REP LIEU APPLAUDS END OF TRUMP SOHO FINANCING THROUGH PUBLIC FUNDS
WASHINGTON - Today, Congressman Ted W. Lieu (D-Los Angeles County) issued the following statement after CIM Group announced it would end its contract with the Trump Organization. This decision comes after Rep. Lieu sent two letters, one of which was signed by 12 California Members of Congress, urging the California Public Employees’ Retirement System (CalPERS) to divest its funds from CIM Fund III because it financed Trump SoHo. The property, run by the Trump Organization, has been at the center of allegations of fraud and money laundering.
“I applaud CIM Group for severing ties with the Trump Organization and commend groups like Free Speech for People for their commitment to curbing government corruption. This was the responsible thing to do considering Trump SoHo’s problematic financial and managerial history. Beyond that, their CIM Fund III was furnished by public entities like CalPERS, creating a violation of the Domestic Emoluments Clause of the Constitution. State workers—from teachers to firefighters—can rest easier knowing that their retirement funds are not tied up in allegedly fraudulent investments.”