Podcast Summary: Bulwark Takes

Episode: Trump Didn’t Drain the Swamp—He Joined It

Date: October 24, 2025

Host: Tim Miller (The Bulwark)

Overview

In this episode, Tim Miller dives into the controversy surrounding Donald Trump’s plan to construct a lavish “Donald J. Trump Ballroom” at the White House. Highlighting the long list of corporate and special interest donors contributing to the project, Miller argues that Trump’s second term has seen him abandon the anti-establishment, anti-corruption promises he once made. Instead of “draining the swamp,” Trump has become fully entwined with the Washington establishment, embracing—if not supercharging—insider dealing, cronyism, and financial quid pro quos.

Key Discussion Points & Insights

The Trump Ballroom as a Symbol of Corruption

• Fundraising for the Ballroom: High-profile corporations and wealthy individuals are funding the construction of Trump's “gilded ballroom.”
• Symbolic Abandonment of Reform: Miller contends that the fundraising is broader proof Trump has utterly abandoned his campaign promise to take on “the swamp,” and instead, he has become a willing participant.
• Quote:

  “Donald Trump has given up in term two on even the pretense of going after the lobbyists and the influencers and the corporate interests that are lining their pockets on your back. Like Donald Trump is now fully in league with the corporate establishment.” — Tim Miller [02:20]

List of Donors: Who’s Funding the Swamp?

• Miller provides a rundown of the most notable contributors:
  • Major corporations: Altria (tobacco), Amazon, Apple, Booz Allen Hamilton, Caterpillar, Coinbase (crypto), Comcast, Google, HP, Lockheed Martin, Meta, Micron Technology, Microsoft, Nextera Energy, Palantir, Ripple, Reynolds, T-Mobile, Tether, Union Pacific
  • Crypto companies: Coinbase, Ripple, Tether, Liberty Financial
  • Military-industrial complex: Lockheed Martin, Booz Allen
  • Spying/Surveillance: Palantir
  • Individuals and Family Foundations: Adelsons, Glazers, Lutnicks, Perlmutter Foundation, Steven Schwartzman, Kelly Loeffler, Winklevoss twins

Crypto Industry: Deregulation for Donations

• Miller singles out the crypto industry for special criticism:
  • Trump has pushed deregulation and enabled crypto firms’ business, with policies favoring their interests.
  • In return, these companies are funneling millions to Trump’s family and his ballroom project.
  • Example: Binance executive “pardoned," Liberty Financial enriching the Trump family.
  • Quote:

    “The amount of corruption that is happening in place right now so that these crypto companies can continue to do illegal business with impunity… is just truly astounding.” — Tim Miller [08:31]

Big Tech Bribes: Pay-to-Play with the Administration

• Apple: Miller mockingly refers to Tim Cook as “Tim Apple,” highlighting Apple’s attempts to avoid tariffs or regulatory threats by contributing to the ballroom.
  • Hypothetical: If a Democratic admin did this, “the business community would be rightly incensed.”
• Google (Alphabet): Miller reveals that part of Google’s legal settlement with Trump over YouTube’s suspension included a $22 million donation to the ballroom.
  • Quote:

    “Alphabet wants Trump off their back. They engage in a settlement with him… they said that, you know, that part of this deal is that they'll be donating to the ballroom. 22 million. So again, this is just a direct quid pro quo.” — Tim Miller [12:52]

• Cloud/A.I. Contracts: Amazon, Microsoft, and Alphabet are all securing huge government A.I. and cloud contracts as they reward Trump with donations.
  • Quote:

    “These guys are making bank and they're just printing money with government contracts and then throwing Donald Trump some little bribes so the theater queen can have really fancy plays inside of a ballroom…” — Tim Miller [14:02]

Surveillance State and Civil Liberties

• Palantir’s Role: Miller calls out the irony of libertarians and civil libertarians supporting Trump, as companies like Palantir are now embedded in government, expanding surveillance and suppressing civil liberties, all while rewarding Trump with donations.
  • Quote:

