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Companies pull out from Trump brand after storming of Capitol incident

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Corporate America is adding its weight in response to the insurgency at the Capitol building on January 6, and are pulling out from any association with the Trump brand after the storming of the capitol incident which economists say will have a profound medium and long-term effect on his business interests. Recently, Signature Bank closed Trump’s personal accounts and the PGA of America stopped plans to hold its 2022 championship at Mr. Trump’s New Jersey golf course.

Such a parting of ways signals the business community’s weariness in being associated with a political figure that has attracted worldwide attention and is indicative of what may happen to the Trump brand. The president’s role in the incident, confirmed by his impeachment by the House this week, has gained criticism from the Business Roundtable to the AFL-CIO labour federation.

Michael D’Antonio, the author of a Trump biography, says the capitol incident has been a game-changer for the support of extreme politics.

“Trump’s name is really an albatross. He is the most disgraced president in history. This is a person who’s synonymous with a mob attacking the US Capitol. I just think this went a step too far.”

Other experts like Tim Calkins, a marketing professor at Northwestern University’s Kellogg School of Management, say Trump’s brand will inevitably suffer long-term.

“Before his term, Trump stood for wealth, success and over-the-top luxury. Now the brand has associations with anti-government views, racism and extremism. This makes the brand fairly toxic.”

Deutsche Bank, to which Trump reportedly owes around $400 million, is also planning to stop engaging in business with him. But the president dismissed any business challenges in an October 15 televised event by saying that the $400 million he owed was “a tiny percentage of my net worth.”

It appears true that some of Trump’s properties have benefitted from his presidency as taxpayer revenue has continuously flowed into his golf courses and clubs where he stays with his family, the secret service and the White House staff.

In fact, CREW estimates that Trump’s properties took in over $100 million from more than 500 visits by the president, according to a report in September 2020. But even that business transaction has received widespread criticism as many say Trump should not have mixed politics with his personal businesses.

D’Antonio predicts that Trump may sell current assets to pay off his Deutsche Bank debt, which means there could be fewer to none Trump hotels, golf courses or towers in the next 10 years.

SOURCE: Bangkok Post

 

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7 Comments

7 Comments

  1. Avatar

    Brian

    Sunday, January 17, 2021 at 5:25 pm

    Source: Bangkok Post. Where’d Bangkok Post get it? AFP. Propaganda.

    This is my second request to the Thaiger for transparency about this: what is the money arrangement? Which party is paying which in order for the Thaiger to put it in front of its readers’ eyes?

    • Avatar

      Buttaxe

      Monday, January 18, 2021 at 10:39 am

      “Insurgency” Good grief yet another anti-conservative propaganda piece. Thaiger, you are losing credibility, try to source articles that show a modicum of balance at least.

  2. Avatar

    Nipral

    Sunday, January 17, 2021 at 5:28 pm

    At last some good news !

  3. Avatar

    Sam

    Monday, January 18, 2021 at 5:53 pm

    Good reporting Thaiger.

    All Trump’s insults, bad business actions, and hubris are coming home to roost. Most corrupt politician in history, worse than Nixon, and he’ll go down as an abysmal failure much like his deplorable sychophants.

  4. Avatar

    Ben

    Monday, January 18, 2021 at 10:26 pm

    The Trump brand is strong among his supporters and detested by his detractors. Businesses want to sell to all and not to a fraction of the population. It’s a smart business move. Warren Buffet says never mix business with politics and he’s right.

    The My Pillow Guy is going to figure this out when he sees his next sales report.

  5. Avatar

    Ben

    Tuesday, January 19, 2021 at 10:13 am

    A fellow “patriot” of Buttaxe’s Riley Williams of Harrisburg, PA stole a laptop from Pelosi’s office and is trying to get it to the SVR (Russia’s CIA). This is treason pure and simple. Corporate America doesn’t want to be associated with this treasonous behavior. Lock up everybody that was in the Capitol illegally and throw away the key.

  6. Avatar

    dispensed

    Wednesday, January 20, 2021 at 10:25 am

    They waited till the last minute to save face. What a selfless act–from a business perspective.

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