Trump’s Plan to hand over Business to Sons criticized by US Ethics Chief

Donald Trump plans of turning over his business empire to his sons but gets criticized by the director of ethics agency of US government. Taking a rare step, Walter Shaub commented publicly about Presidential ethics decision saying that solution given by Trump to potential dissension of interest, broke the pattern of 40 years, caused by Trump’s global business holdings. An Obama appointee, Shaub, also having worked for agency at the time of administration of George W Bush, urged Donald trump to rethink on his plan before the inauguration. He said, Trump must commit to ‘divestiture’ i.e. selling corporate assets as well as placing profit in blind trust which would be administered by neutral trustee by ethics agency approval. The Associated Press received emails from Trump transition team and the agency which show that, in order to avoid ethical potential disputes caused by their businesses and investments, Shaub tried repeatedly to convince the President-elect in agreeing to divestiture.

As per the Official, once Shaub met with Trump’s White House counsel prospective, Don McGhan, recently, not for President-elect, but to only discuss ethics plans regarding many of Trump’s picks. Sheri Dillon, one of the advisers of Trump and a partner at Morgan, a global law firm, Lewis & Bockius, said that Trump plans his sons to direct his companies’ operations, who would chase new deals in United States only and not abroad. Dillon said that Trump would place assets of his business in a trust except that he would give away management of his firms of International real estate to a New York based management company. In a rare advent at Brookings Institution Shaub said that, what especially troubled him was, Dillon’s comment on Trump’s liquid assets in investment and stock sales he made before presidential election, in recent months, will be positioned in ‘Diversified Portfolio of assets’, which his agency would approve.

Shaub says that he now worries about Trump’s unwillingness to government-approved divestiture, which would denote the fact that ‘government leaders will create a perception of profiting themselves using their official positions’. Initially encouraged by a tweet of Trump saying he wouldn’t allow any disputes of interest in any way, Shaub now frowns saying that unfortunately Trump’s plan won’t be able to achieve that goal.

About Siddhesh Asalekar 26 Articles
Siddhesh Asalekar is an independent columnist and writer, covering latest news and market updates on a variety of industrial verticals. With over three years of experience in reporting cutting-edge stories & events, Siddhesh continues to quench his undying thirst of being a competent expert. The budding writer devotes his downtime indulging into Netflix shows and gaming.