• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Exclusive

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

Leadership

Donald Trump’s Taxes and Hillary Clinton’s Emails: Legal, But Ugly

Geoff Colvin
By
Geoff Colvin
Geoff Colvin
Senior Editor-at-Large
Down Arrow Button Icon
Geoff Colvin
By
Geoff Colvin
Geoff Colvin
Senior Editor-at-Large
Down Arrow Button Icon
October 4, 2016, 11:23 AM ET
Views Ahead Of The First Presidential Debate At Hofstra University
Andrew Harrer—Bloomberg via Getty Images

For leaders, legal isn’t good enough. The high-decibel debate over Donald Trump’s taxes is just the latest of many examples we’ve seen lately, and they’re all reminders to leaders that staying blamelessly within the law may keep them out of jail but won’t protect them from being disqualified by potential followers. Their standards are almost always higher than the law’s. Consider:

-Media on the left and right see the recent revelation of Trump’s operating loss carry-forward as big trouble for his campaign even though no one alleges it was illegal. Many voters can’t embrace a potential leader who, unlike them, may not have paid income tax for 18 years. It’s true that all that tax-free living resulted from his losing almost $1 billion, but how come such a disastrous loss didn’t prevent him from continuing to live in a Fifth Avenue penthouse and travel in a private jet?

Other apparently legal but unsavory behavior has bedeviled Trump. The Center for Public Integrity, which won a 2014 Pulitzer Prize, yesterday revealed that the Trump Organization did business with Iran’s Bank Melli, which federal authorities have linked to terrorism and Iran’s nuclear program. The Trump Organization has also sold apartments to the government of Saudi Arabia – perfectly legal, but Trump has attacked Hillary Clinton because the Clinton Foundation accepted donations from the Saudi government, which he said should be returned.

-Of course Clinton has her own problems of exactly the same kind. When the FBI decided in July not to make a criminal referral to the Justice Department in connection with her private email server, her campaign’s top talking point seemed to be “not indicted” – a weak claim for an aspiring president. Similarly, it was perfectly legal for her to collect millions of dollars from Wall Street firms for making speeches, but many voters think it smells bad.

Looking further back into her history, one finds a nearly endless trove of incidents with the same traits, legal but ugly. Making nearly $100,000 trading cattle futures, the mysterious disappearance and reappearance in the Clinton White House of law firm billing records in connection with the Whitewater scandal – she was never convicted of or even charged with any wrongdoing. But many voters just don’t like it.

Sign up for daily insights, updates, and opinion on leadership and leaders in the news at the Power Sheet.

Two people with clean legal records are nonetheless the most distrusted and least favorably regarded presidential candidates in the history of opinion polling.

It’s tempting to imagine that we’ve always demanded much more than strict legality from our leaders, but it isn’t so. Instead of “legal isn’t good enough,” there have been times when the opposite view prevailed: Illegal wasn’t bad enough. Starting in the 1920s Texas voters twice elected Miriam Ferguson governor on the explicitly stated basis that she would merely carry out the wishes of her husband, Jim Ferguson, who had been impeached as governor and barred from holding public office. In the 1990s, Edwin Edwards ran for governor of Louisiana on the informal slogan, “Vote for the crook. It’s important.” He won.

Those were the days.

About the Author
Geoff Colvin
By Geoff ColvinSenior Editor-at-Large
LinkedIn iconTwitter icon

Geoff Colvin is a senior editor-at-large at Fortune, covering leadership, globalization, wealth creation, the infotech revolution, and related issues.

See full bioRight Arrow Button Icon

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Leadership

Trump’s leadership model has a succession problem
C-SuiteNext to Lead
Trump’s leadership model has a succession problem
By Ruth UmohMay 18, 2026
31 minutes ago
Inside Trump’s vision of America as a shareholder in U.S. companies: ‘I should have asked for more’
NewslettersCEO Daily
Inside Trump’s vision of America as a shareholder in U.S. companies: ‘I should have asked for more’
By Diane BradyMay 18, 2026
1 hour ago
How a mom-and-pop car wash chain went from sticky notes to AI-powered operations that are upleveling every part of the company
AIAutomation
How a mom-and-pop car wash chain went from sticky notes to AI-powered operations that are upleveling every part of the company
By Sage LazzaroMay 18, 2026
3 hours ago
Outnumbered: At $4 billion ClickUp, a 3:1 agent-to-human ratio is rewiring work itself
AIAI agents
Outnumbered: At $4 billion ClickUp, a 3:1 agent-to-human ratio is rewiring work itself
By Sage LazzaroMay 18, 2026
3 hours ago
Solo founders are using AI to do the work of entire teams—but going it alone has limits
AIEntrepreneurs
Solo founders are using AI to do the work of entire teams—but going it alone has limits
By Beatrice NolanMay 18, 2026
3 hours ago
Donald J. Trump
C-SuiteDonald Trump
EXCLUSIVE: An hour in the Oval Office with the CEO-in-Chief, President Trump
By Alyson ShontellMay 18, 2026
4 hours ago

Most Popular

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
AI
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
By Jake AngeloMay 16, 2026
2 days ago
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
Economy
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
By Jason MaMay 17, 2026
17 hours ago
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
6 days ago
'No one was coming to save me': How Reese Witherspoon built a $900 million company from a problem Hollywood wouldn't fix
Success
'No one was coming to save me': How Reese Witherspoon built a $900 million company from a problem Hollywood wouldn't fix
By Sydney LakeMay 17, 2026
24 hours ago
Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 
Politics
Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 
By Jason MaMay 16, 2026
2 days ago
SpaceX heads into a record-shattering IPO with the 'deepest moat that exists today' as investors vow to 'never bet against Elon'
Innovation
SpaceX heads into a record-shattering IPO with the 'deepest moat that exists today' as investors vow to 'never bet against Elon'
By Jason MaMay 16, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.