Former US Labor Secretary Robert Reich has accused Donald Trump of engaging in large-scale corruption, following the release of financial disclosures showing Trump earned at least $2.2 billion last year. Reich argues that Trump's second term is being used to maximize personal profit, with no regard for conflicts of interest.
Record Earnings from Crypto and Real Estate
According to financial disclosures published on Tuesday, Trump's earnings in 2025 exceeded $2.2 billion, a sharp increase from the roughly $622 million his businesses generated in 2024 before he returned to the presidency. A significant portion of this income came from cryptocurrency ventures. Trump reported earning over $1 billion from his crypto investments, including his memecoin $Trump, operated through CIC Digital, a Trump Organization affiliate, and World Liberty Financial, a crypto company co-founded by Trump and his sons during the 2024 presidential campaign. The White House has stated that Trump has divested from World Liberty Financial, but the company continues to launch prominent crypto tokens.
Policy Moves Benefiting Personal Investments
Reich highlights that Trump has installed friendly regulators to oversee digital assets and pushed for landmark crypto legislation that would exempt cryptocurrencies from being classified as securities, thereby avoiding disclosure requirements. This, Reich argues, directly benefits Trump's own crypto holdings. Additionally, Trump's investment accounts made over 20,000 trades last year, many timed to coincide with his public announcements that moved markets. For instance, one day before announcing a 90-day pause on tariffs, his accounts made 327 individual stock purchases, each valued up to $250,000. The following day, the S&P 500 surged nearly 10%.
Foreign Real Estate Deals Under Scrutiny
Foreign governments, particularly from the Middle East, paid approximately $300 million to Trump's businesses last year, more than any other region. Reich notes that these payments raise questions about whether Trump is granting favors in return. He also points to Trump's use of a new Air Force One jet, valued at $400 million and gifted by the Qatari royal family, which will transfer to Trump's presidential library foundation after he leaves office but can be used for private purposes.
White House Denies Conflicts of Interest
A White House spokesperson stated that neither Trump nor his family "has ever engaged – or will ever engage – in conflicts of interest." Reich dismisses this claim, arguing that Trump's financial entanglements make it impossible for the public to determine whether his policies serve national interests or his personal wealth. He notes that Trump has previously said, "The president can't have a conflict of interest," and has claimed Americans "don't care at all" about his unreleased tax returns.
Second Term: A License to Profit
Reich argues that in his second term, Trump feels no constraints. Having survived two impeachments and with no future election to worry about, Trump is free to monetize his presidency. Reich describes Trump as a "malignant narcissist" focused solely on wealth, power, and vengeance. "Trump doesn't have any conflicts of interest," Reich writes. "That's because he really has only one interest: himself."
Robert Reich, a former US secretary of labor, is a professor of public policy emeritus at the University of California, Berkeley. He is a Guardian US columnist.
