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Ivanka’s Investment Advice Became a ‘Rotten Deal’ That Has the Trump Kids Hoping for a Bailout: Report

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According to a report from Forbes’ Dan Alexander, the children of Donald Trump are hoping that the sale of the lease of the Trump International Hotel in Washington DC, for a reported $400 million goes through because it will bail them out of a “rotten investment” first proposed by Ivanka.

Earlier in the week the Wall Street Journal reported that the lease for Trump International — which has been nothing but a money-loser for the family — might be purchased by a Miami-based investment firm known as CGI Merchant Group.

The Journal reported the lease could be going for a reported $400 million — a drop from the $500 million that was being sought two years before.

As Alexander points out there is some skepticism about that amount which could have a major bearing on how much money each of the Trump kids, Don Jr, Eric and Ivanka walk away with — and for that they can thank Ivanka.

The Forbes writer explained that the Trump International is an anomaly among Trump properties and that the suggestion the family make the investment years ago originated with Ivanka.

“For a 75-year-old billionaire, Donald Trump doesn’t seem to have passed down much of his fortune to his children … A review of documents suggests that in the Trump family, however, the heirs don’t hold ownership stakes in any of their father’s major assets, except one: The Trump International Hotel in Washington, D.C.,” the Forbes editor wrote. “The three eldest Trump children—Don Jr., Eric and Ivanka—all seem to have 7.5% interests in a lease on the property. Unfortunately for them, the asset has been performing poorly, losing so much money that one of Donald Trump’s holding companies has had to inject additional cash to prop up the business, according to an analysis of financial statements that the House Committee on Oversight and Reform released last week.”

According to Alexander, Ivanka made the investment suggestion while “Don Jr. worked on leasing retail spaces, and Eric helped look after the operation, but things did not go well,” adding, “Deutsche Bank provided $170 million of financing, and by August 31, 2017, the Trump Organization’s financial statements listed $193 million for building improvements, $18 million for furniture and equipment, $5 million for operating supplies and $100,000 for tenant improvements, according to the House documents. Total tally: $216 million.”

That total, the Forbes editor is key when it comes to understanding what a “rotten investment” it became.

Pointing out that the “Trump family had invested an estimated $240 million—$170 million of which came from Deutsche Bank and $70 million that seems to have come straight from the family’s pockets,” Alexander wrote. “Bad news, given that plenty of people don’t think the place is worth $240 million. After speaking with seven real estate experts, Forbes estimated last month that the property was worth $173 million. Assuming the Trumps haven’t paid any of the principal back on their loan, that means their equity amounts to just $3 million, $67 million less than the amount of cash the family apparently invested into the place before August 2020.”

That difference, he points out, means the Trump kids could walk away with little for their years of efforts — or they could be the recipients of a massive bailout.

“Some industry insiders questioned the credibility of that report, given the sky-high price. But if such a sale actually goes through, all of the financial problems that the hotel has caused for the Trumps would suddenly wash away,” he wrote. “The kids’ apparent 7.5% interests—which would be worth just $225,000 after debt at a $173 million valuation—would grow to an estimated $15 million apiece. That’s a lot of money for Eric and Don Jr., who Forbes estimated were each worth $25 million in 2019. It’s also a fair chunk of change for Ivanka, who shares a fortune estimated at $375 million with her husband, Jared Kushner, heir to a separate real estate dynasty.”

You can read more here.

 

Image by Gage Skidmore via Flickr and a CC license

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Every House Republican But One Just Voted to Shut Down the Federal Government

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212 House Republicans – all who voted but one – voted to shut down the entire federal government Thursday evening. It was an act that would have massive implications for many Americans, especially during the coronavirus pandemic, amid the emergence of a new variant, and as the holiday travel season quickly approaches.

The continuing resolution passed 221-212 thanks solely to Democrats and Republican Adam Kinzinger.

