The Detroit Post
Saturday, 04 December, 2021

Donald Trump Business

Ava Flores
• Friday, 04 December, 2020
• 40 min read

Donald Trump, the nation's 45th chief executive, is unique in his connection to the business world among U.S. presidents. The difference is that every president before Trump had either held a government position before taking the office or had served as a general in the military.This means that Trump's overall business record, and the performance of his individual companies, was the only way for the public to measure his professional performance before he became president.

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The Associated Press called the 2020 presidential election for Joe Biden on Saturday, Nov. 7, 2020, making him the de facto president-elect. For this reason, in this story we examine his decades-long record as a business CEO, which is marked with multiple bankruptcies and failures as well as successes.

We look at how President Trump's substantial portfolio of businesses creates many potential and real conflicts of interest. The Trump National Doral golf resort generated the most revenue of the president's businesses in 2019, posting $77.2 million in sales.

Trump's precise net worth is unknown, but Forbes estimates it to be approximately $2.1 billion. It's important to note that these conflicts of interest are mostly not a problem for Trump legally, as the president and vice president are explicitly exempt from ethics regulations concerning conflicts of interest.The big potential issue is the emoluments' clause, which was written into the U.S. constitution by the nation's founders.

One exception is President Obama, who did not use a blind trust because he held broad and simple investments such as index funds and Treasury notes, which were unlikely to be the subject of conflicts of interest. Because the Trump's assets are largely in highly illiquid real-estate, this would be extremely costly and time-consuming.

The establishment of a blind trust by a U.S. president isn't required by law, but rather a norm with strong precedent. As a result, Trump's annual financial disclosures to the Office of Government Ethics have become the primary avenue to assess what businesses the president owns and how much they are making.


Every year, the president is required file a list of assets, income sources, positions held outside the U.S. government, business transactions, liabilities, and gifts received.But, in some instances, critics say the president has been reluctant to fully comply with these disclosure requests, by delaying filing and going to unusual lengths to avoid providing clear answers to the public. There are a few caveats to keep in mind when assessing the data in the Trump Organization's financial disclosure forms.

This was confirmed when data from Trump's tax returns was released by the New York Times, showing that many of the businesses have been losing money, including some of the largest revenue producers such as the Trump National Doral.As a result, the financial numbers don't show the amount of money that the president actually took home as income. Getting a clear picture of the president's businesses is further complicated by the fact that income and asset values are listed in very wide ranges.

Equally important, since we do not know the expenses of the businesses listed, it is impossible to figure out the president's personal income from his own disclosures. Separately, the Manhattan district attorney appears to be investigating similar claims of inflated asset values.

The president's former lawyer, Michael Cohen, has testified that Trump regularly inflated the value of company assets to get better loan terms. All of these developments cast doubt on the value of unaudited self-reported financial data from the Trump Organization.

First, Forbes has used financial disclosures and a plethora of other information sources to come up with an estimate of the president's net worth. Forbes currently pegs it at around $2.1 billion.This should be regarded as a rough estimate, even though the publication did as thorough a job as possible given the dearth of information.

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This is largely due to the damage COVID-19 has done on the hotel and casino industries. This means that as of the president's most recent financial disclosures, which go through the end of 2019, Trump's net worth was closer to $3 billion. The president's businesses generally fall into five categories: hotels, golf courses (or some combination of the two), condos, residential and commercial real-estate rentals, and licensing of Trump's name.

A new major source of information was released when the aforementioned New York Times articles were published. He withdrew the proposal after accusations that this was an attempt to profit from his presidency by raising the sales and profile of the resort through the event.

The name of this business may not be familiar to many people because it's the holding company for the Trump International Hotel in Washington, D.C., which operates in the Old Post Office building, a national landmark. A group of hotel and restaurant owners has sued the president for violating the emoluments' clause, alleging that he is unconstitutionally profiting from his office because his hotel gains business from foreign officials who stay there to curry his favor.

