This Shocking Revelation About Trump’s Massive Debt Could End His Presidential Bid
Could this be the end for Trump?
Presumptive Republican Presidential Nominee Donald Trump faces a conflict of interest that no other major presidential candidate has ever confronted before in history, and it’s tied to the most controversial sector of the American economy this century: banking. As the Moyers & Company website points out, Trump’s financial disclosure statement — which unlike tax returns, all presidential candidates are required to fill out for public release — show that the candidate and founder of “Trump Steaks” (among many other shady business practices) is carrying debts of at least $335 Million, with five individual loans over $50 Million a piece (candidates do not have to reveal the actual amount of any loan valued over $50 Million).
While the bankruptcy connoisseur has spoken openly in a braggadocios manner about the debt he carries, the disclosure forms show that two of those loans (for no less than $100 Million and likely significantly more) are held by the German-based Deutsche Bank, a financial firm that recently reached a settlement regarding price-fixing silver to defraud investors and has had numerous run-ins with financial regulators in the U.S. and abroad. Moyers & Company notes:
[T]his prompts a question that no other major American presidential candidate has had to face: What are the implications of the chief executive of the US government being in hock for $100 million (or more) to a foreign entity that has tried to evade laws aimed at curtailing risky financial shenanigans, that was recently caught manipulating markets around the world and that attempts to influence the US government?
Former President George W. Bush’s ethics lawyer (the political equivalent of being Charlie Sheen’s sobriety coach) Richard Painter notes in the same piece that Trump’s finances and their implications are significantly different than those of past uber-wealthy candidates such as John F. Kennedy, Nelson Rockefeller, Franklin Delano Roosevelt and Mitt Romney:
“They had large assets and usually diversified assets. They weren’t in a situation where someone could put pressure on them to do what they want. Whereas having a president who owes a lot of money to banks, particularly when it’s on negotiable terms — it puts them at the mercy of the banks and the banks are at the mercy of regulators.” Painter adds: “In real estate, the prevailing business model is to own a lot but also owe a lot, and that is a potentially very troublesome business model for someone in public office.”
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If you’re old enough to read this, you’re old enough to remember the ramifications of decades of bipartisan, cozy relationships between political leaders and the banking industry. And those arose simply from a campaign finance system run amok. Now imagine a scenario where the President of the United States is attempting to regulate or reign in a company that happens to hold over $100 Million in debt on him personally. Whose interests do you think will be served?
There are many, many reasons that Donald Trump should never set foot in the White House without a visitor’s pass. But our overall financial security should be near, if not at the top of them. He can’t be allowed to duck and dodge this issue the way he’s tried to with every other confrontation.
We literally can’t afford it.
Featured Photo by Darren McCollester/Getty Images
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