Mainecat Posted December 12, 2016 Share Posted December 12, 2016 (edited) A Guide to Donald Trump's Huge Debts—and the Conflicts They Present DONATE Skip to Navigation Skip to Content A Guide to Donald Trump's Huge Debts—and the Conflicts They Present Here's what we know he owes. RUSS CHOMADEC. 12, 2016 9:21 Am Donald Trump has announced that on December 15 he will hold a press conference to reveal to the world his plan to address the many conflicts of interest between his vast business empire and his new role as president. Trump has indicated that he will remove himself from the daily "business operations" of the Trump Organization—but not sell off his holdings or create a truly blind trust. Ethics experts have criticized this approach because Trump would continue to own his properties, benefiting from their success and suffering from their losses. He would know when his policy decisions and actions—or those of others (including corporations and foreign governments)—could affect his assets. Consequently, he would not be separating his presidential decision-making from his own personal financial circumstances. Yet, arguably, the biggest conflicts he faces aren't related to what he owns. Rather, they relate to what he owes. All of Trump's top properties—including Trump Tower, the Trump National Doral golf course, and his brand new luxury hotel in Washington, DC—are heavily mortgaged. That means Trump maintains critical financial relationships with his creditors. These interactions pose a significant set of potential conflicts because his creditors are large financial institutions (domestic and foreign) with their own interests and policy needs. Each one could be greatly affected by presidential decisions, and Trump certainly has a financial interest in their well-being. Below is a list of all the financial players that Trump owes money to and how much Trump directly has borrowed from each one. This roster is based on publicly available loan documents. According to his own public disclosure, Trump, as of May, was on the hook for 16 loans worth at least $713 million. This list does not include an estimated $2 billion in debt amassed by real estate partnerships that include Trump. One of those loans is a $950 million deal that was cobbled together by Goldman Sachs and the state-owned Bank of China—an arrangement that ethics experts believe violates the Constitution's emolument clause, which prohibits foreign governments from providing financial benefits to federal officials. Deutsche Bank: $364 million The troubled German bank is Trump's top lender and has been for years. When the rest of Wall Street essentially abandoned Trump years ago, apparently frustrated by his business tactics, Deutsche Bank stuck by the celebrity developer. Well, not all of Deutsche Bank. In 2005, Trump borrowed $640 million from a group of banks, including Deutsche Bank, to build his Chicago tower. But by 2008, the real estate market had gone bad, and Trump was in financial trouble. Shortly before he was due to pay Deutsche Bank $40 million for a portion of the loan he had personally guaranteed, Trump filed a lawsuit against the German bank, demanding $3 billion to compensate him for the international economic turmoil that Trump claimed the bank had helped cause and that Trump now said was hurting his investment in Chicago. The dispute was eventually settled, but Trump's relationship with the division of the bank handling big commercial loans was done. Instead, he began working with what's known as the "private bank" side of Deutsche Bank—the division that caters to high-net-worth individuals and that has significantly more leeway to lend money. His various corporations now have four outstanding loans from that part of Deutsche Bank, worth a combined $364 million. Trump's Deutsche Bank loans include: $125 million for two mortgages on his Trump National Doral golf course in Miami. Both were taken out in 2012. $69 million for a 2014 loan tied to the Chicago tower that Trump and Deutsche previously bickered over. This loan is listed within Cook County property records. Trump's personal financial disclosure form lists a loan that appears similar but doesn't match the official record. That document notes he has a 2012 loan for the Chicago tower valued at between $25 million and $50 million. $170 million for a loan related to the Trump's hotel in the Old Post Office in Washington, DC. Trump doesn't own the building—he leases it from the federal government—but he borrowed the money to finance the building's extensive renovation. It's not clear when Trump borrowed the money, but it was likely after he announced his bid for the presidency. Trump has an enormous conflict of interest on his hands with Deutsche Bank. As Trump himself noted in his 2008 lawsuit against the bank, Deutsche played a prominent role in the run-up to the 2008 financial crisis. The Obama administration has targeted Deutsche Bank and other banks for creating and repackaging bad mortgage products, and earlier this fall the Justice Department announced it was seeking to settle claims against the bank for about $14 billion. That was much more than Deutsche Bank was expecting to pay, and the news sent the bank into a tailspin. Its stock price plummeted amid speculation that it could not remain afloat if the Justice Department pressed the bank for such a big