George Conway makes the case to charge Trump with 'insider trading'

Two of Donald Trump's foes appeared on MS NOW Monday morning, ripping the president for a new level of corruption.

Speaking to Stephanie Ruhle, Lincoln Project co-founders Reed Galen and George Conway said that prediction markets are no different from betting on sports or other forms of gambling. States regulate the rules for a lot of gambling, including those done on apps.

"It's really not that much different, except there's no productive aspect to it," Conway said.

He also cited a report from last week that Trump's social media site, Truth Social, would offer access to advanced information for those betting on Trump's posts, politics and policy.

Conway said that it's creating the incentive for Trump to make "market-moving statements."

It "is basically a form of insider trading. You're paying for information," he added.

It was reported last week that a teleprompter operator was caught betting in prediction markets on what Trump would say, but he had advance access to the speeches.

Ruhle said she felt bad for him because he's the only one not getting away with it while others affiliated with the administration are likely doing the same. She related it to the Enron scandal, noting that the heads of those financial institutions and companies were never held responsible, while a junior banker was prosecuted.

"But the guy, the literally the lowest guy on the totem pole who is operating the teleprompter, that guy goes down with a presssecretary saying, 'We have aserious code of ethics that wejust must follow in this White House.' Brother, please.

Galen said that there's a reason that societies have been so against gambling and it's because it leads to "societal rot."

"Everybody knows that it leads to bad outcomes, that it takes people who do not have money, that are looking for something, a big win, to change their lives, and they don't get it," he explained.

Meanwhile, he said, "90 percent of all of this money is going to go to the causes or the platforms. That's how it works. You lose 90 percent of the time."

"So, now you have all of this incentive for not only the gamblers or those people who maybe bet on an oil future because they know we're going to launch drones," Galen added.

Ruhle predicted the same thing would happen with Truth Social that happened with the crypto market. The investors in Trump's meme coin "lost their shirts," but the middleman and owners are making the money.

"Truth Social is potentially going to charge people $100,000 a month for this advanced information. So it doesn't even matter what Trump says, whether the market goes up or down, they're getting paid just to put the information out," she said.

Ruhle then joked that Trump finally found a way to win at a casino.

"It's just insidious because it's just all so corrupt. I mean, that is the real issue here is the corruption that we see every day, that people are just becoming inured to, this White House in particular," said Conway.

"We are now seeing an administration use their positions in government to get mind-blowingly rich, and now it's sliding down deeper and deeper and deeper. Lots of other people are jumping in the dirty Reflecting Pool and saying, I want a quick buck. I want my summer vacation," said Ruhle.

Galen joked, "This makes insider-trading on stocks look downright legitimate."