NY Times: Trump Is Still Closely Tied To His Business
Records show that Donald Trump is still closely tied to his business, according to a report by the New York Times.
The New York Times reports that while Trump has suggested that he has walked away from day to day operations of his business handing over control to his son Donald jr. and Allen Weisselberg his CFO, however, Trump can rescind that authority at any time – even during his presidency.
The Times went on to say, “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.”
Trump, since the election, has continually asserted that he has no legal obligation to cut ties with his business.
The structure of the trust that Trump has set up, according to the New York Times, is meant merely to give the appearance of Trump distancing himself from his business.
The Times quoted a trust and estates lawyer who examined the documents, “I don’t see how this in the slightest bit avoids a conflict of interest. First, it is revocable at any time, and it is his son and his chief financial officer who are running it.”
According to the trust, “all beneficial ownership in the licensee previously held by Donald J. Trump, personally, now is held derivatively and beneficially by The Donald J. Trump Revocable Trust.”
This is meant to suggest that Donald Trump no longer has a personal tie to his business. But this does essentially nothing to ameliorate the concerns about conflict of interest.
Trump still knows exactly what is in the trust. Trump’s son and long time business associate are charged to make day to day business decisions. Trump still is the direct beneficiary of all the money the business brings in. And Trump can revoke the trust any time, including during his presidency.
And in reference to Trump’s Old Post office lease, the New York Times writes that, “Lawyers who specialize in federal contracts say the trust arrangement simply creates an additional legal step between Mr. Trump and the hotel — meaning he will still profit from it.”
And they quote a Harvard Law Professor as saying “Formally he is no longer the owner, but functionally he still is,” he said.
