How Trump hid another $near-half-BILLION of debt
Judd Legum at Think Progress reveals that Donald Trump owes a lot more money than he was legally obliged to reveal during campaign season:
Trump filed documents with the FEC over the summer that revealed he owed at least $315 million to ten entities. This debt, some of which is personally guaranteed by him, was a clear conflict. As president, Trump will be responsible for regulating entities that he also owes money to. Worse, these debts are frequently renegotiated, giving these companies leverage over Trump in the regulatory process.
A report this afternoon from the Wall Street Journal, however, revealed that Trump’s disclosure was the tip of the iceberg. The FEC required Trump only to report debt from entities he fully controls. The disclosure left out “more than $1.5 billion lent to partnerships that are 30%-owned by him.” That debt has been securitized and is owed to at least 150 financial entities.
Trump’s share of that debt would come to over $450,000,000. Can you say “half a billion reasons for a conflict of interest”?
These financial institutions include many firms that are under the scrutiny of the federal agencies that Trump will soon control. Wells Fargo, for example, which services over $900 million in loans connected to Trump, “is currently facing scrutiny from federal regulators surrounding its fraudulent sales practices and other issues.”
Trump will soon appoint the top regulators who will be responsible for scrutinizing the bank’s conduct.
Any chance we can jump-start an impeachment?