Donald Trump once proudly called himself the king of debt.
And based on a bombshell investigation showing his real estate empire has at least $650 million in debt — he wasn’t kidding.
The Donald’s domestic real estate companies have at least twice the amount of debt than the total made apparent on public filings he’s submitted during his presidential run, the New York Times reported Saturday.
And while Trump has railed against China during his bid for the White House, the leveraged loudmouth owns 30% of an office building on Sixth Ave. in Manhattan that counts Bank of China as one four lenders securing a $950 million loan, the Times reported.
Donald Trump, fit only for ridicule
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.
“I’m the king of debt. I’m great with debt,” Trump said on CBS “This Morning” in June. “Nobody knows debt better than me. I’ve made a fortune by using debt. And if things don’t work out, I renegotiate the debt. That’s a smart thing, not a stupid thing.”
The Times hired property search firm RedVision Systems to delve into Trump's opaque maze of real estate holdings and help sort out his stakes in commercial and residential properties, including hotels, golf courses, office buildings and a vineyard.
The investigation sifted through Federal Election Commission filings, information provided by the Trump Organization and public filings with the Securities and Exchange Commission.
Trump rallies black voters: 'What the hell do you have to lose?'
Trump has declined to release his individual tax returns or let an independent firm confirm his claims his personal worth exceeds $10 billion.
Estimates by Forbes, Fortune and Bloomberg have pegged his personal wealth at less than $5 billion.
#1: Justified To: cranky (#0)
OMG he is poor!
At least he earned it instead of stole it like Clinton's!
Im sure the elites are trying to chip away at his wealth because he dares to stand up to them. I hope he is elected so he can get payback for himself and for the rest of us.
Justified posted on 2016-08-20 18:42:05 Reply Private Reply
#2: Hondo68 To: cranky, Globalist Grifter (#0)
Trump said that Cruz was in Goldman Sachs' pocket for borrowing a paltry $1 million.
Hondo68 posted on 2016-08-20 18:53:49 Reply Private Reply
#3: cranky To: Justified (#1)
I'm not going to pass the hat for him.
Forbes lists him at #324 (worth about 4.5 billion) of the world's 500 richest people.
cranky posted on 2016-08-20 20:08:56 Reply Private Reply
#4: Vicomte13 To: cranky (#0)
Vicomte13 posted on 2016-08-20 22:19:41 Reply Private Reply
#5: jeremiad To: hondo68 (#2)
jeremiad posted on 2016-08-20 22:57:56 Reply Private Reply
#6: tomder55 To: jeremiad (#5)
tomder55 posted on 2016-08-21 05:09:43 Reply Private Reply
#7: cranky To: Vicomte13 (#4)
I doubt very much of it is personal debt.
Based on the trump seminar i attended two or three decades ago, i recall trump explaining that if i owed a grand to a banker, I had a creditor that would hound me for repayment.
But if i owed a banker twenty million, i had a partner that would work with me to get out of debt.
That and the concept of a 'strategic bankruptcy' were worth the price of admission, imho.
cranky posted on 2016-08-21 07:25:26 Reply Private Reply
#8: Logsplitter To: cranky (#0)
Logsplitter posted on 2016-08-21 14:17:22 Reply Private Reply
#9: cranky To: Logsplitter (#8)
Can't do it.
All I can do is go with forbes' and bloomberg's guestimates.
Trump claims ten billion or so, they say around four and a half billion.
cranky posted on 2016-08-22 06:55:39 Reply Private Reply
#10: cranky To: hondo68 (#2)
Cruz is in goldman's pocket.
Cruz was going to repay that loan with services rendered.
Until he opened his big mouth at the convention, that is.
Now, goldman will have to write it off as a bad debt.
cranky posted on 2016-08-23 07:50:12 Reply Private Reply