This should not have happened. Clay should have asked for more clarification about that once they got home, and they should have been able to talk this out, so that Adam would at least A) know that he actually didn't, B) understand the stupid joke that Clay was actually trying to make, and C) fill Clay in on the fact that if Adam, who was there, thought he'd said that, so would the audience. Which would have probably ended this Boardroom a lot sooner, or at least left more room for Trump to completely blow their minds.
But since Clay is still confused about what happened -- and I blame him entirely for not following up with Adam, who I imagine is used to the idea of unthinking anti-Semitic comments, and sensitive to them to a degree that Clay has no reason to understand -- he tries to explain what happened there. He's not a fast thinker, I've said before, and he's not a fast speaker, so it comes out sounding 30% blabbering and 70% excuses, and Adam nails him on it. Even as Clay's trying to untangle the complicated linguistic fuck-ups that got him to this point, Adam just keeps hammering him about how in fact he did say it that way, and thus meant it that way, and he's wrong, but the bottom line is right, and I wish he'd fucking get there already. Although there's a pretty humorous moment where Alla nods very subtly and in a very noncommittal way to this, even though she knows damn well what Clay meant. George asks if those were his exact words, and instead of telling the truth, a simple "No," which is I think what George is after here, Clay digs ever deeper. "I did make a Jewish comment, and I did apologize." It's entirely possible that he still thinks this is the problem. I don't particularly like Clay as a person, but having watched it about a billion times, I've got to give him the benefit of the doubt, at least as far as not actually knowing what he's meant to be defending himself against.
Trump jumps on this faster than Martha on your sugar bun, all, "How do you feel about that, George? You've been called a lot of bad things…" And George -- who I still think has the right idea about where both guys' heads are at here -- simply says that something like that "has no place in the marketplace." Which is correct.
Then Trump turns a corner, and I think this is where he strokes out or has his psychotic break or whatever, because something clearly happens in his head that we can't see, at some point in this Boardroom, and I think this is where it starts.