The U.S. Supreme Court handed President Trump handed an enormous loss Thursday, ruling that he’s not “categorically immune” from having his pre-presidential financial records released to a replacement York jury. But during a second decision, the court pushed back against the breadth of congressional authority.
Both cases were sent back to lower courts, and in particular, Americans won’t see the president’s taxes before polling day.
In the first case, Trump had sought to dam the jury subpoena of his documents. The vote was 7 to 2 with judge John Roberts writing the opinion for the bulk that Trump couldn’t do so.
President Trump swiftly skilled the rulings on Twitter saying the legal battle, which has not been put to rest, is “not fair to the present Presidency or Administration!”
The subpoenas within the two cases involve financial records largely from before Trump became president. The subpoenas were issued to not Trump, but on to Deutsche Bank, Capital One and Mazars USA, the banks and firm that Trump and his family did and still do much of their business with.
The House Financial Services Committee, the Intelligence Committee, and therefore the Government Oversight Committee said the subpoenas were within the exercise of their oversight and legislative responsibilities.
The committees said they were seeking the Trump records to tell the necessity for brand spanking new international concealment restrictions, and for other purposes — as an example , to ascertain if ethics laws should be tightened to stop a president with huge business interests from using his office to complement himself.
The subpoenas issued by the ny jury involve an ongoing and broad investigation that has , among other things, bribe allegedly paid to porn star Stormy Daniels and another woman during the 2016 presidential campaign.
No ordinary citizen would be ready to block such subpoenas for business records or tax returns, but Trump took the position that the president isn’t like all ordinary citizen. Rather, he’s essentially resistant to enforcement while he’s in office, and similarly resistant to congressional subpoenas.
“Deutsche Bank is sitting on a trove of records … Trump’s innermost financial secrets,” said David Enrich, business investigations editor at The ny Times and author of Dark Towers, a book about Trump and Deutsche Bank.
“It’s basically a recorder ,” Enrich observed. “And Deutsche Bank is one among the few institutions within the world that has the keys to unlock it.”
He said that among the documents aren’t only Trump’s tax returns but also “balance sheet information, income statements … who his business partners are … which he has spent years trying to stay hidden from public view.”
Trump has taken out multibillion-dollar loans from Deutsche Bank, but the connection extends beyond that, consistent with Enrich. The bank also managed his assets and “provided matchmaking services that connected Trump with wealthy individuals, including some very wealthy, well-connected Russians who were looking to take a position in American land ,” Enrich says.
Mazars and Deutsche Bank didn’t object to complying with the subpoenas. But Trump stepped in to ask the courts to dam them from complying.
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