The Kushners, the Trumps, and the Marriage of Money and PowerBook - 2020
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“The sales team, with the Trumps acting as chief marketers (of Trump SoHo hotel/condo apartments), let out a stream of positive numbers to buyers and the press: 31% sold, 53% sold, 60% sold. This is not entirely unheard of in the world of high-end real estate, where it’s widely understood that everyone is inflating figures to some extent. For example, a claim of 60 percent sold is understood to mean a project is actually 40 percent sold. But the Trump SoHo, documents later filed with New York’s attorney general showed, wasn’t anywhere near 60 percent sold in 2008. It was less than 15 percent sold. . . Four months later, the Trumps were sued for an ‘ongoing pattern of fraudulent misrepresentation and deceptive sales practices.’ According to the civil complaint, Ivanka Trump, Donald Trump Jr., Donald Trump and their Trump SoHo business partners were ‘engaged in a coordinated pattern of falsely overstating the number of Trump Soho Units sold,’ the complaint alleged. . .”
“Four banks had large Trump exposures. (Donald) Trump had personally guaranteed $830 million of debt, ‘which was reckless of him, but even more so for the banks,’ as (reporter Neil) Barksy later wrote. . . Trump tried to stave it off. At one point, Barksy reported, (Father) Fred Trump sent an attorney to buy $3.5 million worth of gambling chips at one of (Donald) Trump’s casinos and then leave, essentially making an unregistered $3.5 million loan to his son, which enabled Donald to make a bond payment. . . On June 15, 1990, the day before Trump’s birthday party at the Taj Mahal with the faux-shuttle and scantily clad dancers, Trump’s Castle casino failed to make its bond interest payments. . . From then on, however, mainstream American banks all but ceased doing new business with Trump. He would have to look elsewhere for money: abroad.”
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