Donald Trump went for the jugular on Tuesday when he zeroed on the corruption of the Clinton Family Foundation in a speech given in New York. The Clinton Cash scandal broken open by Peter Schweizer’s book of that name and was broadened by strong reporting by the New York Times, the Washington Post and the Wall Street Journal. Hillary Clinton responded to Trump’s broadside with self-righteous and self-serving paeans to the good work supposedly done by her family business and dismissing the criticisms as just one more example of the presumptive Republican presidential nominee saying something false and outrageous. But the reporting done by the liberal mainstream media on the subject gives the lie to her protestations and the efforts by Democratic partisans to dismiss the subject.

Of particular interest in Trump’s litany of Clinton’s faults was his discussion of the Iran nuclear deal and the subsequent announcement that the Boeing Company has now struck its own pact with the Islamist regime to provide civilian aircraft and services. Trump claimed the nuclear agreement with Iran was a scam, a betrayal of American and Western interests in order to facilitate business deals to benefit donors to the Clinton foundation.

Is he right?

In answering that question we need first to acknowledge that the Iran deal is every bit as “disastrous” as Trump claims it to be—and that the conflicts of interest between the Clinton foundation and State Department business during Hillary’s four-year reign at Foggy Bottom were many and troubling. But as with a lot of things Trump says, his critique of Clinton and Boeing is as much wrong as it is right.

I don’t doubt that, like other companies, individuals, and states that acted in a similar fashion, the Boeing Company gave millions to the Clintons in hopes that she would advance their interests at both the State Department and in the event she later became president. But to say that the Iran Deal was a business-oriented scam gives Clinton too much credit and President Obama too little.

Rapprochement with Iran was a presidential priority from the president’s first moment in office and there’s little doubt it was his ambition for a new détente with Tehran that propelled the negotiations. While Clinton bears some responsibility for everything that happened during her four years at State, she was clearly a bystander to the Iran talks. Moreover, there was no real progress with Iran until John Kerry replaced her. It was his messianic push for diplomacy with Iran that made the deal possible. For all of her failures in office, it’s arguable it would never have happened had she stayed for Obama’s second term.

Boeing’s influence was certainly present in the deal because it contained a special clause enabling U.S. companies to sell Iran civilian aircraft. But getting new aircraft was an Iranian priority too. To connect the dots between Boeing’s gifts to the Clintons and the deal Obama and Kerry championed is to miss the mark. No one had to bribe Obama or Kerry to get them to conclude a deal that appeases Iran and weakens America’s Arab allies in the region as well as Israel.

That’s the problem with Trump. Liberal commentators brought up the fact that the last time he spoke about the Iran deal, he foolishly complained that none of the money being given Tehran was being spent in the United States. In fact, Boeing was already conducting talks with Iran. Had Trump known anything about the subject, let alone claiming to be the greatest expert about it as he comically claimed in his AIPAC speech in March, he would have known that. He would have also known that allowing U.S. companies to do business with entities controlled by the Iranian Revolutionary Guard Corps only helps the cause of international terrorism. He’s since corrected that ignorance. He is right to denounce the Boeing deal.

But here again Trump is the wrong messenger. What Clinton has done is bad enough without his exaggerations, which give her room to claim she is innocent of wrongdoing. Republicans need to highlight the venality and corruption that is integral to the Clinton’s modus operandi. But when that charge comes from the owner of Trump University, it loses a lot of its sting. The Clinton Cash scandal ought to be disqualifying for any presidential candidate, as is support of the Iran deal. But coming from Donald Trump a lot that is important gets lost in the translation.