Monday, June 12, 2017

Nothing to see here...

NEW YORK — Donald Trump claims a net worth of more than $10 billion and an income of $557 million. But he appears to get there only by overvaluing assets and completely ignoring his liabilities.

POLITICO spoke with more than a dozen financial experts and Trump’s fellow multimillionaires about the Donald’s latest financial statement. Their conclusion: The real estate magnate’s bottom line — what he actually puts in his own pocket — could be a magnitude lower than he suggests. Some financial analysts said this detail, and a very low tax rate, is why Trump won’t release his tax returns.

“I know Donald; I’ve known him a long time, and it gets under his skin if you start writing about the reasons he won’t disclose his returns,” said one prominent hedge fund manager who declined to be identified by name so as not to draw Trump’s ire. “You would see that he no longer has the money that he claims to have and therefore he’s not paying much of anything in taxes anymore.”

Before the election, his businesses apparently generated a lot of revenue but did not put any cash in his pocket; he assigns himself a net worth that is impossible to verify and may be based on fantasy; and he is selling off assets and increasing debt in ways that suggest he is a man scrambling for cash to stay afloat.

Deutsche Bank, which is under investigation by the US Department of Justice and is facing regulatory scrutiny, is looking for evidence that recent loans to Trump, which were struck in highly unusual circumstances, were underpinned by financial guarantees from Moscow.

Of course, the trumpster in the dumpster KNOWS how to use fall-guys.

Trump has built his presidency upon a tower.

We just have to wait it out...

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