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Experts on government ethics are warning President-elect Donald Trump that he'll never shake suspicions of a clash between his private interests and the public good if he doesn't sell off his vast holdings, which include roughly 500 companies in more than a dozen countries. (AP Photo | Pablo Martinez Monsivais, File)

Donald Trump's charity has admitted to the IRS that it violated a ban on self-dealing. That's not surprising, after Trump used $30,000 in donations to buy two portraits of himself.



But are we now facing four years of a president who is self-dealing? One who was elected after promising voters he'd "drain the swamp" of self-dealing in Washington?



Trump has refused to put his businesses into a blind trust, or even release his tax returns, making it clear that he intends to enrich himself while in the White House.



He proved this week that he is blind to the problem. He insisted to the New York Times that he can simply hand his company over to his kids and invite his business partners into the White House because "The law's totally on my side, the president can't have a conflict of interest."

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Presidents are exempt from federal conflict of interest laws, a policy that clearly needs revisiting. We will hazard a guess that after a Trump presidency, they no longer will be. But even the conservative Wall Street Journal just called on Trump to liquidate his stake in the family businesses, and "lead by example."



The Journal advised him to follow a plan laid out by ethics lawyers for George W. Bush and President Obama, in which he'd put his share of the family business into a true blind trust, overseen by an independent manager, and have no communication about business with his kids.



We agree. This way, Trump would have no idea what assets he has, so he couldn't change their value with policy even if he wanted to. Just handing over his businesses to his kids means he will continue to profit personally and know exactly how his decisions as President affect his finances. By law, a blind trust must be run by someone independent. His children are not independent.



Foreign diplomats are already booking rooms in the Trump hotel, in hopes of currying favor with the President-elect. And every time a foreign government or company it controls does business with Trump, the President could be accused of accepting payment. This would violate a clause of the Constitution, and Trump could even be threatened with impeachment.



It's a big problem for U.S. policy, too. Deutsche Bank, Trump's biggest lender, is now negotiating with the Justice Department over what could be a multi-billion-dollar settlement related to its abuses during the 2008 financial crisis. The department's leaders will soon be Trump appointees. Will they get the best deal for taxpayers, or for Trump?



Hostile governments in countries where Trump is invested also have new leverage with the U.S. President. Trump has threatened trade sanctions against China, but what if China reciprocates? Would he be forced to back down because the Bank of China, one of his lenders, threatens his financial interests?



What about Saudi Arabia, where Trump just registered eight new companies? "Saudi Arabia, I get along with all of them," Trump bragged in August. "They buy apartments from me. They spend $40 million, $50 million. Am I supposed to dislike them? I like them very much."



The idea that Hillary Clinton didn't create a firewall between her family foundation and the State Department led angry Trump crowds to chant, "Lock her up!" Shouldn't a President be held to the same standard?



But there will be zero oversight of Trump's conflicts of interest. The GOP-led Congress instead plans to continue to investigate the conflicts of interest of Clinton, who lost this election. The only watchdog will be the media, which Trump tells his voters not to trust.



Liquidating would be a substantial sacrifice for Trump. But while campaigning, he said his company would be "peanuts" compared to being president. Even Jimmy Carter - who literally owned a peanut warehouse - set up a blind trust for it, to prevent conflicts of interest. If Trump doesn't, he could be accused of major ethical lapses. Why risk it?

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