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By John Cassidy
In recent weeks, the Times published a series of detailed reports on Donald Trump’s monetary affairs, adding a large account of his tax records. The latest installment is true to a single and unfortunate company: the Trump International Hotel.
Without a doubt, this is an ambitious goal in a country that has long specialized in the production of sharpies and mountain banks. But by nominating Trump for the most sensible position, there are a number of unparalleled achievements to highlight. criminals, has controlled to comply with the letter of the law, or at least has not been the subject of any prosecution by criminals. Thirdly, and obviously, he has transformed the fiction that he is an exceptional businessman into an outrageous presidency, which will hopefully be limited to a bachelor period after the vote count.
Chicago’s story began about two decades ago, when Trump announced his goal of building a skyscraper on the site of the derepit construction of the Chicago Sun-Times, where Mike Royko and Ann Landers wrote their columns (What did Royko think of Trump?even though a decision was made, it was completely abhorrent when, in addition to his other flaws, it turned out to be a taco,” the columnist wrote in a 1991 article about Trump’s first divorce. ) Trump originally claimed that the new construction would be One hundred and fifty floors. After September 11, he reduced it to a modest 90-story. In addition to a luxury hotel, the plan included luxury condos and retail stores.
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The main financier of the Deutsche Bank estate, which seeks to identify itself as a major player on Wall Street. Many U. S. banks had been burned through their reports with Trump in the 1990s, when two of their indebted homes filed for bankruptcy, leaving their creditors. Deutsche provided a structured loan of six hundred and 40 million dollars, some of which were cut to pieces and sold to other banks, many of which were foreigners. Trump then starred in “The Apprentice,” a show, and the memories were short. A principal hedge fund manager, Fortress Investments, also intervened in this transaction. According to the Times, he provided a $100 million loan, some of which were sold to other personal equity companies and hedge funds, adding Dune Capital Management, a company co-founded through Steven Mnuchin, who would continue to be Trump’s Treasury secretary.
Did Mnuchin or any of the other monetary geniuses take the time to call some of the bankers who had been left in their hands in the 1990s?The history of the Times doesn’t say it. In any case, Trump’s new creditors temporarily suffered a similar fate to his predecessors: in 2008, some of chicago’s loan loans expired, however, many condos had not yet been completed and the assignment is well behind their monetary forecasts. Trump demanded an extension of the loans, which Deutsche rejected. He then sued the bank and adopted him for “abusive lending practices. “”(He also sued Fortress).
As they say, if you owe the bank a hundred dollars, that’s your challenge, but if you owe him a million dollars, that’s the challenge with the bank, Trump owed him millions and he’d already played this game. In the 1990s, Trump’s creditors, faced with the prospect of endless legal battles and perhaps wasting all the cash they had lent, agreed to cancel massive amounts of their loans. Deutsche and Fortress, in spite of everything, did the same. “This was the kind of charitable monetary cut that few U. S. or U. S. corporations can expect to receive, especially without seeking bankruptcy protection,” the Times’ account says.
You can say it again. According to the Times, Fortress paid forty-eight million dollars, or about one-sixth of what he expected to achieve after interest payments. Deutsch’s business finishing department also suffered a significant loss. the bank, the wealth control department, lent Trump heaps of millions more dollars. These new loans went to the Chicago building; Doral Golf Resort in Miami; and the Trump International Hotel in Washington, D. C. , which Trump built on the site of the former job building. “By the end of 2018, Trump and his corporations owed $330 million to the bank,” the Times says.
The saga doesn’t end there. In the 1990s, according to another Times scoop, Trump took advantage of his huge losses to obtain a gigantic tax override, allowing him to pay virtually nothing in federal income taxes over the next decade. After the Chicago debacle, he changed the stage. Under tax laws, if someone cancels a loan they owe you, the IRS treats the sum as a source of income and you have to pay taxes on it. Unless it is Trump. Al exploit other tax loopholes and offset the losses of other parts of the Trump organization, he “managed to pay taxes on almost everything,” according to the Times.
It’s a remarkable story, but not at all unexpected when you consider it the main theme. After all, financier Houdini, who bounced from the remains of his bust in the early 1990s; the former owner of Trump University’s shameless scam; the self-proclaimed billionaire who brought others to fund his charitable foundation; the guy whose chronic non-public relations as president continued to such an extent that his beach hotel in Mar-a-Lago, Florida, once charged the U. S. government $3 for the water they had served him.
Didn’t you hear that last detail? It comes from David Fahrenthold, the Washington Post reporter who won a Pulitzer Prize in 2017 for reporting on Trump’s exclusive philanthropic brand. In a report released Tuesday, Fahrenthold revealed that since Trump took office, his homes have billed the federal government for at least $2. 5 million. for hosting Trump events. This in total includes seven thousand dollars for a 2017 dinner in Mar-a-Lago with Xi Jinping, the Chinese leader; six thousand dollars for flowers in Mar-a-Lago, a stopover in 2018 through Shinzo Abe, Japan’s former prime minister; and, yes, $3 for water served at a press conference with Trump and Abe at the same event. “The value was $3 each, adding service charges,” Fahrenthold’s account notes. “Taxpayers paid for Trump’s business to pour him water. “
Mike Royko would have been surprised.
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