The group says this gives the president's hotel an unfair competitive advantage against their businesses, which is what established their standing (right to sue) in the first place.Partly as a result of lawsuits and public criticism, the Trump Organization planned to sell its lease to the property. It struggled as the Great Recession hit when it opened more than a decade ago, devastating the real estate market.

The Mar-A-Lago Club, “Sea-to-Lake” in Spanish, was originally built in 1927 by Marjorie Merriweather Post after inheriting the Possum Cereal Company in 1914, which later became the General Foods Corp.In 1968, she decided to donate Mar-A-Lago to the U.S. government to serve as a winter White House. When she died in 1973, her foundation attempted to do so, but the government refused due to the high maintenance costs.


The estate was purchased by Trump in 1985 for a reported $8 million, which he now uses both as a winter White House and privately owned hotel. The year 2020 has been challenging for the president's businesses as the COVID-19 pandemic hit the hospitality industry hard.

During his several decades as a real estate executive, there also is a long list of companies that he has sold, dissolved, or which have gone bankrupt. The 60 deals reflected a highly uneven track record of business success: “One-third of them never got off the ground or soon petered out.

His largest casino, Trump Taj Mahal, had already declared bankruptcy in 1991, and gaming regulators found his “fiscal health” “worrisome.” The public offering raised enough money for Trump to avoid personal bankruptcy and allowed him to offload his heavily-indebted casinos to investors.

In April 2017, news that Trump Models would shut down surfaced after an email from the company's president leaked. Some speculate that the decision to shut down was due to the accusations from some foreign-born former models that they had been hired without the necessary work visas.

The for- profit education company offered courses in real estate, asset management, entrepreneurship, and wealth creation. The company was embroiled in an ongoing, high-profile scandal during Trump's presidential campaign, and it continued into his tenure as president.

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The Trump Entrepreneur Initiative faced a lawsuit in 2013alleging illegal business practices.The New York state attorney general filed a $40 million civil suit that alleged the corporation made false promises to its students. CNN Politics reported that a New York judge found Trump personally responsible.

The winner of “The Apprentice” season two, Kelly Per dew, served as executive vice president of the organization. Launched in 2007, Trump Steaks was a line of beef products sold exclusively by The Sharper Image and QVC.

After being inaugurated as U.S. president in January 2017, Trump resigned all management roles within the Trump Organization, and delegated company management to his sons Donald Jr. and Eric. However, Trump retained his financial stake in the work document, leaving ongoing concerns about possible conflicts of interest.

While in college, Trump began his real estate career at his father's company, Elizabeth Trump and Son, which focused on middle-class rental housing in the New York City boroughs of Brooklyn, Queens, and Staten Island. One of Trump's first projects was the attempted turnaround of the troubled Swift on Village apartment complex in Cincinnati, Ohio, which his father, Fred Trump, had purchased at foreclosure for $5.7 million in 1962, equivalent to $46 million in 2017.

In that year, he also moved to Manhattan, where he took part in larger construction projects and used attractive architectural design to win public recognition . In 1973, the Justice Department alleged that the Trump Organization discriminated against prospective black tenants, rather than just screening out low-income applicants as they said.

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The Department of Justice said that black “testers” were sent to more than half a dozen buildings and were denied apartments, but a similar white tester would then be offered an apartment in the same building. Ultimately the Trumps' company and federal officials signed an agreement under which the Trumps made no admission of wrongdoing, and under which qualified minority applicants would be presented by the Urban League.

By 1973, Trump as president of the Trump Organization oversaw 14,000 apartments across Brooklyn, Queens, and Staten Island. In 1978, the city selected his site on the West Side of Manhattan as the location for its Jacob Davits Convention Center, after finding that he was the only bidder who had a site ready for the project.

He received a broker's fee on the property sale. Trump's first major deal in Manhattan was the development of the Grand Hyatt Hotel in 1978 next to Grand Central Terminal.

