The Associated Press called the 2020 presidential election for Joe Biden on Saturday, Nov. 7, 2020, making him the de facto president-elect. For this reason, in this story we examine his decades-long record as a business CEO, which is marked with multiple bankruptcies and failures as well as successes.
We look at how President Trump's substantial portfolio of businesses creates many potential and real conflicts of interest. The Trump National Doral golf resort generated the most revenue of the president's businesses in 2019, posting $77.2 million in sales.
Trump's precise net worth is unknown, but Forbes estimates it to be approximately $2.1 billion. It's important to note that these conflicts of interest are mostly not a problem for Trump legally, as the president and vice president are explicitly exempt from ethics regulations concerning conflicts of interest.The big potential issue is the emoluments' clause, which was written into the U.S. constitution by the nation's founders.
One exception is President Obama, who did not use a blind trust because he held broad and simple investments such as index funds and Treasury notes, which were unlikely to be the subject of conflicts of interest. Because the Trump's assets are largely in highly illiquid real-estate, this would be extremely costly and time-consuming.
The establishment of a blind trust by a U.S. president isn't required by law, but rather a norm with strong precedent. As a result, Trump's annual financial disclosures to the Office of Government Ethics have become the primary avenue to assess what businesses the president owns and how much they are making.
Every year, the president is required file a list of assets, income sources, positions held outside the U.S. government, business transactions, liabilities, and gifts received.But, in some instances, critics say the president has been reluctant to fully comply with these disclosure requests, by delaying filing and going to unusual lengths to avoid providing clear answers to the public. There are a few caveats to keep in mind when assessing the data in the Trump Organization's financial disclosure forms.
This was confirmed when data from Trump's tax returns was released by the New York Times, showing that many of the businesses have been losing money, including some of the largest revenue producers such as the Trump National Doral.As a result, the financial numbers don't show the amount of money that the president actually took home as income. Getting a clear picture of the president's businesses is further complicated by the fact that income and asset values are listed in very wide ranges.
Equally important, since we do not know the expenses of the businesses listed, it is impossible to figure out the president's personal income from his own disclosures. Separately, the Manhattan district attorney appears to be investigating similar claims of inflated asset values.
The president's former lawyer, Michael Cohen, has testified that Trump regularly inflated the value of company assets to get better loan terms. All of these developments cast doubt on the value of unaudited self-reported financial data from the Trump Organization.
First, Forbes has used financial disclosures and a plethora of other information sources to come up with an estimate of the president's net worth. Forbes currently pegs it at around $2.1 billion.This should be regarded as a rough estimate, even though the publication did as thorough a job as possible given the dearth of information.
This is largely due to the damage COVID-19 has done on the hotel and casino industries. This means that as of the president's most recent financial disclosures, which go through the end of 2019, Trump's net worth was closer to $3 billion. The president's businesses generally fall into five categories: hotels, golf courses (or some combination of the two), condos, residential and commercial real-estate rentals, and licensing of Trump's name.
A new major source of information was released when the aforementioned New York Times articles were published. He withdrew the proposal after accusations that this was an attempt to profit from his presidency by raising the sales and profile of the resort through the event.
The name of this business may not be familiar to many people because it's the holding company for the Trump International Hotel in Washington, D.C., which operates in the Old Post Office building, a national landmark. A group of hotel and restaurant owners has sued the president for violating the emoluments' clause, alleging that he is unconstitutionally profiting from his office because his hotel gains business from foreign officials who stay there to curry his favor.
The group says this gives the president's hotel an unfair competitive advantage against their businesses, which is what established their standing (right to sue) in the first place.Partly as a result of lawsuits and public criticism, the Trump Organization planned to sell its lease to the property. It struggled as the Great Recession hit when it opened more than a decade ago, devastating the real estate market.
The Mar-A-Lago Club, “Sea-to-Lake” in Spanish, was originally built in 1927 by Marjorie Merriweather Post after inheriting the Possum Cereal Company in 1914, which later became the General Foods Corp.In 1968, she decided to donate Mar-A-Lago to the U.S. government to serve as a winter White House. When she died in 1973, her foundation attempted to do so, but the government refused due to the high maintenance costs.
The estate was purchased by Trump in 1985 for a reported $8 million, which he now uses both as a winter White House and privately owned hotel. The year 2020 has been challenging for the president's businesses as the COVID-19 pandemic hit the hospitality industry hard.
