Financial disclosures reveal just how wealthy Trump's top advisers are
- Author: Leroy Wright Apr 05, 2017,
Apr 05, 2017, 19:30
After 71 days of President Trump draining the swamp, what we've found as we get closer to the bottom is money, lots and lots of money - in the financial disclosures of his White House advisers.
The paper also reports that the couple will remain the beneficiaries of their real estate and investment empire, however Kushner has resigned from any management positions he held at over 260 LLCs, corporations and groups and divested dozens of businesses and investments to avoid potential conflicts of interest. Among the most modest members of the senior staffers, spokesman Sean Spicer lists real estate holdings valued up to 5 million dollars. The financial disclosures show that Kushner divested from 58 businesses and held as much as $90 million in personal credit lines ahead of entering his White House job in January. For example, Kushner sold his stake in a Manhattan skyscraper to a trust his mother oversees. That includes Goldman Sachs income, as well as a number of publicly traded stocks.
The broad White House document release also included the assets of Gary Cohn -the former president of Goldman Sachs who heads the White House National Economic Council - and Steve Bannon, the president's chief strategist.
Bannon also disclosed that he earned slightly less than $200,000 past year as executive director of Breitbart News Network LLC, before he resigned to join Mr Trump's campaign last August. Cambridge was the main data provider for Texas Sen.
The Mercer father-daughter duo originally supported Senator Ted Cruz (R-Texas) but switched when Trump won the nomination for the Republican party.
Bannon's consulting firm pulled in more than $125,000 from Cambridge Analytica past year. Between January 2016 and March 2017 she made between US$1 million and US$5 million in rent or royalties from the hotel, the documents showed. Kushner and his father, Charles, also have liabilities worth much as $5 million to the USA unit of Israel Discount Bank.
These are important disclosures from the people who have the president's ear and shape national policy.
Jared Kushner's disclosure shows he took on tens of millions of dollars of bank debt in 2015 and 2016, including liabilities with several global banks whose interests could come before the Trump administration.
Together, the couple's real-estate and business investments are still worth as much as $714 million, as they begin their lives in public service. The documents show they have at least $240 million in assets.
She has shares in the tobacco industry including Altria and Philip Morris but also in drug giant Pfizer and snack food companies Kraft Heinz and Mondelez.
Since his election in November, the president's own business empire has been scrutinised by ethics experts - who say it poses major conflicts of interest.
Mr Bannon's consulting firm pulled in more than $125,000 from Cambridge past year and he has a stake in the firm worth between $1 million and $5 million.
The financial disclosures, reviewed by the Office of Government Ethics, are required by law, and are considered to be a snapshot, not necessarily revealing current worth or specific investments.
As part of Kushner's financial disclosure, Ivanka Trump, who recently took an official post in the White House, had to disclose her assets. The OGE requires nominees to report sources of compensation above $5,000 in a year for the last two calendar years before filing. He made far more with TGP, earning $226,000 previous year.
Here is a look at some of Trump's aides on the White House rich list. By comparison, most early-serving Obama administration officials' finances fell into the "simple" or "moderate" categories.
Former Republican party head Reince Pribus earned over $500,000 during his tenure, also bringing in a minimum of $750,000 past year in other financial dealings and a law firm salary. It's notable because of her age: She's in her mid-20s. She has a small stake in a real estate investment company, which owns apartment buildings in Pennsylvania. That stake is worth between $250,001 and $500,000.
However, the White House made the process of obtaining the information challenging.
Former national security adviser Michael Flynn made as much as $1.5 million past year.