Donald Trump has touted his success endlessly on the campaign trail. He has gone on record to say that his businesses, golf courses and steaks are tremendous successes, but The New York Times reports that his companies may owe a lot more than he originally let on.
The Times reported Trump has at least $650 million in debt, which is twice as much as he has stated in public filings. It looks to be a staggering figure with the article also saying his fortune is contingent on a number of financial backers, one of which he has called out while on the campaign trail.
For example, of Trump’s buildings in Manhattan is reported to have a $950 million loan, which is being carried by the Bank of China and Goldman Sachs. What makes this loan significant is that Trump has repeatedly called out China as an economic nemesis to the U.S. and has said Goldman Sachs controls Hillary Clinton.
In the complicated world of finance and real estate, loans can be complex. And with Trump being in the real estate game for so long, he could have lost track of where his loans were coming from. But the Republican presidential nominee’s finances have come under immense scrutiny during this campaign, so any type of slip up will end up appearing under the microscope.
Aside from business dealings, The Times took a close look at his personal finances. Trump’s personal wealth is tied to three partnerships that owe $2 billion to a number of lenders, some of which are tied to some of his building’s loans. If the loans would be defaulted, Trump might not be liable, but his investments’ values could go down. And for a person who measures himself by his wealth, this may not be good.
The main claim The Times poses is that if he is elected president, Trump will have sway over monetary policies that could affect his own personal wealth. The paper cautions that, in turn, the office of the presidency could be used for Trump’s own financial gain.
(Via The New York Times)