Donald Trump’s unique level of financial incompetence, and his childlike failure to understand what a tariff is, came back to bite him hard today when the U.S. stock market went off a cliff, with the Dow Jones Industrial Average plummeting more than six hundred points. Now Trump is trying to distract everyone from his failure by bragging about a major new financial investment. The trouble: the deal is being led by a guy who just got out of jail.
Trump posted this tweet shortly after the stock market closed: “Great to welcome Chairman Shin from Lotte Group to the WH. They just invested $3.1 BILLION into Louisiana-biggest investment in U.S. EVER from a South Korean company, & thousands more jobs for Americans. Great partners like ROK know the U.S. economy is running stronger than ever!” So who is Chairman Shin?
In early 2018, Shin was convicted as part of the corruption scandal that took down former South Korean President Park Geun Hye. Shin then went to jail, before ultimately being released in late 2018, in favor of a suspended sentence. Now, just six months out of jail, Shin is sitting in the Oval Office, negotiating what is surely a fraudulent investment deal. Trump only likes to do business with his fellow criminals, and this is the latest reminder.
Bill Palmer is the publisher of the political news outlet Palmer Report