Donald Trump
32:15was re-elected,
32:16the Trump organisation
32:17has confirmed
32:1810 new foreign developments.
32:21The way that
32:22the Trump family's
32:23real estate ventures
32:24are growing currently
32:25is mostly through
32:26branding deals
32:27where they sell their name
32:28and then other
32:29real estate developers
32:30put up the money
32:30to actually build them
32:31and Trump's helped
32:32promote them
32:33and sometimes
32:34if it involves a hotel
32:35or a golf course
32:35they will be managed
32:36the hotel and the golf course
32:38and they'll be paid fees
32:38for that.
32:47Business and politics
32:49are intertwined
32:50in many of these projects.
32:53While Vietnam negotiated
32:55with President Trump
32:56over tariffs,
32:57Prime Minister Pham Min Chin
32:59appeared alongside
33:00Eric Trump
33:01at a ceremony
33:02marking the start
33:03of a Trump-branded
33:04golf resort development
33:05in the country's north.
33:06I'm honoured to be
33:16the first American
33:18president ever
33:19to officially visit.
33:21There also have been
33:22controversial gifts
33:23offered to the
33:24Trump administration.
33:25I just want to thank you
33:27for the friendship,
33:28for the long-time friendship.
33:29In the lead-up
33:32to an official visit
33:33to Qatar,
33:34Donald Trump indicated
33:35the administration
33:36would accept
33:37a used Boeing 747
33:39as an unconditional
33:41donation
33:41by the Qatari government.
33:45The government
33:46of Qatar,
33:48the Qatari family,
33:49has offered
33:50to donate
33:50this plane
33:51to the United States
33:53Air Force
33:53where that donation
33:55will be accepted
33:56according to all legal
33:57and ethical obligations.
33:59This plane
34:00is not a personal donation
34:01or a gift
34:02to the president
34:02of the United States.
34:04Just days later,
34:06the White House
34:06announced more than
34:07$240 billion
34:09worth of deals
34:10with the Gulf state.
34:11With respect
34:15to the Qatari jet,
34:17they were also
34:18seeking access
34:19to technology,
34:21defense weapons,
34:22and also the lifting
34:23of sanctions
34:24against Syria.
34:26Trump gave them
34:26all three.
34:28When a deal
34:29is done involving
34:30the president
34:30or his family
34:31with foreign governments,
34:32whether it's
34:32the UAE,
34:33Qatar,
34:34Vietnam,
34:35what do you think
34:36the foreign governments
34:37want in return
34:38for those deals?
34:39Lower tariffs.
34:41Right?
34:44Isn't that what
34:44every government's engaging?
34:45I represent governments
34:46right now.
34:47They're all engaged
34:47in wanting lower tariffs.
34:49Doesn't that get
34:49to the heart
34:50of the conflict
34:50that at a time
34:52when perhaps,
34:53you know,
34:53Eric Trump
34:54is negotiating
34:55with Vietnam
34:56over a resort,
34:57at the very same time,
34:58his father
34:59is negotiating
35:00with Vietnam
35:00over what tariff
35:01there will be.
35:02The whole world
35:02is negotiating
35:03and you,
35:04the whole world
35:05is negotiating
35:05to enter,
35:06to figure out
35:07what the access fee
35:08is to get
35:08into the U.S. market.
35:10You know,
35:10your implication
35:10that they're tied together,
35:11I've seen no evidence
35:12of that.
35:13I find it hard
35:14to believe
35:14that Don Jr.'s
35:15and Eric's business deal
35:16is going to be
35:16the deciding factor
35:18in these things.
35:22The White House
35:23strongly rejects
35:24the suggestion
35:25that Donald Trump
35:26is enriching himself
35:27through his office.
35:30The President
35:31is abiding
35:31by all conflict
35:32of interest laws
35:33that are applicable
35:33to the President.
35:35It's absurd
35:35for anyone
35:36to insinuate
35:37that this President
35:38is profiting
35:39off of the Presidency.
35:40This President
35:41was incredibly successful
35:42before giving it all up
35:43to serve our country publicly.
35:47Critics say
35:48even if there are
35:49no quid pro quo deals,
35:51the President's
35:52business activities
35:53fit within
35:54a broader
35:54definition of corruption,
35:56one in line
35:57with that used
35:58by both
35:59the World Bank
36:00and Transparency International.
36:02The classical definition
36:05of corruption
36:06is the exploitation
36:07of public office
36:09and public power
36:11for private gain.
