Constitution bars the president from receiving additional payments beyond his salary from state governments.
That’s because he still owns the businesses in the Trump Organization, including Trump International Hotels Management LLC.Īrticle II of the U.S. While Trump turned over management of the Trump Organization in January to a trust controlled by his two elder sons, he still earns revenue from the SoHo. The White House referred comment to the Trump Organization, the parent conglomerate for Trump’s businesses, which did not respond to repeated calls and emails for comment. No other public pension fund investments in Trump-affiliated businesses have been reported. (Graphic on Trump SoHo payment chain: tmsnrt.rs/2pfkZ40) That payment chain merits closer scrutiny because it could put Trump at risk of falling foul of a little-known constitutional rule prohibiting the flow of money from states to the pockets of a sitting president, five ethics and constitutional law experts interviewed by Reuters said. In return for marketing and managing the hotel-condo, CIM pays Trump International Hotels Management LLC 5.75 percent of the SoHo’s operating revenues annually. The possible problem for Trump lies in the fact that state- and city-run pension funds have invested in the CIM fund and pay it a few million dollars in quarterly fees to manage their investments in its portfolio, which includes the Trump SoHo, according to state investment records. (Read the most recent amendment to the Trump SoHo’s offering plan: tmsnrt.rs/2q3HJH8) The Trump SoHo Hotel and Condominium in Manhattan is an upscale 46-story property owned by a Los Angeles investment group, the CIM Group, through one of its real estate funds. That arrangement could put Trump at risk of violating an obscure constitutional clause, some legal experts say. states have invested millions of dollars in an investment fund that owns a New York hotel and pays one of President Donald Trump’s companies to run it, according to a Reuters review of public records. WASHINGTON (Reuters) - Public pension funds in at least seven U.S.
0 kommentar(er)
