Trump companies owe USD 650 million: NY Times
Republican presidential nominee Donald Trump’s real estate holdings in the U.S. have at least $650 million in debt – twice the amount than the public filings he has made as part of his bid for the White House, according to an investigative report by the New York Times.
The probe “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”, the Times said.
Another lender in that quartet is Goldman Sachs, the financial firm that Trump says his Democratic rival Hillary Clinton is beholden to because it paid her $675,000 in speaking fees, the Times said. Noting that much of Trump’s business “remains shrouded in mystery” due to the complex nature of real estate projects, the report points out that the discrepancy between what Trump has reported and what their investigation found is not Trump’s fault, but rather due to the fact that the financial disclosure form the Federal Election Commission makes candidates fill out is not designed for people with finances as complicated or extensive as Trump’s, and Federal law only asks for a list of personal liabilities, not corporate debt.
One of the other major lenders on the loan is the Bank Of China, who Trump has also been highly opinionated about, having previously said: “We have a lot of power with China”.
The report made clear that though there was a substantial difference between Trump’s public filings and the Times’s own investigation of his finances, Trump had answered all questions on the Federal Election Commission’s financial disclosure form.
The Trump Organization’s chief financial officer, Weisselberg, also told The Times that debts for properties where a Trump company owned less than a 100% stake were not disclosed on the form.
This is particularly worrisome when considering how, if elected, Trump would be able to control monetary and tax policy, and through appointments and legislative influence, undoubtedly be able to impact his family business’ net worth.
For the investigation, The Times partnered with national property-information firm RedVision Systems to search publicly available data on more than 30 United States properties, identified through Federal Election Commission (FEC) filings and information provided by Trump, like filings with the Securities and Exchange Commission (SEC). The form requires candidates disclose their assets and debts in ranges up to $50 million, instead of precise numbers.
In Mr Trump’s case, he says his children would run his business. In 2010, the company that owns the hotel refinanced a $190 million loan, according to Real Capital Analytics, a commercial real estate data and analytics firm. Goldman Sachs and the Bank of China are two of the building’s four lenders.
Ultimately, through his investments, Trump is a 30 percent owner of the building, records show.