White House to share financial information about top staff

Justin Greene
April 10, 2017

Ivanka Trump and her husband, Jared Kushner are worth nearly $1bn (AUD), according to financial disclosure documents released by the White House.

"The remaining conflicts, from a practical perspective, are pretty narrow and very manageable", said Jamie Gorelick, an attorney who has been working on the ethics agreements for Kushner and Ivanka Trump.

Mr Trump's administration is considered the most wealthy in U.S. history, with members of his senior staff and Cabinet worth an estimated US$12 billion (S$17 billion), according to a tally by Bloomberg.

It is unclear whether the Friday disclosures will include all of the aides.

Kushner earned as much as $180 million a year ago, while his wife's income was listed as much as $10 million.

Those documents will never be made public, White House lawyers said, although the public will eventually have access to "certificates of divestiture" issued to employees who are seeking capital gains tax deferrals for selling off certain assets.

White House press secretary had assets worth between US$2.9 million and US$6.6 million.

President Trump's chief strategist is Steve Bannon, a former media mogul. His largest payout came from Bannon Strategic Advisors, a consulting company valued between $5 and $25 million, which yielded Bannon $493,836 past year, the reports show. Glittering Steel produced the film Clinton Cash, based on the book of the same name supported by the institute. Bannon earned just under $200,000 previous year as executive director of the Breitbart News Network, an outlet accused of peddling rightwing conspiracy theories, before he quit to join Trump's election campaign last August. Ivanka has has 30 days to fill in the form, according to a White House official, while the President and Vice President are not forced to file. The reports showed the assets and wealth of senior staff members at the time they entered government service.

Spicer is a bit of a real estate magnate in his own right - but on a much smaller scale than his boss.

Standouts in the report are Cohn, a former Goldman Sachs employee, reported assets worth $252 million to $611 million. "These are the holdings that everybody had at the time when they came into office".

Kushner serves as senior adviser in the Donald Trump White House, and Ivanka has recently taken an official role in the administration as assistant to the president. Although it remains unclear how Ivanka Trump would earn from her stake at the hotel, Kushner's financial disclosures stated that in 2016-2017, she earned between $1 million and $5 million from it. Since January of past year, that stake has earned her between $1 million and $5 million.

Reuters news agency quoted a White House official as saying about 25% of Mr Trump's White House were classified as having "extremely complex" filings, indicating they were very wealthy.

Kellyanne Conway, who became the first female campaign manager to successfully elect a president, is, not surprisingly, a successful woman herself.

Conway also reported consulting work for which she received more than $5,000 for the California-based Center for Medical Progress, whose undercover videos at Planned Parenthood clinics led to felony charges this week for recording without permission. He was awarded $20 million in salary and bonus for 2016, the bank previously said in a securities filing.

Unlike his boss, Priebus holds no major income-producing assets.

Goldman Sachs COO Gary Cohn arrives at Trump Tower in NY, for a meeting with President-elect Donald Trump, Nov. 29, 2016.

It is unclear how Ivanka Trump would earn income from that stake. Nor does it take into account the money he pocketed from his sprawling brokerage accounts, which included Goldman Sachs investment funds. The documents released Friday suggest that her brand - which her father, the president, berated a private company for refusing to sell last month - is valued at more than $50 million.

Sources say that the financial forms for the two will be largely similar.

Other reports by Ligue1talk

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