Bad news for government ethics: Trump's son-in-law is running Middle East peace talks while raising billions for his own private equity firm from the same countries.

• Jared Kushner is the Trump administration's peace envoy, negotiating in Switzerland for deals involving Iran, Israel, Saudi Arabia, the UAE, and Qatar.
• At the same time, his firm Affinity Partners is raising money from those same governments, especially Saudi Arabia.
• This breaks his own 2024 promise that he had already raised enough capital and would not seek more for four years.
• It fits a wider pattern of self-dealing: Trump's memecoin, his sons' drone company, and no-bid Pentagon contracts.

Outlook: Expect more scrutiny of Kushner mixing diplomacy with fundraising, but little sign the administration will rein it in.