If the president or a scraggly someone close to him in the West Wing is soft on white supremacists because he thinks these groups are a vital bloc, this would be the miscalculation of the century. Their adherents couldn’t swing a race for dogcatcher. It is precisely the left’s fantasy of the right that these people constitute a useful electoral base.

None of the departing CEOs likely believe Mr. Trump is a white supremacist or Nazi sympathizer. They just see no upside to being associated with him. Two of those who quit, Merck’s Kenneth Frazier and Intel ’s Brian Krzanich, implicitly cited an unnamed individual’s failure to speak out forcefully enough against racism.