Sunday, August 21, 2016

"I love debt".

MORE DISCLAIMERSThe Field Negro education series continues.

"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.

Earlier in the campaign, Mr. Trump submitted a 104-page federal financial disclosure form. It said his businesses owed at least $315 million to a relatively small group of lenders and listed ties to more than 500 limited liability companies. Though he answered the questions, the form appears to have been designed for candidates with simpler finances than his, and did not require disclosure of portions of his business activities.

Beyond finding that companies owned by Mr. Trump had debts of at least $650 million, The Times discovered that a substantial portion of his wealth is tied up in three passive partnerships that owe an additional $2 billion to a string of lenders, including those that hold the loan on the Avenue of the Americas building. If those loans were to go into default, Mr. Trump would not be held liable, the Trump Organization said. The value of his investments, however, would certainly sink.

Mr. Trump has said that if he were elected president, his children would be likely to run his company. Many presidents, to avoid any appearance of a conflict, have placed their holdings in blind trusts, which typically involves selling the original asset, and replacing it with different assets unknown to the seller.

Mr. Trump’s children seem unlikely to pursue that option.

Richard W. Painter, a professor of law at the University of Minnesota and, from 2005 to 2007, the chief White House ethics lawyer under President George W. Bush, compared Mr. Trump to Henry M. Paulson Jr., a former chief executive of Goldman Sachs whom Mr. Bush appointed as Treasury secretary.

Professor Painter advised Mr. Paulson on his decision to sell his Goldman Sachs shares, saying it was clear that Mr. Paulson could not simply have placed that stock in trust and pretended it did not exist.
If Mr. Trump were to use a blind trust, the professor said, it would be “like putting a gold watch in a box and pretending you don’t know it is in there.”

‘We Overdisclosed’

“I am the king of debt,” Mr. Trump once said on CNN. “I love debt.” But in his career, debt has sometimes gotten the better of him, leading to at least four business bankruptcies.
He is, however, quick to stress that these days his companies have very little debt.

Mr. Trump indicated in the financial disclosure form he filed in connection with this campaign that he was worth at least $1.5 billion, and has said publicly that the figure is actually greater than $10 billion. Recent estimates by Forbes and Fortune magazines and Bloomberg have put his worth at less than $5 billion." [Source]


Morpheus said...

Wow, that's great that the New York Times assigned all those reporters to investigate Trump's companies and find out that a multi-billion dollar collection of entities has $0.65 billion in debt liabilities. Fascinating. How does that compare to most similar business portfolios? Do you have any idea? I thought not.

Now that all those reporters have finished with these startling revelations, maybe they can assign one or two to cover the mountains of damning evidence of Hillary's corrupt actions vis-a-vis the Clinton Foundation. You think?

Al Roker said...

The MSM would have lost all interest had Ryan Lochte merely lied about keeping classified documents on an unsecured server.

Anonymous said...

If Hillary ran on her real record, rather than false Donald Trump narratives, she'd be placed under arrest.

Clinton Meltdown said...

It's difficult to convey the extremism and derangement of these comments today from Hillary's campaign manager Robby Mook:

"We need Donald Trump to explain to us the extent to which the hand of the Kremlin is at the core of his campaign," Mook said."

"There are real questions being raised about whether Donald Trump himself is just a puppet for the Kremlin in this race."

That's some kind of twisted crazy. Things are not going well for the Clinton campaign.

dinthebeast said...

"I love debt."
Perhaps that's why he stiffed all of those vendors and contractors, so he could be in their debt in perpetuity.

-Doug inOakland

Anonymous said...

Trump Leads Clinton by 5+ Points in the Key Battleground State of Pennsylvania:

dinthebeast said...

"Results are estimated to be accurate within 7.1 percentage points, 19 times out of 20."

Keep trying if you want, but it's not gonna happen.

-Doug in Oakland

Anonymous said...

"I love dick."

-Field Negro

The Purple Cow said...

"Trump Leads Clinton by 5+ Points in the Key Battleground State of Pennsylvania:"

Not really.

1. This is a poll of registered voters, the most accurate polls are of likely voters.

2. "Results are estimated to be accurate within 7.1 percentage points, according to CEPEX analysis, the error percentage is high due to the results obtained from just one day of polling."

3. CEPEX isn't even a proper poling company, it's a management consultancy that works largely for Canadian shale oil companies.

The Purple Cow said...

4. It was a Robocall poll of English language speakers only.

field negro said...

I take it you don't believe in polls.

field negro said...
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field negro said...

Pesky facts again.

He is actually down by 10 points here.

field negro said...
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Limpbaugh said...

Saudi Arabia, who financed the 9/11 hijackers, donated a lot of money to the Clinton Foundation. As Secretary of State, Hillary arranged for Saudi Arabia to buy weapons from Boeing, another big donor. Goldman Sachs was inolved in similar deals. I wonder how much of the blood money from short selling airline stocks before 9/11 made it to the Clintons? The government didn't say who the short sellers were. They said the profiteers couldn't possibly have ties to Al Qaeda, and they reportedly ordered the records be destroyed by the Chicago Board of Options Exchange. What has been reported, was that financial institutions with ties to various top CIA bigwigs placed some of the shorts.

Muumar said...

Trump constructs buildings.

Hillary destroys them.

The Trumpening said...

Trump now ahead nationally overall, sees 14% rise in Black support after last week's speeches:

Latino share rising too.

It's inevitable.

blame the negro said...

Hillary says Colin Powell told her to to use a private email server a year after she did it.

This is the same woman who said she was named after Edmund Hilary, who was a complete unknown when she was born in 1947.

The Purple Cow said...

"Trump now ahead nationally overall..."



"...sees 14% rise in Black support after last week's speeches:"

So from 1% to 1.14%?

The FBI found 15,000 emails Hillary Clinton didn’t turn over. Uh oh. said...

Hillary Clinton is still telling people she released all her work-related email. That is not true, and she knows it:

field negro said...

Take two pills and call your doctor in the morning. That fever might go away.

field negro said...
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field negro said...

I swear these right-wing echo chambers are going to cause these people to lose their minds. So when trump loses, who will they blame? They have been led to believe that he has a shot.

He doesnt. Unless, of course, H is indicted before November.

Speak of the Devil said...

Unless, of course, H is indicted before November:

New Abedin Emails Reveal Hillary Clinton State Department Gave Special Access to Top Clinton Foundation Donors

Crown Prince of Bahrain Forced to Go Through Foundation to See Clinton, after Pledging $32 Million to Clinton Global Initiative

Hollywood Executive Casey Wasserman, Slimfast Mogul Daniel Abraham, Controversial Appointee Rajiv Fernando also among Clinton Foundation Donors Granted Special Favors from Clinton State Department

Anonymous said...

Using your position as Secretary of State to personally enrich yourself for foreign policy favors shouldn't be a partisan issue.

Lance Cockstrong said...
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Anonymous said...
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