Trump owes lenders at least $315 million, disclosure shows

[rooster59]

Trump owes lenders at least $315 million, disclosure shows

By Eric Beech, Mohammad Zargham and Andy Sullivan

 

U.S. President Donald Trump waves as he returns to the White House in Washington, U.S., June 16, 2017. REUTERS/Joshua Roberts

 

WASHINGTON (Reuters) - President Donald Trump had personal liabilities of at least $315.6 million to German, U.S. and other lenders as of mid-2017, according to a federal financial disclosure form released late on Friday by the U.S. Office of Government Ethics.

 

He had roughly $20 million in income from his new marquee Washington hotel, which opened just down the street from the White House last September. Revenues also increased at Mar-a-Lago, the Florida resort known as the "Winter White House."

 

Trump reported income of at least $594 million for 2016 and early 2017 and assets worth at least $1.4 billion. (http://bit.ly/2sah0ZM)

 

The 98-page disclosure document posted on the ethics office's website showed liabilities for Trump of at least $130 million to Deutsche Bank Trust Company Americas, a unit of German-based Deutsche Bank AG.

 

For example, Trump disclosed a liability to Deutsche exceeding $50 million for the Old Post Office, a historic Washington property where he has opened a hotel.

 

Trump reported liabilities of at least $110 million to Ladder Capital Corp , a commercial real estate lender with offices in New York, Los Angeles and Boca Raton, Florida.

 

The largest component of Trump's income was $115.9 million listed as golf-resort related revenues from Trump National Doral in Miami, down from $132 million he reported a year ago.

 

Income from many of his other hotels and resorts largely held steady. Revenue from Trump Corporation, his real-estate management company, nearly tripled, to $18 million, and revenue from Mar-a-Lago grew by 25 percent, to $37.25 million. The private club doubled its initiation fee to $200,000 after Trump's election.

 

He earned $11 million from the Miss Universe pageant, after selling the beauty contest back in 2015.

 

Revenue from television shows like "The Apprentice" fell to $1.1 million, down from $6 million a year earlier.

 

His assets probably exceeded $1.4 billion because the disclosure form provided ranges of values.

 

The document showed Trump held officer positions in 565 corporations or other entities before becoming U.S. president. His tenure in most of those posts ended on Jan. 19, the day before his inauguration, and in others in 2015 and 2016.

 

Most of the entities involved were based in the United States, with a handful in Scotland, Ireland, Canada, Brazil, Bermuda and elsewhere.

 

Trump has refused to release his tax returns, which would give a much clearer indication of his wealth and business interests. But he has submitted federal forms disclosing his and his family's income, assets and liabilities.

 

"President Trump welcomed the opportunity to voluntarily file his personal financial disclosure form," the White House said in a statement, adding that the form was "certified by the Office of Government Ethics pursuant to its normal procedures."

 

An Office of Government Ethics spokesman declined to comment on the contents of the report, other than to say that it was certified by the office, which is an ethics watchdog for federal government employees.

 

Trump released a disclosure form in May 2016 that his campaign at the time said showed his net worth was $10 billion. Some critics disputed that figure as overblown.

 

Before taking office in January, Trump was a New York real estate developer and television celebrity.

 

 

-- © Copyright Reuters 2017-06-17

[darksidedog]

So Donald said he was worth 10 Billion and this says he has assets of around 1.4 Billion. With debts of another 300 Million, making it around 1.1Billion. Not small change, but also not 10 Billion, or even remotely close to it. Methinks someone has been lying again. Or is there another 9 Billion floating about out there, he just forgot to mention?

[stevenl]

If, and that is a big if, this is true, 315 million owned on assets of 1,4 billion is not bad at all.

 

But how about the missing billions, where are those?

[55Jay]

Forbes puts him at $3.5B.  #594 out of 2,036 Billionaires listed. 
 

https://www.forbes.com/billionaires/list/#version:realtime

[phantomfiddler]

As good old Bernard used to say........"I don,t give a hoot" !

