I’ve watched enough Law and Order to know that’s impossible. Someone’s always hitler.
Do you have any analysis on whether that is good/bad or normal/abnormal?
Did anyone ever call Sean Hannity?
Quick take, since I’ve still got a bunch of work to do with US corporate law before I have much else to say - It’s certainly not normal, and doesn’t resolve conflicts of interest in the slightest. The lawyer I was speaking to about this earlier today called it, and I quote, “an attempt to end-around the Emoluments clause”, as he’s not giving up his profits from the company, he’s simply deferring them until such a time that he’s legally able to collect them without risking being removed from office.
Is there any way for him to legally extract himself from Trump Industries without incurring a tax issue? Is it even possible for him to do a blind trust when everyone knows what would be in the blind trust?
Most politicians own stocks and bonds. Such investments are easy to hand over to a blind third party to manage. The politician knows what is in the portfolio in the beginning but there is no guarantee those same investments will be there when they regain control.
In the case of Trump he owns hard tangible asetts. Even if he gives up control (board seat) everyone still knows what the asetts are. If the blind trust divests itself of a tangible asetts, again, everyone will know.
I don’t think Asetts such as Trump owns can work in a blind trust situation.
As for this particular instance, don’t all blind trusts simply defer the profits from the asetts until the blind trust is disolved? Or do they periodically pay out the profits? Asking for clarity sake.
I honestly don’t have much of an answer for you at this time, I’ll have to get back to you on that when I know more.
I’m pretty sure the legal option for Trump to avoid conflicts of interest is to sell off all his company stakes to other investors (and give up operations, of course), and then invest the proceeds in a blind trust. That’s how past Presidents have done it with their holdings, although it is much more difficult for Trump. But any situation where he can trivially get back ownership of his companies destroys the purpose of the trust being blind.
I had a friend once who had a collection of magic cards worth thousands. He decided (good for him) that he wanted out of magic. Just took too much time and money. So logically he decided he wanted to sell off his collection for, more or less the actual value of the cards contained within.
This never happened. Selling off all his cards for their value wasn’t happening. The buyer didn’t exist. People offered left and right to take individual cards and such off his hands. But getting rid of it all wasn’t happening. This guy still plays.
Trump would probably see himself in a similar situation except it’s harder to get rid of buildings and rights. Also agreeing what his assets are worth is a problem that would take longer than the duration of his presidency to solve.
I guess conflicts of interest are just no an impediment to presidency anymore. Business people of the US take note. You want to profit? Run for president and win.
Unsolicited advice from someone who used to regularly buy and trade Magic cards for profit: If he still wants to get out, he should spend the time trading his collection up into cards people are willing to pay sticker for. Cards like Power 9, Imperial Seal, etc.; really, any card that is on the never reprint list that costs $200+ would be a good investment. Also, I hope he didn’t try to sell his collection to a store–they always buy low (50% at best)–so his best bet would be to connect with someone on MTGSalvation or another Magic forum and meet in person at an event or con.
I don’t know the details of how we went about trying to sell. Just the story he told me after the fact. One thing I’m sure of is that he definitely is no longer looking to get out. He gave up on that. I’d relay this info but we haven’t stayed in touch. The bit where I told the story left out the “Many years ago” bit.
The Bowling Green Massacre Victims Fund
I’ve made my displeasure with South Park known before, but I now lost all respect for Parker and Stone after they basically declared that they will essentially back off of satirizing the Trump administration.
I don’t mean to be rude, @hmtksteve, but Google exists. It can answer your questions.
Also, he chose to run for President. He knew or should have known what that would entail. You cannot have your cake and eat it, too. If it takes a tax hit - or any other hit - it was by his own doing. Our national interest is worth more than his money. Seriously, f*** him and anyone concerned for his profits.
Yeah seriously. Who care what the tax implications are? Presidents before him liquidated their assets and put the money in a blind trust. He can do it too.
It’s not that I don’t believe you , but for the sake of discussion can you provide some links / proof?