Latest news with #EmolumentsClause
Business Times
4 days ago
- Business
- Business Times
Trump Mobile joins the Oval Office sales parade
THE president of the US' two eldest sons are getting into the mobile phone business. Their company, Trump Mobile, is now offering a monthly plan, serviced by three existing telecommunications heavyweights – AT&T, Verizon Communications and T-Mobile US. Eric Trump and Donald Trump Jr, who are stewards of the family's holding company, the Trump Organization, said they would also offer customers a 'sleek, gold smartphone' that will be 'Made In The USA'. They are pitching their new enterprise as 'transformational'. It really is not a transformational deal, however. Ryan Reynolds slapped his name on a similar service years ago, Mint Mobile, that added the magic dust of his celebrity and low rates to a service built on existing technology. Reynolds did, however, score a big payday when he sold Mint to T-Mobile. That may be what the Trumps, who have no experience in the cellular business, had in mind with their new gig. They even flag Reynolds' company in their press release announcing it. What truly separates Trump Mobile from competitors, though, is that President Donald Trump looms in the background – around this venture and all others his sons are pursuing. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up While the sons note in their press release that the Trump Organization is not involved with selling, developing or distributing Trump Mobile service and products, none of their current dealmaking would be as accessible or as profitable if the paterfamilias was not sitting in the White House. Besides, the sons go out of their way to invoke Donald Trump's political movement by noting that Trump Mobile – a startup phone service, mind you – is 'building on the movement to put America first'. Apart from the challenges the Trumps are likely to face fashioning a mobile handset from parts sourced entirely in the US, what they are really putting first is their wallets. In theory, the Trump sons are private citizens and free to make coin however they see fit, along with reaping the rewards or consequences of doing so. But they are not flying solo. And the fruits of their labour flow to their father, as Donald Trump's federal financial disclosure forms, released on Jun 13, showed. The riches Donald Trump is harvesting as president represent a raw financial conflict of interest that shreds the integrity of his office and the bona fides of some of his core policy goals. Presidents are not subject to ethics codes that govern other federal employees, because the Constitution's framers felt a strict set of rules would invariably hamstring the executive. (They did try to prevent foreign bribery with the Emoluments Clause, which seems quaint now.) Still, presidents in the modern era have typically placed their financial holdings in a blind trust managed by an independent third party, which I highlighted in 2016 when Donald Trump was pursuing his first successful presidential bid. Despite numerous opportunities to do as his predecessors from both political parties had done, Donald Trump did not distance himself in substance or practice from the operations of the Trump Organization or Trump-affiliated entities during his first presidential term. Even Nelson Rockefeller – heir to a fortune far more substantial and consequential than Donald Trump's – sat for congressional grillings in 1974 about his family's operations. And he was only seeking confirmation to be vice-president. But that was the post-Watergate 1970s, and holding elected officials accountable for their business dealings was a non-partisan measure of good government and good faith. Times have changed. Although the Trumps and the White House emphasise that Donald Trump's holdings are in a trust, it is a trust overseen by his eldest son, Donald Trump Jr, and is not, therefore, 'blind'. There simply is not a meaningful firewall separating Donald Trump from his businesses. Even the porous financial buffer between him and foreign entities seeking favours from the US, or domestic operators seeking federal deals or regulatory or tax relief, that existed in his first term has given way to no buffer at all. (Spend some time with Bloomberg News reporter Max Abelson's account of the Trump financial locomotive for a thorough look at all of this.) Some of the wheeling and dealing that used to take place at Donald Trump's Washington hotel during his first term now just take place inside the White House itself. Consider the private dinner Donald Trump hosted at his Virginia golf club, followed by a tour of 1600 Pennsylvania Avenue the next day, for cryptocurrency players willing to invest enough money in the $Trump memecoin to be considered one of its top 25 holders. (A larger group of 220 investors