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.
