Trump Reports Hundreds of Millions in Financial Liabilities

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Critics have pointed to Trump's hotel in DC as a conflict of interest, and he has been sued twice for violations of the Emoluments Clause of the US Constitution over the hotel.

Trump reported income of at least $594 million for 2016 and early 2017 and assets worth at least $1.4 billion.

However, he shed his stocks and securities, the report indicates.

The disclosure does not reveal when the investments were sold.

The release comes as Trump is under investigation by special counsel Robert Mueller, a probe that comes amid larger federal investigations into Russian interference in the 2016 election and whether Trump campaign advisers colluded in any interference.

Since January, all of Trump's business assets have been in a trust managed and controlled by his sons Donald Jr. and Eric, as well as longtime Trump Organization executive Allen Weisselberg. The documents cover January 2016 through this spring.

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"While this filing is voluntary (as no report was due until May 2018), it has been certified by the Office of Government Ethics pursuant to its normal procedures", continued the statement from Spicer. His spokesmen have also noted the extensiveness of his financial disclosures. It requires Congress to approve any payment or gift from a foreign entity a president decides to keep. Trump's documents have added importance because he has declined to follow the long tradition of presidential candidates and officeholders who have made their tax returns public.

The latest report shows Trump resigned from more than 500 positions, stepping down from many on the day before his inauguration. The liabilities include debts on Trump properties such as Trump National Doral and 40 Wall Street. Another three loans combined were worth less than $1 million. He said he received more than $100,001 from the deal. The lawmakers cited figures gathered by the General Services Administration showing that the hotel, which opened Sept. 12, had revenue of $4.1 million in September and October.

Another one of Trump's more controversial business ventures, the Old Post Office Building, earned him $19 million during the reporting period. Royalties from the 1987 autobiography ranged between $100,000 and $1 million, according to the new report. Since taking office, Trump has frequently spent weekends at the resort. Norman Eisen, former President Barack Obama's ethics lawyer, stated that the form omitted an abundant amount of valuable data.

Trump's disclosure reflected the apparent demise of the high-end skin-care line of his wife, Melania, which included anti-aging products made with caviar.

Trump reported liabilities of at least $110 million to Ladder Capital, a commercial real estate lender with offices in New York, Los Angeles and Boca Raton, Florida.

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