The New York Times, after investigating Donald Trump’s us real estate holdings, reports that companies owned by the GOP presidential nominee rely on a wide network of financial backers, and are indeed carrying at least $650 million in debt – double the amount made apparent in the Trump’s campaign-related public filings.
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A loan document reveled that five years later, Trump facilitated a deal with four financial institutions, including Goldman Sachs and Bank of China, who agreed to lend the office tower’s owners $950 million. Mr Trump has railed against China for not paying its fair share of taxes for “taking” American manufacturing jobs, and he has blasted his rival Hillary Clinton for accepting $675,000 in speaking fees from Goldman Sachs.
The form, released by the Federal Election Commission, asks that candidates list assets and debts not in precise numbers, but in ranges that top out at $50 million – appropriate for most candidates, but not for Mr. Trump.
Trump’s campaign filings show his businesses owed at least $315 million, the Times noted, saying they appear to be accurate and that Trump was not required to disclose all of his business activities. In 2015, Trump borrowed $160 million from Ladder Capital, a small NY firm, using that long-term lease as collateral.
And as we head into the weekend, Trump’s eventful period is far from over, with a new investigation by The New York Times claiming that Trump is now in at least $650 million of debt, at least double what he had previously publicly disclosed. If those loans were to go into default, Mr Trump would not be held liable, the Trump Organisation said.
Recent estimates by Forbes and Fortune magazines and Bloomberg have put his worth at less than US$5 billion. He has argued that, through his financial wizardry, he will rebuild inner cities, fix roads and bridges, increase the military budget, deport 11 million undocumented immigrants and reduce the national debt – all while cutting taxes.
The form also does not require that candidates list corporate debt, and Mr Trump has said he has no personal debt.
The publication found three instances where Trump had ownership interest in a building but did not disclose the related debt. Of these investments, one again involves a partial loan from the Bank of China.
The newspaper hired property search firm RedVision Systems to delve into Trump’s opaque maze of real estate holdings and help sort out his stakes in residential properties, hotels, golf courses, office buildings – even a vineyard – from coast to coast.
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The Trump Organization’s chief financial officer Allen Weisselberg, said that neither Trump nor the company was responsible for these debts. The current value of the loans connected to them is roughly $1.95 billion, according to various public documents. “We simply don’t know a lot about his financial dealings, here or around the world”, a former chief White House ethics lawyer says.
