Despite two impeachments, its clear that Donald Trump isn’t concerned about the legacy he leaves behind him. To him, his legacy will always be whatever he says it is and he’s not interested in ensuring that his version is based in any factual information. What he does care about, however, is money, and his act of insurrection against the United States is having a financial backlash that is sure to hurt.
Another one of Trump's banks is closing his accounts.
"We no longer have any depository relationship with him," Florida-based Bank United said. https://t.co/FE5eXYkN5o
— Kyle Griffin (@kylegriffin1) January 21, 2021
In addition to an upcoming Senate trial, Trump has lost his beloved Twitter account as a result of his lies, and his businesses are suffering even worse than they already were due to COVID-19 and the stain on his name that began well before the attack on the Capitol Building. In Florida, Bank United announced that they had closed Trump’s account, choosing to no longer “have any depository relationship with him.”
The Washington Post reports that:
‘The Florida-based bank had held some of Trump’s money since at least 2015, according to the former president’s financial disclosures. At the end of 2020, Trump said he had two money market accounts at Bank United, containing between $5.1 million and $25.2 million combined. The financial disclosure forms allowed Trump to list his assets in ranges, rather than exact dollar amounts.’
Trump’s co. is in bad shape and headed for a reckoning
Revenues plunged nearly 40% last year—before the 1/6 fallout
He has nearly half-billion in debt coming due
4 banks have cut ties. He may not be able to open a checking account, let alone get a loan https://t.co/e3wvIlerSF
— Daniel Schulman (@DanielSchulman) January 21, 2021
Bank United’s decision to cut ties with Trump makes them the third of four banks that hold the bulk of Trump’s wealth to do so. Capital One has refused to comment on whether or not they intend to be the fourth. Deutsche Bank, one of the only banks Trump could still rely on for loans, cut ties with him after months of investigation into their ties to money laundering.
According to Mother Jones:
‘As Donald Trump left the White House yesterday, he returned to a business empire in dire financial condition—far worse than previously reported, according to newly disclosed information. Trump’s final personal financial statement, filed Wednesday night, shows that revenues at his company, the Trump Organization, plunged by more than $150 million last year—a whopping decline of nearly 40 percent. The disclosure also reveals that many of his flagship properties saw much of their business evaporate over the last year.’
The Trump brand is hurting from all of the financial fallout from last week.
NYC has ended all contracts with Trump Inc.
Trump’s main lender, Deutsche Bank has cut all ties.
— Stephanie Ruhle (@SRuhle) January 14, 2021
As it turns out, businesses don’t see being aligned with the leader of a domestic terrorist attack as good for revenue, nor has Trump’s actions been good for his own revenue. The fallout is sure to continue, both financially, civilly, and criminally.
‘Since the Jan. 6 attack, a number of key partners, vendors and customers have cut ties with Trump’s company. That list now includes three of the four banks that held Trump’s largest deposits: Signature Bank and Professional Bank announced their decisions earlier this month. The fourth, Capital One Bank, has declined comment, saying it does not discuss current or former customer relationships.
‘In addition, Trump has lost two real-estate brokers, an e-commerce vendor, a chance to host the 2022 PGA Championship. New York City also said it would end the Trump Organization’s contracts to run a carousel, two ice rinks, and a golf course in city parks.’
ECONOMIC FALLOUT: After the deadly insurrection at the U.S. Capitol, NYC is cancelling all contracts with the Trump organization, including for two skating rinks, the Central Park carousel and a golf course – worth $17 million annually. @DavidMuir reports. https://t.co/KUcfmiPENd pic.twitter.com/UMKnyqCoCh
— World News Tonight (@ABCWorldNews) January 14, 2021