    “The assault on our civil liberties that is going to be done by Palantir and these other companies is just totally unprecedented. It is dystopian.” — Tim Miller [16:15]

Military-Industrial Complex: The Deep State Strikes Back

• Lockheed Martin: Once painted as the “deep state” enemy, Lockheed is now donating tens of millions to Trump while receiving massive contracts.
• Ironic Reversal: MAGA’s promise to “go after the swamp” has failed; Lockheed's VP is “grateful” to Trump for the opportunity to contribute.
  • Quote:

    “Donald Trump did not go after the deep state. He got co opted by the deep state… These guys are just buying off the president, buying his crypto, giving him a fancy ballroom. He's not going after them anymore if he ever was.” — Tim Miller [27:24]

The Final Verdict: Meet the New Boss—The Swamp Supercharged

• Trump is no longer fighting the establishment—he is the establishment, with even larger, more overt corruption than any of his predecessors.
• Ordinary Americans’ tax dollars continue to flow to insiders, while the populist rhetoric was revealed to be a sham.
  • Quote:

    “Meet the new boss, same as the old boss, worse than the old boss. Meet the new boss doing all of the swampy, corrupt insider dealings that you hated before. And now adding on top of that, a more overt type of corruption that past presidents were a little too shy to engage in...” — Tim Miller [30:24]

• Miller closes by urging listeners to share information about this period as the date when it became inarguable that Trump joined, rather than drained, the swamp.

Notable Quotes & Memorable Moments

• [02:20] “Donald Trump has given up in term two on even the pretense of going after the lobbyists and the influencers and the corporate interests that are lining their pockets on your back.” — Tim Miller
• [08:31] “The amount of corruption that is happening in place right now so that these crypto companies can continue to do illegal business with impunity… is just truly astounding.” — Tim Miller
• [12:52] “Alphabet wants Trump off their back. They engage in a settlement with him… they said that… part of this deal is that they'll be donating to the ballroom. 22 million. So again, this is just a direct quid pro quo.” — Tim Miller
• [14:02] “They're just printing money with government contracts and then throwing Donald Trump some little bribes so the theater queen can have really fancy plays inside of a ballroom…” — Tim Miller
• [16:15] “The assault on our civil liberties that is going to be done by Palantir and these other companies is just totally unprecedented. It is dystopian.” — Tim Miller
• [27:24] “Donald Trump did not go after the deep state. He got co opted by the deep state… These guys are just buying off the president, buying his crypto, giving him a fancy ballroom.” — Tim Miller
• [30:24] “Meet the new boss, same as the old boss, worse than the old boss… now adding on top of that, a more overt type of corruption that past presidents were a little too shy to engage in or the past presidents were too principled to engage in, that past presidents thought went against their oath of office because it did.” — Tim Miller

Timeline of Key Segments

• [02:10] – Introduction to the ballroom controversy and the question of corruption
• [04:15] – Detailed list and breakdown of corporate/foundation donors
• [08:00] – Focus on crypto companies, deregulation, and Trump world enrichment
• [12:00] – Big Tech quid pro quos: Apple, Google, Microsoft/Amazon government contracts
• [16:00] – Palantir, surveillance, and the growth of the security state
• [20:00] – Reflection on Trump’s electoral promises vs. reality
• [25:00] – Lockheed Martin, the military-industrial complex, and MAGA disillusionment
• [29:30] – Closing argument: Trump has become the new, even more corrupt, establishment

Conclusion

Tim Miller’s monologue is a scathing critique of Trump's entanglement with powerful interests and the abandonment of his anti-swamp persona. Using the symbolism and specifics of the White House ballroom project, Miller illustrates how Trump’s presidency has become a vehicle for even more shameless pay-to-play deals than before, to the detriment of his populist base and to the enrichment of the very insiders he once decried.