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Trump's lenders forgave or canceled $287M in debt. The vast majority was related to Trump's Chicago skyscraper, which he built using borrowed money. When Trump defaulted in 2008, creditors could have tried to seize the property. But they decided it wasn’t worth the fight.pic.twitter.com/luUg5q3ruH
Instead, hedge funds and private equity firms threw up their hands and forgave most of what Trump owed.
Two of those firms were run by men who later got roles in the Trump administration: @stevenmnuchin1 and Stephen Feinberg, who leads a White House advisory panel.pic.twitter.com/dbhnlNlUd6
Trump’s other big lender in Chicago was @DeutscheBank. It gave Trump extra years to repay the $334M he owed.
By 2012, Trump still owed $99M to DB. So, one DB division lent him that exact amount to repay another DB division.
That $99M is more than 2x what I'd previously known.pic.twitter.com/pgDahcGHnv
Deutsche Bank still wasn't done with Trump in Chicago. In 2014, it lent him another $24M. That loan was repaid by May 2016. Oddly, Deutsche didn’t release the collateral on the loan until...wait for it...Nov. 9, 2016. The day after Trump won the election.pic.twitter.com/WelJaHmfW3
Trump currently has $45 million outstanding to Deutsche Bank in Chicago. It’s personally guaranteed. He has at least another $285M in personally guaranteed debts to DB on other projects.
Those debts are due in 2023 and 2024.
If @realDonaldTrump defaults, things will get crazy.
About 6 weeks before Trump defaulted on the Chicago loan, claiming that he'd been devastated by the financial crisis and couldn't possibly repay his lenders, he attended a ceremony at the nearly finished skyscraper. Check it out.https://www.youtube.com/watch?v=HPqO6ySV5iQ …
About 7 months after that ceremony, the Trump family was desperately trying to sell condos into a very weak real estate market. So @IvankaTrump recorded a sales pitch and gave viewers a video tour.https://www.youtube.com/watch?v=sJI_abYpWAw&pbjreload=101 …
On tomorrow’s @nytimes front page: @realDonaldTrump and @DeutscheBank are together again, presumably for the last time before the election.pic.twitter.com/BO0QZKbuwk
In addition to all the @nytimes colleagues who worked on this, I should note that I got helpful leads from previous reporting by @WendySiegelman @hvogell @DanAlexander21 @Fahrenthold @AlexNitkin among others. Thank you!
Not one single person or entity ever owed money by welsher @realDonaldTrump ever got the full amount. He litigated them to death. He will do the same with election results
Is it possible for one thing (Rump) to be able to do that to a mega sized financial institution with a seemingly much larger pot of gold than the thing that likes to sit on gold toilet bowls to relieve himself?
Knowing his history, why did companies continue to lend large sums of money to Trump?
Same reason he's President. He's a manipulative mastermind and can get many people to believe his lies. Lies are easier to spread than truth.
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