This is an edition ofThe AtlanticDaily, a newsletter that guides you through the biggest stories of the day, helps you discover new ideas, and recommends the best in culture.Sign up for it here. Paul Walczak didn't have a plausible defense, but he did have a backup plan. As a Florida nursing-home executive, he'd defrauded taxpayers out ofalmost $11 million, using it to fund a lavish lifestyle. He pleaded guilty last fall, but applied for a pardon after Donald Trump retook office, claiming that he'd been prosecuted because of his mother Elizabeth Fago's support for Trump. Only after she attended a $1 million-per-person April fundraiser, which promised face time with the president, did Trump grant Walczak a full pardon. The press can't declare things "bribes" without concrete proof, and it's not entirely clear how much of the money Fago donated herself, but even the staidNew York Timesresorted to snark in describing the case. "A judge had justified the incarceration by declaring that there 'is not a get-out-of-jail-free card' for the rich. Thepardon, however, indicated otherwise," Kenneth Vogel wrote. A million bucks is, by the standards of this administration, pretty paltry. Trump has made many millions off being president. Earlier this week, my colleague David Frum took stock of thecorruption of Trump's second termand concluded, "Nothing like this has been attempted or even imagined in the history of the American presidency. Throw away the history books; discard feeble comparisons to scandals of the past." Yet even against this backdrop, the brazenness of the pardon's timing makes it stand out. Whether or not Trump was bought in this case, he's eager to create the impression that he is for sale. And for good reason: What's bad for the integrity of American rule of law has been very good for Trump's bottom line. After a career of high-profile mediocrity, punctuated by flamboyant failures, the selling of the presidency is the most successful business venture of his career. Business prowess is at the center of Trump's renown and political appeal, but the impression that he is a titan of industry is more a creation ofThe Art of the DealandThe Apprenticethan his actual CV. By the time he ran for president for the first time, he'd largely given up on thereal-estate developmentthat made him famous, instead concentrating on licensing his name to products and buildings. That was mostly a concession to reality: At that point, Trump was struggling to find lenders because he'd stiffed so manybanks. Trump's businesses declared bankruptcy six times, and although he has consistently defended these filings assavvy business moves, an even savvier business move is not needing to declare bankruptcy. Trump managed the impressive task of losing money as a casino owner. Although Atlantic City was in decline as a whole during Trump's time there, a Temple University legalscholarfound that Trump underperformed competitors: "His casinos were not the 'best' and not even average. They were the worst." The president's lofty net worth was less a product of success than a product of coming into his father's fortune. In 2021,Forbescalculated that he would have mademore moneyif he'd just put his inheritance in an S&P 500 index fund. (And the money that hedidmake might have been less if he hadn't been committingextensive fraud.) During Trump's first term, he began finding ways to profit from the presidency. He charged the Secret Servicebig billsto stay at his properties while protecting him (even though son Eric claimed that they stayed at a discount), and had officials like Vice President Mike Pence unnecessarily rack upchargesthere too. Moreover, the hotel he owned near the White House became anessential locationfor any officials looking to influence him. There was, it seemed, a benefit to being seen—and probably more importantly, to spending some dosh. Although this seemed like a clear violation of the Constitution'semoluments clause, attempts to enforce it were stymied in court. But in his second term, Trump has far surpassed these relatively petty hustles. The profits started rolling in even before he won reelection, as speculators poured cash into Trump Media and Technology Group—a business withwretched numbersbut high upside for anyone wishing to influence the president. Since November, the flow has increased. "Few if any legitimate investors entrusted their money to Trump's businesses when he was out of office," Frum noted, but nowMiddle Eastern governments,Chinese crypto investors, andAmerican corporationsare all finding ways to get money into Trump-related businesses. The White House claims that because Trump's sons run these companies, no conflict of interest exists, but experts have noted that Trump hasn't really distanced himself meaningfully from his companies and he continues toprofitfrom them. And nearly everyone involved is winning. Trump is making out like a bandit—perhapsverymuch like a bandit—and people such as Paul Walczak are getting their pardons. (Notably, Trump seems quick to pardon people charged with either fraud or corrupt use of government positions—both offenses of which he has been accused.) Unfortunately, the losers are the American people: anyone who might want the government to support rule of law, discourage corruption, and operate as something other than a concierge desk for those wealthy enough to buy in. When news emerged earlier this month of Trump's plans to accept a $400 million airplane from the Qatari government, Senator Josh Hawley of Missouri, a Republican, dismissed anyconcerns about emoluments. "I think nobody believes that Donald Trump can be bought," he said. "I mean, what does Donald Trump need more money for?" This is either deeply cynical or painfully gullible. Trump's entire career has been consumed by his quest for more money—this is a man who once cashed a13-cent prank checkfrom aSpymagazine correspondent—even if he hasn't always been very good at it. Now that he's found a reliable way to keep the cash rolling in, he's not going to turn it down. Related: The Trump presidency's world-historical heist There's no such thing as a free plane. Here are three new stories fromThe Atlantic: The conversations Trump's doctors should be having with him The perilous spread of the wellness craze Bring back communal kid discipline. Today's News An appeals court temporarily paused alower-court rulingthat had blocked most of President Donald Trump's tariffs. The acting director of ICE gave Harvard University30 days to challengethe Trump administration's ban revoking the college's ability to enroll international students. Elon Musk announced yesterday that he isleaving the Department of Government Efficiencyafter saying that he isshifting his focusfrom politics back to his companies. Dispatches Time-Travel Thursdays:Any recent college graduate will tell you that their head felt heaviestafter the cap came off, Amogh Dimri writes. Explore all of our newsletters here. Evening Read How America Lost Control of the Seas By Arnav Rao "He who commands the sea has command of everything," the ancient Athenian general Themistocles said. By that standard, the United States has command of very little. America depends on ocean shipping. About 80 percent of its international trade by weight traverses the seas. The U.S. needs ships to deliver nearly 90 percent of its armed forces' supplies and equipment, including fuel, ammunition, and food … In the middle of the 20th century, the U.S. had a thriving, well-regulated ocean-shipping industry. Then the country turned its back on the system that made it all possible. Read the full article. More FromThe Atlantic Striking down Trump's tariffs isn't a judicial coup. A Swiss village destroyed by a landslide A way to understand Pope Leo XIV's mission of love Xochitl Gonzalez on Diddy's defenders Culture Break Read.Thesefive bookswill redirect your attention and break the spell of malaise. Make a pledge.Moral courage can result in something beautiful. A lovely paradox ofdoing good in the worldis that it does you good too, according to the happiness expert Arthur C. Brooks. Play our daily crossword. Stephanie Bai contributed to this newsletter. When you buy a book using a link in this newsletter, we receive a commission. 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