For some reason, Stephen Colbert seems to think that the $25 million settlement of a fraud lawsuit by the president-elect of the United States is major news. After all, nobody preparing to assume the highest office in the land has done that before.

And to mark the occasion, The Late Show host delivers a special commencement speech to the thousands of ripped-off students of Trump U. (Football cheer: “Go Grifters!”)

But before the conclusion of this remarkable stand-up, he reviews the weekend’s really important story — that huge Pence-Trump-Hamilton Twitter feud — in a costumed rap performance, rhyming “aspersions” and “gay conversions.”

Not to be missed.