settlement. Negotiations between the bank and the Justice Department over the size of the settlement are underway. But if they are not resolved by January 20, Trump's administration will be in charge of handling this case. So a federal government run by Trump will have to decide how hard to push the bank that Trump owes so much to and that has been critical to Trump's personal fortunes. Ladder Capital: $282 million Ladder Capital is not a traditional bank or a big name on Wall Street, but in the last several years it has joined Deutsche Bank as a main source of financing for Trump. In fact, since 2012, these two outfits have been the only ones to lend Trump money. Ladder Capital is a small Wall Street firm that specializes in loaning money for commercial real estate projects and, with the help of the big Wall Street banks, combining pieces of these loans into bigger packages that it then sells to investors. One big issue with Trump's loans from Ladder Capital is that he appears to be personally liable for at least $26 million of the debt. So if a problem with the loan emerges, Ladder Capital could ask Trump, not his business, to cover this amount personally. Even if Trump does remove himself from the operations of the Trump Organization and lets his adult children run the business, this conflict of interest would not be addressed. The man in the Oval Office would still be in hock to this financial institution. There's another major issue with the Ladder Capital loans. As was reported last week, Ladder Capital has hired Citibank to help organize a possible sale. Sources at the firm told Reuters that new federal regulations covering the repackaging of loans were making the company's core business more complicated. It's possible, then, that if the firm does go on the block, Trump's loans could end up being bought by another party. It could be an investor or a financial institution based in the United States or overseas. Imagine, say, a Russian bank owning the debt of an American president. In any event, another troubling conflict of interest could exist—and the public might not even know about this at first, because Trump would be under no obligation to update the personal financial disclosure until it was time to file his annual disclosure report. Trump's loans with Ladder Capital include: $160 million for a loan related to Trump's 40 Wall Street office tower. Trump took out the mortgage in 2015 to replace a similar loan he had from Capital One with a higher interest rate. $100 million for a mortgage on Trump Tower. This is Trump's most prized possession and the possible "White House North," but he only owns a small portion of the property. (Most of the condo units were sold years ago.) This mortgage provides Trump a line of credit secured by the building. $7 million for a mortgage on several commercial condo units in the Trump International Hotel Tower on New York City's Columbus Circle. This loan doesn't appear on Trump's most recent personal financial disclosure. He filed that document in May, and he borrowed this money in July. The loan replaced an earlier one of the same amount that Trump had obtained from Swiss bank UBS Capital. $15 million for a mortgage on three condo units in the Trump Plaza apartment building on New York's Upper East Side. Investors Savings Bank: $23 million In 2010, Trump combined an earlier mortgage on his Westchester County, New York, golf course into a much larger $23 million mortgage that also leveraged his ownership of condo units in the Trump Park Avenue building in New York City. Amboy Bank: $16 million In 2010, Trump took out a mortgage on his Trump National Golf Club-Colts Neckin Monmouth County, New Jersey, for $16 million from Amboy Bank, a tiny New Jersey bank. Chevy Chase Trust Holdings: $10 million In 2009, Trump purchased a golf course in Loudon County, Virginia, for $13 million. To make the deal happen, he borrowed $10 million from the land development company that previously owned the property. Bank of New York Mellon Trust: $9.25 million Trump's personal financial disclosure lists bonds, first issued in 1996, against a commercial property on New York's East 56th Street. Paperwork filed with the state of New York shows the due date on the bonds has been extended to 2020. Royal Bank of Pennsylvania: $8 million In 1995, Trump purchased a lavish estate in Westchester County, New York, and in 2000 he refinanced that purchase with an $8 million mortgage from the Royal Bank of Pennsylvania. Trump originally planned to turn the large estate into a golf course, but opposition from local residents blocked the project. The property has been used as a family retreat and a playground for Trump's two oldest sons. Trump has long had a personal relationship with the bank's founder, and he allowed the banker's 10-year-old grandson to perform magic tricks at Trump's Taj Mahal casino in Atlantic City, New Jersey. Merrill Lynch: Less than $750,000 In the early 1990s, Trump purchased two houses next to his Mar-A-Lago estate, borrowing about $2 million from Merrill Lynch for these purchases. The loans, which were taken out in 1993 and 1994 and come due in 2019, are now worth between $350,000 and $750,000. http://www.motherjones.com/politics/2016/12/guide-donald-trump-debt Edited December 12, 2016 by Mainecat Quote Link to comment Share on other sites More sharing options...
