Donald Trump

The Movement to Dump Trump Grows

SK Ashby
Written by SK Ashby

While the House of Representatives is moving forward with Trump's impeachment today, the outgoing Mad King is losing more business and financial support even before he out of office.

Following similar moves from Deutsche Bank and Signature Bank, MotherJones reports that Florida-based Professional Bank has also decided to dump Trump and will no longer finance his dubious real estate purchases.

In May 2018, Trump borrowed $11.2 million from Professional Bank, a small bank based in Coral Cables, Florida, that specializes in small-business and construction lending. The money came via a 30-year mortgage and was used to purchase a home from Trump’s sister, Maryanne Barry Trump, adjacent to the president’s Mar-a-Lago resort. [...]

According to Trump’s most recent financial disclosure, in addition to the Professional Bank mortgage, he also had a money market account at the Florida bank worth between $5 million and $25 million.

Professional Bank announced it was severing ties with the president in a brief statement provided to Mother Jones Tuesday. “Professional Bank has decided not to engage in any further business with the Trump Organization and its affiliates, and will be winding down the relationship effective immediately,” the statement said.

New York City officials also announced this morning that it they're ending all contracts the city has with the Trump Organization which operates several recreational venues.

The Trump Organization has more than $17 million in contracts with New York City. Many are for iconic tourist attractions, including a golf course, a carousel and two ice rinks. One, the Wollman Skating Rink in Central Park, generated $9.4 million in income for the Trump Organization, according to its most recent financial disclosures. The contracts for the carousel and rinks were set to expire in April 2021, with the golf course contract ending in 2035.

The administration will be notifying the Trump Organization that the city will cancel its agreements to operate the Central Park Carousel, Wollman and Lasker skating rinks and Ferry Point Golf Course in accordance. The contracts for the carousel and the ice rinks, would end in coming weeks, the Mayor said.

My initial reaction in each of these cases was why now?

Inciting an attempted and failed coup is the worst thing Trump has ever done, but he's done many things over the past four years that should have propelled a similar movement to cut ties with him. Even before he ran for office, his birtherism should have been enough. But with that said, it's better late than never.

I have some concern that businesses and financial institutions will resume doing business with Trump in the coming months and years when the spotlight is no longer shining on him every single day, but they ought to consider what they would really be getting themselves into. There's virtually no chance he will ever repay what they give him and his name will be poison for the rest of his life because of last week's events.