We love Rachel Maddow segments where she cracks up on air.
And on Monday night we got one. Turns out the Trump grift and social media “site” Truth Social has in it’s founding documents, contingencies for if Donald J. Trump runs for office, or… gets indicted.
We’ve already covered what a sh*tshow the Trump venture is. Just like every other Trump venture, many observers believe it is designed to grift dollars from rubes. This Forbes article is typical:
“Trump’s SPAC Is Screwing His Own Supporters While Enriching Wall Street Elites.”
And Rachel laughed while noting that The Trump SPAC organizing documents have a “red flag for investors.” (Just the one?) The documents have a contingency for a “material disruptive event” for the company that protects it from the disruption. What are the two “material disruptive events” mentioned? That the “Company Principal” (Trump) either “announces he is running for a public office” OR “the Company Principal is personally convicted of a federal criminal offense.”
Do indictments not count? I would think an indictment of the “Company Principal” might lower that stock.
But, as MSN points out, this isn’t about the stock, it’s about running the company: “The wording is significant as it says that Trump will still lead the company if he runs for president in 2024 or is convicted of a felony. “
Trump SPAC filing doesn’t include anything about a CEO, but it does include this about Donald Trump (referred to as Company Principal):
“The Purchaser hereby acknowledges the controversial nature of being associated with the Company Principal and the Company Principal’s family.”
— Dan Primack (@danprimack) October 26, 2021