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Companies continue to break up with Trump

Yahoo Finance’s Julie Hyman, Myles Udland, Brian Sozzi, and Rick Newman discuss the latest in Congress’ impeachment push, and companies cutting ties with President Trump.

Video Transcript

JULIE HYMAN: A critical couple of weeks in Washington, this after the riots stormed the capital last week, and we are getting, still getting, more and more details about how much worse that could have been.

We are also getting reports over future plans leading up to the inauguration on the part of some of the people responsible behind the storming of the Capitol, all of this as House Democrats are pushing, reportedly, Vice President Pence to invoke the 25th Amendment to remove President Trump from office. And if not, maybe they'll start those impeachment proceedings. That's the plan for tomorrow.

Rick Newman is here with his thoughts around all of this and the implications around all of this. So it sounds like impeachment proceedings could begin tomorrow, Rick. But now there's this whole idea that that may sort of interfere with the beginning of Joe Biden's presidency.

RICK NEWMAN: Right. What seems most likely at this point is that the House is actually going to pass an impeachment article, which means the House is going to impeach President Trump for the second time. That has never happened before. And that's going to happen tomorrow. It's pretty straightforward in the House. It's just a majority vote.

It gets more complicated when it goes to the Senate for a conviction. And we all kind of brushed up on our impeachment 101 last year around this time, when the same thing happened. The House impeached Trump. And as we know, the Senate did not convict Trump. So the complicated part is what happens in the Senate. They are not scheduled to come back into session until January 19, obviously, one day before the inauguration of Joe Biden as president.

So unless that changes, and there is a chance that could come back sooner on some kind of emergency basis, but unless that changes, the Senate would not take this up until Joe Biden actually becomes president and Donald Trump no longer is president. Now they could still vote to convict Trump. A lot of people say they should do that anyway, even after he leaves office.

But it's going to be a lot harder to do that, because that requires a 2/3 vote. And you'd have to get 17 Republicans to join 50 Democrats voting to convict Trump. That looks like a hard sell at this point.

BRIAN SOZZI: And Rick, what happens to the Trump organization? Overnight, we're seeing that Deutsche Bank is no longer going to be working with the Trump organization. Where do they go to do their banking?

RICK NEWMAN: They're going to have a problem. Trump has loans. And it's not as if any company that has previously loaned him money can just say you have to repay all the loans right away. I mean, there are contracts that govern this, obviously. So those banking relationships will have to exist. I think what Deutsche Bank and probably others are talking about is any future banking relationships with Trump.

You know, he's been in this position before. I mean, six of his businesses have gone bankrupt. In the aftermath of that, he's faced the same problem. And he has somehow managed to get financing all over again. But I think this is different, Brian. I think Trump faces a real problem now with his private company, including damage to the brand.

So we know Trump has this fanatically loyal base. But are they the ones who are going to spend $100,000 or $200,000 to join one of his golf clubs out of a show of solidarity? Probably not. And meanwhile, we saw the PGA, they don't want anything to do with Trump.

They canceled the 2022 PGA Tournament at Trump's golf course. I don't think official golf is going to want anything to do with Trump for the rest of his life, probably. So he's going to have to pull yet another rabbit out of a hat once he's back into the private sector.

JULIE HYMAN: I don't know, Rick. Maybe I'm just spitballing here. But one could imagine he crowdfunds and starts up Trump TV, getting money from all of his followers. I mean, the fundraising that he and his supporters did around the, quote, unquote, Stop the Steal campaign was pretty sizable.

So it seems as though legally, not all of that money was earmarked directly for the efforts that it said it was earmarked for. So I mean, he has a history of creative accounting.

RICK NEWMAN: Yeah, Trump has-- how many lives, professional lives, has Trump used up at this point? If he has nine lives, has he used seven? Maybe. So maybe he's on number eight or nine. I think you're right, Julie. I mean, he has always found a way to capitalize on whatever his fan base turns out to be and even expand his fan base.

But I think what's different now, you know, the thing that really revitalized Trump was the reality show, "The Apprentice," mainstream TV show on broadcast TV. I think Trump is going to end up so marginalized. And we're seeing this now with the companies don't want to process payments anymore. Amazon Web Services doesn't want to host the conservative social media site and so forth.

So he's going to have to find a way to do this on a marginalized basis without mainstream support. And I just don't think-- you know, some of this might blow over. But I think a lot of it will not blow over.

So we're going to see many challenges faced by the Trump organization, including the kids, Don Junior, who some people think has political ambitions, Ivanka, and Eric, who are going to go back to running the company, so tough road ahead for them. And it's going to be a real interesting story to follow.

JULIE HYMAN: It will be. And we'll all be doing that. Rick Newman, thank you so much, appreciate it.