Trump Finances

Trump is not proposing an actual blind trust, since his children will be running the business

A Trump attorney (Michael Cohen) explained on 11/10/16 that Trump's three adult children will take charge through a "blind trust"*.  However, this arrangement would not qualify as a blind trust. Steve Benen (MSNBC, 11/11/16) writes:

"Trump is apparently adopting the worst of circumstances: his business interests will be managed by his own kids – people with whom he’ll speak regularly, people who can routinely update him on what his enterprise owns, and people who can change the enterprise’s investment portfolio based on instructions from their powerful father who’ll have unique access to international information unavailable to practically anyone else.

Americans have already seen Trump use his campaign to boost his business interests. By adopting a blind trust that isn’t blind, the president-elect is setting the stage for a controversy that’s likely to dog him for as long as he’s in office."

"Politicians using a blind trust hand over their investment portfolios to independent third parties that make trades of stocks and bonds without seeking permission or informing the politician. As a result, the politician doesn’t know what is in the trading account, thus eliminating the danger that financial interests will influence governmental decisions." (Newsweek, 9/20/16)

Trump's business ties and lack of a blind trust will set up major national security conflicts

"Trump’s business conflicts with America’s national security interests cannot be resolved so long as he or any member of his family maintains a financial interest in the Trump Organization during a Trump administration, or even if they leave open the possibility of returning to the company later. The Trump Organization cannot be placed into a blind trust, an arrangement used by many politicians to prevent them from knowing their financial interests; the Trump family is already aware of who their overseas partners are and could easily learn about any new ones.

"... without a permanent departure of the entire Trump family from their company, the prospect of legal bribery by overseas powers seeking to influence American foreign policy, either through existing or future partnerships, will remain a reality throughout a Trump presidency."

("Trump's foreign business ties and issues related to U.S. national security", Newsweek Cover Story, 9/14/16) 

Resources for Further Investigation:

No comments:

Post a Comment