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 recently 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?”
“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 few 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.