Tags: Trump | Personal | Businesses | Conflicts | Interest

Trump's Dilemma: No Simple Way to Get Rid of His Personal Business

Image: Trump's Dilemma: No Simple Way to Get Rid of His Personal Business

(AP)

By    |   Monday, 09 Jan 2017 11:23 AM

As critics continue to call for Donald Trump to divest from his personal business to avoid conflicts of interest, experts insist there is no easy way for the president-elect to escape from his real estate empire, Politico reports.

Despite pleas to sell off his business and put the proceeds into a trust for someone else to manage, the process presents an array of problems — ethical and financial, according to the website.

"He has to make a choice," David Reiss, director of Brooklyn Law's Center for Urban Business Entrepreneurship, is qutoed by Politico. "How much pain is he willing to take?"

Trump is expected to announce a plan to deal with potential conflicts of interest during a press conference on Wednesday. Politico notes Trump's net worth has been estimated at $3.7 billion. But the website says his real property holdings "are tangled in debt, partnership agreements, management contracts, branding deals and tax deferrals."

While some ethics watchdogs are calling for him to sell his company to the public, experts say such a move would be complicated.

"The nature of the business doesn't lend itself to going public," Politico quotes Jan Baran, co-chair of Wiley Rein's election law and government ethics practice.

"Rolling in all the real estate and the royalty contracts and all the other orphans like wineries and steaks, it's a little hard to imagine any public companies that resemble what his business is, because it's such a hodgepodge of things. It would take a while, it would take at least a year."

Liquidating his assets via direct sales would also be problematic. Politico notes that a buyer might pay too much in an attempt to get a favor from the president or pay too little just to make as quick deal.

Turning his business over to his children could trigger a costly gift tax, the website notes.

Meanwhile, NPR says Trump will address what he plans to do about potential conflicts with his business.

"While I am not mandated to do this under the law, I feel it is visually important, as president, to in no way have a conflict of interest with my various businesses," Trump said.

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Politics
As critics continue to call for Donald Trump to divest from his personal business to avoid conflicts of interest, experts insist there is no easy way for the president-elect to escape from his real estate empire, Politico reports.D
Trump, Personal, Businesses, Conflicts, Interest
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2017-23-09
Monday, 09 Jan 2017 11:23 AM
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