Is Donald Trump truly the incredible businessman he frequently says he is?
Recently, The New York Times released a story, stating that businesses owned by the GOP presidential nominee owe at least $650 million in debt. This number is a huge contrast from the $315 million in debt Trump previously claimed he owed in a 104-page federal financial disclosure form he filed earlier in the campaign.
Perhaps one of the most scandalous parts of the report is some of the financial backers Trump has partnered with over the years. The publication reported that a building on Avenue of the Americas in Manhattan, which Trump is a part owner of, carries a loan of $950 million. One of the lenders is the Bank of China, which the former Celebrity Apprentice host has criticized as one of the United States’ greatest economic foes. Another is Goldman Sachs, which Trump said controls his presidential rival, Hillary Clinton.
The report also stated that a massive portion of Trump’s wealth comes from three additional partnerships, which owe an additional $2 billion to numerous lenders.
Maybe this report should not come as a surprise, since Trump previously referred to himself as the “king of debt.”
“I’m the king of debt. I love debt,” Trump told CNN’s Wolf Blitzer in May.
This revelation about Trump’s debt could not have come at a worse time. Just a few days ago, Trump campaign chairman Paul Manafort resigned, after his peculiar ties to Russia were revealed. Trump also promoted two aides to senior positions: Steve Bannon as campaign CEO and Kellyanne Conway as campaign manager. This shake-up was made in an attempt to improve a troubling time for the Trump campaign, where he is losing to Clinton both nationally and in just about every key battleground state.
As it has proven in the past, every time Trump and his campaign try to pivot and move forward, a new scandal is released, or Trump says something outrageous to ruin it. If Trump and his team want any chance of beating Clinton in November, they need to get it together quickly, because the likelihood of a Trump presidency seems to keep dwindling each and every day.