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Economics Politics

SO BUSTED: Proof That Donald Trump Is Worth Much Less Than He Claims

Donald Trump just loves to say how rich he is, and no doubt there’s some truth to that statement. No one thinks Trump is just scraping by from month to month. But he also claims he’s worth at least $10 billion, maybe more. Is that true? Since he won’t release his tax returns, it can be a challenge to nail down exactly how much total value Trump has. But we may have a rare peek into the net worth of the Donald, and it turns out that $10 billion figure is greatly exaggerated.

Matter of fact, a statement filed with the Securities and Exchange Commission in 2012 by Wells Fargo Securities on Trump’s behalf shows that Trump was then worth less than half that. The filing also shows that few of those assets are liquid and accessible by the real estate mogul. He may be rich, be he’s cash poor as a large majority of his worth is tied up in real estate investments.

The Guardian, which broke this story, also reports these details about Trump’s finances:

“In the document, which concerned the securitization of commercial mortgages on properties including Trump Tower in New York City, Trump was described as being worth more than $4.2bn, with liquid assets of more than $250m.

“The sponsor is Donald J Trump. Mr Trump has significant commercial real estate holdings worldwide including interests in office, retail, residential, golf-clubs and hospitality properties in markets including New York, San Francisco, Florida, Washington DC, and Scotland. As of 30 June 2011, Mr Trump reports a net worth in excess of $4.2bn and liquidity in excess of $250m.”

When he was seeking the nomination, Trump bragged that he was self-financing his campaign, but that, much like his claims of being worth $10 billion, is a blatant lie. Trump has been seeking donations on his campaign website from the beginning of his run for the White House, and he continues to solicit money from anyone who wants to write a check. But Trump is far behind in the money game. Earlier this week, the Clinton camp announced they raised $70 in June. Trump has not released his fundraising haul for June, but in May he had $1.5 million cash on hand to run his campaign. Clinton reports $44 million cash on hand.

Another day, another statement from Donald Trump is proven to be a lie. Yep, just another day in Trumpworld.

This article was originally published by the same author at LiberalAmerica.org.

By Andrew Bradford

Proud progressive journalist and political adviser living behind enemy lines in Red America.

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