On Monday, Donald Trump dropped his sham lawsuit against the federal government. In exchange, the Justice Department under his control will establish a $1.8 billion fund for “victims of lawfare,” as Acting Attorney General Todd Blanche put it. This will be a slush fund for Trump’s allies—presumably January 6 insurrectionists and others already rewarded with a pardon.

There is a zone of lawlessness around the Oval Office, erected by the Supreme Court when it granted current and former presidents effective immunity from prosecution if their crimes involved “official acts.” Loot the taxpayers, misuse government power for graft, and you’re off the hook.

Last week, the president filed a report with the Office of Government Ethics detailing the stock trades he made this year. It is a novelistic tale of profiteering, recognizable as insider trading in every way except, perhaps, under the law.

Former US Pardon Attorney Liz Oyer offers a useful guide.

It’s epic corruption in plain sight. History shows that after scandal comes reform—often, but not always.

In recent months, as Paramount and Netflix vied to buy Warner Brothers, Trump bought stock in all three companies. Now the Justice Department is considering whether to approve Paramount’s purchase of Warner Brothers.

As CNBC reported, Trump “scooped up shares” in the data firm Palantir. Soon after, he abruptly praised the firm. “Palantir Technologies (PLTR) has proven to have great war fighting capabilities and equipment,” Trump posted, even highlighting its ticker name. “Just ask our enemies!!!” All this while Palantir was winning big federal contracts.

He invested in Oracle while brokering its deal to buy TikTok.

Just this week, he paraded off Air Force One in China, flanked by the CEOs of Nvidia and Boeing. Trump bought millions of dollars of Boeing stock before the trip, which led to the sale of 200 Boeing airplanes to the Chinese government. Among his biggest purchases has been Nvidia stock, which has seen steep increases after the US government cleared 10 Chinese companies to purchase its advanced chips, in a big reversal from earlier national security concerns.

Altogether, Oyer writes, “You’ll find it hard to avoid the conclusion that, to Donald Trump, governing is synonymous with profiteering.”

This president is constrained by the weakest legal rules in history.

Start with that immunity ruling, Trump v. United States. Before that, presidents knew they could be criminally prosecuted if........

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