Donald Trump owes $ 315 million to banks

Cheryl Sanders
June 19, 2017

White House Press Secretary Sean Spicer said in a statement, "President Trump welcomed the opportunity to voluntarily file his personal financial disclosure form; while this filing is voluntary (as no report was due until May 2018), it has been certified by the Office of Government Ethics pursuant to its normal procedures".

The disclosure report shows Mr Trump and his related business entities reported revenue of at least $US597 million, down about 3% from the $US615 million in the period a year before. The largest proportion of debt - at least $130 million - is owed to Deutsche Bank Trust Company Americas, a unit of German-based Deutsche Bank AG.

Trump reported over $80,000 in pension from the Screen Actor's Guild.

The financial disclosures released aren't as detailed as tax returns would be. His Charlotte, N.C., course reported income of $15 million. It is our first real insight into how the president has been disentangling himself from his business interests, and shows how the valuation of the Trump brand has changed.

Likewise, his new hotel-and-condominium tower in Vancouver, British Columbia, which opened in February, was a new source of cash: Trump reported that he earned more than $5 million from the project, which was developed by the son of one Malaysia's richest men.

The Trump National Golf Club in the District of Colombia reported income of $17.5 and income on the prized Trump National Doral golf course in Miami of $115.8 million actually reflected a decline from $131.9 million in the 2016 report. Administrations often release promised documents once journalists have left the office for the weekend, hoping that any damaging info would get lost in the news cycle turnover.

His assets probably exceeded US$1.4 billion because the disclosure form provided ranges of values. Unlike previous occupants of the Oval Office, Trump neither divested his assets nor set up a blind trust.

The documents have added importance because Mr. Trump isn't following the long tradition of presidential candidates and office-holding of making public his tax returns. The documents cover January 2016 through this spring. In the days leading up to and following the election, Trump dissolved 28 of his business entities and transferred his stake in his remaining companies to his children and a revocable trust from which he continues to draw income.

Trump refused to sell his business holdings as president, as experts in government ethics urged him to do. This was a decline from the $131 million highlighted in the last filing. The club has doubled its membership fee in the past year.

Mr Trump initially pledged to give any profits from foreign business at the Trump International Hotel to charity, but the Trump Organization has since said it is proving hard to identify which foreigners are conducting business at the hotel. Included was about $57 million from both the Trump International Hotel in Washington, DC, and his Mar-a-Lago estate in Palm Beach, Florida.

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