The Framers included this provision in the Constitution to guarantee that private entanglements with foreign states would not blur the loyalties of federal officials, above all the president. Yet that lesson seems lost on Trump, whose continued significant ownership stake in the Trump Organization forges an unbreakable bond between Trump and a global empire that will benefit or suffer in innumerable ways from its dealings with foreign governments. Trump’s actions in office will thus be haunted by the specter (and perhaps reality) of divided interests.

As we have argued, the only adequate solution to this and other conflicts of interest, taken by presidents of both parties for the past four decades, is divestiture into a truly blind trust or the equivalent.

At last week’s unusual press conference, Trump—lawyer in tow—refused to take those steps. Instead, after marveling at his own generosity, Trump finally explained his big plan: keep an ownership stake in the Trump Organization, but resign from management and have his adult sons (joined by an executive) run the business during his presidency.

Trump’s lawyer then elaborated: The Trump Organization will make no new foreign deals while Trump is president; all new domestic deals will be subject to internal ethics review; Trump will not receive regular updates about the business; and the profits that Trump hotels make from foreign governments will ultimately be donated to the U.S. Treasury.

Several hours later, the law firm Morgan Lewis issued a memo entitled “Conflicts of Interest and the President.” In three short pages, this memo outlined why Trump’s plan purportedly complies with the Foreign Emoluments Clause.

First, it’s worth noting a critical concession in the memo. While some commentators have taken the extreme view that the emoluments clause doesn’t apply to the president—a claim that doesn’t withstand scrutiny—Trump’s lawyers did not rely on that position. In fact, they squarely rejected it, stating that the president’s “obligations under the Constitution” include “the obligations created by the … Foreign Emoluments Clause.”

From this promising start, however, the memo goes badly awry. It bases its defense of Trump exclusively on the proposition that the president may engage in arms-length, fair-market-value exchanges with foreign powers—on the theory that the phrase “emolument” covers only “payment or other benefit received as a consequence of discharging the duties of an office.”

There are two specific problems with this defense: First, it utterly fails to account for the many other ways in which Trump will still violate the foreign emoluments clause; and second, it is wrong on its merits.

The first problem alone is fatal. Trump has promised not to enter any new foreign deals, and, at the end of each year, to return “profits” from “hotels and similar businesses” to the U.S. Treasury. But this arrangement leaves open a vast universe of ways in which Trump will, by virtue of his continuing ownership interest, foreseeably benefit (or suffer) personally from how foreign nations interact with the Trump Organization. This is the core evil that the foreign emoluments cause sought to address.