RSN Fundraising Banner
FB Share
Email This Page
add comment
Print

Sirota writes: "Financial disclosure documents released Friday by the Office of Government Ethics shed new light on President Trump's finances, even as he refuses to release his tax returns. The documents show that Trump owes hundreds of millions of dollars to major financial institutions - some with business before Trump's administration."

Donald Trump. (photo: USA Today)
Donald Trump. (photo: USA Today)


Donald Trump Owes at Least $315 Million to Financial Firms, Some of Which Are Lobbying the Federal Government

By David Sirota, International Business Times

17 June 17

 

inancial disclosure documents released Friday by the Office of Government Ethics shed new light on President Trump’s finances, even as he refuses to release his tax returns. The documents show that Trump owes hundreds of millions of dollars to major financial institutions -- some with business before Trump’s administration. 

According to section 8 of the disclosure documents, Trump lists liabilities with 10 creditors. The minimum amount he owes is $315 million. Based on the maximum amounts listed, he could owe more than half a billion dollars to the creditors.

Among Trump’s largest creditors is Deutsche Bank, which has faced requests from Democrats to explain its lending to Trump. Deutsche Bank earlier this month rejected that request. 

According to lobbying records, Deutsche Bank in 2017 has been pressing federal officials on "issues related to Dodd-Frank Act reform" and "issues related to the regulation of foreign banks." Trump has pushed to repeal key portions of the Dodd-Frank legislation that was passed in the wake of the 2008 financial crisis. 

Trump entities also owe at least $110 million to Ladder Capital, a firm whose Securities and Exchange Commission filings say it “loans together with certain financial institutions, which to date have included affiliates of Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, RBS Securities Inc., UBS Securities LLC and Wells Fargo Securities, LLC.” Reuters recently reported that the firm is working with Citigroup on a sale. 

Trump owes up to $25 million to UBS, according to the financial disclosures. UBS has also been lobbying in 2017 on Dodd-Frank as well as on “proposals to implement a financial transactions tax.”

Trump owes at least $50 million to a shadowy entity called Chicago Unit Acquisition, LLC. Trump’s financial disclosure says that one of his entities, DJT Holdings, owns Chicago Unit Acquisition. Mother Jones recently reported that the arrangement may mean that Trump’s businesses "could owe $50 million and possibly much more to one or more creditors that have not been disclosed to the public."

e-max.it: your social media marketing partner
 

Comments   

We are going to return to our original fully-moderated format in the comments section.

The abusive complaints in the comment sections are just too far out of control at this point and have become a significant burden on our staff. As a result, our moderators will review all comments prior to publication. Comments will no longer go live immediately. Please be patient and check back.

To improve your chances of seeing your comment published, avoid confrontational or antagonistic methods of communication. Really that is the problem we are confronting.

We encourage all views. We discourage ad hominem disparagement.

Marc Ash
Founder, Reader Supported News

 
+19 # PeacefulGarden 2017-06-17 15:06
Wow! Like duh? We do not have a government anymore? Anyone want to argue with me about this, or does anyone really think we have a federal government?
 
 
+15 # Caliban 2017-06-17 23:13
The US does have a federal government, but it is a Trump/GOP dominated federal government.

Do we want something different?

Then we must get past our cynicism and vote Democrat in November 2018. Only a power shift in the House and Senate in 2018 will help us to bigger and better changes in 2020.
 
 
+2 # PeacefulGarden 2017-06-18 08:22
Hmmm. I am looking at a common criminal acting like a president, who was voted in by complete idiots, and, to make matters worse, a mob of criminals in congress who gerrymandered their way into a government position, and were also voted in by complete idiots.

Our criminal justice system is built from to ground up to put poor people in jail. Other than that, if you are rich, connected, and born out of the proper vagina, you want for nothing.

As I watch this criminal organization continue to pretend to want to lead the nation into prosperity, and reporters giving us the story like candy, fully known there is nothing I as a citizen can do about it, all I can say is...

We, the common citizens of this nation, have no government.
 
