Filings show Trump beneficiary of trust
Documents are related to president’s hotel in Washington
Before taking office, President Donald Trump promised to put his assets in a trust designed to erect a wall between him and the businesses that made him wealthy.
But newly released documents show Trump is the sole beneficiary of the trust and it is legally controlled by his oldest son and a longtime employee.
The documents, obtained through a public records request by the investigative news service ProPublica and first reported by the New York Times, also show Trump retains the legal power to revoke the trust at any time.
The documents were filed to the alcoholic beverage control board in the District of Columbia to alert the board that oversees liquor licenses at Trump’s Washington hotel of the change in the business.
The documents show Donald Trump Jr., the president’s eldest son, and Allen Weisselberg, the Trump Organization’s chief financial officer, were placed in legal control of the trust Jan. 19, one day before Trump took office.
But they outline that the trust’s purpose is “to hold assets for the exclusive benefit of Donald J. Trump,” who “has the power to revoke the Trust.”
The records provide documentary evidence of what ethics experts have been warning about since before Trump took office.
Trump has promised he will observe a separation between his business and the presidency, but he retains ownership of the business and will personally benefit if the business profits from decisions madem by his government.
Further, the business will be runn by family members who remain the most trusted members of Trump’s inner cir-c cle, raising questions about whether Trump’s promises to limit commu-nication about the business’ fate are realistic.
“What I’m going to be doing is my two sons, who are right here, Don and Eric, are going to be running the company,” Trump had said at a news conference shortly before taking office. “They are going to be running it in a very professional manner. They’re not going to discuss it with me.”
Trump Organization representatives did not respond for comment aboutt the documents Saturday.
The trust also does not dissolve other potential conflicts, including his titlle as executive producer of the NBC competition reality show “Celebrity Apprentice.” He recently made headlines for criticizing the show’s new host, former California Gov. Arnold Schwarzenegger, at the National Prayer Breakfast.
NBC representatives have not said whether Trump will be compensated for that role, or how much. But executive producers are traditionally paid, even when only retaining a passive credit.
The trust document obtained by ProPublica is attached to license filings tied to Trump’s Washington hotel, and it remains unclear whether other Trump businesses are governed under the same trust. The company has declined multiple requests to provide company trust agreements that could provide more clarity.
In recent weeks, corporate filings have documented that the Trump Organization has been removing the president as an officer or director of the more than 400 entities registered around the country associated with the organization.
The Trump Organization also provided a list, signed by Trump on the day before his inauguration, of more than 400 companies from which he had agreed to resign. Other companies have been dissolved in recent months, the company said.
Those resignations provide evidence the president no longer has official management responsibilities in the businesses, as he and his lawyer pledged during a news conference last month.
Still, Trump will continue to profit from their success.