From private players to educational institutions and social media platforms, there’s nowhere left for Trump to go.
The United States of America witnessed the most outrageous presidency in history under Donald Trump. From inciting violence on the Capitol building and breaking his own oath to protect the constitution, to becoming the first US President to be impeached twice, history will never fall short of reasons why America doesn’t, at any cost, need another president like Trump again. The insurrection might have been halted before achieving the desired aim. But Donald Trump, however, is beginning to look a lot like destroyed.
Watch: The Infamous Moment when Trump broke his Constitutional Oath
Despite all the questionable episodes of Trump in the White House, he still had a fair chance to end his term with grace. However, after the Capitol insurrection incited by him, Trump was not only on the verge of being removed from office less than a week before President-elect Biden’s inauguration, but also lost the confidence of his ardent loyalists and fellow-Republicans. But the consequences of the recent Capitol insurrection go much deeper than mere incomplete impeachment and criticism from his confidantes. Trump is experiencing the biggest setbacks that can rightly be called a businessman’s nightmare.
Corporates and private players are pulling out one by one, leaving the unloved president alone during his last days in office.
Did Donald Trump destroy himself with the Capitol insurrection?
This doesn’t usually happen with every outgoing president. However, Trump is facing consequences for breaking all hells loose in the final days of his presidency. Businesses and institutions realize the importance of being on the right side of history. Gone are the days when brands preferred silence over choosing sides during unusual times. The best example was the recent Black Lives Matter movement. The world has had enough of Trump’s rhetoric and hate mongering, and private players and brands know which side to choose.
It began with Twitter banning the president’s account permanently along with other Republican voices that fueled the election-fraud rumor and turned it into the biggest attack on American constitution. Later Facebook too blocked the president’s account till President-elect Joe Biden‘s inauguration. Additionally, Amazon, Google, and Apple have waged a battle against Parler, an unmoderated “free-speech” social network platform with maximum conservative users. When pro-Trump extremists vandalized the Capitol building later during 6th January, users of Parler rejoiced the unfortunate event. The social media platform has been reported to be the breeding ground of insurrection’s planning.
Watch: Parler CEO says the social media app may be done for good
Next came Shopify, which decided to express its condemnation of the Capitol attack by suspending Trump’s online merch stores. On Thursday morning, the Canada-based Shopify shutdown Trumpstore.com along with the e-commerce accounts associated to Trump’s election campaign. Furthermore, FinTech firms like Stripe, PayPal and Square have refused to entertain any payment processed from the president and his allies involved in the insurrection.
Banks say No More
Deutsche Bank is the president’s biggest lender. Trump owes the German bank a whopping $300 million, and this is what made it one of the most troubling developments for Trump when the bank put a full stop to all businesses with Trump, leaving no hopes of mercy from the destroyed relationship with his lenders.
Watch: Deutsche Bank decides to cut all ties with Trump
Similar developments were witnessed in New York where Signature bank announced closure of all personal accounts of Trump. Not just this, the bank also pledged to no longer continue any business in present or future with every Congressmen who fueled the election-fraud rumor by standing beside Trump. The Bank said in a statement:
To witness a rioter sitting in the presiding chair of the U.S. Senate and our elected representatives being told to seek cover under their seats is appalling and an insult to the Republic.
New York City Breaks Contract
Right after Trump’s second impeachment, a shocking notice came from New York city officials stating that NYC had called off the contract with the Trump Organization which allowed one of the president’s many business verticals to operate the Trump Golf Links at the Central Park, Carousel, Ferry Point and the Wollman and Lasker ice skating rinks. This contract earned the president’s organization a hefty check of $17.9 million according to 2019’s report. The Trump organization, however, plans to fight the decision calling it a breach of contract.
Watch: Financial Challenges for the Trump Organization as NYC breaks ties
Professional Golf severs ties with Trump Golf Courses
Adding to the list of financial setbacks for the Trump Organization, the Professional Golfers Association (PGA) of America canceled the contract of hosting the PGA Championship at Trump Golf Club in Bedminster, New Jersey. The event is one of the most revered global men’s championships. Furthermore, the Chief Executive of R&A, an organization conducting the British Open, announced on Monday that they will no longer organize their flagship event at Trump’s golf course in Scotland, Turnberry, until “foreseeable future”.
Universities revoke Trump’s Degrees
In the wake of the insurrection on the Capitol building incited by President Trump himself, University of Lehigh took a historical decision of revoking and rescinding Trump’s honorary degree which was issued to him in 1988. The university in its notice mentioned that the full Board of Trustees agreed with the decision. Adding further, Wagner College also revoked Donald Trump’s honorary degree awarded to him in the year 2004. Following the lead, Middlebury College is in discussion to revoke the honorary degree of Donald Trump’s attorney Rudy Giuliani, holding him responsible for “fomenting the violent uprising against our nation’s Capitol building.”
Notable reactions from private corporations
Fighting the election results and claiming the votes to be fraudulent was the primary reason for the boiling unrest that broke out into an attack on the second safest building in America. Donald Trump has lost the faith of almost all the Fortune 500 corporations and has destroyed his rapport to an irreparable extent. Amazon, Blue Cross Blue Shield Association and American Express released a statement announcing suspension of their PAC contributions for every politician who voted against the election certification. 3M made the declaration that they will pause all their ‘federal and state political expenditure for the first quarter of the year’. Airbnb also plans to withhold their support from all lawmakers involved in challenging the election result.
Additionally, American Airlines decided to take a ‘three month pause’ on all political donations. The largest financial contributor to the Republicans who voted to challenge the election results, AT&T finally decided to suspend all their contributions that are political in nature. Boston Scientific has temporarily suspended its PAC contributions while Citibank did the same for three months. BP has paused PAC contributions for six months whereas, Charles Schwab suspended its PAC contributions for the rest of 2021. Blackrock too stopped all political donations.
The most significant of all the corporate reactions against the U.S. Capitol attack came from the US Chamber of Commerce. The largest business lobbying group in the United States announced the suspension of their financial contribution to every lawmaker involved in condemning the election result and challenging the authenticity of votes. On the other hand, Hallmark has notified Sens. Josh Hawley (R-MO) and Roger Marshall (R-KS) requesting refund of their PAC contributions for amplifying election-fraud claims and therefore, inciting the violence at the Capitol. Some of the other private players who have pulled their political donations out are Hilton, Intel, H&R Block, JPMorgan Chase, KPMG, Marriott, Mastercard, Microsoft, Morgan Stanley, Nike, Northrop Grumman, PGA of America, PricewaterhouseCoopers, UnitedHealth Group, Verizon, Visa, Walmart, Walt Disney. In short, President Donald Trump has destroyed all hope of any comeback in future, politically or in business.