Thanks Mtn. That's what it sounded like to me. For a very rich person with very tangible holdings, running for president seems like such a dumb idea.

It's not dumb if you can get away with becoming President without revealing your sources of income :( Perfect scenario for an opportunist.

d_gw, yes, if your assets aren't big skyscrapers with your name all over them.

I wondered about this as well.

In a 2015 guidance update, the Securities and Exchange Commission (SEC) specifies that a blind trust is an arrangement in which a “trustee” manages funds for the benefit of someone “who has no knowledge of the specific management actions taken by the trustee and no right to intervene in the trustee’s management.” But while the person detaching him or herself from the entity is barred from even “suggesting purchases or sales of investments,” the SEC says that “discussions in which a trustee simply summarizes, describes or explains account activity” to someone in Trump’s position, “without receiving directions or suggestions from the access person,” such talks don’t constitute any interference.

In other words, Eric, Ivanka and Donald Jr. could provide their father with updates on the goings-on of Trump Organization, as long as the president-elect gives no directive feedback.

There is no federal law barring federal officials like the incoming president from maintaining corporate entities with potential conflicts of interest while in office, according to a report from the Congressional Research Service. The blind trust mechanism is more of a suggestion, the CRS report says, in the form of “one of several methods of conflict of interest avoidance under federal law and regulation.”

*See the rest here...

http://www.ibtimes.com/what-blind-trust-president-elect-donald-trump-plans-leave-company-his-three-adult-2446550

This is the part in question.

Title 5, Section 3110 of the U.S. Code states that public officials “may not appoint, employ, promote, advance, or advocate for appointment, employment, promotion, or advancement ” a family member. Trump’s two sons, his daughter and his son-in-law have all been listed as members of his transition team.

This is from a recent Forbes article about the issue:

"The wealthiest Commander-in-Chief in American history will be exempt from conflict of interest statutes and most prohibitions against gifts (as are all U.S. presidents and vice presidents), so nothing stops Trump from maintaining the status quo and running his business from the White House. "

Why Trump won't use a blind trust

So it's pretty clear he'll be basing all decisions on how they will affect his business. I don't see him putting the country above his business.

I do. I might like some and dislike some of his decisions but I do believe he will put every ounce of himself into his new job of running this country.

It won't be long before some will say he (only Trump) shouldn't be allowed to author a book or build a library, and establish a foundation.....

Altho T himself has been confused about this in a debate, it is not blind if you know what is in it. To be blind, his assets would all need to be liquidated. Then an asset manager would choose all new investments for him. He could specify broad things like the asset mix and other parameters (eg 60/30/10 equities bonds and cash, whether to use derivatives, other currencies etc).

For T in particular, creating a blind trust is a burden. He (apparently, we have no full reporting) owns assets that are costly and difficult to sell, and hard to replace in kind. At the level of President, they are exempt from the requirement to establish a blind trust, but if you do anything that looks like you are trying to profit from "serving" your country while in office, you can be impeached.

I think we can all understand why it was set up that way. It has to be. Do you want Melania to be selling perfume on QVC? Or, at the holidays, the tree to be decked in Ivanka ornaments? How about all foreign dignitaries have to stay in his hotels? Ahh, yes that is our man of the people! Our voice to champion the unemployed and underemployed masses. Already, a lot of his campaign "expenses" were repaying himself for office space and use of his place to go to rallies (which actually is fine in my book, but many people do not realize he did this).

I think he should not create a blind trust, but he is going to have a lot of headaches making sure there is no appearance of profiteering.

By the way, I don't think President Obama used a blind trust. He only had things like a home, 529s, 401ks, and mutual funds. So it is not like he was directing investment decisions and thus had a conflict. Even I, as a fiduciary, have to report anything I buy or sell that is not in a blind trust.

I wonder if we will ever see his income tax returns? Wouldn't that help with transparency?

IIRC he does have to disclose his earnings and holdings each yr., but not a tax return.

Right, it is not required that presidents reveal their personal tax returns, though many do for transparency. (Does anyone else recall the giggle over an item in Bill Clinton's charitable giving, donated IIRC to Goodwill: underwear?)