xtralettucetomatoe580 Posted December 12, 2016 Share Posted December 12, 2016 Poor MC. Tries to troll and gets trolled back so bad he has to block half the site. SR might come back just to repair the trolling image that you shit on... Quote Link to comment Share on other sites More sharing options...
Anler Posted December 13, 2016 Share Posted December 13, 2016 I'm pretty sure he was working to distance himself from those conflicts. Stop being a bitch. You are just like one of those Obama haters now. Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted December 13, 2016 Share Posted December 13, 2016 again do u think anyone reads your nonsense but hurt overload shit? hint u are wasting your time or who ever gives u a check time Quote Link to comment Share on other sites More sharing options...
Zambroski Posted December 13, 2016 Share Posted December 13, 2016 1 hour ago, xtralettucetomatoe580 said: Poor MC. Tries to troll and gets trolled back so bad he has to block half the site. SR might come back just to repair the trolling image that you shit on... The fucking zipperhead! Quote Link to comment Share on other sites More sharing options...
Mainecat Posted December 13, 2016 Author Share Posted December 13, 2016 This roster is based on publicly available loan documents. According to his own public disclosure, Trump, as of May, was on the hook for 16 loans worth at least $713 million. This list does not include an estimated $2 billion in debt amassed by real estate partnerships that include Trump. One of those loans is a $950 million deal that was cobbled together by Goldman Sachs and the state-owned Bank of China—an arrangement that ethics experts believe violates the Constitution's emolument clause, which prohibits foreign governments from providing financial benefits to federal officials. yeah nothing to worry about. Quote Link to comment Share on other sites More sharing options...
Sleepr2 Posted December 13, 2016 Share Posted December 13, 2016 4 minutes ago, Mainecat said: This roster is based on publicly available loan documents. According to his own public disclosure, Trump, as of May, was on the hook for 16 loans worth at least $713 million. This list does not include an estimated $2 billion in debt amassed by real estate partnerships that include Trump. One of those loans is a $950 million deal that was cobbled together by Goldman Sachs and the state-owned Bank of China—an arrangement that ethics experts believe violates the Constitution's emolument clause, which prohibits foreign governments from providing financial benefits to federal officials. yeah nothing to worry about. Suddenly Mainegfag is worried abut ethics Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted December 13, 2016 Share Posted December 13, 2016 (edited) OH noes a devloper with billions of dollars in real estate is leveraged, such a conflict. he can move ownership of the companies to his kids along with some of the debts, they can finacne the rest prob with those same lenders and apparently in transferring ownership can exclude any capital gains since it's a conflict so end of the day it's a win win for Trump to be president. He is old and can now liquidate his empire tax free Edited December 13, 2016 by Angry ginger Quote Link to comment Share on other sites More sharing options...
racer254 Posted December 13, 2016 Share Posted December 13, 2016 Now he gets to take over 20 trillion. Do you think our credit rating will be downgraded? Quote Link to comment Share on other sites More sharing options...