36:14So when you look
36:16at the Qatari plane,
36:19the $2 billion
36:20World Liberty
36:21financial investment
36:24where he has a stake
36:26in the crypto industry,
36:28the auctioning off
36:30access to those
36:31who purchase
36:31his meme coin,
36:33they're all about
36:35Donald Trump
36:35using his office,
36:38the official nature
36:40of the Presidency,
36:43public office
36:44for his private gain
36:46instead of
36:48for serving
36:49the public interest.
36:51Corruption's a big word.
36:52I want to be very clear.
36:54You are saying
36:55that President Donald Trump
36:56is corrupt.
36:57He is the most
36:59corrupt president
37:01that we have had
37:03in the modern era.
37:05What do you base that on?
37:07The evidence.
37:08When have we ever had
37:10a president
37:11who has huge
37:12financial interests,
37:14hangs on to him,
37:16gains from him,
37:17while regulating
37:20in that same area?
37:22Jimmy Carter
37:23had a peanut farm.
37:24He put his peanut farm
37:27into a blind trust
37:29so that
37:31he
37:32severed the tie.
37:34There would be no question
37:35that he was making decisions
37:37about agriculture
37:38or farming
37:40or subsidies
37:41to benefit himself.
37:44Donald Trump
37:44is doing the opposite.
37:47In the U.S. Constitution,
37:50there's a section
37:50that prohibits
37:51elected officials
37:52from taking gifts
37:53or favours
37:54from foreign states
37:56without consent
37:57from Congress.
37:59It's written right
38:00in the Constitution,
38:01in the Foreign Emoluments Clause,
38:03no cash benefits
38:05or goodies
38:06from foreign governments
38:08for an American president.
38:09It's so important
38:11that it's the only ethics rule
38:14that the founders
38:16and the framers
38:17wrote into
38:19our Constitution itself.
38:20and yet
38:21he's getting
38:22these large sums
38:23into his businesses
38:25from foreign entities.
38:27That's not right.
38:29Some people
38:30have suggested to us
38:31that corruption
38:32is an abuse
38:33of high office
38:34and that therefore
38:35this activity
38:37by either the president
38:38or his family
38:39fits that definition
38:40of abuse
38:41of high office.
38:43What do you say
38:44to that argument
38:45that this is
38:46a form of corruption?
38:47I mean, listen,
38:48there's nowhere
38:49in our Constitution
38:50that requires family
38:52to be disqualified
38:52from earning a living.
38:54But the U.S. Constitution
38:55does have the Emoluments Clause
38:56which says
38:58that a U.S. president
38:59shouldn't be accepting
39:00any gifts
39:01or material benefits
39:03from a foreign government.
39:04Well, it's much more
39:05narrowly defined that
39:06because remember
39:06the first term
39:07a lot of these people
39:08felt the Emoluments Clause
39:09was in violation
39:10and time after time
39:11they found out it wasn't.
39:12and so I think
39:13just to clump it together
39:14is an error
39:15that the media does
39:16and certainly the left does
39:17because we actually
39:18would have had
39:19some type of criminal
39:19proceeding related to that.
39:21But listen,
39:22I think, you know,
39:23they're private citizens.
39:25You know,
39:26the government's not
39:26going to subsidize
39:27their income.
39:28They're creative people.
39:29Are they private citizens?
39:30The president
39:30of the United States
39:31is not a private citizen.
39:32But Don and Eric Jr.
39:33and the president of the United States
39:34is not conducting these deals.
39:35It's Don.
39:36But President Trump
39:37benefits from some
39:38of the World Liberty investments.
39:40He's not a private citizen.
39:41Every president benefits
39:42from their policies.
39:44Every president benefits
39:45from a tax cut.
39:45Every president benefits
39:46from their policies
39:47in the long term.
39:48Trump's no different
39:49than any other president.
39:50Has any other president
39:51benefited to this extent
39:53financially
39:53that President Trump has?
39:55So your question is
39:56given that every president
39:58has benefited
39:59from their own policy decisions
40:00has anyone done it
40:01as much as Trump?
40:03That I don't know.
40:08It's impossible
40:10to put a precise figure
40:12on how much
40:13President Trump
40:14and his family
40:15have made
40:15since he retook office.
40:18A credible estimate
40:20from Forbes magazine
40:22puts Donald Trump's
40:23current net worth
40:24at $7.3 billion US dollars.
