Donald Trump owes $1,000,000,000 to his creditors. That is right, our president owes someone or several someones one billion dollars–or more. At his town hall meeting Thursday night, POTUS looked bad, physically that is. No wonder. He fessed up to owing $400 million, and of course, he lied. That puts a whole different spin on “the buck stops here.”
That means with this huge liability, the president is a significant national security risk. The Forbes magazine pulled out all of the dozens of documents that list Trump’s liabilities. His assets run primarily to “hotels, hotels, buildings, mansions and golf courses.”
He lists most of them on the financial disclosure report he has to file yearly as part of being president. Unfortunately for him, he omitted two properties adding up to “an estimated $447 million.” True he has significant assets, and they are worth an “estimated $3.66 billion.” That would leave him property-rich worth $2.5 billion and cash poor.
According to The Vox:
‘He has personally guaranteed $421 million in debt. We know some information about it.’
Some speculated that only Deutsche Bank would lend to Trump. That appears to be inaccurate. He has six other creditors, “two of which began or reworked deals while the president was in office:”
‘One reason for all the confusion: Trump’s loans are not fully transparent. It’s still unclear to whom he owes an estimated $162 million against his skyscraper in San Francisco, for example. The loan against 1290 Avenue of the Americas is also something of a mystery. And it’s difficult to pin down the amount the president owes on a loan tied to his Bedford, New York mansion. When asked about all of this, the Trump Organization did not respond.’
Here is an example of how one of his properties breaks down its financials. Trump owes an estimated $170 to Deutsche Bank on his Washington D.C. International Hotel. He has a variable interest rate, which is not ideal, and the loan comes due in 2024.
The president paid for his redevelopment of the Old Post Office located a block from the White House this way:
‘Trump funded his redevelopment of the Old Post Office building in Washington, D.C., which now serves as the Trump International Hotel, with a $170 million mortgage from Deutsche Bank. It’s possible that Trump does not still owe all of that money today—the New York Times, which has access to Trump’s tax-return data, recently reported that the loan has a balance of $160 million. Regardless of the exact amount of principal outstanding, it doesn’t appear that the hotel is doing well enough to cover the interest expenses with profits from the business.’
To see the entire list of financial documents, go to this Forbes article.
Featured image is a screenshot via YouTube.
The Mueller Report Adventures: In Bite-Sizes on this Facebook page. These quick, two-minute reads interpret the report in normal English for busy people. Mueller Bite-Sizes uncovers what is essentially a compelling spy mystery. Interestingly enough, Mueller Bite-Sizes can be read in any order.