[Dagnabbit]

Ludicrious headline. Smart businesses use other people's money. He is not over leveraged. Yet the headline is procatively trying to make out he's up to his eyeballs in debt.

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[williamgeorgeallen]

fitting for americas leader to have a fair amount of debt. they country floats on an ocean of debt. student debt alone is 1.3 trillion US$.

[Morch]

2 hours ago, 55Jay said:

Forbes puts him at $3.5B.  #594 out of 2,036 Billionaires listed. 
 

https://www.forbes.com/billionaires/list/#version:realtime

 

"Forbes is overrated. Sad."

[Morch]

30 minutes ago, Dagnabbit said:

Ludicrious headline. Smart businesses use other people's money. He is not over leveraged. Yet the headline is procatively trying to make out he's up to his eyeballs in debt.

Sent from my SM-A720F using Tapatalk
 

 

President of the US debt to foreign banks a non-issue, says poster.

[dutchisaan]

1 hour ago, Dagnabbit said:

Ludicrious headline. Smart businesses use other people's money. He is not over leveraged. Yet the headline is procatively trying to make out he's up to his eyeballs in debt.

Sent from my SM-A720F using Tapatalk
 

You talk about the orange clown and you say he is a smart business man? Come on man!

Your smart business man couldn't even run a casino without going bankrupt! Howmany people can say that. But than keep believing this clown and keep defending his BS.

At least we know where you stand for.

[Thakkar]

1 hour ago, Dagnabbit said:

Ludicrious headline. Smart businesses use other people's money. He is not over leveraged. Yet the headline is procatively trying to make out he's up to his eyeballs in debt.
 

If he's so smart, why does he spell "covfeffe" with just two "f"s instead of the proper three?

 

Cutting corners, as usual. Sad.

 

T

[Jim1000]

Seems 10 billion dollars aint what it used to be ......................

[Sealbash]

You talk about the orange clown and you say he is a smart business man? Come on man!
Your smart business man couldn't even run a casino without going bankrupt! Howmany people can say that. But than keep believing this clown and keep defending his BS.
At least we know where you stand for.

I believe Trump's businesses did not declare bankruptcy, but filed for Chapter 11. This is a fully legal procedure to protect a company and its stakeholders while the finances are reorganized. Chapter 11 protection is used by hundreds of companies as an intelligent business decision. Trump's Chapter 11 filings were sound business decisions.


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[Thakkar]

7 minutes ago, Sealbash said:

 

I believe Trump's businesses did not declare bankruptcy, but filed for Chapter 11. This is a fully legal procedure to protect a company and its stakeholders while the finances are reorganized. Chapter 11 protection is used by hundreds of companies as an intelligent business decision. Trump's Chapter 11 filings were sound business decisions.


Sent from my iPad using Thailand Forum - Thaivisa mobile app

 

 

As they say in all the business books, "you aren't a successful business till you intelligently filed for Chapter 11 bankruptcy protection"

 

What's that? Only Trump Universoty sells those biz books?

 

T

[Stargeezr]

If Trump has more money and assets than  he  owes  then  he  is way ahead  of  the country he is leading.  I am glad  that my country  does not  have the debt  that America has.

  If  the 2 B747s that fly when the President goes anywhere  were trimmed down to 1 B747 and a cheaper jet  for  back up, the the USA  could save a bit of money,  but  that  won't happen,   as the politicians are all very valuable people ,  you know.

Geezer

[bendejo]

Something that I had been saying for years: there is only one sure way to make money from gambling, and that is to own a casino.

DT proved me wrong, I can't say it anymore.

 

Thing is he doesn't behave like a rich guy, him and his kids are more like Fagin and his gang.

