Corruption

“I’m the king of debt.”

JM Ashby
Written by JM Ashby

According to financial disclosure forms released by the U.S. Office of Government Ethics, Trump owes over $300 million in debt including over $100 owed to Deutsche Bank.

The 98-page disclosure document posted on the ethics office's website showed liabilities for Trump of at least $130 million to Deutsche Bank Trust Company Americas [DBKGK.UL], a unit of German-based Deutsche Bank AG.

For example, Trump disclosed a liability to Deutsche exceeding $50 million for the Old Post Office, a historic Washington property where he has opened a hotel.

Deutsche Bank, as you may know, is widely assumed to be a depository for dirty Russian money and Deutsche Bank recently refused to cooperate with congressional investigators looking for information on Trump's account. More precisely, investigators want to know how much money Trump owes the Russians.

For reasons that should be obvious, the documents also show that business is booming at the Old Post Office (pictured above) and Trump's Mar-a-Lago resort in Florida.

We currently have no way of knowing how much money is being fed into these properties by lobbyists and foreign sources, but I suspect that may account for a majority of the new business.

A group of cities and states are currently suing over Trump's seemingly obvious violation of the Constitution's emoluments clause that forbids gifts from foreign governments.

  • muselet

    I can’t get too worked up about Donald Trump being up to his lower lip in debt. That’s kind of how real estate development is funded, and as long as his creditors’ Collections Departments aren’t renowned for their skill at breaking debtors’ elbows, it’s not a particularly big deal. (Okay, yes, granted, Deutsche Bank isn’t necessarily the most … erm … ethical of financial institutions.)

    However—

    “President Trump welcomed the opportunity to voluntarily file his personal financial disclosure form,” the White House said in a statement, adding that the form was “certified by the Office of Government Ethics pursuant to its normal procedures.”

    —that’s part of what bothers me. Not the OGE bit, but the bit about Trump “welcom[ing] the opportunity” to file a mandatory form. I’m going to go out on a limb and suggest the form is, as filed, misleading. I have no proof, mind, beyond my basic knowledge of Trump’s somewhat casual approach over the years to objective truth with regard to his personal income and wealth.

    The other thing that bugs me is how Trump is actively working to cash in on his presidency. The Emoluments Clause is there for a reason, and he’s gleefully stomping on it (with the active help of the DoJ).

    This will end badly for someone, either Trump or everyone else.

    –alopecia

  • Aynwrong

    Apparently the R’s in the Senate are willing to support more punishing sanctions upon the Russian government. Good for them, but this is relatively safe for them because it doesn’t necessarily impugn Trump’s *ahem* integrity. Unfortunately they are completely unwilling to do anything that might in anyway expose Trump’s corruption and endanger his presidency and far more importantly their tax cuts. Otherwise I have to figure Deutsche Bank would have already been subpoenaed by now.

    I honestly never imagined that even the GOP was so thoroughly corrupt that our national sovereignty would come second to tax cuts and deregulation. But that is what it’s come down to.

  • Draxiar

    Oh to see trumps assets get seized would be a thing of beauty. For what? I have no idea…it would just be a wonderful thing.

  • ninjaf

    Also, isn’t one agency investigating DB and supposedly issuing fines soon for some they already plead guilty to?