Donald Trump is sometimes euphemistically described as “transactional” when in fact the correct word is “corrupt.” Nowhere is this truer than with his efforts to woo the plutocratic class with veiled threats and something akin to naked solicitations of bribes.

In recent days, Trump has urged Big Oil executives to raise $1 billion for him while dangling specific deregulatory promises he’ll enact if reelected president. He reminded a roomful of top donors that it’s in their interests to cut him large checks, because he will keep their taxes low. As The Washington Post delicately reported, Trump “frequently” makes such solicitations “explicit.” Meanwhile, Trump recently raged that top executives who aren’t backing him now “should be FIRED for incompetence,” an apparent warning to get on the Trump train now—or else.

But there are signs that these tactics are backfiring. While a media narrative has taken hold that corporate elites are rushing to support Trump—while shelving misgivings about his threats of authoritarian rule—the reality is much more complex. His corrupt entreaties appear to be contributing to a sense that a second term would be unsettlingly chaotic and disruptive to the business climate—and this has emerged as a key argument that President Biden’s allies are quietly making to business leaders in urging them not to back Trump.

In an interview, White House Chief of Staff Jeff Zients said that he and other administration officials have been meeting one-on-one with CEOs in what he called an “all hands effort.”

“The most important thing for U.S. economic growth and for progress and good fortune,” Zients told me, in describing the pitch he makes to CEOs, is “to have a stable, predictable environment.” Zients said he argues that “you might not agree with everything that’s done,” but “there’s an opportunity to talk things through, and there aren’t surprises.”

“It’s not chaos,” Zients continued, further summarizing his argument. “That’s quite a contrast from the former administration.” Other officials making this case include Treasury Secretary Janet Yellen, Commerce Secretary Gina........

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