 

 

[selftaopath]

17 hours ago, darksidedog said:

So Donald said he was worth 10 Billion and this says he has assets of around 1.4 Billion. With debts of another 300 Million, making it around 1.1Billion. Not small change, but also not 10 Billion, or even remotely close to it. Methinks someone has been lying again. Or is there another 9 Billion floating about out there, he just forgot to mention?

"Lying again" might not be as accurate as Still Lying. :-) But yes, he is the poster boy for liars. Lying is an illness.

[Traveler19491]

15 hours ago, Sealbash said:

 

I believe Trump's businesses did not declare bankruptcy, but filed for Chapter 11. This is a fully legal procedure to protect a company and its stakeholders while the finances are reorganized. Chapter 11 protection is used by hundreds of companies as an intelligent business decision. Trump's Chapter 11 filings were sound business decisions.


Sent from my iPad using Thailand Forum - Thaivisa mobile app

 

Just so you know, Chapter 11 IS a form of bankruptcy (Chapter 11 is a chapter of Title 11 of the United States Bankruptcy Code, - Wikipedia). Trump has filed for bankruptcy six times, four of those being for his Atlantic City casinos. "Trump's Chapter 11 filings were sound business decisions." For him, perhaps, but not for the bondholders or those to whom he owed money for contracts fulfilled. All of those people wound up hurt badly as Chapter 11 invariably results in large amounts of the debts owed being either discounted or written off entirely.

 

"Donald likes to say his bankruptcy filings were just a tool he's been using for his businesses," D'Antonio said. "He's had a string of failures. And you're not just talking about big investors. You're also talking about bond holders, not big banks...people who invested their retirements.

"So, you can call it a legal tool that he's using, but lots of people have been hurt along the way. It’s been a badge of shame for him." 

http://www.nbcnews.com/news/us-news/trump-bankruptcy-math-doesn-t-add-n598376

 

Apparently, you have no problem supporting someone who has consistently defrauded (Trump University) and stolen (refusal to pay contractors/employees) for no other reason than to line his own pockets. How admirable of you.

[Traveler19491]

3 hours ago, selftaopath said:

"Lying again" might not be as accurate as Still Lying. :-) But yes, he is the poster boy for liars. Lying is an illness.

Perhaps Donald is trying to perfect it to an "art form"? You know, like how Impressionism is the artist's impression of reality? Lying is Donald's "impression" of the truth.

[Sealbash]

 
As they say in all the business books, "you aren't a successful business till you intelligently filed for Chapter 11 bankruptcy protection"
 
What's that? Only Trump Universoty sells those biz books?
 
T

And Chrysler University, and 100s of other business universities.


Sent from my iPad using Thailand Forum - Thaivisa mobile app

[Sealbash]

Just so you know, Chapter 11 IS a form of bankruptcy (Chapter 11 is a chapter of Title 11 of the United States Bankruptcy Code, - Wikipedia). Trump has filed for bankruptcy six times, four of those being for his Atlantic City casinos. "Trump's Chapter 11 filings were sound business decisions." For him, perhaps, but not for the bondholders or those to whom he owed money for contracts fulfilled. All of those people wound up hurt badly as Chapter 11 invariably results in large amounts of the debts owed being either discounted or written off entirely.
 

"Donald likes to say his bankruptcy filings were just a tool he's been using for his businesses," D'Antonio said. "He's had a string of failures. And you're not just talking about big investors. You're also talking about bond holders, not big banks...people who invested their retirements.

"So, you can call it a legal tool that he's using, but lots of people have been hurt along the way. It’s been a badge of shame for him." 

http://www.nbcnews.com/news/us-news/trump-bankruptcy-math-doesn-t-add-n598376

 

Apparently, you have no problem supporting someone who has consistently defrauded (Trump University) and stolen (refusal to pay contractors/employees) for no other reason than to line his own pockets. How admirable of you.