This is frightening. And to think that his children and son-in-law (managing the blind trust-ha!) are applying for top security clearance! What has happened to this country?

Trump has been embroiled in so many lawsuits and there are 70 odd currently pending. He stiffed contractors, lied about his ties to Russia, defrauded people through Trump U....just to name a few. He has demonstrated that he is untrustworthy. We can't believe or trust anything he says or does. Business is his thing and it's clear he's going to stay involved and be telling the kids what to do. And he's greedy so I don't believe for a minute that his presidential decisions won't be influenced by how they'll affect his companies. And he's so secretive about everything, we'll never know what's going on. I hope David Farhenthold and Kurt Eichenwald are assigned to only him for the next four years.

So his part-time job is being President? That is, President of the US not President/Chairman of Trump Organization.

"....making sure there is no appearance of profiteering."

That was good for a laugh.

Yes, he thinks he can be part-time President. He's had a wake up call this week for sure. Had no clue all the white house staff must be replaced. He wants to commute and stay in his NY tower, which has already caused traffic nightmares because the Secret Service had barricaded two blocks around there and no one can drive up anywhere near there. I heard about this on the radio yesterday.

You might recall when he offered the VP to John Kasich, Kasich was told by either Donald Jr. or Jared Kushner that he could handle "both foreign and domestic policy" which is basically, everything, to which Kasich said what would Trump do and they replied "Make America great again!" So, it seems he had no plans to govern

As I heard on a show yesterday, even if they didn't receive top security clearance, don't you think he'd tell them anyways? Not that I support them receiving the clearance.

This morning it is being reported that he didn't ask for top security clearance for his children. Apparently, someone inadvertently included them in a request or mistakenly said it was requested.

What if one of them failed to qualify for a top security clearance?

Actually that's a good question. With Jared Kushner's father being a convicted criminal, I wonder if that would carry any weight in that decision.

I do think that Trump might have underestimated the job. However, I do believe that he will keep his business separate from the presidency.

If he was so greedy, he would have taken the salary! Believe it or not, at this point in his life he does not need the money. However misguided, I really do think that he is doing this to make a difference. I am trying to be optimistic, which is hard when there is so much negativity out there, some of which is not fact based.

The New York Times is a prime example.

I'm trying to remain as optimistic as possible too, but oh my gosh ... Stephen Bannon!

I agree that Trump is probably not as motivated by money at this point in his life. But he is still very competitive and seems to abhor being on the losing side. I think if he sees a way to use his position to "win" that it will be very hard for him to resist.

I am not an expert but my understanding is that they will not be given clearance, and under anti-nepotism rules they also cannot have an administration role.

I think T originally pursued the presidency for his ego and to advertise his brand. I don't think profiteering will guide him now that he is in office, because merely being ex-P will be very rewarding financially already. The T-brand needs to be re-engineered, so that he/Ivanka can offer more things at an affordable price point in order to penetrate a larger share of his base. I don't know anything about her stuff, but designers who create couture clothes, then make a fortune selling sunglasses with a logo. I can imagine T sunglasses or golf hat, and Ivanka sunglasses or Tote bags, selling like craz-eee. When his term is over,he can also make a fortune in appearances, as can his kids.

BTW, I totally reject the idea that one can have enough money to stop trying to make more. Especially entrepreneurs. Very few people walk away from making money.

I'm going to be optimistic! My idea of a perfect world doesn't exist. In my world there would be a "none of your business" amendment. Religious people could follow their personal beliefs on who should be allowed to marry and not abort. For other consensual adults and adults...they chose. All those things fall under the "none of your business" so there will be no politics involved.

The none of your business amendment has no government agendas or agencies overseeing a bunch of laws to enforce the "NOYB" because it's not their business either.

We also need to figure out if we are going to keep the word illegal in the dictionary or eliminate or we keep it for political reasons.

So, I'm sure there are going to be things I like and don't like about a Trump presidency. However, right now I'm kind of excited. My personal belief is that minorities have been used for political gain to such an extent that we need to have a government for all to really have unity. I think we needed it for a while to bring awareness but now we need to stop and love everyone. It's fine with me if there is a crack down on illegals will criminal backgrounds.

