January 23, 2018

If we lived in a functioning democracy, this would be a major scandal

https://thinkprogress.org/shell-companies-and-trump-8e72b6976ee0/
"Donald Trump may not think of himself, or his family, as kleptocratic. But his business model – and his continued profiteering while in the White House – fit firmly within an international mold of kleptocracy, marrying anonymous shell companies, luxury real estate purchases, and unknown relationships that may well be driving policy outcomes. The latest revelation on the financial murk surrounding the president came earlier this week, with a blistering report in USA Today revealing that over half of the 2017 real estate sales from Trump’s companies went to anonymous shell companies. As the report found, the sales – totaling some $35 million – represent a stark shift from Trump’s pre-presidency days: “In the two years before the nomination, 4% of Trump buyers utilized [anonymous shell companies]. In the year after, the rate skyrocketed to about 70%.” The report added that “USA Today’s tracking of sales shows the trend held firm through Trump’s first year in office.” And for the vast majority of these purchases, there’s little indication who’s fronting the cash – let alone who the ultimate beneficiary of the properties may be."