Republican U.S. Rep. Marjorie Taylor Greene of Georgia “was speaking for virtually her entire conference,” Axios reporter Andrew Solender said in a tweet, when she demanded, “shut it down.”

“This government should be shut down,” Greene angrily cried . “Do not pass this CR. Shut it down.”

“Because the people in here cannot control themselves,” she continued, claiming they “don’t understand how to balance a checkbook.”

The crisis is not yet over. The bill now heads to the U.S. Senate, where a small group of Republicans, and currently it appears Democratic Sen. Joe Manchin, are demanding Democrats “defund” President Joe Biden’s vaccine mandate.

Stay tuned.
 

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Watch: Marjorie Taylor Greene Calls for Government Shutdown Because ‘The People in Here Cannot Control Themselves’

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Congress has about 30 hours to pass a continuing resolution (CR) to allow the federal government to stay open past Friday midnight. And while nearly everyone is on board, from President Joe Biden to House Speaker Nancy Pelosi and even Senate Minority Leader Mitch McConnell, some powerful members of Congress are trying to prevent the CR from passing.

They include Republican Senators Ted Cruz and Mike Lee and Democratic Senator Joe Manchin, who oppose vaccine mandates and are trying to include an amendment to “defund” President Biden’s executive order.

And then there’s Republican Congresswoman Marjorie Taylor Greene, who just wants to shut it down.

Literally, those were her words: “shut it down.”

“This government should be shut down,” Greene said minutes ago on the House floor, as Punchbowl News’ Jake Sherman reports. “Do not pass this CR. Shut it down.”

Why is Greene demanding a full federal government shutdown?

“Because the people in here cannot control themselves,” declared Greene, who was stripped of all her committee assignments almost immediately upon being sworn in to Congress. “The people in here don’t understand how to balance a checkbook.”

According to information from the Committee for a Responsible Federal Budget shutting down the federal government could force TSA and air traffic controllers to work without pay, and could halt new applications for federal assistance like Medicare, and halt EPA and FDA inspections – possibly leading to massive illness on top of the coronavirus pandemic, amid the emergence of the new omicron variant.

That’s just for starters.

New mortgage and loan approvals could be halted as the IRS would be unable to verify Social Security numbers, and people who receive food stamps could lose that vital source of funds.

 

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Joe Manchin Appears to Be Siding With Republicans Who Are Pushing to Shut Down the Government Over Vaccine Mandates

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‘Quickly Turning Into a Joe Manchin Rodeo’

U.S. Senator Joe Manchin (D-WV) is being described as the necessary and “most likely” the “51st vote” for shutting down the federal government over President Joe Biden’s vaccine “mandate.” Republicans, especially Senators Ted Cruz and Mike Lee, are working to pass an amendment that would ban vaccine mandates nationwide, in exchange for voting to keep the federal government open, just weeks before Christmas.

Sen. Mike Lee, a far right pro-Trump Christian conservative from Utah, “wants an amendment to strip money from vax mandates at 50-vote threshold.” says Punchbowl News co-founder Jake Sherman. “If he gets it, he’ll consent to speed up proceedings, which would likely — almost certainly — avoid a shutdown.”

If he doesn’t, it’s possible the federal government could shut down on Friday.

The Washington Post’s Mike DeBonis says “as with most things round these parts, this is quickly turning into a Joe Manchin rodeo.”

CNN’s Manu Raju adds that Sen. Manchin “doesn’t rule out supporting [an] amendment to DEFUND vaccine mandate on businesses. This is why Republican Sens. Marshall and Lee are demanding a 51-vote threshold. Says he backs mandate on feds but tells us he’s ‘less enthused’ with business mandate.”

At CNN Raju and other reporters explain the situation:

Key negotiators from both parties announced a plan Thursday morning that would keep the federal government funded, but due to Senate rules governing procedure, all 100 senators would need to agree in order to quickly pass the plan before Friday, and a handful of GOP senators are standing by their threats to delay the process over the vaccine rules.

Stay tuned.

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