Trump Hotel lost $70M during his presidency. Bank helped

According to documents released by a House committee, Trump's former president lost more than $70million while operating his Washington, D.C. hotel.

Trump Hotel lost $70M during his presidency. Bank helped

According to documents released by House Committee on Oversight and Reform, in addition to the delay in payment, the Trump Organization had to inject $27million from other areas of its business to assist the hotel. According to the committee, financial statements that it had obtained showed losses despite $3.7 million in payments from foreign countries. Experts in ethics and government law say Trump should not have accepted these payments because they would have created conflicts of interest when he was president.

The Trump Organization did no immediate response to inquiries for comment.

The first public disclosure of audited financial reports from the hotel by the committee is made in the documents.

Deutsche Bank's loan delay to President Trump was an "undisclosed preference treatment" that should have been reported because the bank does substantial business in the U.S. The committee stated in a letter to General Services Administration, which is the federal agency responsible for the hotel. The Trump Organization has leased the hotel from the federal government.

"The documents... raise troubling questions about former President Trump’s lease with GSA, and the agency’s ability to manage his conflicts of interest during his term as president," the committee headed by Carolyn Maloney, Democrat from New York, stated in a news release.

Trump's company tried to sell the 263-room hotel from the fall of 2019, but failed to find buyers.

You need to login to comment.

Please register or login.

RELATED NEWS