got the meal but not the tour.) The value of the memecoin rose 56 per cent when Donald Trump's Washington crypto fete was announced. That came on the heels of Donald Trump's own push to give federal regulatory blessings and support to the crypto industry. The president is not a detached observer of any of this. His financial disclosures show he personally earned at least US$57.7 million from his family's crypto dealings last year. Trump Media & Technology Group, a publicly traded firm that began as a holding company for a social media platform, Truth Social, has made a push into crypto that appears to have helped keep its valuation aloft. Donald Trump has moved recently to unload most of his majority holding in Trump Media – a stake now worth more than US$2 billion. Donald Trump's crypto machinations may be his most lucrative and glaring financial conflict, but it is far from the only one. The financial disclosure forms also showed tens of millions of dollars in royalty payments from Trump-branded watches, sneakers, fragrances, non-fungible tokens and a guitar. A Save America coffee table book and a Trump Bible also contributed to the haul. Donald Trump has always been a human shingle, willing to license his name on almost anything to almost any bidder. But most of the flotsam he is selling now benefits from an Oval Office sales boost. There is also old-fashioned pay-to-play mud baths that have always surrounded Washington. Elon Musk, who donated lavishly to Donald Trump's re-election bid, has lots of business with the government, and for a time oversaw the president's federal downsizing efforts. There is the US$400 million Qatari jet Donald Trump has accepted as a budget-friendly replacement for the existing Air Force One, but it will revert to his presidential library when he leaves office. He has weakened environmental regulations for oil companies, as he promised to do while fundraising with oil majors at a Mar-a-Lago gathering during the 2024 campaign. Business leaders are reportedly paying millions of dollars to a political action committee for the privilege of dining with him at the same Palm Beach resort. Donald Trump's state visit to the Middle East last month followed his two sons' successful pursuit of real estate deals in the region before the president travelled there. And so on. So what are the chances that Donald Trump will use his sons' new mobile venture as a reason to lean on AT&T, Verizon and T-Mobile to give his children or the market they inhabit favourable treatment in exchange for some form of regulatory or business relief? Probably just as good as the chances of money from the cellular startup finding its way into Donald Trump's coffers. It is a sorry state of public affairs and, until the rules are changed and enforced, Donald Trump and his family will continue feathering their nest. BLOOMBERG The writer, a senior executive editor of Bloomberg Opinion, is author of TrumpNation: The Art of Being the Donald
Yahoo
5 days ago
- Business
- Yahoo
Trump Mobile announced with a $499 gold 'T1' phone
On Monday morning, the Trump Organization announced that it will be launching a Trump-branded smartphone and wireless service in September. A press release for the new company promised that it would be "a transformational, new cellular service designed to deliver top-tier connectivity, unbeatable value and all-American service for our nation's hardest-working people." Trump Mobile also announced the launch of the T1 Phone, a gold-colored, made-in-America smartphone etched with an American flag that will retail for $499. The company's signature mobile plan, the 47 plan, will offer unlimited talk, text, and data for $47.45 per month. Credit: Trump Mobile Ever since the introduction of his "Liberation Day" tariffs, President Donald Trump has been pressuring Apple CEO Tim Cook to start building the iPhone in America. As Mashable has previously reported, a made-in-America iPhone could cost as much as $3,000, while Apple itself would potentially need to spend billions to create the domestic infrastructure needed to build its flagship smartphone in the United States. Trump has targeted Cook with Truth Social posts, even threatening to place a 25 percent tariff on iPhones and other smartphones. "Trump Mobile is going to change the game, we're building on the movement to put America first, and we will deliver the highest levels of quality and service. Our company is based right here in the United States because we know it's what our customers want and deserve," said Donald Trump Jr, EVP of The Trump Organization, in a press release. The announcement was timed to celebrate the 10th anniversary of the launch of President Trump's first campaign for president. Once upon a time, U.S. presidents were expected to eschew investment and financial opportunities while occupying The White House to avoid conflicts of interest. In fact, the U.S. Constitution includes an Emoluments Clause, which explicitly prohibits the president from profiting off the office. Former president Jimmy Carter even put his beloved peanut farm into a blind trust while he was in office to avoid even the appearance of a conflict of interest. The Emoluments Clause is essentially enforced by the honor system; the Trump Administration has also interpreted the constitutional doctrine in novel ways. The Trump Organization says a U.S.