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Business Donald Trump Money

Trump Said To Be Desperate For ‘A Lot Of Cash’ – Banks Preparing To Seize His Assets

Donald Trump is on the verge of losing everything he owns, as banks are calling in his massive loans and threatening him with seizure of his assets (i.e. properties and bank accounts) unless he starts paying back what he owes them, which is estimated to be anywhere from $420 million to $1 billion.

Dean Enrich, financial investigative reporter for the New York Times, said Sunday on MSNBC that Trump is desperately trying to find way to make “a lot of cash quickly” to keep the wolves at bay:

“There are both civil and criminal and congressional investigations that are still seeking after years of trying to get Trump’s financial records from Deutsche Bank and, you know, it’s anyone’s guess what that is going to show. We know at Deutsche Bank, though, there were employers who raised money laundering concerns in both the Trump and [Jared] Kushner accounts. We still don’t have the full story about what happened there.”

MSNBC host Alex Witt asked Enrich:

“I trust you will get to the bottom of that, Let me ask you, though, is this just the beginning? How many more banks or financial institutions have relationships with Donald Trump and what’s the impact on his finances of this?”

Enrich responded:

“I think it’s a very serious financial impact for him. He has hundreds of millions of dollars of debt coming due in the next few years, most of it to Deutsche Bank, but not all of it. And normally, a borrower would go to the lender and say, ‘can we refinance the loan, extend it a few years?’ That’s not going to be an option for Trump with most of these loans.”

Things are so bad, Enrich added, that Trump is on the precipice of financial default, and that would be catastrophic because some of his largest lenders plan to go after his assets and grab them to compensate for lack of repayment:

“He’s going to need to come up with a lot of cash quickly or he’s going to be at risk of defaulting. In the case of Deutsche Bank, if he defaults, the bank has recourse to his personal assets. They could go to court to seize his property or the money he has in various banking accounts. So he’s going to need to come up with cash very quickly and his businesses right now are struggling, so it’s very unclear to me where he might be able to get that money.”

How will Trump raise hundreds of millions of dollars in a short amount of time? His name and brand are so toxic thanks to his deeds over the past four years that no one wants to do business with him. He, his family, and his company are also facing numerous legal threats in multiple jurisdictions.

Karma is starting to take one hell of a bite out of the Donald.

Here’s Dean Enrich on MSNBC:

https://www.youtube.com/watch?v=46ZVGIbJpZE&feature=emb_logo
 

Categories
Business Donald Trump

The Trump Organization Is On The Verge Of Financial Collapse: Report

When he first announced he was running for president back in 2015, Donald Trump promised he’d run the United States the way he ran his business and every American would prosper as a result.

Six years later, however, the U.S. is in a deep economic recession and reeling from Trump’s failure to properly deal with the coronavirus pandemic, both of which led to him being consigned to history as a failed, one-term president.

And, six years later, the Trump Organization is quickly going broke, with CBS News reporting that four of Trump’s top money-earning properties in New York City are ailing financially:

“Last year marked the fifth year in a row in which the four most prominent Trump-owned buildings in Manhattan, including the Fifth Avenue Trump Tower made famous by ‘The Apprentice’ TV show, missed lenders’ earnings expectations, according to a CBS MoneyWatch review of publicly available documents. 

“Wells Fargo and other banks have told investors who have funded Trump’s loans that an income slump due in part to the ‘COVID-19 global pandemic‘ means the buildings might not generate enough cash to cover their mortgage payments, according to banker notes to investors reviewed by CBS MoneyWatch. ‘The loan is being monitored,’ said a note to investors in one CMBS deal tied to a Trump property from a unit of PNC Bank that services commercial mortgages.”

These latest developments regarding the Trump Organization are not unexpected. Last year, The Economic Times reported that Trump’s business was in big trouble:

“Like other hotels around the world, Trump’s have been forced to lay off most workers — and face the fact that the $435 million in revenues that the Trump Organization reported in 2018 is likely to plummet this year.”

Trump’s legal problems could also spell doom for his company, which is run by him and hit three eldest children, Don Jr., Ivanka, and Eric:

“Beyond the four buildings’ marketplace challenges, their financing could also pose a legal risk for Trump. New York City prosecutors have obtained millions of pages of Trump’s tax records and related correspondence as part of an ongoing criminal probe into his financial deals. Sources with knowledge of the investigation tell CBS News that prosecutors are reviewing financial documents involving the four Manhattan buildings. Subpoenas indicate the prosecutors are also scrutinizing at least one other Trump property in suburban Bedford, New York.”

The Trump Organization is about to go the way of the dinosaurs. Don’t be surprised if it collapses entirely within the next six months.

 

Categories
Business Donald Trump

Top Travel Agency Will No Longer Book Clients At Trump’s Hotels

The top luxury travel agency, Virtuoso, says it will no longer consider Trump Hotels to be a “preferred partner,” a blow to the Trump Organization which is already reeling from the effects of the COVID-19 pandemic and the failed, one-term former president’s role in the January 6 riots at the U.S. Capitol which left five dead, including a Capitol police officer.

According to Luxury Launches:

“This bears awful news for the ten hotels that operate under the Trump brand. Virtuoso is the travel industry’s most prominent and undisputed player, with a far-reaching global network of more than 1,100 agencies involving 22,000 advisers in over 50 countries. Virtuoso works on the motto ‘the best of the best.’ This quiet elimination of all 10 Trump-branded hotels and resorts from its list of preferred partners will lead to severely hamper Trump’s hotel management and licensing business, which is already down $24 million since 2019, as well as his golf resorts in Miami and Europe, which are down another $120 million.”