While keeping people employed and allowing debt to be renegotiated, rather than lenders having to take a 100% loss


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[selftaopath]

8 minutes ago, Traveler19491 said:

Just so you know, Chapter 11 IS a form of bankruptcy (Chapter 11 is a chapter of Title 11 of the United States Bankruptcy Code, - Wikipedia). Trump has filed for bankruptcy six times, four of those being for his Atlantic City casinos. "Trump's Chapter 11 filings were sound business decisions." For him, perhaps, but not for the bondholders or those to whom he owed money for contracts fulfilled. All of those people wound up hurt badly as Chapter 11 invariably results in large amounts of the debts owed being either discounted or written off entirely.

 

"Donald likes to say his bankruptcy filings were just a tool he's been using for his businesses," D'Antonio said. "He's had a string of failures. And you're not just talking about big investors. You're also talking about bond holders, not big banks...people who invested their retirements.

"So, you can call it a legal tool that he's using, but lots of people have been hurt along the way. It’s been a badge of shame for him." 

http://www.nbcnews.com/news/us-news/trump-bankruptcy-math-doesn-t-add-n598376

 

Apparently, you have no problem supporting someone who has consistently defrauded (Trump University) and stolen (refusal to pay contractors/employees) for no other reason than to line his own pockets. How admirable of you.

45 doesn't have an ounce of shame in his entire body. I suspect neither do his children. I further opinion he has no moral code. NONE. 

[Thakkar]

29 minutes ago, Sealbash said:

 

While keeping people employed and allowing debt to be renegotiated, rather than lenders having to take a 100% loss


Sent from my iPad using Thailand Forum - Thaivisa mobile app

 

Bankruptcy protection is a legitimate tool of last resort for legitimate businesses. For Trump it is a business plan. When you've done it six times, four of them with casino businesses, then it's just a two-bit business scam, albeit legal. Is it any wonder that American banks refused to lend him any more money?

 

It's not like businesses don't know they can use this tool, just that most care about their reputations and have some basic ethics. Trump doesn't care about ethics, only whether he can get away with it legally; he is shameless. How do we know he is shameless? He brags about cheating on his pregnant wife with married women and about getting away with sexual assault—to a Hollywood reporter no less, the gossipiest kind. He talks lecherously about his own daughter on public airways. He brags that he can shoot someone in public and get away with it. He makes fun of disabled people on live TV. He is the kind of man that deplorables vote for. Until his heartless policies affect them personally—then they regret their vote.

 

T

[Dagnabbit]

A lot of employees on here with zero clue about business.

No business is a sure thing. Richard Branson has had his fair share if failures. In fact, it's just part of being succesful.

Sometimes it's an entire business that fails, sometimes just a new product/service in an existing business.

The key to surviving these failures is to not put all your money into one venture. Hence you borrow, get financial backing. Then one failure doesnt destroy you.

If you never failed at something, you probably arent trying hard enough.

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[Traveler19491]

34 minutes ago, Sealbash said:

 

While keeping people employed and allowing debt to be renegotiated, rather than lenders having to take a 100% loss


Sent from my iPad using Thailand Forum - Thaivisa mobile app

 

You say that as if you actually believe it, as if Trump is some kind of benevolent demigod who employs Chapter 11 for only the most altruistic of reasons. If you actually believe that, then you are operating under the most delusional of premises. Trump uses Chapter 11 for his benefit, and his alone. He uses it to buy time to dupe yet more investors into feeding him money to keep his "empire" afloat long enough for him to skim yet more money by selling the bankrupt assets to others. The Taj Mahal is an excellent example. Now closed, the Taj first went into Chapter 11, allowing Trump to sell the majority of his stake in the failed casino to others before it finally crumbled. Trump doesn't use Chapter 11 for the purpose of "keeping people employed and allowing debt to be renegotiated, rather than lenders having to take a 100% loss". He uses it to line his own pockets...period.

[Thakkar]

9 minutes ago, Dagnabbit said:

A lot of employees on here with zero clue about business.

