Trump Envoy Job Came With $200 Million Benefit, Barrack Says
- Colony Capital boss explored becoming US diplomat under Trump
- He said he would’ve done well divesting to join government
Tom Barrack
Photographer: David Dee Delgado/BloombergThis article is for subscribers only.
Tom Barrack testified that he likely would’ve “made or saved” more than $200 million if he’d had to divest his financial holdings to join his longtime friend Donald Trump’s administration as an ambassador or special envoy.
The Colony Capital LLC founder, who’s on trial for allegedly trying to influence US policy as an unregistered agent for the United Arab Emirates, made the estimate Wednesday when asked by his lawyer about capital gains taxes he could defer if he joined the government. Officials can defer such taxes when selling assets to avoid conflicts of interest.