Trump reportedly wants to use a French bank's confiscated slush fund to build the wall
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
You are now subscribed
Your newsletter sign-up was successful
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.
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.
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.
-
Why is the Trump administration talking about ‘Western civilization’?Talking Points Rubio says Europe, US bonded by religion and ancestry
-
Quentin Deranque: a student’s death energizes the French far rightIN THE SPOTLIGHT Reactions to the violent killing of an ultraconservative activist offer a glimpse at the culture wars roiling France ahead of next year’s elections
-
Secured vs. unsecured loans: how do they differ and which is better?the explainer They are distinguished by the level of risk and the inclusion of collateral
-
Labor secretary’s husband barred amid assault probeSpeed Read Shawn DeRemer, the husband of Labor Secretary Lori Chavez-DeRemer, has been accused of sexual assault
-
Trump touts pledges at 1st Board of Peace meetingSpeed Read At the inaugural meeting, the president announced nine countries have agreed to pledge a combined $7 billion for a Gaza relief package
-
NIH director Bhattacharya tapped as acting CDC headSpeed Read Jay Bhattacharya, a critic of the CDC’s Covid-19 response, will now lead the Centers for Disease Control and Prevention
-
Witkoff and Kushner tackle Ukraine, Iran in GenevaSpeed Read Steve Witkoff and Jared Kushner held negotiations aimed at securing a nuclear deal with Iran and an end to Russia’s war in Ukraine
-
Pentagon spokesperson forced out as DHS’s resignsSpeed Read Senior military adviser Col. David Butler was fired by Pete Hegseth and Homeland Security spokesperson Tricia McLaughlin is resigning
-
Judge orders Washington slavery exhibit restoredSpeed Read The Trump administration took down displays about slavery at the President’s House Site in Philadelphia
-
Hyatt chair joins growing list of Epstein files losersSpeed Read Thomas Pritzker stepped down as executive chair of the Hyatt Hotels Corporation over his ties with Jeffrey Epstein and Ghislaine Maxwell
-
Judge blocks Hegseth from punishing Kelly over videoSpeed Read Defense Secretary Pete Hegseth pushed for the senator to be demoted over a video in which he reminds military officials they should refuse illegal orders
