We Now Know How Much Cash Drumpf Had in the Bank

[BlueWavePsych]

—and Yeah, He's Been Inflating His Wealth

There are two things to know about former President Donald Trump: He constantly lies and he's got money troubles.

Those two aspects of Trump's personality are on full display with the recent release of campaign finance records, the consequences of New York Attorney General Letitia James' civil probe into the Trump Organization. A report from Forbes' Chase Peterson-Withorn examining the documents found that (are you sitting down?) Trump greatly exaggerated his wealth.

As the report notes, Forbes is well-acquainted with Trump's frequent lies about his wealth. As far back as 1982, he sicced his lawyer Roy Cohn on Forbes, with Cohn insisting Trump had $500 million in liquid assets—more than the worth of his entire company at the time. The goal for Trump was to snag a higher spot on the Forbes list of the 400 richest Americans.

Filings from Trump's last year in office put his liquid assets at $93 million—far less than his claim to have around $793 million just five years before. That $793 million was inflated as well, with documents revealing Trump actually had around $300 million in cash at the time. When he filed to campaign for President, this number changed again.

https://secondnexus.com/trump-inflated-wealth-forbes-report

DUH! By the time the whole truth comes out, Drumpf is most likely bankrupt and deep in the red.

[mitch96]

1. " things to know about former President Donald Trump: He constantly lies"... nt

[SayItLoud]

38. Lies and projects. nt

[Fiendish Thingy]

2. But his PAC has another $150 million that he can play with as well. Nt

[gab13by13]

9. He did lose one slush fund,

his charitable foundation.

[WarGamer]

42. Look at DWAC, his SPAC for the Trump Media Group

The market cap is 3.1B and he's the majority shareholder.

He's increased his net worth more in the last 6 months than the previous 20 years.

[leftieNanner]

3. Cash vs. Net Worth

If I have a hundred bucks in my wallet, but carry a million dollar mortgage, my net worth is not $100.

[Escurumbele]

8. I think I know what you are saying...the million $ mortgage actually puts you in the red.

You are not even worth the $100.00 in your wallet, which I have to think you meant as your bank account, because you could have only $100.00 in your wallet but millions in the bank which then would change your net worth as in your example, so I have to assume you meant $100.00 in the bank.

[leftieNanner]

11. Yes, that's what I meant.

[ProfessorGAC]

13. While Accurate...

Last edited Tue Feb 1, 2022, 08:14 PM - Edit history (1)

...his net worth has been hyperinflated for 30 years.
The heretofore hidden debt & artificially inflated asset values fooled everyone but Moody's. (They lowered his creditworthiness in 2008, 2013, & 2018.). And, even they didn't know about the German, Saudi, & Chinese loans.
Given further asset value erosion, the toxicity of the brand, and the crushing debt, his net worth wouldn't be much more than that $93 million, which also may be inflated.
Given daddy's company netted at $300 million when TFG took over, & the $57 million daddy "loaned" him (a tax avoidance scheme) from 1971 to 1978, his managing of wealth ranks among the worst in US history.

[leftieNanner]

17. Thanks for adding this detail

He has been a scam artist loser his entire life.

[NJCher]

44. I think there was a story last year

where it was determined that he lost more money than anyone in America. He was, in fact, the worst businessman in the entire country.

--------------

on edit: here's a link to the story: https://www.rollingstone.com/politics/politics-news/trump-taxes-lost-money-832667/

[DENVERPOPS]

49. You are forgetting about

the fortune that he grifted during his time in office. He hid it somewhere and didn't report it to Forbes or the IRS, that's for sure......
Just think of the money Trump, all his spawn, and Jared were able to grift just off the PPE during the epidemic........

[ProfessorGAC]

53. Sorry, But No

That money was used (illicitly) to cover debt payments as revenues plummeted.
It's simply not credible that he got richer because of that.
It just held off late fees & compounding of monthly interest. And, being POTUS held collection efforts at bay.
Did he grift? Certainly! Did he end up with that money? Doubtful. Much more likely the banks got it.

[Rocknation]

30. A lesson I'm constantly trying to teach my celebrity-struck young friends

Last edited Wed Jul 3, 2024, 07:03 PM - Edit history (35)

It's not how much you're worth (the difference between what you have and what you owe), it's how much actual cash that you actually have which you don't owe.

When her brother incurred criminal charges in 2015, rapper Nicki Minaj raised bail by putting up real estate she owned as collateral on a pair of $50,000 promissory notes. You'd think that someone who was allegedly worth $65 million at the time would have at least $100K sitting around with nothing better to do than gather dust and compound interest, wouldn't you?

