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Trump’s Children To Manage His Business Empire

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Trump’s Children To Manage His Business Empire

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Donald Trump's children to take on his business empire

(Reuters) – The Trump Organization said on Friday it was vetting new business structures aimed at transferring management control to three of President-elect Donald Trump’s children and a team of executives.

The Trump Organization said in a statement it was planning to transfer control of the portfolio of businesses to Donald Trump Jr, Ivanka Trump, Eric Trump and other executives.

Earlier on Friday, the three Trump children – the oldest of Trump’s five children – were also named as members of Trump’s Presidential Transition Team Executive Committee.

“This is a top priority at the organization and the structure that is ultimately selected will comply with all applicable rules and regulations,” a spokesperson for the Trump Organization said in a statement.

Federal conflict-of-interest law does not apply to the president, but most White House occupants in the last few decades have voluntarily placed their assets in a blind trust to avoid any suggestion of impropriety.

Experts in government ethics said that giving over control to Trump’s children would do virtually nothing to prevent potential conflicts of interest, since there’s usually no daylight between one’s personal interest and the interest of one’s immediate family members.

“It doesn’t meet any of the standards of a blind trust if the kids are running the company,” said Kenneth Gross, a Washington lawyer who specializes in advising political clients on compliance and ethics.

Gross noted that the official transition team roles that Ivanka Trump, Donald Trump Jr and Eric Trump now have would appear to complicate matters further.

“If they’re going to be involved in government functions – and they’re starting down that road – and running the business, that’s going to make it very difficult to separate the government and business functions and deal with the conflicts of interest,” Gross said.

All three children already have roles in the Trump Organization, according to the company’s website. Ivanka Trump is executive vice president of development and acquisitions, charged with domestic and global expansion of the company’s real estate interests.

Donald Trump Jr is an executive vice president, and works to expand the company’s real estate, retail, commercial, hotel and golf interests nationally and internationally. Eric Trump is executive vice president of development and acquisitions, responsible for new project acquisition, development and construction globally.

Typically, a blind trust involves turning over assets to an independent financial manager with no prior relationship to the owner. In addition, a blind trust derives its name from the idea that the owner would no longer know what assets are sold or bought. For instance, someone with extensive stock holdings would have no way of knowing which companies’ shares he or she still owned in a blind trust.

Trump’s portfolio includes interests in hundreds of limited liability companies, many overseas, as well as numerous real estate properties both domestic and foreign.

Short of selling the entire Trump empire, experts said, he will find it difficult to create a trust sufficiently “blind” to avoid the possibility of any conflicts.

(Reporting by Emily Stephenson, David Lawder and Joseph Ax; Editing by Eric Beech and Leslie Adler)

IMAGE: Donald Trump (R) along with his children Eric (L), Ivanka (2nd L) and Donald Jr. attend a ceremony announcing a new hotel and condominium complex in Vancouver, British Columbia June 19, 2013. REUTERS/Andy Clark 

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7 Comments

  1. Aaron_of_Portsmouth November 12, 2016

    “All in the Family” Trump style. Dad is bequeathing to his offspring the same values of acquisition, financial gain, and a providing them with a firmer grounding in the Establishment.

    “Down With The Establishment—-Long Live The Trump Establishment !”

    Reply
    1. AgLander November 13, 2016

      Aaron, you are a profoundly troubled man.You need to seek an intervention before you break down physically. You are so filled with a seething, unexplainable rage towards our PRESIDENT elect Trump that your very blood is boiling and your health is at risk. Apparently the words you like to quote from some obscure LSD fueled philosopher who is unknown to anyone but you is not having the desired calming effect on you. Seek out that help I recommend…you will later thank me for it!

      Reply
  2. bojimbo26 November 12, 2016

    With any luck they might bankrupt him even more .

    Reply
  3. wansley.dawn November 12, 2016

    It’s been one year since I decided to resign from my previous job and it was a best decision i made in my life… I started freelancing from my house, over a site I found on-line, for a few hrs daily, and I profit now much more than i did on my office job… My last month pay-check was for $9000… Superb thing about it is the more free time i got to spend with my family… http://korta.nu/MDe

    Reply
  4. Jon November 13, 2016

    Trump is the ultimate kleptocrat and serial liar. Anyone who doesn’t think Trump will not use the presidency to enrich himself, his businesses, family, and friends has their head buried in the sand. I am sick of pro-Trump talking heads calling his plan to have his disgusting spawn run his business a blind trust. It doesn’t even resemble a blind trust n any way other than sharing the word trust.

    Reply
  5. Paul Anthony November 13, 2016

    How quickly some forget…Hillary said if she won, she and Bill would remove themselves from the Clinton Foundation…and let her daughter run it.

    Reply
  6. blanche.herrera.92 November 16, 2016

    After 5 yrs I decided to leave my previous work and i couldn’t be happier now… I started to work on-line, for this company I stumbled upon over internet, several hours every day, and my income now is much bigger then it was on my last job… Check i got for last month was for Nine thousand dollars… Superb thing about this gig is the more free time i got for my family… http://chilp.it/8d93f4b

    Reply

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