{"id":11176,"date":"2017-04-03T16:53:00","date_gmt":"2017-04-04T00:53:00","guid":{"rendered":"http:\/\/associatednews.info\/content\/change-to-president-trumps-trust-lets-him-tap-business-profits\/"},"modified":"2017-04-03T16:53:00","modified_gmt":"2017-04-04T00:53:00","slug":"change-to-president-trumps-trust-lets-him-tap-business-profits","status":"publish","type":"post","link":"https:\/\/associatednews.info\/content\/change-to-president-trumps-trust-lets-him-tap-business-profits\/","title":{"rendered":"Change To President Trump&#039;s Trust Lets Him Tap Business Profits"},"content":{"rendered":"<p><span style=\"font-style:italic;font-size:16px\">By  <a target=\"_blank\" href=\"http:\/\/www.npr.org\/2017\/04\/03\/522511211\/change-to-president-trumps-trust-lets-him-tap-business-profits?utm_medium=RSS&amp;utm_campaign=business\">Peter Overby<\/a><\/span>  <\/p>\n<div class=\"ftpimagefix\" style=\"float:left\"><a target=\"_blank\" rel=\"nofollow\" href=\"http:\/\/www.npr.org\/2017\/04\/03\/522511211\/change-to-president-trumps-trust-lets-him-tap-business-profits?utm_medium=RSS&amp;utm_campaign=business\"><img decoding=\"async\" width=\"150\" src=\"https:\/\/media.npr.org\/assets\/img\/2017\/04\/03\/gettyimages-631483712_wide-4a91c68df89bfec427cec99608c863d5e692ebf8-s1100-c15.jpg\" alt=\"\"><\/a><\/div>\n<div>\n<div>\n<div>\n<div><a target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/media.npr.org\/assets\/img\/2017\/04\/03\/gettyimages-631483712-4013e11a10b8b1b2ed13e94904237235fc8aca21-s1200.jpg\">Enlarge this image<\/a><\/div>\n<\/div>\n<div>\n<div>\n<div>\n<p>\n                At a Jan. 11 news conference at Trump Tower on in New York City, President-elect Trump gestures at a stack of folders that he said contained documentation separating him from his businesses. That revocable trust was modified about a month later to let Trump withdraw from it at any time, ProPublica reports.<\/p>\n<p>                <b><\/p>\n<p>                    Spencer Platt\/Getty Images<\/p>\n<p>                <\/b><b><b>hide caption<\/b><\/b><\/p>\n<\/div>\n<p><b><b>toggle caption<\/b><\/b><\/div>\n<p><span><\/p>\n<p>        Spencer Platt\/Getty Images<\/p>\n<p>    <\/span><\/div>\n<\/div>\n<p>With an oversized check for $78,333, written to the National Park Service, White House press secretary Sean Spicer on Monday took the first step in fulfilling President Trump&#8217;s pledge to give away his presidential salary.<\/p>\n<p>Spicer said that the sum equaled Trump&#8217;s salary for the first quarter of 2017, and that similar charitable contributions will be made each quarter.<\/p>\n<p>But a five-figure check is pocket change compared to the wealth of Trump&#8217;s business empire \u2014 businesses now held by the Donald J. Trump Revocable Trust, and a newly released document opens new holes in the ethics wall between the president and that wealth.<\/p>\n<p>Trump lawyer Sheri Dillon said, at a January press conference, that the revocable trust would prevent conflicts of interest.<\/p>\n<p>&#8220;President Trump wants there to be no doubt in the minds of the American public that he is completely isolating himself from his business interests,&#8221; she said.<\/p>\n<p><!-- END ID=\"RES522530664\" CLASS=\"BUCKETWRAP INTERNALLINK INSETTWOCOLUMN INSET2COL \" --><\/p>\n<p>This afternoon, however, after Spicer brought out the big check, he had to fend off questions as to just how isolated from the Trump empire the president is.<\/p>\n<p>He said he didn&#8217;t know of any changes in the trust since January. &#8220;I&#8217;m not aware there was any change,&#8221; he said. &#8220;Just because a left-wing blog makes the point of something changing doesn&#8217;t mean it actually happened.&#8221;<\/p>\n<p>It wasn&#8217;t a left-wing blog, but rather <a target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/www.propublica.org\/article\/trump-pull-money-his-businesses-whenever-he-wants-without-telling-us?utm_campaign=sprout&amp;utm_medium=social&amp;utm_source=sprout&amp;utm_content=1491221180\">Pro Publica<\/a> \u2014 a nonpartisan, nonprofit investigative journalism outfit \u2014 that first reported the change. A document dated Feb. 17 lets Trump draw out profits and principal from his businesses.<\/p>\n<p>It says the trustees &#8220;shall distribute&#8221; funds to Trump at his request. It also requires them to send him money when appropriate and for &#8220;his maintenance, support or uninsured medical expenses.&#8221;<\/p>\n<aside>\n<div><\/div>\n<\/aside>\n<aside>\n<div><\/div>\n<\/aside>\n<p>Essentially, the president can take money from his businesses whenever he wants.