How Trump avoided disclosing eight loans on his ethics file

DDonald Trump did not include at least eight loans in the financial reports he filed as president. Although one of those omissions caused dust among moral officials and the second may have violated the law, the other six were legally excluded from the file, which should be gives the public an understanding of the finances of officials but it is full of complications. they offer only a partial photo, hidden transactions involving family members and partners.

“We certainly learned from him that reporting is not enough,” said Virginia Canter, who served as White House counsel in the Clinton and Obama administrations and is now the chief policy advisor for a watchdog group called Citizens for Responsibility and Ethics. Washington.

here, Forbes it describes the eight missing loans, as well as the rules that allowed the former president to be excluded from his files.

Credit: Unclear

Lenders: Donald Trump and Vornado Realty Trust

Trump group: $285 million

The former president owns a 30% stake in 1290 Avenue of the Americas, a large office building in midtown Manhattan, with publicly traded Vornado, which owns 70%. remaining. In 2012, partners worked with Deutsche Bank, UBS, Goldman Sachs and the State Bank of China to borrow $950 million. Lenders then sell the debt as commercial mortgage-backed securities. Although 30% of Trump’s debt reached $285 million, making it one of the most important loans in his portfolio, he did not have to disclose it on his government files, since but he owned the debt through a partnership and not himself. subject to it.

Credit: MetLife, Pacific Life

Lenders: Donald Trump and Vornado Realty Trust

Trump net worth: About $170 million

Trump also partners with Vornado at 555 California Street, an office building in San Francisco. Federal ethics rules did not require the former president to disclose debt related to that home, but neither his interest in 555 California Street nor the one at 1290 Avenue of the Americas was a mystery. Vornado shared information about both properties on its social media. The partners used insurance companies MetLife and Pacific Life to borrow from the San Francisco tower in 2011. Shortly after Trump left office in 2021, JPMorgan Chase helped refinance the property, raising the load debt from about $ 530 million to $ 1.2 billion and authorize the first president. to fund about $160 million.

Credit: Daewoo

Borrower: Donald Trump

Trump’s side: $20 million

Through entities he wholly owns, Trump owed a South Korean outfit called Daewoo $19.8 million while running for office in 2016, according to internal Trump Organization records. Five and a half months after he became president, he canceled that debt, which never appeared on any of his financial statements and was hidden from the public until Forbes exposed last week. Federal law requires officers to disclose their personal loans, but does not require them to list loans to their companies, unless the officers are responsible. the loan. It is not clear whether Trump secured Daewoo’s debt, knowing whether he broke the law or just used an opportunity. The Trump Organization did not respond to questions about the debt.

Credit: City National Bank

Borrowers: Donald Trump and Phil Ruffin

Trump’s group: $15 million

In September 2016, as Trump’s campaign entered its final stages, real estate developer and billionaire partner Phil Ruffin borrowed $30 million against a Las Vegas property they owned in a 50-50 partnership. One month later, Trump threw $10 million in cash into his presidential campaign. The financial statements report included a page for liabilities, but no credit indicator was shown there. However, evidence of the loan, appeared in the local records office in Clark County, Nevada. Trump and Ruffin paid in 2018.

Credit: Donald Trump

Borrower: Eric Trump

Trump’s side: $2 million

Forbes revealed last month Donald Trump held debts from his three oldest children while in office. Those loans were not made on his federal information because officials are not supposed to list debts from family members. “I think the complacency is there, they don’t want to embarrass the younger brother of someone who’s dead,” explained Walter Shaub, former director of the Office of Ethics. Government and is now a senior ethics officer at a DC group called the Project on Government Oversight.

Credit: Donald Trump

Borrower: Ivanka Trump

Trump group: $1.5 million

Months after graduating from the University of Pennsylvania in 2004, Ivanka Trump bought a cheap house from her father, using money that apparently came from her father. Ivanka left New York about twelve years later to join her father in the White House, where she and her husband, Jared Kushner, both worked as advisers to the president. The customary laws allowed all three to exclude the household loan from their definitions.

Credit: Donald Trump

Borrower: Donald Trump Jr.

Trump’s side: $1 million

Family finances have caused controversy in both the Trump and Biden administrations. However, the public did not know about the loans between Donald Trump and his older children, it seems that they all borrowed money at the beginning of their careers to buy apartments in Trump-branded buildings.

Credit: Michael Cohen

Borrower: Donald Trump

Trump’s share: $130,000

Trump’s former lawyer paid porn star Stormy Daniels $130,000. Since Trump repaid Cohen, the Office of Public Integrity clarified that the president must list the arrangement as a liability on his 2017 financial statements. The deputy director of the officials reached out to the Justice Department, which didn’t seem too happy about not doing so, and Trump eventually included a footnote about it in his 2018 speech. “I think it should have been disclosed,” Canter said, “but I think any loan that he’s bound to, you know, he owed to a bank, would have been more transparent.”

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