-based customer service team will be at the ready 24/7 to help customers switch to Trump Mobile. The plan also comes with a number of benefits to woo potential customers, including: 24/7 roadside assistance via Drive America Telehealth medical services Free International calling (more than 100 countries included) "No contracts, no credit check"
NBC News
23-05-2025
- Business
- NBC News
Who attended Trump's crypto dinner? Photos and social media offer some clues
'Mostly men, I think I was one of the maybe 5 women there,' she wrote. 'Felt like 50/50 of people from the states compared to those from other countries — we met people from China, Philippines, Dubai, Korea, etc.' The event has been widely criticized ever since its announcement, with government ethics experts and Democratic politicians decrying it as an extreme breach of presidential norms. Some Republican lawmakers also said the event made them uncomfortable. And while the Emoluments Clause of the Constitution gives Congress the power to limit the president from profiting off his position through foreign gifts, Trump's broad embrace of crypto and many other businesses has gone far beyond what any previous president has done while in office. The White House did not respond to requests for comment Friday. Earlier this week, a spokesperson said Trump 'only acts in the best interests of the American public.' As for the memecoin, which launched in January, Trump's interests are not entirely clear. While the website for the contest claims that Trump 'is appearing at the dinner as a guest and not soliciting any funds for it,' it also says that 80% of the $TRUMP coin project is owned by two Trump-affiliated companies, CIC Digital and Fight Fight Fight LLC. The coin's creators receive a transaction fee every time someone buys or sells the coin. 'You're essentially allowing people who want to ingratiate themselves to put money directly into the President's pocket, both people who are American citizens and permanent residents and foreign nationals,' said Dan Weiner, the director of the Elections and Government Program at the Brennan Center for Justice, ahead of Thursday's event. 'And that flies in the face of all of the norms we have built up around public service. It's why every other president in recent memory, voluntarily, you know, divested from any assets that might pose a conflict of interest.' The splashiest arrivals included Justin Sun, the top buyer of $TRUMP who had revealed his identity ahead of the event, and Odom, who used to play for the Los Angeles Lakers but on Thursday night appeared promoting his own meme coin. But alongside them was a lesser-known set of individuals. If they were among the top 220 holders of the $TRUMP coin, they also had the option to give their ticket to someone else, according to the published rules. Winners, or people who received tickets from them, were not allowed to bring guests. NBC News requested comment from everyone it was able to identify. Most did not respond. Some of the attendees had deep connections to the world of cryptocurrency. Jack Lu, the CEO of the San Francisco-based NFT marketplace Magic Eden, posted a photo of himself at the event on X and was photographed entering the event by NBC News. Lu hadn't previously posted about owning $TRUMP or about politics. Alongside him in his photo was Magic Eden's Chief Business Officer Chris Akhavan. In 2024, Akhavan tweeted about appearing at a Trump NFT event, but had not tweeted about potentially holding $TRUMP, according to a search by NBC News. In the same photo was Clinton Bembry, the founder of Slingshot Finance, a crypto company that was recently acquired by Magic Eden. Bembry also had not previously posted about purchasing $TRUMP coin. Another attendee, Michael Raumann, posted a signed menu on Instagram and was photographed outside the event. Raumann has worked for a German crypto startup, according to past media coverage and YouTube videos. Stephen Hess, the founder of Metaplex, a platform that launches crypto products, posted a photo of himself ahead of the dinner, and was photographed by NBC News outside of the event in a Metaplex hat. Mackenzie Hom, who leads strategy at the Cayman Islands-based Metaplex foundation, was included in the photo, and posted photographs from the event alongside Hess and Clay Helms, head of partnerships at the company. Metaplex software 'powered the $TRUMP token launch,' according to the dinner's website. Sandy Carter, chief operating officer of San-Francisco-based Unstoppable Domains, a blockchain-based web-hosting company, was also photographed at the event with the group of Metaplex executives. A former vice president at Amazon Web Services, she also posted several photos to X. Bryce Paul, the chief investment officer of San Diego-area investment fund Tower 18 Capital, posted a selfie from the event on X. 