The Risks of Currying Favor with Trump: A Cautionary Tale for Corporate Elites

Business Elites Rush to Align with Trump, but at What Cost?

In the aftermath of Donald Trump’s reelection, America’s business elite have wasted no time in an attempt to curry favor with the President. Tech moguls like Jeff Bezos, Sam Altman, and Marc Benioff have joined the ranks of those seeking to align themselves with Trump’s administration. While such moves may seem politically savvy, they come with significant risks. Corporate leaders must recognize that Trump’s consolidation of power and his history of using executive authority to target adversaries could expose them to unforeseen dangers. By falling in line with Trump, these elites may be putting their businesses and reputations in jeopardy.

The Historical Precedent: Corruption and Personalist Leadership

Research in political science reveals that leaders like Trump, who wield disproportionate power over their parties, often preside over a rise in corruption. Examples from countries such as Hungary under Viktor Orbán and Peru during Alberto Fujimori’s rule illustrate how personalized power can corrupt even democratic systems. When power becomes concentrated in the hands of a single leader, it often benefits the leader, their inner circle, and loyal business elites. Trump’sadministration has already shown signs of this pattern, with the President firing inspectors general and rolling back anti-corruption measures.

Trump’s Expansion of Executive Power: A Recipe for Corruption

Trump’s actions have already set the stage for increased corruption. By dismissing 17 inspectors general without adhering to legal requirements, he has weakened checks on his power. Additionally, his efforts to shield his business ventures and those of his allies from oversight raise ethical concerns. The rollback of anti-corruption measures has further eroded safeguards against abuse of power. These moves suggest that Trump’s administration will operate with little regard for the rule of law, creating an environment ripe for exploitation.

The Elon Musk Factor: A Case Study in Power and Profit

Elon Musk, Trump’s new ally, exemplifies the potential for profit under Trump’s administration. Musk contributed nearly $300 million to Trump’s campaign, and his companies have secured $13 billion in government contracts over the past five years. As head of the Department of Government Efficiency (DOGE), Musk is poised to reap even more benefits. However, this close relationship also brings risks. Should Musk’s interests diverge from Trump’s, even slightly, the consequences could be severe. History shows that falling out of favor with a strongman leader can lead to swift and devastating repercussions.

The Dangers of Proximity to Power: Lessons from Around the World

The dangers of close association with a strongman leader are well-documented. In China, for example, President Xi Jinping has used corruption as a tool to purge rivals, including high-profile business leaders like Jack Ma. Similarly, in Russia, Vladimir Putin has targeted oligarchs who once supported him. These examples highlight the precarious position of business elites who align themselves too closely with powerful leaders. Even in democracies, such as Benin, leaders have used their power to consolidate control and enrich themselves, often turning on their closest allies when they become perceived threats.

A Cautionary Tale: The Perils of Making a Deal with the Devil

For business elites seeking to align themselves with Trump’s administration, the risks are clear. History has shown that the closer one gets to a strongman leader, the greater the danger. Leaders like Trump often view loyalty as the ultimate currency, and even minor disagreements or perceived disloyalty can lead to swift reprisal. The tale of Olivier Boko in Benin serves as a stark reminder of the dangers of becoming too enmeshed in the inner circle of a powerful leader. Boko, once a trusted ally, was sentenced to prison after falling out of favor. For corporate leaders in the United States, the lesson is clear: proximity to power can be both a blessing and a curse.

In conclusion, while currying favor with Trump may seem like a strategic move, it comes with significant risks. The consolidation of power, the rise of corruption, and the historical precedent of leaders turning on their allies all suggest that business elites would do well to proceed with caution. The old adage rings true: a deal with the devil is just that.