While criminal investigations into possibly illegal dealings at the Trump Organization continue and failed, one-term twice-impeached former President Donald Trump faces possible indictment, the finances of his company and his personal bank account are dwindling as he nears complete financial collapse.
Bloomberg recently summed up the financial problems facing Trump:
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.
Quite simply, Trump is running out of money and has almost no avenues left to make more because his name is so toxic that no one wants to be associated with him.
Legal problems and financial uncertainty are the two massive obstacles facing the ex-president, and the lack of money is probably of greater concern, according to CNN legal analyst Jeffrey Toobin, who said Friday:
“Donald Trump was the subject of a Friars Roast long before he was president. What he said to the people who were roasting him is, you can joke about anything except that I don’t have a lot of money. That’s the one thing you can’t joke about. But you know what? Donald Trump does not have a lot of money, and I think people are missing the point when they say the real risk to him is criminal prosecution, whether in the DA’s office or something out of Jan. 6.”
Trump has made his fortune in the hotel business, which is in a depression as a result of the pandemic, Toobin continued, adding:
“I don’t think there are going to be any criminal prosecutions, but because Deutsche Bank was so indulgent of his failed businesses for years and years, he has been able to stave off financial disaster. But Deutsche Bank said we’re done with him now, and he is not going to find American or big lenders in the United States or companies that do a lot of business in the United States, and that’s the real problem he faces in the next few years. It’s not just this hotel, it’s all the hotels that are doing terribly, and he doesn’t have the money to pay back his loans.”
Imagine it: Trump isn’t charged with any crimes, but he winds up financially busted. That would be exactly the karmic payback the “great businessman” most deserves.