'Never stop fighting for what you believe in,' he wrote. He's also the host of a crypto podcast and the author of a crypto book, marketed as, 'How to make a fortune in the new crypto bull run… without needing much money.' Another crypto owner, Kendall Davis, spoke to NBC News outside the event as he sparred with protesters. He said the industry had made him a multimillionaire after he previously was homeless, and he characterized his attendance as a once-in-a-lifetime opportunity to dine with a sitting president. Many of the attendees maintained more discreet profiles. Brian Ng, a poker player from Massachusetts, was photographed entering the event, but did not post any identifiable content using his name. In a phone call, he confirmed he attended and said it was a great networking event. Yasin Okan, who is based in Turkey and has worked as a flight attendant according to his X and LinkedIn profiles, posted on Instagram from the event. He did not respond to a request for comment. New Zealand financial trader and amateur soccer player Dylan Stansfield was also photographed at the event. When reached for comment, Stansfield said he was 'infuriated to have been identified' and that ''doxxing' crypto people put their lives at risk.' There has been some growing cause for concern in the crypto world regarding personal security. In France, a string of violent kidnappings has targeted the crypto community in the last month. Nick Pinto, an influencer who posted on TikTok, Instagram and X from the event, said others at the event were keen to maintain privacy. 'The attendees didn't like cameras. A lot of times when an event photographer came around they'd reject the request for photos,' he told NBC News. Pinto said he tried to get a photo with Trump when he appeared, but that Trump's appearance was brief. 'He gave his speech and then immediately left. I wrote 'Can I get picture?' on my phone screen using Snapchat text like people do at concerts, and I know that he read it as he looked at me several times during his speech. I was at the front of the line. He didn't even stay to personally hand the watches to the top 4 people that paid 8 figures to get that rank.'
Indian Express
22-05-2025
- Politics
- Indian Express
US formally accepts Qatar's luxury jet for use as Air Force One for Trump
The United States has formally accepted a luxurious Boeing 747-8 jet from Qatar as a gift which is poised to be used for the Air Force One fleet and the US Air Force has been tasked to find a way to rapidly upgrade it, in order to transport President Donald Trump, the Pentagon said on Wednesday. The Pentagon added that US Secretary of Defence, Pete Hegseth, accepted the plane by Qatar for use as Trump's official plane. 'The secretary of defense has accepted a Boeing 747 from Qatar in accordance with all federal rules and regulations,' Chief Pentagon spokesperson Sean Parnell said. Pentagon's Parnell further said the Defence department will work to ensure proper security measures and functional-mission requirements are considered. The Boeing 747-8 jet will be modified as per the requirements of the Air Force One fleet, which is the official mode of transport for the US president. The White House has said that the Qatari gift is legal but the announcement last week caused a huge uproar in Washington. The luxurious jet is a gift by Qatar's Royal family and is estimated to cost about $400 million. The White House has said that the new plane would be transferred to the presidential library at the end of his term. President Trump justified the transfer of the jet to US, stating 'They're giving us a gift,' adding that it would be 'stupid' to turn down the plane. However, according to the US Constitution's provision of Emoluments Clause, the public officials are prohibited from accepting gifts from the foreign countries without the prior approval of Congress. The Qatari jet transfer has not received Congressional approval. The Democrats have criticised the move by the Trump administration and have also sought to block the handover. Senate Democratic Leader Chuck Schumer said 'Today marks a dark day in history: the president of the United States of America officially accepted the largest bribe from a foreign government in American history,' Reuters reported.