During his several decades as a real estate executive, there also is a long list of companies that he has sold, dissolved, or which have gone bankrupt. The 60 deals reflected a highly uneven track record of business success: “One-third of them never got off the ground or soon petered out.
His largest casino, Trump Taj Mahal, had already declared bankruptcy in 1991, and gaming regulators found his “fiscal health” “worrisome.” The public offering raised enough money for Trump to avoid personal bankruptcy and allowed him to offload his heavily-indebted casinos to investors.
In April 2017, news that Trump Models would shut down surfaced after an email from the company's president leaked. Some speculate that the decision to shut down was due to the accusations from some foreign-born former models that they had been hired without the necessary work visas.
The for- profit education company offered courses in real estate, asset management, entrepreneurship, and wealth creation. The company was embroiled in an ongoing, high-profile scandal during Trump's presidential campaign, and it continued into his tenure as president.
The Trump Entrepreneur Initiative faced a lawsuit in 2013alleging illegal business practices.The New York state attorney general filed a $40 million civil suit that alleged the corporation made false promises to its students. CNN Politics reported that a New York judge found Trump personally responsible.
The winner of “The Apprentice” season two, Kelly Per dew, served as executive vice president of the organization. Launched in 2007, Trump Steaks was a line of beef products sold exclusively by The Sharper Image and QVC.
*The Washington Post reported Trump ’s bedding comforters are made in the U.S., but the link cited is no longer active. The bedding used in Trump ’s hotels is, according to the Down lite website, “filled and finished in the USA of imported materials,” while the shell is made in China.
Ivanka Trump deals so much with foreign factories to source her clothing, it was even reported that her brand imported 53 metric tons of Chinese goods during her father’s “Buy American Hire American” speech. Trump ’s brand made headlines in June for acknowledging its work with a shoe factory in which two men were arrested while investigating her supply chain, but simply stated the brand had since distanced itself from said factory.
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Shopify explained its blacklisting of Trump associated online stores as necessary they violated its policy prohibiting support for people or organizations 'that threaten or condone violence to further a cause.' Explaining the move a Shopify representative said: “Based on recent events, we have determined that the actions by President Donald J. Trump violate our Acceptable Use Policy, which prohibits promotion or support of organizations, platforms or people that threaten or condone violence to further a cause.
Brands and advertisers have scaled back their marketing initiatives in the wake of the assault on the US Capitol building, as a somber mood grips the nation. Marketers are keen to disassociate themselves as far as possible from the chaos in Washington, unwilling to run the risk of their adverts appearing alongside upsetting news broadcasts.
$$20.6922.99 per bottle Brands have hit the brakes on marketing efforts large and small after a mob incited by President Donald Trump stormed the nation's capital Wednesday to protest his election loss, according to multiple media reports.
Announcements slated for Thursday from at least three major companies have been postponed in reaction to ongoing volatility in Washington, DC, Ad Age reported. More regular activities, including paid social advertising and TV campaigns on news networks, have also been paused by brands, Ad Age, Digital and Business Insider said.
Brands and their agencies partners are better prepared for this moment after weathering the pandemic and mass civil unrest last year, media buyers told Digital. Brands were put through a gauntlet in 2020, with many having to pause or cancel campaigns at the last minute in reaction to the novel coronavirus, protests for racial justice and a deeply acrimonious presidential election.
The new year is so far bringing little reprieve, as a Trump -incited mob storming the Capitol to protest the president's election loss represents a significant test of the fortitude of U.S. democracy and another media minefield for marketers to navigate. Moving quickly to pull consumer-facing campaigns and communications reinforces how brand safety continues to be a top item for companies looking to preserve a positive public image and sidestep controversy.
BSI graduated its inaugural class of Certified Brand Safety Officers last May, with blue-chip marketers, publishers and agencies like Bank of America, Group and Universal among the ranks. “As we learned throughout 2020, overclocking and pausing campaigns during situations, like a democratic crisis, can cause more harm than not,” Ben Potion, chief growth officer at Dumdum, said over email.
A handful of CEOs, including Jamie Simon of JPMorgan Chase and Marc Benioff, condemned the rioting, per The Wall Street Journal. Gap was excoriated on social media for a tweet around the November election that pleaded for red and blue voters to set aside their differences and come together.