Podcast Summary:

The Al Franken Podcast
Episode: David Kirkpatrick on Trump’s Immense and Shameless Profiteering
Date: November 30, 2025
Host: Al Franken | Guest: David Kirkpatrick, The New Yorker

Episode Overview

This episode features journalist David Kirkpatrick, who discusses his in-depth New Yorker article chronicling how Donald Trump and his family have amassed staggering wealth—over $3.4 billion—using the White House as a launchpad for personal profit. The discussion dives into the mechanics of Trump family profiteering, exploring old and new revenue streams: from classic branding deals to questionable crypto ventures, the monetization of legal defense, and the possible intertwining of private payments with public favors. Al Franken and Kirkpatrick also probe the unique scale of the Trumps’ enrichment and the ever-blurring lines between personal gain and presidential power.

Key Discussion Points and Insights

1. Marjorie Taylor Greene and the State of the GOP

• [02:01–03:13] Brief opening commentary on Marjorie Taylor Greene’s resignation from Congress and speculation on her media ambitions and potential presidential run.
  • “I think Marjorie Taylor Greene wants to be president.” (Peter, 02:15)
  • Tone set: “We’re living in scary times, Al.” (Peter, 03:13)
• Transition to the main topic: Trump's profiteering off the presidency.

2. The Scale and Structure of Trump Family Profiteering

• [05:52–06:43] Kirkpatrick reveals his original 2024 reporting placed Trump family profits at $4.3 billion, since increased by over a billion.
  • “I think it’s gone up by more than a billion since then.” (Kirkpatrick, 06:40)
• Comparative Historical Context
  • Other presidents (LBJ, Harding) had private business interests, but “Nothing on the scale” of Trump. (06:54)
• Trump’s Broken Promises
  • Trump originally “promised” he would not profit and would abstain from foreign deals (07:46, Kirkpatrick), but reality is starkly different.

3. Early Profit Streams: Mar-a-Lago, Legal Fees, Online Stores

• Mar-a-Lago:
  • Trump’s club became a hub for access, earning “tens of millions.” (09:04–09:29)
• Campaign Contributions Used for Legal Fees:
  • $100 million in donations used for personal legal costs, funneled through PACs (10:09–11:32).
  • Kirkpatrick: “That is money he would have had to spend out of his own pocket otherwise.” (11:26)
• Personal Merchandise Store:
  • Sales (Bibles, “campaign” merch) went directly to the Trump family, not campaign accounts. “That goes into his own pocket.” (11:43–12:19)
  • Estimated $27 million via the store pre-2024.

4. Post-2020: The Licensing Blitz and Gulf State Deals

• [13:35–15:08]
  • Trump Org pivots powerfully to Middle East licensing: hotels, golf courses, condos (Riyadh, Jeddah, Dubai, Doha).
  • Gulf potentates explicitly see Trump deals as a “safeguard” (15:13), learning from past diplomatic snubs.
• Qatar’s Comeback:
  • “The Qataris have really, they’ve stepped up in big ways.” (15:35, Kirkpatrick)
  • Trump receives a $400 million jet (actual gain: $150 million), ostensibly for his library, but “not much market for a hyper gilded jet.” (16:22–16:41)

5. International Deals & Influence Peddling

• Trump Hotel in Hanoi
  • Largest Trump-branded property globally (1.5B, 54-hole golf), emerged amid crucial US–Vietnam trade talks (19:34–20:32).
• Corporate “Squeeze Play”: Suing Disney/ABC, Meta, CBS
  • Lawsuits against major outlets, leveraging regulatory power for multimillion-dollar settlements (21:24–22:41).
  • “It’s not really a fair fight. Right. When he controls the regulatory landscape.” (21:46, Kirkpatrick)
• Media and Tech Settlements
  • Meta (Facebook): $22 million for library funds; Amazon: $40 million for Melania Trump documentary (23:18–24:11).

6. Truth Social and Underwhelming but Lucrative Ventures

• Truth Social:
  • Kirkpatrick conservatively values Trump’s stake at $25 million, noting “if he were to sell those shares, the value would collapse.” (24:35–25:11)

7. Crypto Boom: NFTs to Meme Coins to Sovereign Deals

• [25:18–32:34]

  • Kirkpatrick demystifies “crypto” as essentially “just marks on a digital ledger”—used for speculation and, often, money laundering and fraud (27:00–28:56).
  • Trump’s crypto ventures include NFTs (Superman, electric guitar images), meme coins, and the company World Liberty Financial.
    • “The Trump business model… just selling the right to say that you’ve paid him money.” (26:43, Kirkpatrick)
  • World Liberty Financial: Crypto "tokens" sold based on a vague promise for governance votes; 75% of proceeds go to Trumps.
    • “There is some sensitive technology involved, and some people… worry that technology shared with the UAE could get shared with China.” (30:08)

• Suspect Quid Pro Quo:

  • UAE buys $2 billion in crypto tokens; White House allows advanced tech transfer for a massive AI data center. (30:27–32:11)
  • Net Trump family gain: $243 million for that arrangement.
    • “That’s the profit I calculate they’re going to make… on that $2 billion.” (32:20)

