Trump spending millions buying up big in bonds
US President Donald Trump has recently purchased at least US$82 million ($126 million) in corporate and municipal bonds, including new investments in sectors that benefit from his policies.
Trump made more than 175 financial purchases from Aug. 28 to Oct. 2, according to forms released Saturday by the U.S. Office of Government Ethics.
The disclosures, made under a transparency law called the Government Ethics Act of 1978, do not list exact amounts for each purchase, only a broad range.
The maximum total value of the bond purchases exceeded US$337 million ($517 million), according to the filings.
Most of the assets listed in Saturday’s disclosures consist of bonds issued by municipalities, states, counties, school districts and other entities with ties to public entities.
Trump’s new bond investments span many sectors, including those that have already benefited or are benefiting from his administration’s policy changes such as financial deregulation.
Corporate bonds Trump has purchased include offerings from chipmakers like Broadcom and Qualcomm; Technology companies such as Meta Platforms; Retailers like Home Depot and CVS Health; and Wall Street banks such as Goldman Sachs and Morgan Stanley.
At the end of August, investment banks’ debt purchases included JP Morgan bonds. Trump on Friday asked the US Department of Justice to investigate JP Morgan over its ties to late financier and convicted sex offender Jeffrey Epstein.
The bank said it regretted its past ties to Epstein and did not help him commit “heinous acts.” Trump also purchased Intel bonds after the US government under Trump’s administration purchased shares in the company.
The White House did not immediately respond to a request for comment Saturday.
The administration has previously said that Trump continues to make mandatory disclosures about his investments, but that neither he nor his family have a role in managing the portfolio, which is managed by a third-party financial institution.
Trump, who got rich in the real estate industry before entering politics, had previously said that he transferred his companies to a foundation under the supervision of his children.
An August disclosure showed that Trump had purchased more than US$100 million ($153 million) in bonds since returning to the presidency on January 20. Trump also filed his annual disclosure form in June, stating that income from his various ventures still went to him, raising potential conflict of interest concerns.
In this annual statement, which appears to cover calendar year 2024, Trump reported more than US$600 million ($A921 million) in revenue from cryptocurrencies, golf properties, licensing and other ventures.
It also showed that Trump’s move towards crypto has significantly added to his wealth.
The president’s statement in June reported assets worth at least US$1.6 billion ($A2.5 billion), according to a Reuters calculation at the time.
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