Conflicts of Interest Are Everywhere
It has taken me a long time to write this blog about President Trump’s decisions regarding conflicts of interest, primarily between a donor or governmental unit, and the Trump family. We know he likes to put his name on things as if he owns them and he makes decisions that benefit him personally. I spent a lot of time choosing a name for this blog. I think the one chosen says it all. Trump would rename America if he could albeit that would be a bridge too far with respect to Congress letting him get away with these unethical actions.
There is too much material for one blog so I will not discuss immigration issues or anything related to relationships with businesses and universities, including canceling the latter’s federal funding. That is a blog for another time.
Pay to Play: Buying Influence
It has been reported that Trump’s net worth is estimated to be $6.3 billion as of 2024. I wonder why he feels the need to have family, and himself, get involved in arrangements, some of which are with foreign governments, that benefit him personally when these actions are clearly conflicts of interest. The point he misses is a conflict of interest is not only one in realty but one that creates the perception that he may be influenced by these arrangements.
The line that separates acceptable and (ethically) unacceptable behavior is oftentimes blurry. Most of the arrangements discussed below smack of ‘pay to play’ arrangements. What is at stake, according to experts on ethics—including myself–, is that the U.S.’s long-standing norms and guidelines that elected officials and public servants are expected to follow regarding conflicts of interest are being attacked by Trump’s actions and decisions. Robert Maguire, research director at Citizens for Responsibility and Ethics in Washington (CREW), has said that “there’s a violation of long-standing expectations that the president should avoid the appearance of acting in his own financial interest rather than the national interest.” Gifts trigger alarm bells about what the donor may want in return.
Some examples that illustrate both the risks and blurry lines were identified in a piece in the Christian Science Monitor.
- Trump meme coins. In May, Trump held a gala dinner for the biggest buyers of a Trump-branded niche-cryptocurrency: meme coins. The highest buyer was billionaire Justin Sun, who bought more than $40 million in $Trump coins.
- Boeing 747 gift from Qatar. In May, the White House said that a luxury jet was being donated to the Department of Defense and will be transferred to Trump’s library after he leaves office. Democrats have argued that the gift violates the emoluments clause of the U.S. Constitution, which prohibits federal office holders from accepting gifts from foreign states.
- A sovereign wealth fund from the United Arab Emirates invested $2 billion in Binance—the world’s largest crypto currency exchange—transferring the invested money in the form of a digital coin called USD1. It’s a product created and sold by the Trump family’s cryptocurrency firm, World Liberty Financial.
- In November, the Serbian government passed a special law making it easier for Trump to build a roughly $500 million Trump hotel project in Belgrade—under a development company run by Jared Kjushner, the president’s son-in-law. The Serbian President voiced support for the proposed hotel saying “We are ready to build better relations with the U.S. I think this is terribly important for this country.”
- The Office of Government Ethics (OGE) has reported that Trump began buying bonds ($1 million in total) one day after his inauguration that include bonds issued by the N.Y. Triborough Bridge and Tunnel Authority, linked to hospital facilities, airports, school districts, and regional development funds nationwide.
Here a few more examples to consider.
- “Golden gifts” in Switzerland
These gifts often refer to luxury items like Rolex watches and gold bars, famously used in a controversial 2025 diplomatic gesture where Swiss executives gifted them to U.S. President Trump, coinciding with reduced tariffs, sparking debate over “gold bar diplomacy” and potential bribery. Beyond this political event, Swiss golden gifts also include luxury chocolates with edible gold from brands like DeLafée, fine gold jewelry, and high-end watches, reflecting Switzerland’s reputation for quality and precious materials.
- Renaming the Kennedy Center
Democratic Congresswoman Joyce Beatty of Ohio filed a lawsuit challenging the renaming of the memorial to President John Kennedy to the Trump-Kennedy Center, calling the action “unlawful.” Beatty sits on the center’s board. Her lawsuit, which also names Trump appointees to the board, argues that renaming the center requires an act of Congress. One of Beatty’s counsels, Norm Eisen, says that’s because the former name, the John F. Kennedy Center for the Performing Arts, was established through legislation in 1964, “This case is very clear-cut. Congress has said it is to be called the Kennedy Center and only the Kennedy Center. There’s no legal basis for the president’s move.”
