Politics

Trump pocketed tens of millions last year and we're supposed to believe Jr and Eric never told him a thing about it


Trump pocketed tens of millions last year and we’re supposed to believe he knew nothing about it

by digby


This is fine:

Donald Trump sold an estimated $35 million worth of real estate while serving in the White House last year, according to a Forbes analysis of local property records and federal filings. Although the president delegated day-to-day management of his assets to his sons Eric and Don Jr. upon taking office, he maintained ownership of his business, which continued to liquidate properties.

More than half of that $35 million came from a single deal, in which Trump and business partners offloaded a federally subsidized housing complex in Brooklyn for about $900 million. The president held a 4% stake in the property, according to his personal financial disclosure report. After subtracting roughly $370 million in debt, Forbes estimates Trump walked away with $20 million or so before taxes. The deal required approval from officials inside the Department of Housing & Urban Development, which rolls up to Donald Trump.

In Las Vegas, the president sold 36 units for $11 million inside his 64-story tower, which he owns in a 50-50 partnership with casino tycoon Phil Ruffin, according to an analysis of the latest public records. Trump’s cut of those deals amounted to an estimated $5.5 million before taxes. One-third of the Las Vegas condo customers purchased their units through limited liability companies, a move that allows buyers to shield their true identities.

In other words, people were pumping cash into the president’s coffers without disclosing who they were. According to a 2017 investigation by the USA Today, only 4% of purchasers in Trump buildings used LLCs in the two years before Trump secured the presidential nomination.

Oh, I’ll bet they find a way to let the President of the United States know who they are. It’s the public they’re hiding from. Trump almost certainly is on top of every transaction, concerned more than ever that this “president” thing is going to badly affect his fortune.

It is. As soon as he’s out of office, the only people who will want to be associated with his “brand” are the hardcore cultists. And they don’t have a lot of money to spend on fancy hotels and condos. He can still sell his ugly hats and tchotchkes for a while.

The minute he’s out of office, his brand and his name will be pretty much worthless. Nobody will have any reason to curry favor and nobody will want to bring heat on themselves by laundering money through his fraudulent real estate deals. Certainly nobody will want to buy any of his disgusting perfumes, ties, steaks or anything else. His TV days are over and I doubt his former big plans for a Trump News Network are still on the back burner.

He’d better save all those emoluments and bribes because they’re likely to be the last corrupt financial deals he’s going to be able to make. And it’s the only kind he knows how to do.

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