And remember when rock star Jon Bon Jovi tried to buy a piece of an NFL team? He couldn't because he was "only" a millionaire on a billionaire's playing field. Every cent of his estimated $350 million net worth would have to had been converted into cash -- by selling off all his assets AND paying off all his debts -- just to come up with his share of the franchise fee!


Rocknation

[blm]

4. During the 16 campaign he implied he was worth

many billions. The Stupiderati swallowed everything he said whole.

[Escurumbele]

10. 8 billion to be precise...

[SergeStorms]

16. Didn't he value the "Trump Brand"....

at $3 billion alone?

It seems to change every time the Forbes list comes out. It's ranged from $3-6 billion, according to the former Liar in Chief.

Forbes values his licensing "brand" at about $60 million. That's quite a difference, right?

[world wide wally]

18. I heard him say he was worth $10 Billion

[TurboDem]

25. Yep! That's exactly what I heard him say!

[ProfessorGAC]

28. It Was 4.8

Forbes had him (stupidly) at $4.2 billion. He publicly stated he was worth $600 million more.
He would have been lucky to be worth(!) $600 million at that point.

[Emile]

5. He must be broke, he hasn't paid taxes in 20 years.

[Laura PourMeADrink]

21. Ya so what about IRS. How did he get away with this?

All legal? Or IRS gave up? Or they weren't really auditing him? And if not, why not?

[maxsolomon]

60. They REFUNDED him 73 million plus interest, in 2011, and NY State sent him more.

A review of that refund has been tied up in the JCOT for over 10 years.

[Laura PourMeADrink]

61. Gotta be a story there. No $/staff to delve into his businesses?

So obviously he lied about IRS audit every year. But like he was tempting them to do it.

[maxsolomon]

62. Repukes controlled the committee for years.

Now it is Dem controlled but it is opaque - the inner workings are kept quiet, and it is composed of Centrists like Maria Cantwell.

[Laura PourMeADrink]

63. I understand that repukes would want to protect fellow

wealthy citizens. But not even investigating the taxpayer ( ha) who received the largest refund ( per Michael Cohen) is GROSS negligence. This should be uncovered regardless of party. And probably no delay with charging a poor everyday schmuck if taxes underpaid.

[tanyev]

6. He's so pathetic.

[LoisB]

7. He is truly an insecure, pathetic little creature.

[Escurumbele]

12. You are too generous, he is much more than that, and none of it is good.

[LoisB]

19. I don't think we're allowed to say what I really think about him. You are right, nothing about

him is good.

[sarcasmo]

14. Cash poor is why the RNC is picking up Trump's lawyer fees.

[louis-t]

15. He has said things like "I have $7 billion in the bank".

Or, "my name alone is worth $3 billion". Remember, he started with $400 million left to him by his father. He currently has at least a billion in debt. He likely owes the Russian mob tens of millions. He lied to Forbes to get people to loan him money, which he then lost. He lost $100 million a year for 10 years in a row. He doesn't pay his bills, he owes contractor's many, many millions. He has defaulted on numerous loans, probably hundreds of millions. He has had many business failures. His golf courses are once again losing money because he can't rob taxpayers to support his loser ways. He is a loser. The biggest loser. He has been a loser for many, many years. He will continue losing.

[calimary]

20. Oh ... in the mood for (at least) some popcorn...

[FakeNoose]

24. I think he made money on his show "The Apprentice"

That show was a success, but it was run by NBC, not by Chump. At least some of his books made money, even though he didn't actually write any of them. "The Art of the Deal" was his first book and it was a legitimate bestseller. Just about everything else he's touched - or managed - died.

He'll blow through whatever he has left keeping his butt out of prison. The kiddies won't get anything because there won't be anything left to inherit.

[louis-t]

37. He made money on the Apprentice. He used that money to buy golf courses.

Which are losing a million a year each.

[ProfessorGAC]

31. You Underestimate The Debt, Louis

The TO publicly claimed $10.2 billion in assets, $5.4 billion in debt at the start of 2016. (BTW: a D/E of 1.166, against an industry average of 0.68)
In 2018, Moody's ran a creditworthiness review of the TO. It's legally required for banks to contract these audits (usually as a group) on privately held companies so they asses risk with an amalgamated financial estimate. They have to do it every 5 years.
Anyway, Moody's assessed the assets were overvalued by 17-20%. They also revealed $1.2 billion in debt not publicly disclosed.
Since then, we found out about the Chinese & Saudi loans. Debt is closing in $7.5 billion on depleting assets that were only ~$8.3 billion 6 years ago.
That suggest a debt:equity of 10. With a number like that, TFG wasn't getting 3% loans or $3.3% RLOC deals. The debt load has to be crushing, given fallen revenues.

