(Washington Insider Magazine) -Records show that former United States President Donald Trump concealed $70 million in losses at a DC property throughout his administration. Democrats in the House of Representatives claim misinformation regarding a hotel that became a meeting site for Republicans, was revealed in records.
House Democrats alleged Friday, October 8, that Donald Trump concealed losses of more than $70 million at his namesake Washington, DC hotel while he was in the White House. The deception was detailed in documents released by the General Services Administration (GSA), which leased the Old Post Office building on Pennsylvania Avenue to the Trump Organization in 2011 and signed off on its operation of the hotel after Trump entered the White House, just steps away, according to the House oversight committee.
Trump has faced a slew of concerns regarding potential self-dealing with his businesses while in office. The House committee said on his legally mandated financial reports, President Trump stated the Trump Hotel generated him over $150 million in revenue during his tenure in office. However, records reviewed by the committee reveal that the Trump Property experienced net losses of more than $70 million, prompting the former president’s holding company to infuse at least $24 million to save the ailing hotel.
He also appears to have hidden conflicts of interest resulting not just from his ownership of this failing firm, but also from his responsibilities as the hotel’s lender and guarantor of third-party debts. According to the committee, Trump obtained special treatment from Deutsche Bank in 2018, allowing him to postpone payments on a $170 million loan.
Without this postponement,” the committee stated, the hotel may have been forced to pay tens of millions of dollars to Deutsche Bank at a time when it was already suffering from severe losses. During his presidency, Trump did not publicly disclose this major gain from a foreign bank.
The committee added that the former president also failed to disclose sufficient details of more than $3.7 million in foreign government payments, enough to cover over 7,400 nights at the Trump Hotel at the average daily rate, potentially violating the US constitution’s emoluments clause, which prohibits federal officials from profiting from their positions.
The Trump camp did not immediately respond. In the past, Trump has stated that inquiries into his business dealings are politically motivated and devoid of legal substance.