No business is a sure thing. Richard Branson has had his fair share if failures. In fact, it's just part of being succesful.

Sometimes it's an entire business that fails, sometimes just a new product/service in an existing business.

The key to surviving these failures is to not put all your money into one venture. Hence you borrow, get financial backing. Then one failure doesnt destroy you.

If you never failed at something, you probably arent trying hard enough.

Sent from my SM-A720F using Tapatalk
 

Except Trump didn't fail. The businesses failed. Trump personally came out ahead out of almost all those "failures"

 

Thats what made it a business scam. That's why the American banks wouldn't lend him anymore. They were rejecting him, personally—because they didn't trust him.

 

T

[daboyz1]

Another misleading headline from the obviously biased media.

[Traveler19491]

13 minutes ago, Dagnabbit said:

A lot of employees on here with zero clue about business.

No business is a sure thing. Richard Branson has had his fair share if failures. In fact, it's just part of being succesful.

Sometimes it's an entire business that fails, sometimes just a new product/service in an existing business.

The key to surviving these failures is to not put all your money into one venture. Hence you borrow, get financial backing. Then one failure doesnt destroy you.

If you never failed at something, you probably arent trying hard enough.

Sent from my SM-A720F using Tapatalk
 

The difference is that Richard Branson is a far more noble, far more principled, far more benevolent individual than Trump will ever be. In fact, comparing Trump to Branson is like comparing Mussolini to FDR. Both were rich, both achieved the pinnacle of power in their countries, yet they were polar opposites in terms of moral character and actual long-term accomplishments. Branson gives large amounts to charity, has given his male employees one year of paid paternity leave, gives his 170 employees on his personal staff unlimited vacation (joining companies like Netflix, Ask.com, The Motley Fool, Groupon, and others). He has committed to giving half his personal wealth to charity upon his death, similar to Bill Gates, Warren Buffet, and many other billionaires. Sorry, but Trump is nothing more than a greedy, self-serving narcissist who is in it for himself, others be damned.

[Dagnabbit]

The difference is that Richard Branson is a far more noble, far more principled, far more benevolent individual than Trump will ever be. In fact, comparing Trump to Branson is like comparing Mussolini to FDR. Both were rich, both achieved the pinnacle of power in their countries, yet they were polar opposites in terms of moral character and actual long-term accomplishments. Branson gives large amounts to charity, has given his male employees one year of paid paternity leave, gives his 170 employees on his personal staff unlimited vacation (joining companies like Netflix, Ask.com, The Motley Fool, Groupon, and others). He has committed to giving half his personal wealth to charity upon his death, similar to Bill Gates, Warren Buffet, and many other billionaires. Sorry, but Trump is nothing more than a greedy, self-serving narcissist who is in it for himself, others be damned.

Nice wall of text.

In your blind hatred of all things Trump, you have missed the fact I didn't compare anybody with anyone else.

So there goes 15 mins drafting a reply full of righteous indignation over something that wasnt said.

As you are obviously such an accomplished business person, perhaps you can share the secrets of your own success... presumably you are a billionaire?

Nope?

Just an armchair CEO???


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[Traveler19491]

8 minutes ago, daboyz1 said:

Another misleading headline from the obviously biased media.

Please, oh wise one...do tell. What about the headline is misleading? Is the number factually inaccurate? Is the fact that he is in debt factually inaccurate? Or, is it within the realm of possibility that you skimmed the headline and ignored the article entirely, far too eager to rush to the comment box and toss in your thinly veiled allusion to this being "fake"?

 

See, had you actually read the article, you would have discovered that the figure comes from a disclosure form filed with the Ethics Office, likely by Trump's attorneys. So, the only thing that you have succeeded in doing is revealing yourself to be nothing other than one more rather sad Trump supporter who can not tolerate anything negative being said about your orange messiah.

 

Next time, try working with this formula...read first, then comment. Hopefully, you won't wind up sounding so ill-informed.