On the campaign trail, Donald J. Trump, the Republican presidential nominee, has sold himself as a businessman who has made billions of dollars and is beholden to no one.
But an investigation by The New York Times into the financial maze of Mr. Trump’s real estate holdings in the United States reveals that companies he owns have at least $650 million in debt — twice the amount than can be gleaned from public filings he has made as part of his bid for the White House. The Times’s inquiry also found that Mr. Trump’s fortunes depend deeply on a wide array of financial backers, including one he has cited in attacks during his campaign.
For example, an office building on Avenue of the Americas in Manhattan, of which Mr. Trump is part owner, carries a $950 million loan. Among the lenders: the Bank of China, one of the largest banks in a country that Mr. Trump has railed against as an economic foe of the United States, and Goldman Sachs, a financial institution he has said controls Hillary Clinton, the Democratic nominee, after it paid her $675,000 in speaking fees.
Real estate projects often involve complex ownership and mortgage structures. And given Mr. Trump’s long real estate career in the United States and abroad, as well as his claim that his personal wealth exceeds $10 billion, it is safe to say that no previous major party presidential nominee has had finances nearly as complicated.
As president, Mr. Trump would have substantial sway over monetary and tax policy, as well as the power to make appointments that would directly affect his own financial empire. He would also wield influence over legislative issues that could have a significant impact on his net worth, and would have official dealings with countries in which he has business interests.
Yet The Times’s examination underscored how much of Mr. Trump’s business remains shrouded in mystery. He has declined to disclose his tax returns or allow an independent valuation of his assets.
….
- Discussion
-
He owes Bank of China and Goldman Sachs, eh?
GLOBALIST https://t.co/LtsFeanXJg
— Matt Mackowiak (@MattMackowiak) August 20, 2016
During the War of 1812, John Jacob Astor loaned James Monroe $5k, which the latter was habitually unable to pay back.
— Jay Cost (@JayCostTWS) August 20, 2016
Until he became president, at which point he tweaked the laws regulating the fur trade in the U.S., which was VERY good for Monroe.
— Jay Cost (@JayCostTWS) August 20, 2016
Now, imagine that instead of $5,000, it's at least $500 million. And instead of Astor, it's the People's Bank of China. That's Trump in 2016
— Jay Cost (@JayCostTWS) August 20, 2016
That's the reason Trump's swirl of business entanglements matter. Private entities have their hooks in him …
— Jay Cost (@JayCostTWS) August 20, 2016
… and as president he will have vast discretion to use public authority to satisfy their demands.
— Jay Cost (@JayCostTWS) August 20, 2016
And because his finances are so opaque, nobody—literally nobody—except Trump & his creditors may know he's doing this.
— Jay Cost (@JayCostTWS) August 20, 2016
Put bluntly, Trump is going to have billions upon billions of dollars worth of conflicts of interest—which he *refuses* to tell us about.
— Jay Cost (@JayCostTWS) August 20, 2016
The Framers would sh*t a brick over this. Schooled in the early modern "science of politics," they knew this was *dangerous*.
— Jay Cost (@JayCostTWS) August 20, 2016
Example #1,283 while "fidelity to the Constitution" is not a reason to get aboard the Trump Train.
— Jay Cost (@JayCostTWS) August 20, 2016
BTW, this was going to be a centerpiece of the GOP argument about HRC, until it nominated the ONE GUY with more conflicts of interest.
— Jay Cost (@JayCostTWS) August 20, 2016
No party has ever effed up as badly as the 2016 GOP. It's not even a close call, really.
— Jay Cost (@JayCostTWS) August 20, 2016
You must be logged in to reply to this topic.