News Worms
News Worms


Billionaires, companies power Trump's record inaugural haul

According to a Federal Election Commission filing submitted on Tuesday, President Donald Trump's inaugural committee raked in a record 106.7 million dollars from a range of donors, including a number of major corporations.

The January ceremony included dozens of events over a six-day period.

The committee said it hosted more than 20 events during the inaugural festivities, including a free concert near the Lincoln Memorial and two inaugural balls. However, they do not reveal how Trump's inaugural committee spent the money or if any was left over.

Trump's inaugural team failed to attract the kind of A-list - and pricey - performers who turned out in force for Obama. The Armed Services Ball was free.

"The amount of funds raised for the inaugural celebration allowed the President to give the American people, those both at home and visiting Washington, a chance to experience the incredible moment in our democracy where we witness the peaceful transition of power, a cornerstone of American democracy", the committee's chairman, Tom Barrack, said in a statement. She and her husband Joe backed Trump after initially contributing nearly $6 million to a super PAC trying to derail his nomination.

Money donated to the Trump inaugural committee falls into two categories, said Larry Sabato, political analyst at the University of Virginia.

The previous high was $53 million for President Barack Obama's first inauguration in 2009. Much of that money was distributed in May 2016, after The Washington Post pressed him about whether he had followed through on his promise. Kerrigan said the inaugural events may have served as an opportunity for donors to try to curry favor with the incoming president.

Bank of America, Charles Schwab, Forrest and Lutnick did not immediately respond to a request for comment. Their release promised more details about charitable giving at a later date, "when the organization's books are fully closed".

President Donald Trump delivers his inaugural address after being sworn in as the 45th president of the United States during the 58th Presidential Inauguration at the U.S. Capitol in Washington on January 20, 2017. Obama took corporate donations in 2013 for his second inaugural.

President George W. Bush, for example, capped gifts at US$100,000 in 2001 and at US$250,000 in 2005.

The hefty donations will likely raise questions about Trump perceivably being beholden to his donors.

While presidents face fewer restrictions in their inaugural spending than they do for their campaigns, Trump's two predecessors applied more limits than Trump himself.

Trump's $107 million fundraising total is "an bad lot of money - it's roughly what we spent on two", said Steve Kerrigan, who was CEO for Obama's inaugural committee in 2013 and chief of staff in 2009.

Sheldon Adelson attending the fourth Annual Champions Of Jewish Values International Awards Gala in New York City, May 5, 2016.

follow

editors' picks

April 20, 2017
Trump extends private-sector health care program for vets
Reforming the agency, rocked by a waiting-time scandal in 2014, was one of Trump's most-repeated campaign trail promises.

April 20, 2017
Steve Ballmer launches USAFacts — GeekWire
Ballmer's aim is to dispel commonly squawked myths about the government's supposed excesses, and show what it actually does. For example, Ballmer, said: "You know it's not legal to know how many firearms that are in this country?"

April 19, 2017
Dude Steals 100 Phones at Coachella. Gets Caught
The Los Angeles Times reports that the festivalgoers used the "Find My iPhone" app to spot 36-year-old Reinaldo De Jesus Henao . After police kept extra eyes on that area and failed to find a suspect, it was the fans that came through.

April 19, 2017
Man killed 3 on street, says he 'hates white people'
Dyer told reporters that the three people were shot minutes apart in close proximity in areas around the downtown area of Fresno. Muhammad then allegedly reloaded at a bus stop and shot and killed the third victim in the Catholic Charities parking lot.

April 19, 2017
How Twitter reacted to Vijay Mallya's arrest
The wanted person has a right to appeal to the higher courts against any decision all the way up to the Supreme Court. Mallya, who has often accused Indian media of hyping his case, said his extradition hearing "started as expected".

April 19, 2017
Netflix nears 100 million subscribers worldwide
In Q1, the company reported US streaming revenues of $1.5 billion and $1.05 billion coming from the global market. The shares rose less than 1 percent to $147.71 at 8:00 a.m.in NY before the official market open.

April 19, 2017
Homeland Security Changing Enforcement of Crimes by Undocumented Immigrants, Secretary Kelly says
And for members of Congress who don't like the laws, Kelly said they "should have the courage and skill to change the laws". Kelly's interview was conducted before a failed ballistic missile launch from North Korea on Sunday.

April 19, 2017
'Fate of the Furious' Breaks Box Office Record
The film had raked up over $100 million in the first two days after which studio predicted it to be the highest grossing debut. The collections continued to grow as the movie earned Rs 41.63 crore on the opening weekend itself.

April 19, 2017
Palace fight back to force 2-2 draw with Leicester
But they often ran into quality blocking by Mamadou Sakho, whose loan from Liverpool has been such a success. But others around him were not so confident and twice allowed Palace a route back into the game.

April 19, 2017
Goldman whiffs in Wall Street bond rebound that boosts peers
Companywide revenue rose 27% to $8.03 billion, compared with the $8.33 billion average estimate of analysts surveyed by Bloomberg. Revenue in Goldman's investment-banking division, which helps companies merge and raise capital, rose 16% to $1.7 billion.