During the November 22 edition of Fox News’ America’s Newsroom, Karl Rove claimed that “if [Trump] just.. turns [his business] over to his kids, that may not meet the test, and he could be embroiled for years in controversy.”
BILL HEMMER (CO-HOST): There are a lot of stories now being written about how Trump divests of his own company. What happens there? What’s the best advice or course of action, quickly?
KARL ROVE: Well, this is going to be really thorny for him because, look — remember, part of the argument that he made during the campaign about crooked Hillary was that Bill Clinton was getting paid by — and their foundation receiving money by foreign governments and companies, Bill was being paid for — paid speeches, even receiving lavish birthday gifts. There’s an Emoluments Clause in the Constitution that says that somebody — a president cannot benefit or receive gifts from foreign countries. So this is going to be thorny. Is a blind trust his kids? Typically a blind trust has to be liquid assets and independent directors. If he just simply takes his empire,buildings, and turns it over to his kids, that may not meet the test, and he could be embroiled for years in controversy about this. Better to get it liquidated, as The Wall Street Journal editorial recommended.
Transcript via Media Matters.