Trump agrees to shut down embattled charity

Trump foundation, the charity organization of President Trump, has agreed to dissolve under judicial supervision amidst a lawsuit from New York Attorney General Barbara Underwood's office.

The foundation will give away its assets to other nonprofit organizations throughout the next 30 days.

The Trump Foundation, weathering a lawsuit over its finances, agreed to dissolve under court supervision, NY state authorities said Tuesday. "[The] Trump Foundation functioned as little more than a checkbook to serve Trump's business [and] political interests".

Underwood discussed her decision to sue the Trump Foundation with CNN's Christiane Amanpour June 14.

Attorney General Barbara Underwood brought the suit against the Foundation in June, following a months-long investigation led by disgraced former New York Attorney General Eric Schneiderman.

Underwood took a slight jab at the president, who is facing mounting legal troubles and investigations, by adding that the shutting down of Trump's charity was "an important victory for the rule of law, making clear that there is one set of rules for everyone". No, they charge the crap out of the Trump Foundation. Under the terms, the Foundation can only distribute its remaining charitable assets to reputable organizations that we have approved. He said the foundation distributed approximately $19 million over the past decade, including $8.25 million of the President's personal money.

Mrs Underwood is continuing to seek more than $2.8 million (£2.2m) in restitution and has asked a judge to ban the Trumps temporarily from serving on the boards of other NY nonprofit organisations.

"Unfortunately, the NYAG sought to prevent dissolution for almost two years, thereby depriving those most in need of nearly $1.7m". The money also was used to benefit Trump's business interests by settling legal claims against it, for example, Underwood said.

Several pages of the document focus on a charity fundraiser for veterans in Iowa in January 2016, which Mr Trump chose to hold instead of taking part in a TV debate with other Republican presidential hopefuls ahead of the influential state's caucuses.

At one point, Trump used the charity's money to make a $25,000 political donation to Florida Attorney General Pamela Bondi (R).

Trump has denied that the foundation did anything wrong, reported WaPo.

The Morning Call today published a story with some sordid details on the Trump Foundation's non-charitable spending and reports the McMahons donated $5 million to the foundation.

The settlement with Underwood's office represents a concession by Trump to a state investigation he decried as a partisan attack. ABC also notes that the foundation gave $100,000 in 2014 to the conservative Citizens United Foundation, the group behind the Citizens United case that allows corporations and unions to spend as much as they want on campaign contributions.