Corporate America Breaking Ties With the Trump Brand in Wake of Insurrection
The end of Donald Trump’s one term in office is coming with more repercussions than he could have ever imagined. As Democrats stand in the House impassionately arguing for impeachment, Trump’s losing support by the hour from those who were once fine with profiting from the Trump name and brand.
In the wake of the violent insurrection at the Capitol Building on January 6th, several businesses have announced they are severing ties with all Trump products, brands, and properties. Twitter, Instagram, YouTube, and Facebook have already banned Trump indefinitely, taking away his biggest megaphones. Stripe is no longer processing credit card payments for his campaign, Shopify stopped operating online stores for the Trump Organization and the campaign, and the PGA announced it is pulling a major golf tournament from one of his properties.
Deutsche Bank had loaned Trump’s businesses more than $300 million over the past decade. But New York state criminal investigators looking into Trump’s business practices have subpoenaed the bank about its lending relationship with the Trump Organization. Late last month the two private bankers at Deutsche who worked most closely with Trump resigned their positions, and they have also now cut ties with him and will not support any potential future business efforts.
Signature Bank said it had started closing Trump’s personal accounts and called for Trump to resign. The US bank also said it “will not do business in the future with any members of Congress who voted to disregard the Electoral College.”
An updated tally of what Trump Org has lost:
–3 of its banks
–2 of its real-estate brokers
–Its online store
–Its PGA Championship
–Its shot at the British Open
–Both of its ice rinks
–a golf course
— David Fahrenthold (@Fahrenthold) January 13, 2021
Trump’s contract to operate the hotel in the government-owned property could even come under attack. Critics have argued it was improper for him to be operating it during his administration. Last week’s events could increase the calls on the government to end its contract with the Trump Organization.
“As we view it, for four years he violated the terms of that agreement by having a federal officeholder benefit from that contract. There should be consequences of that,” said Noah Bookbinder, executive director for Citizens for Responsibility and Ethics in Washington (CREW), a watchdog group that has been a frequent critic of Trump and his businesses.