Can Anything Stop Trump's Corruption?

A federal conflict-of-interest statute bars executive-branch employees from participating in actions or policy decisions that directly affect their financial interests. Hank Paulson faced this issue when his Goldman Sachs holdings could benefit him as Treasury Secretary, leading to a divestment after confirmation. Title 18 U.S.C. Section 208 remains in effect, though it does not apply directly to the President. Past presidents used conflict-free arrangements such as blind trusts, while Donald Trump used a revocable trust managed by his sons, who pursue ventures intersecting with government interests. Financial firms acting for the President made thousands of stock trades worth hundreds of millions, including trades in Goldman stock, underscoring the need for ethics reforms. The President’s stock dealing, an “anti-weaponization” slush fund, and IRS immunity further demonstrate reform needs.

"A federal conflict-of-interest statute prohibits employees of the executive branch from participating in any action, or policy decision, that directly affects their financial interests. As Treasury Secretary, Paulson could conceivably do things that would benefit Goldman and, therefore, himself. Painter told Paulson that he would have to divest. The day after the Senate voted to confirm Paulson's appointment, he filed to sell his Goldman stock."

"The law at issue-Title 18 U.S.C. Section 208-is still on the books. It doesn't apply to the President, but prior to 2016 Presidents acted as if it did, and placed their wealth in conflict-free investment vehicles, such as a blind trust, while they were in office. Donald Trump has flouted this convention, parking his fortune in a revocable trust that is managed by his sons, who are themselves busy dabbling in ventures and industries that intersect with the government."

"We have now learned that during the first three months of this year, financial firms acting for the President made more than thirty-six hundred stock trades, with a combined value, per Reuters, of between two hundred and twenty million and seven hundred and fifty million dollars. According to Trump's financial-disclosure forms, a handful of these trades were in Goldman stock. Worth less than $1.5 million, they represent"

"The President's stock dealing, $1.8-billion "anti-weaponization" slush fund, and grant of immunity from the I.R.S. demonstrate the need for major ethics reforms."

Read at The New Yorker