Trump once said “I love debt”, and that he is the “king of debt”. He wasn’t kidding!
A New York Times investigation published on Saturday shows that the real estate companies owned by Trump are at least $650 million in debt. Only half this amount was disclosed in the public F.E.C. filings Trump completed in order to run for president.
The Times did say that Trump’s failure to disclose the true amount of his debt in his filings may be due in part to the complexity of his finances, and the simplicity of the forms he and other candidates were required to fill out.
From the Times:
“That Mr. Trump seems to have so much less debt on his disclosure form than what The Times found is not his fault, but rather a function of what the form asks candidates to list and how.
The form, released by the Federal Election Commission, asks that candidates list assets and debts not in precise numbers, but in ranges that top out at $50 million — appropriate for most candidates, but not for Mr. Trump. Through its examination, The Times was able to discern the amount of debt taken out on each property, and its ownership structure.”
Based on his debt structure and amounts alone, it appears Trump isn’t worth anywhere near what he says he’s worth.
After all, for a person, the tax return is analogous to the Profit-and-Loss and Balance Sheet portion of a corporate annual report. Based on his reported holdings and what a huge proportion of his self-reported net worth consists of “Good Will,” the $650 million worth of debt, especially to foreign entities, who tend to charge more interest than American institutions, indicates that Trump has a ZERO NET WORTH!
He may very well have a negative net worth. I know his most avid supporters won’t care, but I think some undecideds and unhappy Republicans may be very interested in learning how far in the red the guy actually is. And what a tangled mess his business finances really are.