Trump reportedly wants to use a French bank's confiscated slush fund to build the wall
President Trump is embarking on a supremely roundabout quest to build the wall.
In November, French bank Societe Generale admitted that it spent years breaking American sanctions with the U.S. and Cuba. It had to pay $1.3 billion back to the U.S., and now Trump is hoping to siphon a chunk of it for his border wall, CNBC reports.
From asking Mexico nicely to cramming funds into the national budget, Trump has tried a slew of crafty solutions to fund his promised border wall between the U.S. and Mexico. His current national emergency declaration is still standing, but the $8 billion Trump is hoping to get from that actually stems from a variety of sources. About $3.6 billion comes from military construction already authorized this year, $2.5 billion comes from seized drug profits, and $1.3 billion is from what Democrats gave Trump in the budget. The remaining $601 million, Trump reportedly hopes, will come from the Treasury Department's "asset forfeiture fund," NBC News noted.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
There's just one problem: Only $242 million of the largely off-limits forfeiture fund is available for government use right now, the administration has said. The rest — $301 billion — is from "future anticipated forfeitures," namely the Societe General deal that is still pending in court, two officials tell CNBC. Yet another source says the bank has already paid its fines, and the money has already been divvied up to other recipients, complicating Trump's reported plan.
Read more about Trump's backup border fund at CNBC.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
The drive behind Germany's pro-Israel political consensus
Under the Radar Belief that Israel's security is a 'raison d'etre for the German republic' is under growing pressure
By The Week UK Published
-
'The House under GOP rule has become a hostile workplace'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
The Shohei Ohtani gambling scandal is about more than bad bets
In The Spotlight The firestorm surrounding one of baseball's biggest stars threatens to upend a generational legacy and professional sports at large
By Rafi Schwartz, The Week US Published
-
Trump gets $289M break, first criminal trial date
Speed Read The former president's fraud bond has been reduced to $175 million from $464 million
By Peter Weber, The Week US Published
-
US-Israel rift widens after UN cease-fire resolution
Speed Read The U.S. declined to veto a U.N. resolution calling for a two-week "immediate cease-fire" in Gaza
By Peter Weber, The Week US Published
-
New Jersey first lady exits race to replace Menendez
Speed Read Tammy Murphy dropping out paves the way for Rep. Andy Kim to become the state's next senator
By Peter Weber, The Week US Published
-
Russia blames Ukraine for deadly ISIS Moscow attack
Speed Read Putin has ignored the Islamic State's claim of responsibility for the concert hall shooting
By Peter Weber, The Week US Published
-
Trump-RNC pact puts Trump legal bills ahead of GOP
Speed Read The former president has struck a deal with the Republican National Committee to put donations toward his legal bills
By Peter Weber, The Week US Published
-
Vietnam president resigns amid scandal
Speed Read Vietnam loses its second president in two years as Vo Van Thuong steps down
By Peter Weber, The Week US Published
-
Texas migrant law in limbo after Supreme Court OK
Speed Read The law has been blocked again, mere hours after the Supreme Court allowed the state to arrest migrants
By Peter Weber, The Week US Published
-
Cubans rally for 'power and food' in rare protests
Speed Read The protests came after 18-hour rolling blackouts and food supply shortages
By Peter Weber, The Week US Published