“While President Jimmy Carter sold his peanut farm during his term to avoid conflicts of interest, grifter Trump made $2.4 billion during his term as president.” Over 600 people shared the post in four days after it was released. “SEE THE DIFFERENCE?”
As reported by the Washington Post, Carter put his family-owned peanut business into a blind trust in 1976 before he took office. According to Carter in a 1977 statement included in the New York Times digital archive, it was one of several measures he announced before his inauguration to avoid potential conflicts of interest and ethical concerns.
The act of placing an asset in a blind trust is not the same as selling it, Emory University law professor George Georgiev told USA TODAY. “It’s an extremely useful tool that allows politicians and government officials, government bureaucrats, to retain ownership of an asset while still complying with best practices or rules,” he said.
In other words, it separates ownership of an asset from its management. The trustee has full control over decisions about the asset as long as the trust is in effect, Georgiev said.
It separates the ownership of an asset from its management. A blind trust is established before the owner surrenders control of the asset. The trustee has full control over the asset for as long as the trust is in effect. Georgiev said the trust may be effective until a specific date or until an event occurs, such as the expiration of the presidential term or the attainment of adulthood of an heir.
When reached for comment by USA TODAY, Omar Rivero, founder of Occupy Democrats, said “gave up” would’ve been a more accurate term than “sold.” He acknowledged the sale of the peanut farm happened after Carter left office. The Carters sold the peanut farm in March 1981, shortly after Carter left office following a failed bid for a second term. Years of drought and changes in warehouse management had left the Carters with more than $1 million of debt at that point, according to the Plains Historical Preservation Trust.
Trump’s business generated $2.4 billion in revenue between January 2017 and December 2020, according to a Forbes analysis from 2021. Despite calls to sell Trump’s assets and place the proceeds in a blind trust, the New York Times reported in 2017 that his businesses were put into a revocable trust for his presidency.