While on the campaign trail, Donald Trump refused to release his taxes and cited an audit but most of us knew he was hiding something. As a shock to no one ever, the president-elect’s massive amount of conflicts of interest are being reported daily. The alleged billionaire’s companies are almost $1.8 billion in debt to more than 150 institutions, according to a new report. This stunning revelation shows that Trump will soon be responsible for regulating many of the institutions he owes huge amounts of money to.
Previously, Trump claimed $315 million of debt owed to ten different lenders but that’s not true at all. He owns significant parts in other companies, too, which are in debt.
The Wall Street Journal reports that an additional $1.5 billion is owed by companies that are partly owned by the president-elect.
The Independent reports:
Trevor Potter, a former legal adviser to George H.W. Bush and John McCain, told the Journal: “The problem with any of this debt is if something goes wrong, and if there is a situation where the president is suddenly personally beholden or vulnerable to threats from the lenders.
Lawrence Noble, a former lawyer to Federal Election Commission (FEC), said: “The appearance of potential conflicts is dangerous and seriously exists in this situation”.
Trump owes money to Wells Fargo & Co., a bank which is currently under investigation by US regulators for fraudulent practices. Wells Fargo is trustee or administrator of $282 million of loans to Trump and his companies and it’s also involved in a further $950 million of debt by a company property partly owned by the president-elect
Trump partly owns companies which have borrowed significant sums from the state-owned Bank of China even though he’s launched attacks against the country.
The staggering amount of debt Trump has incurred amounts to more than the GDP (Gross Domestic Product) of 25 countries. He has also been financed for years by Russian entities close to Vladimir Putin, which likely explains his staunch defense of the hostile foreign government. It also explains why Trump dismisses the findings by U.S. Intelligence Agencies while defending Putin, who is a murderous thug. Trump filled the swamp with terrifying creatures. Obviously, he feels more at home there by doing that.
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