You Might Want To Look At The $650m Debt Donald Trump’s Companies Have Built Up
For years, GOP presidential hopeful Donald Trump has said that his personal wealth tops $10 billion. However, a recent investigation has revealed that he’s probably closer to hitting the panic button than his followers believe.
An investigation into more than 30 US properties connected Donald Trump has revealed that his companies have at least $650million in debt. He is also tied up in three passive partnerships that owe $2billion – with Goldman Sachs and the Bank of China among the firms owes money.
The New York Times describes the Republican candidate’s empire as a ‘financial maze’ after finding out found that Trump’s debts are twice the amount that can be found in public records.
“Much of Trump’s business dealings are shrouded in mystery,” the newspaper states. But it found that a lot of Trump’s wealth is tied up in three passive partnerships that owe $2bn to a string of lenders.
While Forbes and Fortune magazines put Trump’s wealth at around $5 billion, Richard W Painter, professor of law at the University of Minnesota and former chief White House ethics lawyer, says that “the success of his empire depends on an ability to get credit, to get loans extended to his business entities.”
“And we simply don’t know a lot about his financial dealings, here or around the world,” he added.
Well, when the US presidential race is all over — and for many it can’t happen soon enough — Donald Trump may want to sit down with his calculator and chequebook.