Committee Uncovers Evidence that Trump Received Millions from Foreign Governments
These documents show:
Former President Trump Reported Massive Revenues at the Trump Hotel, Concealing that the Hotel Suffered $70 Million in Net Losses. On his federally mandated financial disclosures, President Trump reported that the Trump Hotel earned him over $150 million in revenue during his time in office. However, the records obtained by the Committee show that the Trump Hotel actually incurred net losses of over $70 million, leading the former President’s holding company to inject at least $24 million to aid the struggling hotel. By filing these misleading public disclosures, President Trump grossly exaggerated the financial health of the Trump Hotel. He also appears to have concealed potential conflicts of interest stemming not just from his ownership of this failing business but also from his roles as the hotel’s lender and the guarantor of its third-party loans.
While in Office, President Trump Received Preferential Treatment Potentially Worth Millions from a Foreign Bank. The documents show that in 2018, Deutsche Bank provided President Trump with a significant financial benefit by allowing him to delay making principal payments on the Trump Hotel’s $170 million loan—which Trump had personally guaranteed—for a period of six years. Without this deferral, the hotel may have needed to pay tens of millions of additional dollars to Deutsche Bank at a time when it was already facing steep losses. Mr. Trump did not publicly disclose this significant benefit from a foreign bank while he was President.
The Trump Hotel Received Over $3.7 Million from Foreign Governments. Based on the Committee’s analysis, from 2017 through 2020, the Trump Hotel received an estimated $3.7 million in payments from foreign governments, raising concerns about possible violations of the Constitution’s Foreign Emoluments Clause. This amount would have been sufficient to cover over 7,400 nights at the Trump Hotel at the average daily rate. Former President Trump failed to disclose details about these payments to GSA, and he “donated” to the Treasury only the small portion of these payments that his company determined to be profits.
Former President Trump Concealed Debts When Bidding on Old Post Office Building Lease. In 2011, when he applied to lease the Old Post Office Building, former President Trump provided GSA with financial information that appeared to conceal certain debts. Specifically, he provided a 2008 financial statement that reported over $1.1 billion in outstanding loan balances for properties in Chicago, Las Vegas, New York, and San Francisco. Although these loans remained outstanding in 2009 and 2010, President Trump omitted them from his financial statements for those years, hiding key information.
The Trump Hotel Moved Around Millions of Dollars in Opaque Transactions with Other Trump Businesses. President Trump transferred millions of dollars in and out of his D.C. Hotel through affiliated entities and opaque transactions, raising questions about GSA’s ability to enforce provisions that prohibited President Trump from taking money out of the business.
Source: https://oversight.house.gov/news/press-releases/committee-uncovers-evidence-that-trump-concealed-millions-in-losses-hid-debts
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