Categories
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
Crime Donald Trump Greed Money

The Trail Of Trump’s ‘Dirty Money’ Is About To Send Him To Prison: Report

The only thing that matters to Donald Trump is money. His family, his friends, even his own health are a distant second to his lust for money and his willingness to do whatever is necessary (legal or illegal) to obtain more of it.

To put it another way, consider this perfectly-worded paragraph from Chauncey Devega of Salon:

“Donald Trump is the leader of a political crime family. As president, he abused the power and influence of the office to personally enrich himself, his family and his inner circle. Much of Trump’s apparent extortion, self-dealing, influence-peddling, and outright blackmail was done in plain sight. One such scheme, in which Trump attempted to extort the president of Ukraine into launching a phony investigation of Joe Biden, resulted in his impeachment (that is, for the first time).”

But the thing is, money always leaves a trail, whether in the form of bank records, tax statements, or financial disclosure forms used to obtain loans for real estate projects such as the ones the Trump Organization has been building or branding for decades.

That trail of dirty money is what will send Trump to prison and destroy his company in the very near future.

In September of last year, Dan Alexander published an important book entitled  White House, Inc.: How Donald Trump Turned the Presidency into a Business, that takes a close look at the trail of cash that leads from Trump to all sorts of sordid characters across the globe:

“Alexander cautions that we may never see substantive evidence that directly connects Trump to Russian bankers and oligarchs, as so many observers in the news media and among Trump’s critics have repeatedly suggested. But that doesn’t mean there’s no evidence of apparent corruption: Both in his book and in this conversation, Alexander offers compelling evidence that Trump’s otherwise inexplicable foreign policy decisions may often have been shaped by venal interests.”

During a recent interview, Alexander was asked what areas of Trump’s finances offer the best opportunity for prosecution and conviction. He replied:

“At the federal level, Trump is no longer protected by the Office of Legal Counsel’s opinion saying presidents cannot be indicted while in office. That could be problematic for him, especially given the material already uncovered in the hush-money case and the Mueller report. But I would not be surprised if the Biden administration elects not to reopen those wounds. Regardless, the investigations by the Manhattan DA and the New York State attorney general will remain serious threats. Presidential pardons will not impede those matters, and the officials overseeing them are responsive to left-leaning constituencies.”

It all comes down to New York, which is ironic when you consider that Donald Trump considers himself the quintessential New Yorker. Maybe he’ll even get a chance to try out the Empire State’s prisons.

 

Categories
Donald Trump Elections Money

Trump’s Campaign Manager Forced To Take ‘Humiliating’ Pay Cut As Cash Runs Low

The reelection campaign of President Donald Trump is in serious financial trouble, and it appears things are getting worse by the day.


HuffPost reports that it has looked at filings by the campaign with the Federal Elections Commission and found that campaign manager Bill Stepien has had to take a 33 percent pay cut — $5,000 a month — because the Trump 2020 team is running dangerously low on cash:

“Trump campaign manager Bill Stepien appears to have taken a 33% pay cut ― $5,000 a month — when he accepted his promotion this summer, another sign of money trouble for a campaign that spent over $1 billion only to have the incumbent president behind in the polls.

“Stepien had been deputy campaign manager before he moved up to the top job on July 15 — the day before his firm received $10,000 rather than the $15,000 it had been getting monthly since December 2018.”

Ouch! That’s got to be painful and humiliating for a campaign that was once rolling in money but has reportedly burned through as much as $800,000 in recent months, leading to a cancellation of television ads in some markets, including key battleground states where Trump is already trailing Democratic nominee Joe Biden.


Veterans of other campaigns noted that the slashing of Stepien’s pay is the surest sign yet that the Trump 2020 campaign is in total disarray fiscally:

“’That’s a humiliating blow,’ said Rick Wilson, a longtime Florida GOP consultant and Trump critic.

“’Plainly, they have big money problems and I am guessing Stepien cut his own salary as a prelude to cutting others,’ said David Axelrod, the Democratic strategist behind former President Barack Obama’s successful 2008 campaign. ‘They made a big bet that they could invest early in building a small-dollar digital universe to compete with the Democrats that would pay off late. Well, now it’s late, and they seem to be low on cash..”

However, Trump himself and his company, the Trump Organization, are doing just fine, despite the cash crunch that has led to Stepien taking a salary reduction:

“A HuffPost analysis of FEC filings shows that from the time he took office through July 31, Trump’s various businesses — from his golf courses to his bottled water company — have taken in $6,979,984 from the Trump campaign, the Republican National Committee and their two joint fundraising committees.”


Polls show Trump remains behind Biden by a significant margin, most notably in the all-important battleground states of Michigan, Pennsylvania, and Wisconsin, which provided a major portion of Trump’s electoral victory in 2016.