[Greybnk48]

22. Lawrence O'Donnell has said in the past that he thinks Trump

only has about $10 million tops in liquid assets. LOL! I believe Lawrence.

[albacore]

23. I won't be happy until he's living in a cardboard condo under a freeway overpass...

...eating out of dumpsters.

[Gore1FL]

26. I'm hoping more for 3 square meals a day at ADX Florence. nt

[niyad]

32. He is so toxicly dangerous that I hope he strokes out.

[milestogo]

27. And yet Forbes was so stupid they took his word for it.

That's business journalism for ya.

[OMGWTF]

29. Purportedly Trump told Ivanka the homeless man in the cardboard box was richer than him

because he didn't owe tens of millions of dollars to anyone. The stupidest thing he ever did was run for president.

[llashram]

33. I hope

he has to start liquidating assets. After all, is said and done...

[Blue Owl]

34. Gimme some money...

[keithbvadu2]

35. Eric Trump in 2014: 'We have all the funding we need out of Russia ...

Eric Trump in 2014: 'We have all the funding we need out of Russia ...

https://www.google.com/search?client=firefox-b-1-d&q=erik+trump+money+from+russia

[CaptainTruth]

36. I hope he goes bankrupt, he deserves it.

[Botany]

39. The real story in the Steele Dossier wasn't the pee pee stuff but that in reality TFG was way ...

... underwater and owed the Russians and Russian mobsters, the Chinese, and the Saudis 100s of millions
$s and that his only real source of income was money laundering through his real estate holdings because
he sucked at being a businessman. I have heard stories that the Russians bankrolled "The Apprentice" so
TFG could be sold as a billionaire business genius to dumb ass mother breathers.

[Budi]

41. K & R truest thing I've read about Trump.

Kudos to the Steele Dossier ref.

The cost to this country having Donald Trump in the WH, is Indescribable.

[Botany]

54. "The cost to this country having Donald Trump in the WH, is Indescribable. "

... and the cost to the world too.

1,000,000 (real #s) dead Americans from C-19 and God only knows how many world wide.
President Obama had the left the personal, the protocols, the materials and the connections
to other countries IN PLACE that very well might have stopped the virus in China. TFG got
rid of all of "that stuff" because he was jealous of "the black guy."

[summer_in_TX]

40. Forbes is now reporting that Trump gave Meadows' PAC $1 million

just a few weeks after the formation of the January 6 Investigation Committee was announced.

https://www.forbes.com/sites/annakaplan/2022/02/01/trumps-pac-gave-chief-of-staff-mark-meadows-group-1-million-weeks-after-jan-6-probe-launched/?sh=c93c2e1e14a4

[tclambert]

43. I want to know how much he owes Putin.

[DENVERPOPS]

50. Putin? Hell

what about all the U.S. intelligence he and Jared sold to many other countries?????????????????

[Martin68]

45. "By the time the whole truth comes out, Drumpf is most likely bankrupt and deep in the red." Well...

I'd prefer he were indicted, tried and imprisoned.

[orangecrush]

46. "Deep in the Red"

Deep into Russia

[Frustratedlady]

47. Is this why Melania is trying to sell her hats?

Or, maybe she sees she'll need her own money for her and the kid to leave him in the dust when it's all over?

[Botany]

51. I have always thought that Melania was working as Vlad's "handler" of TFG.

But then again I am nuttier then a squirrel turd.

[alfredo]

48. After the lawyers get done with him, he will be living on rice and beans.

After the courts get done with him, he will be eating nutriloaf

[Pobeka]

52. My eyes, my eyes! I can't unsee that! AAAUGGHH! n/t

[uponit7771]

55. "....liquid assets at $93 million...." WHOA !!! This guy has been getting stated asset loans forever

... based off bullshit.

This is some bullshit

[ecstatic]

56. They need a forensics team to sort it out

since all or most of his filings were likely BS (which in and of itself is a crime).

[The Jungle 1]

57. He is a punk with a big mouth.

[Cha]

58. Shocking..

not.

TY

[smb]

59. His Finances Look Better Denominated In Rubles nt