Why exactly did Virtuoso drop Trump Hotels from their list of partners? According to Misty Belles, the managing director of global public relations for Virtuoso:

“We consider many variables when reviewing both existing and new network participation. Out of respect for all involved parties, and as a general policy, we do not share comments regarding our nonrenewal and exit decisions.”

This latest news comes as recent reports have suggested that Trump Organization could be on the verge of complete financial collapse, due partly to a downturn in the travel and hospitality sector and also as a result to bad management (the company is run by Trump, along with his three eldest children, Don Jr., Ivanka, and Eric, all of whom are among the most inept business owners on the face of the planet.

Additionally, the former president is also facing major legal threats from multiple jurisdictions, among them Georgia, the District of Columbia, and New York,

It’s beginning to look like Donald Trump may soon be broke and incarcerated. No one is more deserving of that fate than him.

 

Categories
Business Donald Trump

Former Trump Insider Explains The Illegal Way Donald Keeps His Employees Loyal

A former Trump Organization insider is detailing exactly how Donald Trump attempted to keep his employees loyal to him by using an illegal scheme that could wind up getting him charged with yet another crime.

Jennifer Weisselberg is the ex-wife of Barry Weisselberg, whose father, Allen Weisselberg, who just so happens to be the chief financial officer of the Trump Organization, a man who is said to know “where all the bodies are buried” inside the former president’s company. And she explains exactly what the Donald did:

“Among the avenues of inquiry is a Central Park apartment where Jennifer said she and her former husband lived, rent-free, for several years. She said Trump offered the apartment as a wedding gift around the time the pair got married in 2004.

“’I wrote them a thank you note,’ said Jennifer Weisselberg, who lost custody of the couple’s two children but is still fighting her ex-husband in court.

“As Bloomberg News first reported, the property was in fact a corporate apartment owned by the Trump Organization, an arrangement that could have legal implications if it was not properly accounted for.

Jennifer Weisselberg said they only paid for utilities — about $400 a month. The apartment was sold in 2014 for $2.85 million, according to New York City housing records. The signature on the deed is: Donald J. Trump.”

Trump did such questionable things in an effort to make sure his employees remained loyal to only him:

“They control people by compensating you with homes and things. It’s not easy to walk away when they provide your home.”

Ms. Weisselberg is cooperating with the office of Manhattan District Attorney Cyrus Vance, Jr., who is reportedly investigating Trump and his company for crimes ranging from bank and tax fraud to money laundering, and she explained why she decided to do so:

“I have no reason to be here except that I am not a woman who is willing to live a life of secrecy, out of fear, any longer.

“They will out resource me in the courts forever, and I have tried to be graceful, and I have tried to handle this privately. And they are not agreeing to do so at all. What choice do I have?”

 

Categories
Business Donald Trump

Donald Trump’s ‘Fortune’ Is Disappearing – He Lost A Third Of His Total Net Worth Last Year

While he loves to brag about what a great businessman he is and how much money he has, a new report from Bloomberg makes it clear that the Trump “fortune” is dwindling by the day, with his total net worth plummeting by a third in 2020 alone.

Ironically, Trump’s own failures as president — the coronavirus pandemic and being associated with the Jan. 6 Capitol insurrection — have been catastrophic to his bottom line:

“His financial disclosures and loan documents, interviews with former executives and industry analysts, and a host of legal fights and investigations reveal just how much trouble Trump and his company could face. Covid has been hard on office buildings key to his wealth and hotels and resorts that bear his name. The fallout from the Capitol assault has hurt his relationships with brokers and lenders. At least $590 million in loans come due in the next four years, more than half personally guaranteed by Trump, and his scrapyard of failed enterprises has only gotten more crowded.”

The foundation of the Trump Organization, commercial real estate, has been pummeled by the ongoing fears over COVID-19 which exist both in the United States and across the globe:

“No segment in Trump’s business world is as important as commercial real estate, which accounts for about three-quarters of his net worth. And few industries in the U.S. have been as hard hit over the past year, when workers disappeared from office towers and business districts became ghost towns. He’s facing a ‘triple whammy’ from Covid, the Capitol riot and an aging portfolio of properties, says Ruth Colp-Haber, who runs office consultant Wharton Property Advisors. ‘These are the businesses you don’t want to be in right now.'”

Even Trump Tower — seen by many as emblematic of Trump’s corporation — is suffering, with rents on Fifth Avenue where the tower is located plunging 32 percent over the past two years, which raises questions about whether Trump will ever be able to turn around the losses he’s currently seeing when he looks at his balance sheet.

In recent years, Trump has pivoted to licensing his name to properties and businesses in an effort to offset some of his losses in the real estate sector. But that line of revenue is also suffering badly:

“After the Capitol riot, Trump Plaza in Florida’s West Palm Beach voted to strip Trump’s name, and New York City is trying to pull his contracts to run ice rinks, a carousel and a golf course.”

And let’s not forget the plethora of legal landmines Trump and the Trump Organization are facing, especially in New York, where both the Manhattan D.A. and state attorney general suspect crimes ranging from bank, insurance, and fraud to money laundering, all of which could bankrupt the failed, one-term president and send him and his children to prison for decades.

Donald Trump probably thought his four years in the White House would be great for his company. Clearly, he was wrong, and clearly he is also one of the worst businessmen on the face of the planet.