Mainecat Posted December 13, 2016 Author Share Posted December 13, 2016 Hes a huge 3 time loozer. Now he gets to sell of the US and flush it down the toilet. You idiots will be crying for his removal within a year. Quote Link to comment Share on other sites More sharing options...
bussman Posted December 13, 2016 Share Posted December 13, 2016 16 minutes ago, Mainecat said: Hes a huge 3 time loozer. Now he gets to sell of the US and flush it down the toilet. You idiots will be crying for his removal within a year. 1 Quote Link to comment Share on other sites More sharing options...
racer254 Posted December 13, 2016 Share Posted December 13, 2016 24 minutes ago, Mainecat said: Hes a huge 3 time loozer. Now he gets to sell of the US and flush it down the toilet. You idiots will be crying for his removal within a year. If he does a shitty job, you bet. Unlike democrats, we hold our elected officials accountable Quote Link to comment Share on other sites More sharing options...
Rw06GT Posted December 13, 2016 Share Posted December 13, 2016 34 minutes ago, Mainecat said: Hes a huge 3 time loozer. Now he gets to sell of the US and flush it down the toilet. You idiots will be crying for his removal within a year. No dumbfuck, he is the president elect of the united States. Get a fucking grip on reality for fuck sakes. Please also work on basic spelling and use of the English language. Reading your posts is painful for anyone with a minimum 3rd grade education. Quote Link to comment Share on other sites More sharing options...
Anler Posted December 13, 2016 Share Posted December 13, 2016 Chevy Chase? Dude must be more Jew than I thought... Quote Link to comment Share on other sites More sharing options...
s pump Posted December 13, 2016 Share Posted December 13, 2016 2 hours ago, Angry ginger said: OH noes a devloper with billions of dollars in real estate is leveraged, such a conflict. he can move ownership of the companies to his kids along with some of the debts, they can finacne the rest prob with those same lenders and apparently in transferring ownership can exclude any capital gains since it's a conflict so end of the day it's a win win for Trump to be president. He is old and can now liquidate his empire tax free How can he transfer without capital gains? Quote Link to comment Share on other sites More sharing options...
T1R9sledder Posted December 13, 2016 Share Posted December 13, 2016 The butt hurt continues...... Quote Link to comment Share on other sites More sharing options...
GGNHL Posted December 13, 2016 Share Posted December 13, 2016 41 minutes ago, bussman said: That first gif. Quote Link to comment Share on other sites More sharing options...
bussman Posted December 13, 2016 Share Posted December 13, 2016 6 minutes ago, GGNHL said: That first gif. I couldn't stop laughing when I first saw it. Quote Link to comment Share on other sites More sharing options...
Edmo Posted December 13, 2016 Share Posted December 13, 2016 23 minutes ago, s pump said: How can he transfer without capital gains? I think it's a one time deal when you become pres to transfer assets to avoid conflict and not be penalized financially. Quote Link to comment Share on other sites More sharing options...
USA Contributing Member $poorsledder$ Posted December 13, 2016 USA Contributing Member Share Posted December 13, 2016 1 hour ago, Mainecat said: Hes a huge 3 time loozer. Now he gets to sell of the US and flush it down the toilet. You idiots will be crying for his removal within a year. Speaking of toilets, the men's room needs a go over. Doesn't your family limit your internet time when there's work to be done? Quote Link to comment Share on other sites More sharing options...
spin_dry Posted December 13, 2016 Share Posted December 13, 2016 16 hours ago, Ez ryder said: again do u think anyone reads your nonsense but hurt overload shit? hint u are wasting your time or who ever gives u a check time you spend a good share of your time chasing MC around. Quote Link to comment Share on other sites More sharing options...
xtralettucetomatoe580 Posted December 13, 2016 Share Posted December 13, 2016 34 minutes ago, spin_dry said: you spend a good share of your time chasing MC around. You spend a good chunk of time failing to be witty... Quote Link to comment Share on other sites More sharing options...
hayward Posted December 13, 2016 Share Posted December 13, 2016 Big surprise. America loves em' some debt. Trump is a hero. MC fail. And wtf is wrong with you Bussman? Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 13, 2016 Share Posted December 13, 2016 1 hour ago, hayward said: Big surprise. America loves em' some debt. Trump is a hero. MC fail. And wtf is wrong with you Bussman? If Trump has 2 billion in debt and 6 billion in assets, is he still in the hole? Meanwhile, the Trump index is about 50 points from breaking through 20K. Quote Link to comment Share on other sites More sharing options...
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