Contact Your Financial Adviser Money Making MC
23
January 2017
 |
| Trump (The Total Investment & Insurance Solutions |
At a news conference last
week, now-President Donald Trump said he and his daughter, Ivanka, had signed
paperwork relinquishing control of all Trump-branded companies. Next to him
were stacks of papers in manila envelopes — documents he said transferred
"complete and total control" of his businesses to his two sons and
another longtime employee. The Total
Investment & Insurance Solutions
Sheri Dillon, the Trump attorney who
presented the plan, said that Trump "has relinquished leadership and
management of the Trump Organization." Everything would be placed in a
family trust by Jan. 20, she said. The
Total Investment & Insurance Solutions
That hasn't happened.
To transfer ownership of his biggest
companies, Trump has to file a long list of documents in Florida, Delaware and
New York. We asked officials in each of those states whether they have received
the paperwork. As of 3:15 p.m. today, the officials said they have not.
Trump and his associates "are not doing
what they said they would do," said Richard Painter, the chief ethics
lawyer for President George W. Bush. "And even that was completely
inadequate."
ProPublica's questions to the transition team
were referred to an outside public relations firm, Hiltzik Strategies, which
declined to comment. The president's team did not allow reporters to view documents, which
they said were legal records separating Trump from his eponymous business
empire. Dillon's law firm, Morgan Lewis, has not released the records and they
declined further comment, saying it doesn't comment on client issues.
ProPublica looked at more than a dozen of
Trump's largest companies, which are registered or incorporated in three
states. Officials in New York and Delaware said documents are logged as soon as
they are received. In Florida, officials told us there is typically a day or
two before documents are logged into the system. The Total Investment & Insurance Solutions
Here is what we found:
·
Business filings for Trump Organization LLC, Trump's
primary holding company, had not been changed, according to New York's
Department of State. Wollman Rink Operations LLC, which runs the Wollman
Rink in Central Park through an agreement with New York City, hasn't been
updated either. Trump is listed as the sole authorized representative of
the company.
·
Ivanka Trump is still listed as the authorized officer on
records for two entities related to the Old Post Office
in Washington, D.C., which the Trump family bought and turned into a
hotel. No changes have been filed for either of the companies, which are
registered in Delaware.
·
Documents on The Donald J. Trump Foundation, which Trump has said
he would dissolve, haven't been updated. The charitable foundation has been in
a swirl of controversy over its
collection and disbursement of funds and an active investigation by
New York's attorney general. (The foundation cannot legally dissolve until the
investigation is complete, but the New York Attorney General's office told
ProPublica that Trump can resign as an officer at any time.)
·
In Delaware, where the majority of Trump's businesses are
registered, state officials told ProPublica that no amendments have been filed
for four businesses tied to the Old Post Office and that the most recent
filings for two businesses related to the Trump National Golf Club in
Washington, D.C., were made more than a year ago.
·
In Florida, no changes have been made for years to three
key Trump businesses operating there: the Trump International Golf Club in Palm Beach, the Mar-A-Lago Club,
and DJT Holdings,
which has controlling interest in most of Trump's golf courses in the U.S. and
abroad, according to the state's Division of Corporations. The Total Investment & Insurance
Solutions
Even if Trump hands over his companies to a
new trust, the plan fails to solve many of his bigger business conflicts,
experts say. Terms of the trust that would insulate the president from the
Trump Organization haven't been made public. Trump's decision not to divest his
assets has also been heavily criticized by several former White House attorneys
and ethics chiefs.
"What are the terms of the trust? Who is
going to be the ethics monitor and what standards will he or she abide
by?" said Norman Eisen, who served as the White House chief ethics lawyer
under President Obama. "There are 1,000 unanswered questions."
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