Trump Hid $ 70 Million Losses from DC Hotel During His Presidency, Records Show | Donald trump
Donald Trump hid losses of more than $ 70 million at his eponymous Washington DC hotel while in the White House, House Democrats said on Friday.
The House Oversight Committee said the deception was detailed in documents released by the General Services Administration (GSA), which leased the Old Post Office building on Pennsylvania Avenue to the Trump Organization in 2011 and approved its operation. from the hotel after Trump entered. the White House, a few steps away.
While in office, Trump was faced with many questions about the alleged self-interested transactions of his companies.
His Washington hotel has become a place where Republicans can be seen and do business, but it has suffered from the pandemic and after Trump’s loss to Joe Biden last November. The Trump organization is said to be on the verge of selling the lease.
According to the House committee: “On his federally mandated financial disclosures, President Trump reported that the Trump Hotel brought him in over $ 150 million in revenue during his tenure.
“However, records obtained by the committee show that the Trump Hotel in fact suffered net losses of more than $ 70 million, which led the former president’s holding company to inject at least $ 24 million. to help the hotel in difficulty.
“By filing these misleading public disclosures, President Trump has grossly exaggerated the financial health of the Trump Hotel. He also appears to have concealed potential conflicts of interest arising not only from his ownership of this bankrupt company, but also from his roles as lender to the hotel and guarantor of its loans to third parties.
The committee said that in 2018 Trump received preferential treatment from Deutsche Bank, which allowed him to delay payments on a $ 170 million loan.
“Without this postponement,” the committee said, “the hotel might have had to pay tens of millions of additional dollars to Deutsche Bank at a time when it was already facing heavy losses. did not publicly disclose this significant advantage of a foreign bank while he was president. “
Links between Trump, figures close to him, and Deutsche Bank have come under scrutiny in investigations into Russian election interference, throughout Trump’s presidency and into the aftermath.
The committee said the bank had allowed Trump to defer payments for six years. At that point, he would have been removed from his post even if he had beaten Biden in 2020 and any default might have been less politically damaging.
The committee also said Trump did not reveal enough details of the more than $ 3.7 million received from foreign governments, “enough to cover more than 7,400 nights at the Trump Hotel at the average daily rate” and violating potentially the emoluments clause of the US constitution, which is intended to prevent federal officials from taking advantage of their positions.
Trump also hid debt when he secured the lease for the former GSA post office in 2011, then “moved millions of dollars in and out of his DC hotel through affiliated entities and opaque transactions.” the committee said.
Committee chair Carolyn Maloney of New York and Gerald Connolly of Virginia, chair of the government operations subcommittee, wrote to the head of the GSA.
The documents “raise new and troubling questions about former President Trump’s tenure with the GSA,” they said, “and the agency’s ability to manage the former president’s conflicts of interest during his tenure. mandate while he was effectively on both sides of the contract, as owner and tenant.
“… This new evidence raises many questions that require further investigation and action by the committee. “
Trump and the Trump Organization did not immediately comment. Trump said the investigations into his financial affairs were politically motivated and without a legal basis.
The news comes at a troubled time for Trump and his business interests. This week, for the first time, he was not included in Forbes’ list of the 400 richest Americans.
“If Trump is looking for someone to blame, he can start with himself,” Forbes said.