Transition from the Trump
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The Trump Organization is creating an ethics policy that will place some limitations on deals involving foreign entities, but will not completely ban them. This policy is expected to be less restrictive than the one implemented eight years ago.
Written by a team of authors consisting of Eric Lipton, Ben Protess, and David Yaffe
For close to ten years, Eric Lipton and Ben Protess have been reporting on the Trump family business. David Yaffe-Bellany focuses on the cryptocurrency industry.
Next week, Eric Trump will be speaking at a cryptocurrency conference in Abu Dhabi alongside other speakers who are excited about the current success of Bitcoin. His appearance at the event will also serve as a way to show that the Trump Organization is ready to take on new business opportunities.
After Donald J. Trump won the election, his family business is ready to take advantage of his presidency by starting new projects, as reported by the New York Times after looking at financial records and speaking with sources familiar with his finances. It is believed that the Trump Organization plans to implement a less restrictive ethics plan in his second term, which may not hinder its expansion significantly.
With the inauguration nearing, Eric Trump, the second son of Mr. Trump and the unofficial leader of the company, is anticipated to avoid making deals directly with foreign governments. However, he does not intend to keep the pledge the company made eight years ago to refrain from any other foreign deals while his father is in office.
If the guardrail, which was a major part of the Trump Organization’s ethics plan in 2017, was not in place, the company would have the opportunity to make money from various business ventures in countries that are important to American foreign policy. Before Election Day, Eric Trump made real estate deals in Vietnam, Saudi Arabia, and the United Arab Emirates, and he has also expressed interest in starting new hotel projects in Israel and other countries in the Middle East, Latin America, and Asia.
The Trump family is expanding their connections with foreign countries beyond their real estate ventures.
A brand new cryptocurrency platform called World Liberty Financial, which the Trump family had a hand in creating, has recently secured a profitable investment from a Chinese entrepreneur. This deal has the potential to earn the family around $22 million. Additionally, the president-elect’s social media company, which is his main source of wealth, is also accepting investments from foreign entities.
The Trump Organization’s recent expansion has created more conflicts of interest in the company’s new ventures, which will be overseen by federal regulators chosen by the president. In the second term, the Trump Organization will have more freedom to pursue new deals that may pose potential conflicts between the presidency and the business.
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