The irony tho Jterri is that the VAST majority of the US agrees with the "none of your business" part. If you could force everyone to vote, there is no way anti-abortion and anti-gay stuff would make it into law.

But 26% of the country's eligible voters chose a team that promised to overturn Roe V Wade and worse. Oh and then sort of backtracked. Oh and then surrounded himself with extremists.

Repubs are "small government" on everything but the most important decision one can make ... giving birth and who has sex and how. Then, they are Big Brother.

I saw on the news today a bunch of anti abortion people (mainly elderly men) who are really hoping something will be done. Scary! It's political suicide to go for that in this day & age. There is a large-ish group of Republican women who are pro choice.

Trump was pro choice before he wasn't. He was asked this question by a reporter not long ago and his answer was it would be up to individual states.

Edited: on the flip side, my very Republican, educated cousin is a surrogate mother for a long commited professional gay couple. This is her 2nd surrogate.

We also need to figure out if we are going to keep the word illegal in the dictionary or eliminate or we keep it for political reasons.

JTL, I'm not sure what you mean: "illegal" aliens, or "illegal" anything?

Illegal persons in the U.S who have criminal backgrounds.

As far as other illegals go we need some sort of improved temporary work entry. In the old days large farms had 90% more people available in farm areas. That is no more. They need bursts of people at certain times of the year. Today's teens would rather be unemployed so at times there is a serious employee shortage. The building industry/home builders also suffer from skilled labor shortage bursts. I think there are real solutions but am already seeing on the news how illegals are being used for politics. Brown is the new black in some ways.

I also was trying to give Trump a chance to prove he would be able to do the job because he would surround himself with people who would work for the good of all Americans.

Then he appointed Steven Bannon chief strategist. All hope of good is gone.

Jterri,

As I've said, I'm pro choice as are my friends and family, but am able to empathize with people who have not arrived at the same conclusion about such a momentous topic.

and I don't think they'd give a fig if it were political suicide or not

I am a little nervous about that. I keep telling myself this topic comes up every election cycle. The Bush's didn't deal with it either.

I can empathize with those who have strong religious views against as well. I have friends who feel strongly. They have their right to feel their way and me mine. However, I sure hope this doesn't come up as something to try an overthrow.

Even in my Dem women group, there are a sizable number who are not pro-choice, so you cannot assume every Dem is pro-choice.

There are shades of gray. For instance, I'm pro choice, except when it comes to late-term abortion (in most cases).

That's me as well Ida.

To be fair, we must allow people to evolve. Hillary was against gay marriage in NY until she realized she'd need gay votes to continue her political career. President Obama did the same thing, he evolved to get votes. In 2008, he told Robin Roberts he was NOT in favor of gay marriage.

True, it's trying to discern the fine line between "evolve" and "pander".

Msnbc tonight said that under normal circumstances Bannon wouldn't even get cleared to visit the WH, given his history. But Trump can overrule objections and get clearance for anyone he wants.....not sure if that's ever happened before but you know Trump will do what he wants. One pundit who knows him said Bannon will eat Priebus for lunch. If true, Bannon will be running the show.....very scary indeed.

Trump is considering Governor Nikki Haley for Secretary of State. Pay close attention to her critics.

Who, the rednecks with their Confederate flags?

FYI today:

The Wall Street Journal, in an editorial on Friday, went so far as to urge Mr. Trump to sell off all his hotels, golf courses and other assets, and the take that cash and turn it over to a blind trust, as that would be the only way to avoid all possible conflicts.

I wonder what kind of debt he carries on his properties and what he would net if his holdings were liquidated. And how do you sell his "brand" given that it's probably dropped in price and is of no value without the man.

It would probably take 4 years to untangle his portfolio and sell off everything.

Did you see that Ivanka attended the meeting with the Japanese leader? Sure, she should be there.

blfenton, Mtnrd can probably address this more eloquently but IMO at some point huge debt ceases to be the borrower's problem and turns into the bank's problem. Which is why banks might keep extending him loans.

Which is what they have done in the past. I have a feeling that he really isn't truly a billionaire.

D, you've pretty much hit the nail on the head. ; )