 
+1 # Rodion Raskolnikov 2017-06-18 10:33
Caliban -- "vote Democrat in November 2018. Only a power shift in the House and Senate in 2018 will help us to bigger and better changes in 2020."

Do you mean a "power shift" to Pelosi and Schumer? I don't think that will do much.

Let's face it: the republicans and the Clinton faction of the democratic party are just the same when it comes to banking, war, and corporations. They differ only on social issues like gun control, women's rights, and immigration.

I once heard this described as two cheeks on the same ass. Some power shift!
 
 
+1 # librarian1984 2017-06-18 16:20
Not. Voting. For. Corporate. Democraps. Ever. Again.
 
 
+11 # lfeuille 2017-06-18 00:11
We have a federal ongoing criminal enterprise. And it has nothing to do with Russia.
 
 
+19 # Rodion Raskolnikov 2017-06-18 06:14
This probably should be a problem but I'm not sure it will be. Why is David Sirota writing about it but no mention in the Wapo or NY Times -- at least that I've seen. It is never really the substance of a scandal but rather how the mainstream media approaches it. If the Wapo and NYT go into the "bombshell" mode, then Trump could be in trouble. But they seem pretty happy right now with the obstruction of justice bomblet.

The bigger story is the banks themselves. They have long used debt to control governments and people. This is how the big international banks work. This revelation calls more for bank regulation than for impeachment of Trump.

Deutsche Bank and Goldman Sachs should be regulated out of existence, broken up, and annihilated. Same for the others.
 
 
-2 # PeacefulGarden 2017-06-18 08:27
It will never happen. You have no representation in government, at all. What you have is a large criminal organization currently being lead by a rich criminal.

Journalist do not matter. You do not matter. Investigations do not matter. It is game over. The common citizens of this nation lost the game to common criminals. Our justice system is built to put poor people in jail, and do nothing else. Heck, at this point the police can gun us down in the street with the excuse of feeling threatened.

All we can do is sit back and watch the criminals fight against each other, and hope the one that wins will treat us like human beings.
 
 
0 # librarian1984 2017-06-19 06:31
Blacks will never be free.
Women will never vote.
Man will never fly.
The tobacco companies will never fall.
Gay marriage will never be legal.

Okay, we get that you're not going to lead the revolution.
 
 
0 # librarian1984 2017-06-19 06:33
And if it fails you can tell everyone how right you were.

Wouldn't it be better to quit busting morale, and get busy?
 
 
0 # Rodion Raskolnikov 2017-06-19 06:40
Peace -- you are completely correct. With Trump in the White House many people are beginning to see the corruption. When Obama was there, people slept like snoring dogs.

Maybe the American people will get mobilized against all that Trump stands for. Russiagate is a distraction and actually a defense of the oligarchs.
 
 
+1 # chrisconnolly 2017-06-18 11:55
Substitute regulation with protection then we need to hound unrelentingly our congress persons to support protection from financial despotism. The banks who gamble with our savings are allowed to do just that, gamble against all odds. We lose they gain. Without protections banks can overcharge us for every little thing they choose and it gets expensive for we the little people.
 
 
+1 # librarian1984 2017-06-18 16:28
This guy I saw, Edw. Luce, author of The Retreat of Western Democracy, says one of the parties needs to offer a Marshall Plan for the middle class. That sounds like a brilliant move. Can you imagine the voters flocking to such a message and, if it's actually passed, giving their long term loyalty to that party? I can.

Will the GOP offer it, gaining even more working and family votes than last time? Or will the Dems get their collective heads out of their collective arses and jump in front of a progressive agenda, invoking FDR and giving people hope?

The Dems don't even remember what it's like to have moral authority, to work for a worthwhile cause, to sleep with a clean conscience.
 

THE NEW STREAMLINED RSN LOGIN PROCESS: Register once, then login and you are ready to comment. All you need is a Username and a Password of your choosing and you are free to comment whenever you like! Welcome to the Reader Supported News community.

RSNRSN