Wilson said it appears the lavish spending by the Trump 2020 team has finally caught up with them, and that he believes the president himself may have gotten fleeced by his staff:

“Don the Con got conned. Trump got played by all these people who are making a killing off of this.”

How’s that for some sweet irony?

Categories
Crime Money Trump-Russia

Three Banks Have Given Trump’s Financial Records To The New York Attorney General

A few months ago, we learned that some of the banks Donald Trump and the Trump Organization did business with over the years have turned over thousands of documents related to possible links between Trump and Russian figures such as oligarchs and government officials to House Finance and Intelligence committees.

The banks identified — Bank of America, Citigroup, and JPMorgan Chase — are all key to ongoing investigations by numerous congressional committees, but they aren’t the most important financial institution that has helped finance Trump and his real estate empire.


The Big Kahuna, so to speak, when it comes to Trump and banking, is Deutsche Bank, which has reportedly loaned Trump some $2 billion, even after he had stiffed them and refused to pay back some of the money they loaned him years before.

But while the congressional committees may not have gotten anything from Deutsche Bank, the Wall Street Journal reports that New York Attorney General Letitia James hit the jackpot in regard to the German banking giant:

“The New York attorney general’s subpoenas to Deutsche Bank and Investors Bancorp are part of a civil investigation, which could yield fines or other civil actions if the office alleges illegality. The Deutsche Bank documents relate to three mortgages the bank extended to Mr. Trump’s business, as well as proposed financing that didn’t go through, people familiar with the New York investigation said. CNN reported earlier this year that Deutsche Bank had begun providing financial records to the New York attorney general.”


That’s very bad news for Donald Trump for a couple of reasons:

  • The president cannot intimidate or fire the New York AG.
  • If Trump, the Trump Organization, or any of the Trump family are indicted in the state of New York, the president can’t pardon them.
  • U.S. Attorney General William Barr, who has shown he’s glad to protect Trump from any investigations or charges, also has no jurisdiction over Ms. James, who answers only to the people of New York.


Additionally, AG James has made it clear from the moment she took office that no one is above the law, no matter their name or position. A little over a year ago, she swatted down the president when he began whining on Twitter that he was being targeted:

Letitia James can bring the entire kit and caboodle crashing down when it comes to the president. If she wants, she can destroy the Trump Organization, Donald Trump, and his entire lawless family.

Karma is coming for Donald Trump, and it’s name is Letitia James.

Categories
Corruption Crime Elections Money

Prosecutors In New York Believe Ivanka Trump Skimmed Millions From The 2016 Inaugural Fund

In 2019, prosecutors with the Southern District of New York (SDNY) opened up a new front in the investigation of criminal acts by the Trump 2016 campaign and the president himself, sending a sweeping subpoena to the Trump inaugural committee that includes charges of money laundering and fraud. The subpoena reads like something that would normally be served on a mafia boss.

But there was especially bad news in that subpoena for Ivanka Trump, who currently works as a White House adviser and is reportedly her daddy’s favorite child.


ProPublica has learned that one of the main points of interest for prosecutors is the rate charged by Trump properties that rented space for the inaugural:

“A spokesman confirmed that the nonprofit 58th Presidential Inaugural Committee paid the Trump International Hotel a rate of $175,000 per day for event space — in spite of internal objections at the time that the rate was far too high. If the committee is deemed by auditors or prosecutors to have paid an above-market rate, that could violate tax laws prohibiting self-dealing, according to experts.”


Who negotiated the contracts and set the rates with the inaugural committee? None other than Ivanka Trump, as ProPublica first reported back in December:

“During the planning, Ivanka Trump, the president-elect’s eldest daughter and a senior executive with the Trump Organization, was involved in negotiating the price the hotel charged the 58th Presidential Inaugural Committee for venue rentals.”

That kind of inside dealing is also referred to as skimming.


Brett Kappel, an attorney at Akerman LLP who advises nonprofits, noted that it appears tax laws were violated by Ivanka Trump and others inside the inaugural committee:

“Tax law bars nonprofits such as the inaugural committee from insider deals that would unduly benefit people — in this case the Trump family — that have influence over the nonprofit, Kappel said. In legal parlance, these are known as excess benefit transactions. A key question would be whether the Trump hotel charged the inaugural committee above-market rates, which could violate tax rules, Kappel said. If an IRS audit found such a civil violation, the inaugural committee would have to pay taxes on the amount of money it overpaid.

“It could become a criminal violation, Kappel said, if investigators uncover evidence that people knew that charging above-market rates to enrich the Trump Organization was illegal and did it anyway.”

There are also reports that the attorneys general for both New York and Washington, D.C., are also looking at possible financial crimes committed by Ivanka as part of the 2016 inaugural.

It appears that Ivanka’s willingness to help her father engage in grifting on a massive scale now has her at the center of a scandal that could well lead to her being charged with tax violations and financial fraud.

No wonder Ivanka’s always been daddy’s favorite — She’s just as crooked as he is.