World news – Trump’s massive fortune is under attack

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When he sees his followers turn their backs on him and some of his closest allies leave, Donald Trump’s famous financial empire is under sustained attack.

With an estimated net worth of $ 2.5 billion ($ 3.2 billion), Mr. Trump is America’s first billionaire president who makes a fortune through his real estate empire that includes golf courses, wineries, and several Manhattan hotels.

However, its brand took another blow this week following the riot in Washington DC and a Democratic move for a second impeachment.

As a result, key stakeholders in his key businesses – including the banks that keep them running – are severing ties with Mr Trump. He will lose $ 12 million ($ 15.4 million) in former President benefits over 10 years alone if indicted and removed from office.

Another key blow could manifest itself in Trump’s hometown of New York City, where he has important contracts with the city council – two ice rinks in Central Park and the Trump Golf Links at Ferry Point, an urban golf course in the Bronx.

Overnight, New York Democratic Mayor Bill de Blasio said last week’s events were the last straw and that he was now considering terminating the Trump organization’s contracts.

« We’re looking at this very, very carefully and very quickly, » he said when asked about the contracts at a press conference overnight.

« The president instigated a rebellion against the United States government – clearly an unconstitutional act – and people have died. It is unforgivable. »

On other developments, major global bank Deutsche Bank said it would no longer do business with Mr Trump.

Deutsche Bank, which the Trump organization owes $ 300 million ($ 389 million), has « decided not to do personal deals with Trump and his money, » a source told Bloomberg.

A spokesman for the bank told the New York Times that there was no other way to end the relationship with Mr Trump before the loans were due over the next few years than to extend the massive sum.

It has lent Trump since the late 1990s and lent more than $ 2 billion ($ 2.6 billion) in the two years ending November 2020.

However, the bank reportedly looked for a way to end their relationship with the president because of the bad press they got.

Last week, the company’s head of US operations, Christiana Riley, wrote on LinkedIn last week that the unrest was « a dark day for America and our democracy. »

« Violence has no place in our society and the scenes we have seen are a disgrace to the whole nation, » she wrote. « We are proud of our constitution and stand by those who try to uphold it to ensure that the will of the people is preserved and that a peaceful transfer of power takes place. »

Signature Bank – the go-to place for Mr Trump, his extended family and network of colleagues – also said it is closing two personal accounts that the president held about $ 5 million ($ 6.43 million).

« Signature Bank has initiated the process of closing President Trump’s personal accounts, » company spokeswoman Susan Turkell said in a statement. « Signature Bank promises not to do business with members of Congress who voted to disregard the electoral college. »

« We have never commented on a political matter and we hope never to do so again, » the statement said.

« It is appalling and an insult to the Republic for a rioter to sit in the US Senate chairman and our elected officials to be told to take cover under their seats. »

If successfully indicted, convicted, and removed from office, Mr. Trump is not entitled to the usual presidential benefits granted to retired U.S. leaders.

That includes a life annuity of around $ 200,000 ($ 258,000) per year, travel expenses of up to $ 1 million ($ 1.3 million) per fiscal year, and security protection.

Yahoo Finance reports that if Mr. Trump lost his retirement benefits along with travel and security payments, it would result in a loss of $ 12 million ($ 15.5 million) over a 10 year period.

However, if a president is charged but not convicted and recalled, he will retain the benefits set out in the Former Presidents Act.

Mr Trump is also facing backlash from the golf world that could cost him as the leaders of the sport run away from the embattled US leader because what they say is the good of the game.

The PGA of America robbed Trump National of the 2022 PGA Championship in Bedminster, New Jersey, Sunday, days after Trump supporters attacked the Capitol.

Seth Waugh, PGA of America’s chief executive officer, said working with Mr. Trump was detrimental to the organization’s brand and its mission to grow and support the sport.

« We realized our brand was at stake, » Waugh told The Golf Channel on Monday. « We thought we would endanger this mission if we held the tournament in Trump Bedminster. »

On Monday, the R&A, the global governing body of golf, said Trump Turnberry, a previous regular stop for the British Open, was not included in current plans for the championship.

« We had no plans to host any of our championships in Turnberry and we will not do so any time soon, » the R&A said in a statement.

« We will not return until we are convinced that the focus will be on the championship, the players and the field itself and we don’t think that is achievable in the current circumstances. »

Trump Bedminster hosted the 2017 US Women’s Open, where the US Golf Association made progress despite protesters outside the club. It was awarded the PGA 2022 in 2014 by the PGA of America, which labeled removing the event as a business rather than a political decision.

« Right now, almost everyone in the country views a decision as political, » PGA of America president Jim Richerson told Golf Channel.

« We have tried to get politics out of the way and focus again on our brand and what’s best for the game of golf. We all believe it was the right decision. »

Trump’s hallmarks of golf include owning at least 17 golf properties around the world and hundreds of rounds played during his presidency.

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© Central Queensland News Pty Ltd 2021. Unauthorized reproduction is prohibited under the laws of Australia and international treaties.

Ref: https://www.cqnews.com.au

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