Trump Resigns From More Than 400 Companies

Sons now in control, Sean Spicer says
By Rob Quinn,  Newser Staff
Posted Jan 24, 2017 4:18 AM CST
Trump Resigns From More Than 400 Companies
Donald Trump speaks with reporters in the lobby of Trump Tower the week before his inauguration.   (AP Photo/Evan Vucci, File)

Donald Trump is now president of the United States, and that appears to be his only job: A document provided to CNN by the Trump Organization states that Trump has resigned from all his positions in more than 400 companies. "I, Donald J. Trump, hereby resign from each and every office and position I hold" in all of the companies listed, states the letter, which is dated Jan. 19, the day before Trump's inauguration. Sons Donald and Eric Trump are now in control of the companies, press secretary Sean Spicer told reporters Monday. ProPublica reports that much of the necessary paperwork in states including Florida wasn't filed until late Monday. Trump has so far failed to divest from his businesses, which ethics experts say is an essential move to prevent conflicts of interests.

Lawyers say the trust Trump promised to transfer his holdings to has been drawn up, though it will be an entity run by sons Donald and Eric instead of a blind trust run by a third party, reports the Wall Street Journal, which has an interactive map of Trump's web of business holdings. Charlie Douglas, an expert on private trusts at the Cedar Rowe Partners, tells CNN that the letter shows Trump is giving up his position in hundreds of companies and is a good start, though Trump will still have to file paperwork to show who is taking his place. "He can resign in a day but that doesn't tell the whole story of what happens to the companies," Douglas says. (On Monday, a watchdog group sued Trump over payments from foreign governments.)

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