Obama: Trump should follow my example on ethics

President-elect Donald Trump should appoint a strong White House counsel to ensure there aren't conflicts of interest that could taint his administration, President Obama said Sunday.

Obama gave that advice to Trump in their first meeting in the Oval Office after the election. But questions about the future of Trump's considerable real estate holdings have only increased since then, as family members have taken on a visible role on Trump's presidential transition. Trump has also reportedly met with Indian investors in a hotel project even as he meets with potential cabinet appointments.

Obama acknowledged that his assets are worth considerably less than Trump's. His last financial disclosure report pegged his assets in the neighborhood of $7 million; Trump's net worth is as much as $10 billion. But Obama said the same principles should apply.

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"We made a decision to liquidate assets that might raise questions about how it would influence policy. I basically had our accountant put all our money in treasury bills — the yields, by the way, have not been massive over the course of the last eight years — just because it simplified my life," Obama said at a news conference following the Asia Pacific Economic Cooperation Summit in Lima, Peru. "I did not have to worry about the complexities of a decision that I made might even inadvertently benefit me."

Trump has said he would put his assets into a "blind trust" controlled by his children. But ethics lawyers say such an arrangement wouldn't be truly blind, because Trump would have knowledge of the assets and the ability to financially benefit from policy decisions.

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Obama said the approach he's taken is to "not just meet the letter of the law but to go well beyond the letter to the spirit." And he said those ethical standards need to extend to top administration officials, even on questions about travel and gifts.

He quoted his first White House counsel, Greg Craig: "'If it sounds like it would be fun, then you can't do it.' That's a general test. 'If it sounds like something you would enjoy or appreciate, no go.'

"And as a consequence, and I'll knock on some wood here, because we've got two months left, I am extremely proud of the fact that over eight years we have not had the kinds of scandals that have plagued other administrations," he said.

Contributing: Greg Toppo. Follow Gregory Korte on Twitter: @gregorykorte