Today we continue looking at the latest news from Donald Trump’s ongoing trial in New York.
Bad Accounting Or Fraud? Trump’s Profit Numbers Don’t Add Up
Donald Trump is on trial in New York for allegedly lying to financial institutions for years about how much money he has. The potential fraud may not end there, reports Dan Alexander. Piles of private documents are now becoming public as part of the lawsuit, including a Deutsche Bank credit report that raises the question of whether the Trump Organization might have deceived its lender about the profitability of its golf resort in Miami and its hotel in Washington, D.C.
Trump’s business filed financial information to multiple entities, including Deutsche Bank, local authorities and an accounting firm. Documents from tax authorities and Deutsche Bank that detail the performance of Trump National Doral in Miami show identical figures of $92 million in revenue and $14 million of net operating income in 2015. The next year, the numbers varied slightly, with Deutsche showing $86 million of revenue and the tax documents listing $88 million. The two sets of numbers listed net operating income at about $12 million.
Then, in 2017, something interesting happened. Both the tax and bank documents showed a steep drop in revenue, to $75 million. The tax documents say that net operating income plunged as a result, to $4 million, a dive that makes some sense, given that it’s hard to slash costs at a resort that prides itself on high-class service. But the Deutsche Bank credit report says the Trump Organization somehow increased its net operating income to $13 million. It’s not easy to untangle all this, in part because of the Trump Organization’s strange bookkeeping practices.
Tracking Trump
Trump Thought His D.C. Hotel Would Bring In Twice As Much Money As It Did
After Donald Trump secured a lease to Washington D.C.’s historic post office in 2013 and spent more than $200 million over the next few years turning it into the ultra-luxury Trump International Hotel, the Trump Organization expected big things: Annual revenues above $100 million, profits exceeding $30 million and average room rates over $700. Trump’s lender, Deutsche Bank, found those projections realistic enough that it included them in credit reports released last week in a fraud trial that the New York attorney general is waging against Trump and his associates.
But the hotel proved to be a massive disappointment, reports Dan Alexander.
What Role Did Trump Play In Alleged Fraud Scheme? Here’s What Trial Has Revealed So Far.
Former President Donald Trump’s onetime “fixer” Michael Cohen made explosive claims on the stand this week as he implicated his former boss in an alleged fraud scheme to change valuations on financial documents for personal gain, reports Alison Durkee. Several witnesses in the ongoing civil trial against Trump and his business empire have tied the ex-president to alleged fraud.
Can Trump Legally Run For President After Jan. 6 Riot? Trial Moves Forward After Colorado Judge Refuses To Dismiss Case
Former President Donald Trump will go on trial next week over whether he can be disqualified from Colorado’s presidential ballot under the 14th Amendment, after his last motion to dismiss the case failed Wednesday, reports Alison Durkee. It will mark the first trial in what’s expected to be a protracted legal battle across the country over whether Trump’s efforts to overturn the 2020 election bar him from the presidency.
From The News Desk
Clarence Thomas: Here Are All The Ethics Scandals Involving The Supreme Court Justice Amid Unpaid RV Loan Revelations
Supreme Court Justice Clarence Thomas never repaid a “substantial portion” of a $267,230 loan he received from a wealthy friend to pay off a luxury RV, the Senate Finance Committee announced Wednesday, reports Alison Durkee. It’s the latest revelation in a series of recent controversies involving Thomas, leading to calls for him to recuse himself from cases or be removed from office and for the court to impose a binding code of ethics.
Who Is Mike Johnson? What To Know About The Newly Elected GOP House Speaker.
Newly elected House Speaker Mike Johnson (R-La.) reported earning $30,000 last year from teaching online classes at Liberty University, according to his financial disclosure form, reports Sara Dorn. He also listed debts between $280,000 and $600,000 from a mortgage, personal loan and home equity line of credit. Most members of Congress earn a $174,000 salary. The speaker is paid $223,500, according to the Congressional Research Service.
By The Numbers
2
The number of investigations the nonpartisan Office of Congressional Ethics has referred for review to the House Committee on Ethics in 2023, according to a report the office released last week.
$0.00
The amount of cash on hand the campaign for former Rep. Duncan Hunter (R-Calif.) reported having in its termination report, which was filed on Saturday. Hunter resigned from Congress in 2020 after pleading guilty on to illegally using campaign funds for personal expenses.
$83,916.91
How much former Sen. Richard Shelby’s (R-Ala.)’s campaign spent on legal fees on Sept. 29.
Road To 2024
On “Forbes Eye on Iowa,” one-time 2024 Republican presidential candidate Perry Johnson talked about the presidential race, endorsed former President Trump and promoted his policy agenda.
Quiz
A Deutsche Bank credit report said the net operating income at the Trump hotel in Washington, D.C. measured $7.6 million in 2017. How much profit did statements covering the years ending August 31 of 2017 and 2018 appear to show?
a. $7.6 million
b. Close to $0
c. $6 million
d. $9 million
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#Checks #Imbalances #Trumps #Profit #Numbers #Dont #Add
