The New York Times has conducted an investigation into Trump’s convoluted business dealings that include over 500 Limited Liability Corporations, complex loan structures, and secret investment partners. It should be noted that while Trump has filed the required FEC report, this form is not designed to capture the complexity of a financial portfolio such as Trump’s. "For instance, they have boxes once a certain number is reached that simply state $50 million or more.”
Many disparities between Trump’s claims and others’ findings exist. For example, Trump has stated his networth to be in the 10 billion dollar range while other entities, such as the Wall Street Journal and Forbes have estimated it to be in the 1-4 billion dollar range. Other discrepancies with his report of debt load have been found further muddying the waters on Trump’s financial ties.
Both known and unknown financial ties raise serious ethical concerns.In Maze of Trump’s Empire, Unknown Ties and $650 Million in Debt
But an investigation by The New York Times into the financial maze of Mr. Trump’s real estate holdings in the United States reveals that companies he owns have at least $650 million in debt — twice the amount than can be gleaned from public filings he has made as part of his bid for the White House. The Times’s inquiry also found that Mr. Trump’s fortunes depend deeply on a wide array of financial backers, including one he has cited in attacks during his campaign.
For example, an office building on Avenue of the Americas in Manhattan, of which Mr. Trump is part owner, carries a $950 million loan. Among the lenders: the Bank of China, one of the largest banks in a country that Mr. Trump has railed against as an economic foe of the United States, and Goldman Sachs,
The government just released a document detailing Donald Trump's alleged $10 billion fortune
Trump's personal financial disclosure also contained fairly detailed information about his stock portfolio, which it describes as being worth between $33.4 million and $87.9 million. According to the report Trump has stock in hundreds of companies in a wide variety of industries including tech giants, financial firms, and defense contractors.
Donald Trump Personal Financial Disclosure Report by Hunter Walker on Scribd
x Scribd ContentTrump releases financial statement; Clinton seeks his tax returns
The report, similar to one Trump filed earlier, includes more than 45 financial transactions Trump has made since announcing his candidacy on June 16 of last year. They include investments in Bali, Indonesia, and Jeddah, Saudi Arabia -- two Muslims nations where officials have criticized the businessman's proposal to temporarily ban Muslims from entering the United States.
The financial disclosure shows that Trump created six corporate entities for a hotel development on Bali; all are dated June 23, 2015. The Trump Hotel website says they are going to “bring to market an extraordinary luxury property" to Bali.
Trump also lists transactions involving China, a country he has often criticized over its trade policies.
The New York Times investigation has found that far from being the head of a vast empire, Trump, typically holds only a minority position in his LLCs at 30% ownership with a deep debt load.
This minority position relegates Trump to the role of a puppet for a multitude of foreign banks, unknown investors and questionable entities. It is unclear who is pulling the strings.As President, serious questions arise as to what demands these entities would place on Trump with regard to bank regulations, trade, tax and foreign policy, essentially being under the thumb of banks and oligarchs across the globe.
As president, Mr. Trump would have substantial sway over monetary and tax policy, as well as the power to make appointments that would directly affect his own financial empire. He would also wield influence over legislative issues that could have a significant impact on his net worth, and would have official dealings with countries in which he has business interests.
Beyond finding that companies owned by Mr. Trump had debts of at least $650 million, The Times discovered that a substantial portion of his wealth is tied up in three passive partnerships that owe an additional $2 billion to a string of lenders, including those that hold the loan on the Avenue of the Americas building. If those loans were to go into default, Mr. Trump might not be held personally liable, but the value of his investments would sink.
Mr. Trump’s opaque portfolio of business ties make him potentially vulnerable to the demands of banks, and to business people in the United States and abroad, said Professor Painter, the former chief White House ethics lawyer. “The success of his empire depends on an ability to get credit, to get loans extended to his business entities,” he said. “And we simply don’t know a lot about his financial dealings, here or around the world.”
If Trump wins the Presidency, he will be running the country, but who will be running him?