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.
-
Today's political cartoons - October 5, 2024
Cartoons Saturday's cartoons - gathering funds, juggling tariffs, and more
By The Week US Published
-
5 category 5 cartoons about hurricane Helene
Artists take on precarious conditions, planning ahead, and more
By The Week US Published
-
Wolfs: 'comedy thriller' stumbles despite George Clooney and Brad Pitt
While the crime caper might 'pleasingly pass a Saturday night' its star-studded duo cannot ultimately salvage it
By The Week UK Published
-
Liz Cheney campaigns with Harris in Wisconsin
Speed Read The pair does not agree on much politically, but they share an anti-Trump stance
By Peter Weber, The Week US Published
-
Biden, Harris visit storm-hit North Carolina, Georgia
Speed Read President Joe Biden and Kamala Harris took separate tours of the south to view the catastrophic damage from Hurricane Helene
By Rafi Schwartz, The Week US Published
-
Jack Smith filing details Jan. 6 case against Trump
Speed Read The special counsel's newly unsealed brief argues Trump is not immune from prosecution and gives new details on his efforts to overturn the election
By Peter Weber, The Week US Published
-
Will 'weirdly civil' VP debate move dial in US election?
Today's Big Question 'Diametrically opposed' candidates showed 'a lot of commonality' on some issues, but offered competing visions for America's future and democracy
By Harriet Marsden, The Week UK Published
-
1 of 6 'Trump Train' drivers liable in Biden bus blockade
Speed Read Only one of the accused was found liable in the case concerning the deliberate slowing of a 2020 Biden campaign bus
By Peter Weber, The Week US Published
-
Netanyahu makes controversial address
Speed Reads Israeli Prime Minister Benjamin Netanyahu's speech to Congress denounced Gaza war protestors
By Rafi Schwartz, The Week US Published
-
Menendez convicted of bribery, fraud, and extortion
Speed Read The New Jersey Democratic Senator was found guilty in a federal corruption trial
By Rafi Schwartz, The Week US Published
-
Florida judge dismisses Trump documents case
Speed Read Judge Aileen Cannon ruled that special counsel Jack Smith was improperly appointed
By Rafi Schwartz, The Week US Published