Kushner adds at least $10 million in assets to revised disclosure

White House Senior Adviser Jared Kushner. (Reuters File Photo)
Updated 22 July 2017

Kushner adds at least $10 million in assets to revised disclosure

WASHINGTON: President Donald Trump’s son-in-law and senior adviser Jared Kushner “inadvertently omitted” more than 70 assets worth at least $10.6 million from his personal financial disclosure reports, according to revised paperwork released Friday.
The previously unreported assets were included in updated financial disclosure reports certified by the US Office of Government Ethics on Thursday as part of the “ordinary review process,” according to Kushner’s filing.
Among the new disclosures, Kushner reported owning artwork worth between $5 million and $25 million. The new forms also reflect that Kushner sold his interest in an aging shopping mall in Eatontown, New Jersey, and no longer has a stake in a company that had held an interest in property in Toledo, Ohio.
Kushner also clarified his $5 million to $25 million stake in a holding company that owns Cadre, an online real estate investment platform investors valued at $800 million that he co-founded with his brother, Joshua.
Kushner’s wife and the president’s daughter, Ivanka Trump, also filed new federal disclosures. She reported assets of at least $66 million and earned at least $13.5 million in income last year from her various business ventures, including more than $2.4 million from the new Trump hotel near the White House.
The filings reflect the extraordinary wealth of Trump and her husband, who stepped down from running their companies and left their Manhattan apartment to move their young family to Washington earlier this year.
A lawyer advising Kushner said that federal officials are allowed to amend their initial financial disclosures before they are certified, and stressed that Kushner had complex finances.
“Jared and Ivanka have followed each of the required steps in their transition from private citizens to federal officials. The Office of Government Ethics has certified Jared’s financial disclosure, reflecting its determination that his approach complies with federal ethics laws,” said Kushner attorney Jamie Gorelick. “Ivanka’s financial disclosure form is still in the pre-certification stage, as she began the process later.”
Clay Johnson, who served as President George W. Bush’s director of presidential personnel, said he was surprised by the sheer number of updates six months in.
“The way we ran it ... is that the general direction to all nominees is tell us what we ask for now. We will then stand behind you whatever may come in. But there are to be no surprises,” said Johnson, who also served as Bush’s deputy director of the Office of Management and Budget.
The federal disclosures filed by Ivanka Trump were her first since taking on an official, unpaid role at the White House.
The bulk of her assets came from the $50 million value she placed on her business trust, formed to hold a collection of her businesses and corporations. The trust produced between $1 million and $5 million in income.
In addition, Trump also revealed that she will be receiving recurring annual payments totaling $1.5 million from some of her real estate and consulting interests, according to agreements she worked out in consultation with the Office of Government Ethics. Her filing notes that the fixed payments were necessary to reduce her interest in the performance of the businesses.
The documents also show that the young couple resigned from a vast array of corporate positions: Kushner stepped down from 266 such positions, while Trump resigned from 292 positions.
A White House spokesman said Kushner sold his interest in the Monmouth Mall in Eatontown, New Jersey, in May. His family company recently received approval from town officials to vastly expand the mall in the face opposition from some residents. Kushner reported receiving at least $1.25 million in income from the property.
He also no longer owns a company holding an interest in several apartment complexes in Toledo, Ohio. Those complexes are part of the Kushner Cos.’ garden apartment business that includes more than 20,000 units in six states. The Toledo apartments are no longer listed on the company website, suggesting that the company may have sold them off.
Representatives of the Kushner Cos. did not immediately respond for comment.
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Burke reported from San Francisco and Condon from New York. Researcher Jennifer Farrar in New York contributed to this report.


Italy has nothing to fear from ESM reform, PM Conte says

Updated 11 December 2019

Italy has nothing to fear from ESM reform, PM Conte says

  • Critics of the planned changes to the European Stability Mechanism (ESM) say they would make it more likely that Italy will have to restructure its debt
  • During his speech to parliament, Conte sharply rejected criticisms by the right-wing League and Brothers of Italy parties

ROME: Italian Prime Minister Giuseppe Conte dismissed criticisms of planned reforms to the euro zone bailout fund on Wednesday, saying the proposals, which have been heavily attacked by right-wing opposition parties, posed no threat to Italy.

Critics of the planned changes to the European Stability Mechanism (ESM) say they would make it more likely that Italy will have to restructure its debt, the highest in the euro area as a proportion of national output after Greece’s.

“Italy has nothing to fear ... its debt is fully sustainable, as the main international institutions, including the (EU) Commission have said,” Conte told parliament ahead of a European Council meeting this week to discuss the reform.

He repeated that Rome would not agree to any restrictions on banks holding sovereign debt.

During his speech to parliament, Conte sharply rejected criticisms by the right-wing League and Brothers of Italy parties, saying they appeared aimed at undermining Italy’s membership of the single currency.

“Some of the positions that have emerged during the public debate have unveiled the ill-concealed hope of bringing our country out of the euro zone or even from the European Union,” Conte said.

The League and Brothers of Italy have attacked the planned reforms to the ESM, which they say will open the door for a forced restructuring of Italy’s public debt that would hit Italian banks and savers who invest in government bonds.

Some members of the anti-establishment 5 Star Movement have made similar criticisms, adding to tensions with their partner in the ruling coalition, the center-left Democratic Party.

Lawmakers from 5 Star and the Democratic Party appeared to have smoothed over their differences on Wednesday, however, agreeing to drop demands for a veto on measures that could make it easier to reach a debt restructuring accord.

In a final resolution, they scrapped calls for a veto on so-called single limb collective action clauses (CACS), that limit the ability of individual investors to delay any restructuring agreement by holding out for better terms.

Under the new system, restructuring would go ahead after a single, aggregate vote by bondholders regarding all affected bonds while the clauses currently in place require an aggregate vote as well as an individual bond-by-bond vote.

Italy has asked to clarify that the new clauses will not rule out the so-called sub-aggregation, allowing separate votes for different groups of bond issuances to protect small investors, a government official told Reuters.