Welcome, Guest! - or
Easy to remember!  »  VinNews.com

Washington - Lawyer: Trump Separating From Business To Avoid Conflict Concerns

Published on: January 11, 2017 11:37 AM
By: Reuters
Change text size Text Size  
A stack of papers stands on a table before U.S. President-elect Donald Trump arrives to speak during a news conference in the lobby of Trump Tower in Manhattan, New York City, U.S., January 11, 2017. REUTERS/Lucas JacksonA stack of papers stands on a table before U.S. President-elect Donald Trump arrives to speak during a news conference in the lobby of Trump Tower in Manhattan, New York City, U.S., January 11, 2017. REUTERS/Lucas Jackson

Washington - President-elect Donald Trump is separating himself from his far-flung global business empire by transferring all assets into a trust and putting his two sons in charge, a Trump lawyer said on Wednesday.

Along with plans to hire an ethics adviser, Trump is taking the steps to avoid inevitable questions about a potential conflict of interest between his businesses and the office of the presidency, although his lawyer insisted he was not required to take them.

Advertisement:

Republican Trump, who is to be sworn in on Jan. 20, has been under pressure to take these steps before he moves into the White House.

Trump operates a variety of golf resorts and hotels around the world. The lawyer, who spoke to a small group of reporters on condition of anonymity, said all profits generated at Trump’s hotels by foreign governments will be donated to the U.S. Treasury.

Trump is to resign from all positions he holds with Trump Organization entities, and his daughter, Ivanka, is to have no further involvement with management authority in the group.

Ivanka Trump is the wife of Jared Kushner, who Trump has appointed to a senior advisory role in the White House.

The Trump Organization will not enter any new deals while Trump is president, according to the lawyer.

Since Trump sold all his stocks last year, the Trump trust is to hold only liquid assets such as cash and business operating assets, the lawyer said.

Many ethics experts had urged Trump to completely divest or set up a blind trust for his assets. The lawyer said Trump opted against these steps because it was not a realistic possibility.

Trump was aided in setting up the trust by lawyer Fred Fielding, a former White House counsel to Republican presidents Ronald Reagan and George W. Bush.

Interviews are being conducted in the search for an ethics adviser for the trust, the lawyer said.

“The written approval of the ethics adviser will be required for new deals, actions and transactions that could potentially raise ethics or conflict of interests concerns,” the lawyer said.

Trump has terminated all pending business deals to clear the way for becoming president. His access to information about his businesses will be sharply limited, the lawyer said.

The moratorium on new deals does not apply to contracts that are entered into by the Trump Organization and its affiliates in the ordinary course of business.

Remaining debt will stay in place and will be dealt with during the ordinary course of business, the lawyer said.



More of today's headlines

New York - A defiant President-elect Donald Trump on Wednesday adamantly denied reports that Russia had obtained compromising personal and financial information about... Washington - Donald Trump's pick for secretary of state, Exxon Mobil CEO Rex Tillerson, adopted a tough new line on Russia on Wednesday, calling it a "danger" to the...

 

Total5

Read Comments (5)  —  Post Yours »

1

 Jan 11, 2017 at 11:48 AM Anonymous Says:

What a joke. While he won't do any "new" deals, he will know exactly what assets are in his "blind trust" and any increased value in those assets resulting from his actions as President will accrue to him once he leaves office. He will also appoint the "ethics advisor" to review proposed actions. I guess he really believes the American people are really stupid.

2

 Jan 11, 2017 at 11:47 AM TrumpISprez Says:

Why even bother. the liberals will never be happy. I can say them already kvetching about giving it to his sons and not an unrelated third party. Like why not just trust some random stranger to watch over my five billion dollars??

3

 Jan 11, 2017 at 03:18 PM Anonymous Says:

Reply to #2  
TrumpISprez Says:

Why even bother. the liberals will never be happy. I can say them already kvetching about giving it to his sons and not an unrelated third party. Like why not just trust some random stranger to watch over my five billion dollars??

It's called ethical behavior and removing conflicts of interest. But why be concerned about ethics or morals. You're probably on his payroll.

4

 Jan 11, 2017 at 04:09 PM TrumpISprez Says:

Reply to #1  
Anonymous Says:

What a joke. While he won't do any "new" deals, he will know exactly what assets are in his "blind trust" and any increased value in those assets resulting from his actions as President will accrue to him once he leaves office. He will also appoint the "ethics advisor" to review proposed actions. I guess he really believes the American people are really stupid.

So do you suggest he just hand over all his money to complete strangers? Would you? Better yet can I have your money please??

5

 Jan 11, 2017 at 11:16 PM Anonymous Says:

Reply to #4  
TrumpISprez Says:

So do you suggest he just hand over all his money to complete strangers? Would you? Better yet can I have your money please??

its sometimes hard to tell if you Trumpkopfs are really that dumb or are just trolling along . If he did what all his predecessors have done, he would sell the business and put the proceeds in treasury bills.

6

Sign-in to post a comment

Click here to sign-in.

Scroll Up
Advertisements:

Sell your scrap gold and broken jewelry and earn hard cash sell gold today!