Yahoo
21-05-2025
- Politics
- Yahoo
Opinion - Greed is good for Trump and the rest of his gang
Some politicians go to Washington, D.C. to do good. Some, like President Trump, make the trip to do well for themselves. Last week, Trump traveled to the Middle East to gild his fortune. Sen. Chris Murphy (D-Conn.) called Trump's trip to Qatar, Saudi Arabia and the United Arab Emirates a 'public corruption tour.' Much of the Middle East is a vast arid desert, but it is an oil-fueled financial oasis for Trump and his family. Hundreds of millions of dollars have poured into the Trump family coffers from the region since the patriarch became president in 2017. Trump did not resolve the humanitarian crisis in Gaza while he was in the neighborhood, but he did pull off a sweetheart deal and received the gift of $400 million jet, which Murphy described as a 'flying palace.' It's a freebie for the president but it will cost taxpayers millions more to refit as Air Force One. The luxurious gift ride with the gold trimmings is a symbol of his fervent desire to reign in the style of a grand Middle Eastern potentate. Trump's acceptance of the plane as a gift is a clear violation of the Constitution's Emoluments Clause, which forbids foreign gifts for presidents so as to prevent undue influence by foreign officials. But even that pales in comparison to the suggestion made by his deputy chief of staff, Stephen Miller, that the administration could unilaterally abolish due legal process in the form of habeas corpus to make it easier for the administration to send immigrants to prison in El Salvador. Trump thinks himself king over a kingdom where greed is good. He enjoys the able assistance of a gang of royal retainers, friends and family who have aided and abetted him in his quest to make the transition from President Trump to King Midas. Attorney General Pam Bondi signed off on the legality of the gift. Not so coincidentally, she worked as a foreign lobbyist for the government of Qatar to the tune of more than $100,000 a month before Trump made her the chief legal officer of the land. He promised to drain the Washington swamp in his first presidential effort, but now he is the ultimate swamp creature, himself buried neck deep in the primordial ooze. Then there's Jared Kushner, married to the president's daughter Ivanka. His father and father-in-law are convicted felons, but he has made a fortune cutting business deals in the area since Trump became president. Trump pardoned Kushner's father who was just confirmed as ambassador to France, and made Kushner the point-person for diplomacy and commerce in the Middle East. The extended family has made a mint there since 2017 but has done nothing to bring peace to the troubled region. The smell of corruption is so rank that conservative Republicans like Trump's former Vice President Mike Pence and Sen. Rand Paul (R-Ky.) have criticized his acceptance of freebie joy jet ride. Even the New York Post owned by Rupert Murdock, the father of Fox News complained about the optics of the lavish gift while Trump pushes for Medicaid cuts to poor Americans. Trump has the dubious distinction of being the first convicted felon to become president of the U.S. A jury of his peers found him guilty of 34 counts of felony fraud. But his victory in the presidential campaign in November 2024 punched his get out of jail free card. So, it's hardly surprising that he has ruled the way he has. Trump has perfected the art of the steal. His take on the golden rule is that the president who makes the rules, gets the gold along with his family and friends. His rich family and friends certainly benefit from his economic policies which will permit the wealthy big tax breaks funded by the blood, sweat and tears of financially pressed working families. Trump policies will help bankers and billionaires and will threaten the health and wellbeing of Medicaid recipients and children who depend on school lunches. Trump's concern for his lifestyle and the lifestyles of his rich and famous friends present Democrats with so many lines of attack that it's hard to choose among them. He's ruined a thriving economy as the latest consumer confidence index just sunk to its lowest level in 13 years. He helps sycophants like Kushner and Elon Musk make fortunes from foreign favors and federal contracts. His draconian campaign against immigrants entering the land of opportunity seeking refuge from political and economic oppression reflects his contempt for the Constitution. The appropriate Democratic response is to remind voters that Americans want a level economic and small 'd' democratic playing field where everyone has an equal opportunity to prosper and where royalism is ancient history and democracy is the featured future. Brad Bannon is a national Democratic strategist and CEO of Bannon Communications Research which polls for Democrats, labor unions and progressive issue groups. He hosts the popular progressive podcast on power, politics and policy, Deadline D.C. with Brad Bannon. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