40:29Twelve months ago
40:30it was just $3.9 billion.
40:35But there's a dazzling
40:37array of ventures.
40:38Real estate,
40:39crypto,
40:40media,
40:40the Trump brand.
40:41Many have opaque
40:43corporate structures.
40:45So it's unclear
40:46how profits
40:47are distributed.
40:49It's this lack
40:50of transparency
40:51that deserves
40:52to be questioned.
41:04It's early morning
41:05and we've come back
41:06to the White House
41:07for an opportunity
41:08to ask President Trump
41:09again some questions.
41:11The briefings
41:11and sessions
41:12with President Trump
41:13are often
41:14completely unpredictable.
41:15You don't know
41:16what sort of mood
41:16he'll be in.
41:17You don't know
41:17whether he'll take
41:18questions or not.
41:19He's likely to be
41:20more feisty
41:21than usual
41:22because news
41:23has just come out
41:24that he is suing
41:25the New York Times
41:26for $15 billion.
41:29And so based
41:30on his past form,
41:32once he issues
41:33are writ like that,
41:34he usually comes out
41:36all guns blazing.
41:37So we're expecting
41:38this morning
41:39a particularly
41:40feisty
41:41President Trump.
41:47President,
41:48Mr. President.
41:49Mr. President.
41:52President Trump.
41:53President Trump,
41:54you're generally regarded
41:55to be the wealthiest man
41:57who's ever occupied
41:58the White House.
41:59I hope so.
41:59How much wealthier
42:01are you now
42:02than when you returned
42:03to the White House?
42:04Well, I don't know
42:05the deals I made
42:06for the most part
42:07other than what
42:07my kids are doing.
42:08You know,
42:08they're running my business.
42:10But most of the deals
42:11that I've made
42:12were made before.
42:13And that's what I've done
42:13for a life.
42:14I built buildings.
42:15Like I'm building
42:16a building here.
42:17You know where I'm building...
42:18You know what...
42:18You see that area?
42:19Yeah.
42:20That is going to be
42:21the greatest ballroom
42:22anywhere in the world.
42:23And for $150...
42:24So it gives me pleasure
42:26to do it for the country.
42:27Then is it appropriate
42:28President Trump
42:29that a president in office
42:31should be engaged
42:33in so much business activity?
42:34I'm really not.
42:35My kids are running
42:36the business.
42:37You are also...
42:38You know what the activity...
42:39Where are you from?
42:40I'm from the Australian
42:41Broadcasting Corporation
42:42Four Corners program.
42:43Australia.
42:44You're hurting Australia...
42:45In my opinion,
42:47you are hurting Australia
42:48very much right now.
42:49They want to get along with me.
42:51You know,
42:51your leader is coming over
42:54to see me very soon.
42:55I'm going to tell them
42:56about you.
42:56You set a very bad tone.
42:57Go ahead, John.
42:58When the UAE does a deal
43:00like that...
43:00When the UAE does a deal,
43:02what does it want in return?
43:03Go ahead.
43:04Mr. President...
43:05What are you hearing
43:05about the operations
43:06of God's...
43:07Some people have argued
43:19to us that it all happens
43:21out in the open.
43:22How can it be corruption
43:23when it's out there
43:24in the sunlight?
43:25Well, it doesn't look as scary
43:27or nefarious.
43:28And in fact,
43:29it normalizes it.
43:30And it makes it look
43:31like it's okay.
43:32It perpetuates this idea
43:34that everybody does it.
43:36Nobody does it like this.
43:38As the American people,
43:39we deserve much better.
43:42What would you do
43:43if he said,
43:44I'm going to sue you
43:44for calling me corrupt?
43:46Bring it on.
43:50You'd fight him in court?
43:51I'm ready.
43:52I will look forward
43:54to the discovery
43:55of all of these issues
43:58that constitute
44:00his abuse of public power
44:02for personal gain.
44:04These are genuinely
44:10dangerous times
44:11for the United States.
44:14American institutions
44:15are under pressure.
44:18Many Americans fear
44:19that democracy itself
44:21is being threatened.
44:23With a bitterly divided country
44:25and growing concerns
44:26from both the left
44:27and the right
44:28that there may be
44:29a breakdown
44:30of social cohesion,
44:31it's even more important
44:33than ever
44:33that Americans
44:34and their allies
44:36can trust implicitly
44:38in the accountability,
44:40transparency
44:41and integrity
44:42of the highest office
44:44in the land.
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