WIN OR LOSE in November, one thing won’t change for Donald Trump: Over the next few years, his company must settle a series of whopping debts. Before the end of a theoretical second term, his company will have to refinance—or, in a far less likely scenario, pay off—nearly a half-billion dollars in loans linked to some of his most prized assets, including Trump Tower. These debts are maturing at a perilous moment for Trump, whose hotels and resorts have been plagued by declining revenues. And that was before the coronavirus pandemic pummeled the hospitality industry in general and the Trump Organization in particular, forcing the full or partial closure of most of its hotel and resort properties.
On financial disclosure forms, Trump has reported holding 14 loans on 12 properties. At least six of those loans, representing about $479 million in debt, are due over the next four years. Some are guaranteed by Trump himself, meaning a creditor could come after his personal—not corporate— assets if he defaults. If he holds onto the White House, the refinancing of these debts could take his conflicts of interest to absurd new heights. How will the public know if these deals are on the up and up or whether Trump is receiving sweetheart terms from a bank that wants an in with the president? And what might a lender desire in return for helping Trump out of a financial jam?
This story is from the July/August 2020 edition of Mother Jones.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July/August 2020 edition of Mother Jones.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
FOOD FOR THOUGHT - CRIME OF THE CROP
Will GMOs harm my kids? Your pediatrician's response might not be grounded in science.
ECONUNDRUMS - CHATBOT QUACKS
AI was supposed to fix online health misinformation. Instead, it's making it worse.
WELL PLAYED
One man’s mission to make gaming a little less white
FIGHTING CHANCE
RUBEN GALLEGO'S BATTLE AGAINST KARI LAKE COULD DECIDE THE FATE OF THE SENATE-AND DEMOCRACY ITSELF. NO PRESSURE.
BLUUD MONEY
Tommy Alba could be a pain in the ass.
Become Ungovernable
The spectacular implosion of the Libertarian Party
Spoiler Alert
Third-party candidates never win national elections, but they can still have serious consequences.
THE DEMOCRACY BOMB
A day ahead of the third anniversary of January 6, President Joe Biden traveled to Valley Forge, Pennsylvania-where George Washington encamped during the Revolutionary War-before delivering what he described as a \"deadly serious\" speech framing the stakes of the 2024 election.
OH CRAP - SLUDGE REPORT
Can Maine lead the way to a future without forever chemicals?
JERSEY BOYS - AGE AGAINST THE MACHINE
Young voters are powering Rep. Andy Kim's challenge to Trenton's powers that be.