The Trump family is learning that being the subject of federal investigations isn’t exactly good for business. Trump may have pretended to hand his businesses over to his sons, a move that in no way removed him from having foreign business interests, but it turns out that any business association he has looks like a toxic enterprise to investors and partners.
"Despite stating publicly that it had built a pipeline of about 30 potential deals, the Trump Organization [under Eric and Donald Jr] was able to announce only one partner, and on Thursday the company announced that the agreement had been called off." https://t.co/JngPxthBfG
— Robert Maguire (@RobertMaguire_) February 14, 2019
Two potential new hotels chains, Scion and American Idea, were shelved on Friday after the last partner willing to work with the Trumps pulled out of the deal. The Trump sons announced that will not move forward with the plan at this time.
The New York Times reports that:
‘The retrenchment comes as the company faces growing scrutiny from federal prosecutors and congressional investigators, and as a former employee, Michael D. Cohen, heads to prison for multiple crimes. With Democrats now in control of the House of Representatives, any new hotel deals could have provided investigative fodder for critics of the president.’
Shut down due to illegal activity:
1. Trump University
2. Trump Foundation
Under criminal investigation:
1. Trump campaign
2. Trump transition
3. Trump inauguration
4. Trump administration
5. Trump Organization
— Judd Legum (@JuddLegum) December 18, 2018
Of course, the Trumps aren’t blaming themselves or their shady business practices. Instead, they’re blaming “fake news” and Democrats for the business loss. In a statement, Trump’s middle son, Eric Trump, said:
‘We live in a climate where everything will be used against us, whether by the fake news or by Democrats who are only interested in presidential harassment and wasting everyone’s time, barraging us with nonsense letters. We already have the greatest properties in the world and if we have to slow down our growth for the time being, we are happy to do it.’
“As Trump went from rally to rally, vociferously denying any dealings in Russia, his reps, Michael Cohen and his associate Felix Sater, worked with Trump Organization lawyers and even Ivanka Trump to push forward negotiations to build a 100-story edifice miles from the Kremlin.” https://t.co/GMwg8ZS63a
— Alexander Chee (@alexanderchee) February 9, 2019
Somehow, they still haven’t absorbed the idea that being under investigation for those shady business practices is the cause of their problems. They’re not victims of anyone other than their own criminality. The emoluments clause is also a concern for investors who may look bad by helping President Trump earn big during his presidency.
‘Long before Eric Trump’s statements on Thursday, some senior executives at the Trump Organization expressed concern that expanding the hotel operation could backfire and reflect poorly on the president, according to the people briefed on the matter, who spoke on the condition of anonymity because they were not authorized to discuss it. The executives worried that any potential new deals could lead to accusations that the company — and its owner — were profiting from the presidency.’
Donny Deutsch, a longtime friend of Michael Cohen, said today that he expects federal prosecutors to take down the entire Trump Organization. And in doing so, he said, they will also be in a position to take away all the president’s money and other asset.#MSNBC #politicususa
— EssenViews/Commentary (@essenviews) February 8, 2019
It should have been apparent to them that racism, xenophobia, and criminal behavior doesn’t pay after the first two years of Trump’s presidency, but it seems the lessons are finally coming home to roost.
‘The Trump name became so toxic in some places that the company was paid to remove it from hotels in Toronto and New York. The majority owner of the Trump hotel in Panama took a more drastic step, ordering the T-R-U-M-P letters pried off the property with a crowbar.’
Featured image screenshot via YouTube