Insiders acutely aware of President Donald Trump’s complicated financial arrangements say he is billions of dollars in debt, much of it to Russia, and lives on the edge of financial ruin.
Besides Russia, Trump also owes at least $2 billion to a partnership that includes The Bank of China.
“Mr. Trump is in bed with Communists and enemies of America,” says one accountant who has worked on Trump’s partnerships but won’t allow use of his name. “Russia owns him.”
Trump, the only President in modern times to refuse to release his tax returns — although he promised to do so early in his campaign — and that continued refusal has led to increasing speculation that he is heavy in debt and owes much of it to Russia, a country he cozies up to in actions that worry both military leaders and intelligence officials.
The 45th President hid most of his debt in a 104-page financial disclosure form filed in his run for President, failing to list one debt alone of $2 billion to the Bank of China and other large amounts to Russia, interests in the Middle East and other nations.
“I am the king of debt,” Trump admitted to CNN. “I love debt.”
That love of debt led to at least four of his business bankruptcies as well as defaults that forced him to sell off personal items and seek emergency financing from questionable interests after American banks declared him a poor credit risk.
To settle his defaults in the past, Trump sold yachts, planes and other symbols of luxury and a bankruptcy court ordered him to live on “an allowance.”
“His name is on the Trump Tower and he lives there but he doesn’t own it,” says one accountant. “His creditors do.”
Trump campaigned on claims he was “the world’s greatest businessman” with the “best record of success” in history.
His boasts however, fail to mention is many business failures: A mortgage company that closed, a luxury lifestyle magazine that went under with heavy unpaid debts, a debt-ridden winery, bankrupt casinos and hotels and “fire sales” of properties facing foreclosures. Several of his “resort” properties are under water financially, including a highly-touted golf resort in Scotland that is facing foreclosure.
His highly-touted “university” shut down amid revelations that it was just a pyramid scheme that drained the life and retirement savings of those who also maxed out their credit cards for “extra he failed to deliver. Trump settled a myriad of civil suits against what investigators called “frauds” but the “university” remains focus of a criminal investigation by the Attorney General of New York.
Several sources tell Capitol Hill Blue privately the “audit” by the Internal Revenue Service that he has uses as an excuse to withhold release of his tax returns may have already had led to a criminal investigation. The IRS won’t say and Trump refused to answer questions about the audit or his tax returns.
Trump’s companies face thousands of civil lawsuits from small businesses, construction companies and others who worked on his properties and did not get paid. His new “Trump International” hotel in the Old Post Office on Pennsylvania Avenue in Washington failed to pay companies large and small and several have suits pending in civil courts in the District of Columbia.
Those who say Trump defrauded them claim he makes “lavish promises that are never kept.”
Asked one: “I wonder what he is promising Russia? Not even God knows what will happen when he breaks a promise to (Russian leader Vladimir) Putin.”
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