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President Trump's Pardons: An Embarrassment of Riches​

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Cato Institute
https://www.cato.org › Cato at Liberty




Feb 11, 2026 — In other words, even putting aside the rioters' collective pardon, Trump is now issuing pardons at eight times the rate Biden did.

For instance, the ordinary vetting procedures of the Office of the Pardon Attorney have often been sidestepped. Formality in pardon deliberation is desirable because it immunizes the president from the appearance of pay-to-play; the absence of such formality makes it plausible that a multitude of recent pardons are transactional. Trump pardoned Paul Walczak (who evaded millions of dollars in taxes) after Walczak’s mother raised millions of dollars for MAGA candidates and paid a million dollars to dine with the president at Mar-a-Lago. Trevor Milton—the securities fraudster mentioned above—donated $1.8 million to Trump’s campaign before a presidential pardon wiped out all $660 million of his restitution obligations. (That is, if nothing else, an impressive ROI.)

Before Trump pardoned Changpeng Zhao—who headed the cryptocurrency exchange Binance while it fostered more than 1.5 million illegal virtual trades as well as prohibited transactions to Al Qaeda, Isis, and Hamas—Zhao had brokered a $2 billion investment in Eric and Donald Trump. Jr.’s cryptocurrency business, World Liberty Financial. (When asked about Zhao in a subsequent 60 Minutes interview, Trump explained, “I have no idea who he is. I was told that he was a victim, just like I was and just like many other people, of a vicious, horrible group of people in the Biden administration.”
 
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