Even though he adamantly refuses to release his tax returns or even entertain discussion of releasing them, we do now have a partial picture of President Trump’s finances thanks to the Office of Government Ethics.
A look at the financial disclosure forms filed by Trump shows that the president is in debt by at least $315 million to banks which are currently lobbying the federal government for changes in laws or regulations which directly affect financial institutions.
The most telling section of Trump’s disclosure form is Section 8, which lists Trump’s liabilities to 10 creditors, the largest of which is Deutsche Bank. Deutsche Bank has been vigorously lobbying federal officials on “issues related to Dodd-Frank Act reform” and “issues related to the regulation of foreign banks,” according to the International Business Times. Not surprisingly, the president has been an ardent supporter of repealing large portions of the Dodd-Frank Act, which was passed in 2008 as a response to the economic crisis.
In addition to Deutsche Bank, President Trump also owes at least $110 billion to Ladder Capital, a firm whose Securities and Exchange Commission filings say that it:
“Loans together with certain financial institutions, which to date have included affiliates of Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, RBS Securities Inc., UBS Securities LLC and Wells Fargo Securities, LLC.”
Speaking of UBS, Trump also owes them $25 million. Like Deutsche Bank, UBS has also been pushing for Dodd-Frank to be repealed as a way of allowing banks to make riskier investments which are not secured by financial reserves.
Another Trump creditor is Chicago Unit Acquisition, LLC. CUA is a shadowy firm which is into Trump for $50 million. Trump’s financial disclosure form reports that one of his entities, DJT Holdings, owns Chicago Unit Acquisition. It was recently revealed that the arrangement may mean that Trump’s businesses “could owe $50 million and possibly much more to one or more creditors that have not been disclosed to the public.”
Rest assured that Special Counsel Robert Mueller will be looking closely at all of Trump’s financial dealings and will also have access to Trump’ tax returns, meaning that what has been hidden for so long could wind up becoming public knowledge in time.
This article was originally published by the same author at LiberalAmerica.org