Ask historians or laymen to name the most blatantly corrupt pardon over the first 230 years or so of American presidenting, and most will likely arrive at the same answer: Marc Rich.
Rich, a multiple-passport-holding, proudly amoral oil trader who specialized in sanctions-circumventing commerce with the likes of Nicolae Ceaușescu and Ayatollah Ruhollah Khomeini, fled to Switzerland in 1983 rather than face a potential life sentence and $1.6 million in fines on 65 counts of wire fraud, trading with the enemy, and tax evasion. (It was the biggest tax evasion case to date in U.S. history, at $48 million—around $150 million today.) Yet Bill Clinton, in the final minutes of his presidency, gifted Rich a midnight pardon.
All normal pardon protocols had been circumvented. The Justice Department was blindsided, and the longtime fugitive—a veteran of the FBI's Most Wanted List—had never expressed the customary remorse. Reporting soon revealed that Rich's ex-wife, the songwriter Denise Rich, had donated $1.1 million (roughly $2.3 million in 2026 dollars) to Democratic causes during the Clinton presidency, including (in nominal dollars) $450,000 to the Clinton Library, $120,000 for Hillary Clinton's Senate race, and $25,000 to Al Gore's Florida recount effort. "Not just a large donor," Sen. Russell Feingold (D–Wisc.) noted at the time, but "a huge donor."
Rich's last-ditch clemency drew widespread bipartisan condemnation. "Disgraceful," judged former President Jimmy Carter. Added New York Mayor Rudy Giuliani: "The fact that Bill Clinton and Eric Holder engineered a pardon for him—without input from me, as the U.S. Attorney who prosecuted him, or Janet Reno, as Attorney General, will forever be a blemish on our justice system."
You have likely never heard the name Trevor Milton, yet in a couple of key respects his 2025 pardon by President Donald Trump was worse. The founding CEO of the electric vehicle manufacturer Nikola Corporation, Milton in 2022 was convicted on three counts of investor fraud that could have brought him four years in prison and a staggering $676 million worth of mandated restitution to shareholders. Among his more notorious stunts was a 2018 promotional video of a supposedly functional prototype Nikola truck that was not in fact operational but had instead been rolled down a desert hill. Milton, represented in court by the brother of then–Attorney General Pam Bondi, was still awaiting final sentencing when he got the call from Trump announcing an unconditional pardon, no restitution (or remorse) required. When asked about the clemency, the president said: "They say the thing that he did wrong was he was one of the first people that supported a gentleman named Donald Trump for president….He supported Trump. He liked Trump." Milton and his wife, The Wall Street Journal reported, had donated "at least $3.2 million to Trump's 2024 election and to political groups and people in Trump's orbit." The couple had not previously demonstrated a financial interest in politics.
Milton's family paid more in political donations than Rich's. He had exponentially more in fines and restitutions taken off the table, and he has spent his post-clemency life not in humiliated exile but in lavish Washington excess, hobnobbing with the president and Cabinet members at investment conferences and black-tie events to gin up interest in his latest schemes. Such is the rule, not the exception: When it comes to plausibly pay-for-play pardons, Trump in his second term makes Bill Clinton and every other president look like pikers.
Paul Walczak, a nursing home executive who'd pled guilty to spending his employees' federal tax withholdings on such baubles as a $2 million yacht, was in May 2025 on the verge of commencing an 18-month sentence and paying $4.4 million in fines when Trump issued his get-out-of-jail-free card. On his pardon application, Walczak made the explicit pitch that his mother, Elizabeth Fago, had raised millions of dollars for Trump and the GOP in 2024 campaigns, and additionally assisted the president by publicizing embarrassing revelations from the diary of President Joe Biden's daughter Ashley. Less than three weeks before the pardon, Fago accepted an invitation to attend a million-dollar-per-head fundraiser at Mar-a-Lago, crowned by a one-on-one with the president.
Trump's second-term pardons and sentence commutations have wiped away more than $2 billion in fines and restitutions. The Wall Street Journal reported in December 2025 that the president's forgiveness spree "has spawned a pardon-shopping industry where lobbyists say their going rate is $1 million." The Atlantic in June 2026 set the updated price at $2 million. Whereas Bill Clinton conceded within 15 months that the Marc Rich clemency had been a mistake (even while hotly denying that political donations had anything to do with it; he claims to have been persuaded by testimony from high-profile Israelis such as Ehud Barak), the always-unapologetic Trump barely feigns interest in the process, even while his family and Cabinet members forge business deals with the ex-cons and their companies.
Queried by 60 Minutes in October 2025 as to why he had just pardoned Changpeng Zhao—the founder of the cryptocurrency exchange Binance, who had already served four months in prison and had his company pay $4.3 billion for money laundering—Trump said: "I have no idea who he is." The president might have asked his son Don Jr., who had recently introduced his dad to Zhao's pardon lobbyist and in the preceding months had contracted Binance to exclusively host and build the blockchain technology for the Trump family crypto trading platform World Liberty Financial. (That company's stablecoin, USD1, was used in May 2025 as the currency for a $2 billion investment into Binance by the United Arab Emirates company MGX, a transaction that, according to The Wall Street Journal, "rocketed USD1 up the rankings of largest stablecoins," thereby "pushing its market capitalization up from $127 million to over $2.1 billion.") When asked about the controversial clemency, White House press secretary Karoline Leavitt issued a one-size-fits-all denial: "Neither the president nor his family have ever engaged, or will ever engage, in conflicts of interest."
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