Donald Trump brags about being a billionaire and having “business savvy”. Well, he’s at least a billionaire as a debt holder.
According to the Wall Street Journal, Trump is up to his eyeballs in debt. An article published on January 5th showed that Trump owes hundreds of millions of dollars to hundreds of companies.
According to the article, Trump claimed to owe $315 million to 10 different financial companies on his FEC disclosure. The the disclosure only requires debt owned 100% by him.
The disclosure left out “more than $1.5 billion lent to partnerships that are 30%-owned by him.” That means Trump is on the hook for close to $2 billion.
And it’s not just 10 banks. It’s over 150 U.S. and foreign companies, and banks.
So now, Trump is in debt to almost the entire banking industry. It’s pretty clear now that these banks will be calling the shots when Trump makes regulatory decisions about the financial markets.
Trump’s already promised to roll back the Dodd-Frank act. This was the law enacted to regulate the banks after their greed caused the 2008 financial crisis.
Repealing these regulations will allow banks to charge higher fees and gamble with American’s savings. This could easily cause another financial crisis.
Trump doesn’t care about this though, he just wants to please his leash-holders in the financial industry. He doesn’t care about the average American.
Trump could also help out his bank buddies by against manipulating stock prices with tweets. He’s already done it, and it could allow him and his bank cronies to conduct essentially legal insider trading.
Trump has a lot to hide when it comes to his personal finances. He still refuses to release his tax returns, and he’s lied to the government about the value of his properties.
We can’t trust Trump to look out for us as President. Please share this story on Facebook to let everyone know who Trump really answers to.