Trump Becomes a Battleship
On December 22, President Trump and Secretary of the Navy John C. Phelan, alongside Secretary of War Pete Hegseth, announced their intent to construct a new class of American-designed battleships that will be the most lethal surface combatant ever constructed. The future USS Defiant (BBG 1) will be the first Trump class battleship and will be an unambiguous statement of American commitment to maritime superiority with capability to distribute more firepower across the fleet than any other class of ship, for any Navy, in history. Trump’s insistence on naming the battleships after himself is yet another example of stoking his ego or aggrandizement.
Getting in Bed with Saudi Arabia
Since Trump’s election, Dar Global, a business partner of the Trump organization with close ties to Saudi Arabia, has announced at least 4 Trump-branded developments in Saudi Arabia. When asked about any conflicts of interest, Trump said he had “nothing to do with family business.”
Trump has made a concerted effort to enhance the strategic relationship with Saudi Arabia to bolster his “America First” agenda and to reinforce the U.S. as a leader on the world stage while securing our economic future. For example,
- The U.S. and Saudi Arabia signed a Joint Declaration on negotiations on Civil Nuclear Energy Corporation, building the legal foundation for a billion-dollar nuclear energy partnership.
- The U.S. and Saudi Arabia signed a Critical Minerals Framework, strengthening the relationship to diversify critical mineral supply chains.
- The U.S. and Saudi Arabia signed a landmark AI Memorandum of Understanding that gives the Kingdom access to world-leading American systems while protecting U.S. technology from foreign influence, ensuring that American innovators will shape the future of global AI.
In all, CREW counts 23 Trump-branded real estate projects outside the U.S. that will be underway during Trump’s second term.
It’s All About Ethics
The handwriting was on the wall when Trump declined to issue an ethics pledge for his second term. Nor was there an ethics pledge for the transition process that launched when he was elected again. Trump no doubt was motivated to enter into these arrangements in part because the U.S. Supreme Court issued a ruling on presidential immunity shielding U.S. chief executives from prosecution for “official” acts, which can be broadly defined. We don’t yet know where the justices will delineate the boundaries, but the ruling reduces legal checks on presidential powers.
Other ethical and legal boundaries have been torn down as well, including inspector general positions,11 left of which remain vacant after mass firings by Trump in early 2025. In February, 2025, Trump fired the director of the Office of Government Ethics (OGE), a role meant to prevent conflicts of interest within the executive branch. A series of acting OGE directors have been filling the post.:
Summing it Up
Why has Trump chosen to become involved in all these arrangements? Most people would say that it’s narcissistic behavior. It’s all about Trump—all the time, every day. He seeks to promote his self-interests at all costs. He doesn’t see the nuances of ethical behavior. A good example is his attempt to have the new, $3.7 billion football stadium in DC for the National Football League Washington Commanders, named after him.
Utilitarian ethics looks at the costs and benefits of alternative course of action. If we were to do this for the stadium, the main benefits are for DC to have a new, modern football stadium, which could bring in additional revenues, and the team would have first class facilities. I believe that the potential costs are much greater: significant fan division; loss of major corporate naming rights revenue (worth millions annually); political controversy given his divisive nature, and jurisdictional hurdles requiring approval from the DC Council and National Park Service.
There’s a lot more to say on these and other controversies. President Trump is the ‘gift that keeps giving’ in so many ways. My next blog will appear on “Workplace Ethics Advice” next week. In the meantime, I wish you all a very healthy and Happy New Year. I hope that May 2026 will be one of ethical behavior and peace.
Blog posted by Steven Mintz, PhD, Professor Emeritus Cal Poly San Luis Obispo on December 30, 2025. Read Steve’s other blog on: https://workplaceethicsadvice.com/.