Donald Trump’s Washington hotel has racked up more than $ 70 million in debt, while claiming the property is raking in millions, according to a series of explosive documents released by the House Oversight Committee.
The committee, chaired by Representative Carolyn B. Maloney, DN.Y., has effectively undertaken the first formal review and public release of Trump’s financial records to date, CNN reported.
According to Maloney and Representative Gerald E. Connolly, D-Va., Who issued a joint press release Friday, the Trump International Hotel publicly reported total income of more than $ 156 million from 2016 to 2020. But over the course of the period during the same period, the hotel quietly bled millions, prompting Trump to take out a $ 27 million loan from one of his own holding companies, DJT Holdings LLC. Less than $ 3 million of this loan was never repaid.
“By filing these misleading public disclosures, President Trump grossly overstated the financial health of the Trump Hotel,” said the committee, which added in a later letter to the General Services Administration (GSA) that the results warrant a review further developed by the federal government.
The committee further alleges that Trump raised $ 3.7 million from foreign governments and received “preferential treatment” from Deutsche Bank, which allowed Trump to defer payments on a $ 170 million loan. dollars over six years, according to the Washington Post.
In the past, Trump has been accused of violating the foreign emoluments clause for hosting various foreign executives at the hotel without Congressional approval – but the former president managed to push back those charges.
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The recently released documents are by far the clearest account of the Trump Hotel’s financial difficulties, which investigators have failed to fully determine, in large part due to aggressive resistance from the legal team at the former president.
“For too long the president has used his complex network of trading companies to hide the truth about his finances,” said Maloney. “The committee will continue to vigorously pursue its investigation until the whole truth is revealed so that Congress can resolve the unresolved ethical crisis left by Trump and prevent future presidents from profiting from the presidency.”
The House Oversight Committee has been investigating GSA’s handling of the Trump Hotel lease for years, according to CNN. In 2019, the agency’s inspector general said the GSA “ignored the Constitution” when it took office.
Now, Maloney and Connolly argue that recently unveiled documents question “the agency’s ability to handle the conflicts of interest of the former president during his tenure when he was effectively on both sides of the contract, in as owner and tenant “.
Trump and his legal team have repeatedly called all investigations into his finances “politically motivated,” saying they were harassment campaigns designed to dismantle Trump’s financial prowess and tarnish his reputation.