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Trump Trust Revised So He Can Take Profits From His Businesses At Any Time

Trump Trust Revised So He Can Take Profits From His Businesses At Any Time

A newly surfaced detail in the trust agreement Donald Trump established to administer his business holdings shows the extent to which the President remains financially wedded to the Trump Organization months after moving into 1600 Pennsylvania Avenue.

As ProPublica reported Monday, Trump added a clause to his trust agreement on Feb. 10 that allows him to withdraw funds at any time from any of his businesses, which number more than 400, without disclosing it publicly.

“The Trustees shall distribute net income or principal to Donald J. Trump at his request, as the Trustees deem necessary for his maintenance, support of uninsured medical expenses, or as the Trustees otherwise deem appropriate,” the document reads.

Before Trump took office, he promised to cede control of the Trump Organization to his two adult sons, who also pledged to keep the President in the dark about the company’s day-to-day operations. As it turns out, Trump not only may continue to withdraw money from his businesses, but his son Eric Trump also has said he plans to give his father regular financial updates. As ProPublica noted, the revised trust agreement stipulates that trustees “shall not provide any report to Donald J. Trump on the holdings and sources of income of the Trust.”

If Trump’s refusal to release any of his tax returns is any indication, the public is unlikely to learn any details about what profits Trump is taking from his businesses while he is in office.

 

 

 

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ABOUT THE AUTHOR

Allegra Kirkland is a New York-based reporter for Talking Points Memo. She previously worked on The Nation’s web team and as the associate managing editor for AlterNet. Follow her on Twitter @allegrakirkland.

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