8. Bitcoin, Company Tie-Ins, and Strategic Pardons

• American Bitcoin
  • Initially thought Trumps made $13 million, but post-IPO could be hundreds of millions (35:03–35:42).
  • Virtually no actual business input – “Their contribution appears to [be] the value of attaching their name.” (35:42)
• Trump Media & Crypto.com:
  • Partnership with controversial crypto exchange; coinciding with SEC dropping of investigations post-donation (36:18–37:25).
  • Trump Media pivots to an ETF model and accumulates over $2 billion of Bitcoin—“a bitcoin stockpile with a small social media platform on the side.” (38:26)

9. Changpeng Zhao (CZ), Binance, and the Power of Pardon

• [39:07–41:34]
  • CZ, founder of Binance, convicted of money laundering, remains financially “in control” of Trump’s $2 billion crypto pot, holding power until Trump pardons him.
  • “With him in that position of power over the Trump finances, it looks like Trump has decided to pardon him.” (40:43)

10. Selling (Literally) Nothing: The “Trump Meme Coin” and Fan Monetization

• [45:32–47:53]
  • The “$TRUMP” meme coin is the apex of selling the brand—token is “just a chance to say, I own a Trump coin… a novelty, right?” (46:08, Kirkpatrick)
  • Al observes: “How do you make money? Just for the privilege.” (46:38) Kirkpatrick confirms: “Just for the privilege.”
  • Trump juices the value by promising exclusive dinners for top holders, setting off mini bidding wars.
• Ethical Quandary:
  • Kirkpatrick acknowledges: “If people want to buy Trump meme coins… go with God. But when you see the eagerness... to sell less and less for more and more, it does sharpen those questions about when… private payments… win you official favor.” (47:58)
  • “The beneficiaries are the Trumps.” (47:58)

11. Running Tally & Unanswered Questions

• Running Total:
  • $3.4 billion in Trump presidency profits—a conservative estimate (50:51).
  • The real danger: private payments potentially buying public favors. “The speed of it, the rapidity raises some questions.” (51:11)
  • On oligarchy: Kirkpatrick argues the US is not Russia, but acknowledges, “Feels a little hinky is probably correct.” (55:25–55:42)

Notable Quotes

• On the unprecedented scale of profiteering:

  • “Nothing on the scale. Yeah, yeah, the scale is different.” — David Kirkpatrick (06:54)

• On using campaign funds for legal fees:

  • “That is money he would have had to spend out of his own pocket otherwise.” — David Kirkpatrick (11:26)

• On the essence of new Trump business models:

  • “He’s gone from actually building buildings towards less and less, towards just licensing his name, towards finally… selling the right to say that you’ve paid him money.” — David Kirkpatrick (26:43)

• On the implicit offer in Gulf deals:

  • “Doing business with Trump is a safeguard to the Gulf potentates.” — David Kirkpatrick (15:13)

• On meme coins and NFTs:

  • “It’s just a digital notion… It’s like a Trump baseball hat, except it doesn’t keep the sun out of your eyes.” — David Kirkpatrick (26:36; 46:19)

• On personal enrichment vs. campaign access:

  • “Where he’s really an innovator is his personal enrichment. That’s where he’s really breaking new ground.” — David Kirkpatrick (53:48)

Segment Timestamps

• [02:01] Marjorie Taylor Greene speculation and GOP tone
• [05:52] Introduction to the scale of Trump profiteering
• [09:04] Mar-a-Lago and access selling
• [10:09] Campaign donations converted to legal fees
• [13:35] Middle East licensing blitz begins
• [16:22] $400M Qatar jet gifted
• [19:34] Trump Hotel Hanoi and transactional diplomacy
• [21:24] Suing the media for leverage
• [23:18] Tech/media settlements (Meta, Amazon, etc.)
• [24:35] Truth Social’s dubious valuation
• [25:18] Explaining the Trump crypto boom (NFTs, tokens)
• [28:56] Crypto’s role: speculation, money laundering, and Trump’s “competitive advantage”
• [30:27] UAE token purchase and AI data center deal
• [35:03] American Bitcoin windfall, crypto.com and Trump’s media company
• [39:07] Changpeng Zhao’s role and anticipated pardon
• [45:32] Trump meme coin, dinner incentive, and monetization of his own fandom
• [50:51] Running total: $3.4 billion; favor quid pro quo questions
• [54:51] Is this an oligarchy? Kirkpatrick’s answer
• [55:25] “Feels a little hinky but it doesn’t amount to a provable quid pro quo…”

Tone & Language

The tone throughout is incredulous, analytical, and at times, darkly humorous. Franken and Kirkpatrick blend outrage and satire with careful sourcing, aiming to be fair but direct:

• “Well, these people seem desperate for money, for some reason.” — Al Franken (56:11)
• "We're living in scary times, Al." — Guest panelist (03:13)
• “Thank you, and we’ll keep an eye on this mounting, mounting number.” — Al Franken (56:35)

Conclusion

The episode is a sweeping, evidence-backed tour through the myriad ways Donald Trump and his family have systematically leveraged the presidency into unprecedented personal enrichment, pushing the boundaries of political, ethical, and financial propriety with every new scheme. Kirkpatrick’s reporting lays bare not just the mechanics, but the incentives and loopholes underpinning Trumpworld’s money machine—leaving listeners to ponder what it all means for democracy and the American presidency.