Presidents routinely file financial disclosures when they leave office, and forms recently submitted by former President Donald Trump show that 47 of his hotels, resorts, and other properties lost more than $120 million in revenue in 2020, The Washington Post reports.
The pandemic has hit the travel and hospitality industries hard, and two of Trump's most famous hotels struggled last year; the Trump International Hotel in Washington, D.C., which has a $170 million loan outstanding, saw its revenue drop more than 60 percent, while the Doral in Miami saw its revenue decline 44 percent. Trump's private Mar-a-Lago club in Palm Beach fared better — its revenue went up 13 percent.
An analysis by the Post found that combined, revenue at the 47 companies listed in Trump's financial disclosures dropped more than 35 percent in 2020. Banking consultant Bery Ely told the Post that Trump "faces some very serious problems that have been building in recent years and I think are going to come to a head now that he's left office." Trump, he added, has done "enormous reputational damage to himself."
While Trump does still own his company, the Post notes, it's unclear if he plans on going back to running day-to-day operations. The Trump Organization's website still lists his eldest sons, Donald Trump Jr. and Eric Trump, as the company's leaders. Read more at The Washington Post.Catherine Garcia
President Trump has a long history with Deutsche Bank — one that the bank didn't want scrutinized after he was elected in 2016, The New York Times reports.
More than 20 current and former executives and board members told the Times that despite Deutsche Bank saying Trump was not a top priority, it's just not true. Beginning in the late 1990s, Deutsche Bank gave Trump loans despite his business bankruptcies and knowing he overinflated his net worth and the worth of his real estate assets. At the time, the German bank wanted to make a name for itself on Wall Street, so it worked with clients deemed risky by other entities, a former employee told the Times.
In 2008, Trump defaulted on a loan and then sued Deutsche Bank, claiming the financial crisis was a "tsunami" and thus an act of God, preventing him from paying the loan back, the Times reports. In 2010, the bank concluded that he was inflating some of his assets by up to 70 percent, yet still gave him a $100 million loan to buy the Doral Golf Resort and Spa in Miami.
One managing director, Rosemary Vrablic — who'd helped get Trump more than $300 million in loans — tried to get Trump a loan in early 2016 for his golf course in Turnberry, Scotland, the Times reports. An executive, Jacques Brand, opposed the loan because of Trump's divisive rhetoric, Vrablic appealed, and top executives were aghast that the bank was considering lending him money during the campaign, ending the transaction in March.
After Trump's election, Deutsche Bank commissioned reports to figure out how the bank became so entwined with him, and employees were told they couldn't even say "Trump" in public, the Times reports. All told, Trump is believed to have received more than $2 billion from the investment banking and private banking arms. The New York state attorney general and congressional committees are now investigating the relationship between Trump and Deutsche Bank. You can read more about the various loans Trump managed to secure at The New York Times.Catherine Garcia