<\/p>\n<p>Spicer dismissed a question of whether Trump already has done so, saying, &#8220;The idea that the president is withdrawing money at some point is exactly the purpose of why the trust \u2014 a trust \u2014 is set up regardless of the individual.&#8221;<\/p>\n<p>But the purpose of presidential trusts has been to avoid conflicts of interest.<\/p>\n<p><!-- END ID=\"RES522531207\" CLASS=\"BUCKETWRAP INTERNALLINK INSETTWOCOLUMN INSET2COL \" --><\/p>\n<p>The new document also sheds new light on how the trust works. It&#8217;s run by two trustees, Donald Trump Jr. and an executive of the Trump Organization, who cannot give the president reports on the trust&#8217;s finances. But Trump&#8217;s second son, Eric, can do that as chair of the trust&#8217;s advisory board, and told Forbes magazine last month that he plans to give his father big-picture financial briefings every quarter or so.<\/p>\n<p>Before Trump, recent presidents sold their assets or put them into a blind trust<br \/>when they took office.<\/p>\n<p>&#8220;This is a ploy, okay?&#8221; said Kathleen Clark, a professor of law and ethics at Washington University in St Louis. &#8220;It&#8217;s a public relations ploy to give people the impression that Trump has done something meaningful about the massive conflicts of interest he faces.&#8221;<\/p>\n<p>Those conflicts center mainly around his hotels and brands overseas, U.S. environmental laws that affect his golf courses, and his Washington, D.C., hotel.<\/p>\n<\/div>\n<div><!-- END ID=\"RES522531215\" CLASS=\"BUCKETWRAP INTERNALLINK INSETTWOCOLUMN INSET2COL \" --><!-- END ID=\"RES522531213\" CLASS=\"BUCKETWRAP INTERNALLINK INSETTWOCOLUMN INSET2COL \" --><!-- END ID=\"RES522531194\" CLASS=\"BUCKETWRAP INTERNALLINK INSETTWOCOLUMN INSET2COL \" --><!-- END ID=\"RES522531211\" CLASS=\"BUCKETWRAP INTERNALLINK INSETTWOCOLUMN INSET2COL \" --><\/div>\n<p><strong><a target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/blockads.fivefilters.org\/\">Let&#8217;s block ads!<\/a><\/strong> <a target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\">(Why?)<\/a><\/p>\n<p>Source:: <a href=\"http:\/\/www.npr.org\/2017\/04\/03\/522511211\/change-to-president-trumps-trust-lets-him-tap-business-profits?utm_medium=RSS&amp;utm_campaign=business\" target=\"_blank\" title=\"Change To President Trump&#039;s Trust Lets Him Tap Business Profits\" rel=\"nofollow\">http:\/\/www.npr.org\/2017\/04\/03\/522511211\/change-to-president-trumps-trust-lets-him-tap-business-profits?utm_medium=RSS&amp;utm_campaign=business<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"ftpimagefix\" style=\"float:left\"><a target=\"_blank\" rel=\"nofollow\" href=\"http:\/\/www.npr.org\/2017\/04\/03\/522511211\/change-to-president-trumps-trust-lets-him-tap-business-profits?utm_medium=RSS&amp;utm_campaign=business\"><img decoding=\"async\" width=\"150\" src=\"https:\/\/media.npr.org\/assets\/img\/2017\/04\/03\/gettyimages-631483712_wide-4a91c68df89bfec427cec99608c863d5e692ebf8-s1100-c15.jpg\" alt=\"\"><\/a><\/div>\n<div>\n<div>\n<div>\n<div><a target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/media.npr.org\/assets\/img\/2017\/04\/03\/gettyimages-631483712-4013e11a10b8b1b2ed13e94904237235fc8aca21-s1200.jpg\">Enlarge this image<\/a><\/div>\n<\/div>\n<div>\n<div>\n<div>\n<p>\n                At a Jan. 11 news conference at Trump Tower on in New York City, President-elect Trump gestures at a stack of folders that he said contained documentation separating him from his businesses. That revocable trust was modified about a month later to let Trump withdraw from it at any time, ProPublica reports.<\/p>\n<p>                <b><\/p>\n<p>                    Spencer Platt\/Getty Images<\/p>\n<p>                <\/b><b><b>hide caption<\/b><\/b><\/p>\n<\/div>\n<p><b><b>toggle caption<\/b><\/b><\/div>\n<p><span><\/p>\n<p>        Spencer Platt\/Getty Images<\/p>\n<p>    <\/span><\/div>\n<\/div>\n<p>With an oversized check for $78,333, written to the National Park Service, White House press secretary Sean Spicer on Monday took the first step in fulfilling President Trump&#8217;s pledge to give away his presidential salary.<\/p>\n<p>Spicer said that the sum equaled Trump&#8217;s salary for the first quarter of 2017, and that similar charitable contributions will be made each quarter.<\/p>\n<p>But a five-figure check is pocket change compared to the wealth of Trump&#8217;s business empire \u2014 businesses now held by the Donald J. Trump Revocable Trust, and a newly released document opens new holes in the ethics wall between the president and that wealth.