The company suggested by Trump’s son says it wants to benefit from Fed money and then take it back
NEW YORK (AP) — Public documents filed by a company that just hired Donald Trump’s two oldest sons as consultants, including a verdict earlier Monday that hopes to benefit from grants and other incentives from the federal government that their father happened to be heading.
But when the Associated Press asked the Trump family business about obvious conflicts of interest, the document was revised and the boundaries were drawn.
Presidents Eric Trump and Donald Trump Jr. are ready for trade policies to boost U.S. manufacturing
The original version of the securities application says the target company should have a “good place” to take advantage of federal or state incentives. This reference was taken from the revision.
The Trump Organization did not answer questions about whether the new U.S. still plans to benefit from the government’s plans, or why the route was cut. But Paul Hastings, an external law firm that helped prepare the document, sent an email to the AP saying it was a “mistake” made by “Scriveners”, an old term for the transcribers of the legal document.
Government ethics expert Kathleen Clark said it was too late for any excuses because Trump had reached out.
“They just removed the language. They didn’t promise not to do what they were going to do earlier today,” said law professor and Trump critic. “It’s an attempt to use public office for private profits.”
New America is a special purpose acquisition company or SPAC. This is a publicly traded company that uses only its funds to acquire another company and make its target public.
New America plans to raise funds by selling new shares on the New York Stock Exchange at $10 per share. When the stock starts trading on day one, that will bring the paper wealth of the two Trump sons to a total of $50 million. The company hopes to sell enough stock to raise $300 million and then plans to use a purchased but unidentified manufacturer.
New America’s press release said it focuses on “American values and priorities.” It does not mention the purpose of obtaining government incentives.
Documents filed with the SEC to potential new investors in the new U.S. clearly define the needs of the target company. It says, among other things, it hopes to drive a “public policy headwind” company by benefiting from a federal or state “grants, tax credits, government contracts or preferential procurement program.”
