Docs Show Trump Still Tied To His Business With Assets In A Trust

Republican presidential nominee Donald Trump (C) with son Eric Trump and wife Melania Trump cut the ribbon at the new Trump International Hotel October 26, 2016 in Washington, DC. Photo by Olivier Douliery/Abaca
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Though President Donald Trump signed over his business to a trust led by his eldest son, Donald Trump, Jr., and another Trump Organization employee, documents show that Trump still has close ties to his business.

The documents filed to a board that oversees liquor licenses in Washington, D.C., were obtained by ProPublica and first reported on by the New York Times.

The filing shows that Trump is still the only beneficiary of the trust and that he has the power to revoke the trust.

The Times explains:

While the president says he has walked away from the day-to-day operations of his business, two people close to him are the named trustees and have broad legal authority over his assets: his eldest son, Donald Jr., and Allen H. Weisselberg, the Trump Organization’s chief financial officer. Mr. Trump, who will receive reports on any profit, or loss, on his company as a whole, can revoke their authority at any time.

What’s more, the purpose of the Donald J. Trump Revocable Trust is to hold assets for the “exclusive benefit” of the president. This trust remains under Mr. Trump’s Social Security number, at least as far as federal taxes are concerned.

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Notable Replies

  1. Avatar for drgary drgary says:

    His business assets and the Russian election interference connection are the two things on which he is obviously most vulnerable. Keep the pressure on these prime issues and don’t get too distracted by all the other nonsense like his hair cream causes mental illness.

  2. Avatar for pshah pshah says:

    Though perhaps not technically illegal, every other President has done their best to avoid conflict of interest situations.

    It makes every EO he issues and every bill he signs potentially controversial. For example, getting rid of Dodd-Franks would benefit his businesses now, wouldn’t it? You know, the guy who couldn’t get loans from nearly all banks for being such a welcher.

  3. This revelation about his “blind trust” is… Surprising? “Out of character”? Unexpected?..

    Help me out here.

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