Trump condos worth $250 million pose potential conflict

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The first for-Profit Presidency rolls merrily along:

President Trump’s companies own more than 400 condo units and home lots whose sale could steer millions of dollars to Trump, a USA TODAY investigation has found.

USA TODAY spent four months cataloging every property Trump's companies own across the country. Reporters found that Trump’s companies are sitting on at least $250 million of individual properties in the USA alone. Property records show Trump’s trust and his companies own at least 422 luxury condos and penthouses from New York City to Las Vegas, 12 mansion lots on bluffs overlooking his golf course on the Pacific Ocean and dozens more smaller pieces of real estate. The properties range in value from about $200,000 to $35 million each.

Unlike developments where Trump licenses his name to a separate developer for a flat fee, profits from selling individual properties directly owned by his companies ultimately enrich him personally.

Trump has never disclosed a complete, unit-by-unit inventory of his companies' real estate holdings or sales, nor is he required to do so by federal law. Trump says he's separated himself from his businesses, but the trust set up in January is run by his sons. Trump is the only beneficiary and can withdraw funds at any time.

The volume of real estate creates an extraordinary and unprecedented potential for people, corporations or foreign interests to try to influence a president. Anyone who wanted to court favor with the president could snap up multiple properties or purposefully overpay. They could buy in the name of a shell company, making it impossible for the public to know who was behind the sales.

The potential for conflicts is exacerbated by Trump's refusal to release his tax returns or fully separate himself from his businesses, breaking with precedent set by presidents going back four decades. Since Congress passed the Ethics in Government Act in 1978, all six presidents from Carter to Obama established blind trusts or limited investments to assets like mutual funds. Trump has not.

The president is exempt from most conflict-of-interest laws that apply to others working in the federal government. He is not required to disclose when units sell or who bought them.

You can read the rest at the USA Today.

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