<\/p>\n<p>Trump lawyer Sheri Dillon said, at a January press conference, that the revocable trust would prevent conflicts of interest.<\/p>\n<p>&#8220;President Trump wants there to be no doubt in the minds of the American public that he is completely isolating himself from his business interests,&#8221; she said.<\/p>\n<p><!-- END ID=\"RES522530664\" CLASS=\"BUCKETWRAP INTERNALLINK INSETTWOCOLUMN INSET2COL \" --><\/p>\n<p>This afternoon, however, after Spicer brought out the big check, he had to fend off questions as to just how isolated from the Trump empire the president is.<\/p>\n<p>He said he didn&#8217;t know of any changes in the trust since January. &#8220;I&#8217;m not aware there was any change,&#8221; he said. &#8220;Just because a left-wing blog makes the point of something changing doesn&#8217;t mean it actually happened.&#8221;<\/p>\n<p>It wasn&#8217;t a left-wing blog, but rather <a target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/www.propublica.org\/article\/trump-pull-money-his-businesses-whenever-he-wants-without-telling-us?utm_campaign=sprout&amp;utm_medium=social&amp;utm_source=sprout&amp;utm_content=1491221180\">Pro Publica<\/a> \u2014 a nonpartisan, nonprofit investigative journalism outfit \u2014 that first reported the change. A document dated Feb. 17 lets Trump draw out profits and principal from his businesses.<\/p>\n<p>It says the trustees &#8220;shall distribute&#8221; funds to Trump at his request. It also requires them to send him money when appropriate and for &#8220;his maintenance, support or uninsured medical expenses.&#8221;<\/p>\n<aside>\n<div><\/div>\n<\/aside>\n<aside>\n<div><\/div>\n<\/aside>\n<p>Essentially, the president can take money from his businesses whenever he wants.<\/p>\n<p>Spicer dismissed a question of whether Trump already has done so, saying, &#8220;The idea that the president is withdrawing money at some point is exactly the purpose of why the trust \u2014 a trust \u2014 is set up regardless of the individual.&#8221;<\/p>\n<p>But the purpose of presidential trusts has been to avoid conflicts of interest.<\/p>\n<p><!-- END ID=\"RES522531207\" CLASS=\"BUCKETWRAP INTERNALLINK INSETTWOCOLUMN INSET2COL \" --><\/p>\n<p>The new document also sheds new light on how the trust works. It&#8217;s run by two trustees, Donald Trump Jr. and an executive of the Trump Organization, who cannot give the president reports on the trust&#8217;s finances. But Trump&#8217;s second son, Eric, can do that as chair of the trust&#8217;s advisory board, and told Forbes magazine last month that he plans to give his father big-picture financial briefings every quarter or so.<\/p>\n<p>Before Trump, recent presidents sold their assets or put them into a blind trust<br \/>when they took office.<\/p>\n<p>&#8220;This is a ploy, okay?&#8221; said Kathleen Clark, a professor of law and ethics at Washington University in St Louis. &#8220;It&#8217;s a public relations ploy to give people the impression that Trump has done something meaningful about the massive conflicts of interest he faces.&#8221;<\/p>\n<p>Those conflicts center mainly around his hotels and brands overseas, U.S. environmental laws that affect his golf courses, and his Washington, D.C., hotel.<\/p>\n<\/div>\n<div><!-- END ID=\"RES522531215\" CLASS=\"BUCKETWRAP INTERNALLINK INSETTWOCOLUMN INSET2COL \" --><!-- END ID=\"RES522531213\" CLASS=\"BUCKETWRAP INTERNALLINK INSETTWOCOLUMN INSET2COL \" --><!-- END ID=\"RES522531194\" CLASS=\"BUCKETWRAP INTERNALLINK INSETTWOCOLUMN INSET2COL \" --><!-- END ID=\"RES522531211\" CLASS=\"BUCKETWRAP INTERNALLINK INSETTWOCOLUMN INSET2COL \" --><\/div>\n<p><strong><a target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/blockads.fivefilters.org\/\">Let&#8217;s block ads!<\/a><\/strong> <a target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\">(Why?)<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-11176","post","type-post","status-publish","format-standard","hentry","category-business-2"],"_links":{"self":[{"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/posts\/11176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/comments?post=11176"}],"version-history":[{"count":0,"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/posts\/11176\/revisions"}],"wp:attachment":[{"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/media?parent=11176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/categories?post=11176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/tags?post=11176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}