Donald Trump is a liar, a scammer, and a businessman that bites more than he can chew. Donald Trump has yet to release his full tax returns and during his presidential campaign Trump filed a financial-disclosure form with the Federal Election Commission that showed 16 loans worth $315 million that his business received from 10 companies. What the form didn’t report was the $1.5 billion he lent to partnerships that he owns 30% of.
The Wall Street Journal reported that, “As a result, a broader array of financial institutions now are in a potentially powerful position over the incoming president. If the Trump businesses were to default on their debts, the giant financial institutions that serve as so-called special servicers of these loan pools would have the power to foreclose on some of Mr. Trump’s marquee properties or seek the tens of millions of dollars that Mr. Trump personally guaranteed on the loans.”
Trump seems to know how to play the game, but things will eventually catch up to him. His finances are a intentionally confusing, tangled swamp in which Trump helms 516 different “companies,” many of which exist only to own other companies. He does this in order to take advantage of any tax break he can get. This also makes it nearly impossible to track what he owns or even owes.
What we do know is that Trump is involved with over 150 companies and owes them three times the amount he claimed during his campaign.
It also seems that Trump personally owes Wells Fargo $282 million, which is aside from the $950 million one of his partly-owned companies owes to the bank. Wells Fargo is one of the companies responsible for the financial crash which almost demolished the world’s economy. If something like that were to happen again under Trump’s watch, would Wells Fargo be allowed to buy themselves out of trouble by using Trump’s debt as leverage against him?