‘Trump companies owe $650 M’
NEW YORK — On the campaign trail, Donald Trump, the Republican presidential nominee, has sold himself as a businessman who has made billions of dollars and is beholden to no one. But an investigation by The
New York Times into the financial maze of 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’ inquiry also found that 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 New York, of which Trump is part owner, carries a $950million loan. Among the lenders: the Bank of China, one of the largest banks in a country that Trump has railed against as an economic foe of the United States; and Goldman Sachs, a financial institution he has said controls Hillary Clinton, the Democratic nominee, after it paid her $675,000 in speaking fees.
As president, 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.
Yet The Times’ examination underscored how much of Trump’s business remains shrouded in mystery. He has declined to disclose his tax returns or allow an independent valuation of his assets.
Earlier in the campaign, Trump submitted a federal financial disclosure form. It said his businesses owed at least $ 315 million to a relatively small group of lenders and listed ties to more than 500 limited liability companies.
Though he answered the questions, the form appears to have been designed for candidates with simpler finances than his and did not require disclosure of portions of his business activities.
Beyond finding that companies owned by 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.