The aging brick facade of the Commodore Hotel was sheathed in glass, and the existing lobby of the hotel was replaced by an atrium. The Commodore was thus presented as a remodeled Hyatt hotel at its opening in September 1980, helping to bring Trump to public prominence.

Part of this deal was a $1 million loan Fred Trump's Village Construction Corp. made to help repay draws on a Chase Manhattan credit line Fred had arranged for Donald as he built the hotel, as well as a $70 million construction loan jointly guaranteed by Fred and the Hyatt hotel chain. Fred was a silent partner in the initiative, due to his reputation having been damaged in New York real estate circles, after investigations into windfall profits and other abuses in his real estate projects, making Donald the frontman in the deal.

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According to journalist Wayne Barrett, Fred's two-decade friendship with a top Equitable officer, Ben Holloway, helped convince them to agree to the project. Donald negotiated a 40-year tax abatement for the hotel with the city, in exchange for a share of the venture's profits.

The deal helped reduce the risk of the project and provided an incentive for investors to participate. Trump made this into an apartment cooperative, in which tenants partly owned the building.

Trump Tower occupies the former site of the architecturally significant Bowie Teller flagship store, which Trump demolished in 1980 after purchasing the site. There was controversy when valuable Art Deco bas-relief sculptures on its facade, which had been promised to the Metropolitan Museum of Art by Trump, were destroyed on the orders of the Trump Organization during the demolition process.

In addition, the demolition of the Bowie Teller store was criticized for a contractor's use of some 200 illegal Polish immigrant workers, who, during the rushed demolition process, were reportedly paid 4–5 dollars per hour for work in 12-hour shifts. Trump testified in 1990 that he rarely visited the site and was unaware of the illegal workers, some of whom lived at the site and who were known as the “Polish Brigade”.

A judge ruled in 1991 that the builders engaged in “a conspiracy to deprive the funds of their rightful contribution”, referring to the pension and welfare funds of the labor unions. However, on appeal, parts of that ruling were overturned, and the record became sealed when the long-running labor lawsuit was settled in 1999, after 16 years in court.

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Trump Tower was developed by Trump and the Equitable Life Assurance Company, and was designed by architect Her Scott of Swanky Hayden Connell. Trump Tower houses both the primary penthouse condominium residence of Donald Trump and the headquarters of the Trump Organization.

The building includes shops, cafés, offices, and residences. Its five-level atrium features a 60-foot-high waterfall spanned by a suspended walkway, below a skylight.

Trump Tower was the setting of the NBC television show The Apprentice including a fully functional television studio set. When the building was completed, its condominiums sold quickly and the tower became a tourist attraction.

Hurrah's at Trump Plaza opened in Atlantic City in 1984. The hotel/casino was built by Trump with financing by Holiday Corp. and operated by the Hurrah's gambling unit of Holiday Corp.

The casino's poor results exacerbated disagreements between Trump and Holiday Corp. Trump also acquired a partially completed building in Atlantic City from the Hilton Corporation for $320 million. Trump's wife, Ivana, managed the property.

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Trump acquired the Mar-A-Lago estate in Palm Beach, Florida, in 1985 for $5 million, plus $3 million for the home's furnishings. In addition to using the home as a winter retreat, Trump also turned it into a private club with membership fees of $150,000.

At about the same time, he acquired a condominium complex in West Palm Beach with Lee Iaccoca that became Trump Plaza of the Palm Beaches. In 1980, repairs began on Central Park's Hollman Rink, with an anticipated two-and-a-half year construction time frame.

Because of flaws in the design and numerous problems during construction, the project remained unfinished by May 1986 and was estimated to require another 18 months and $2 million to $3 million to complete. Trump was awarded a contract as the general contractor in June 1986 to finish the repairs by December 15 with a cost ceiling of $3 million, with the actual costs to be reimbursed by the city.

Trump hired an architect, a construction company, and a Canadian ice-rink manufacturer and completed the work in four months, $775,000 under budget. He operated the rink for a year and gave some profits to charity and public works projects in exchange for the rink's concession rights.

According to journalist Joyce Punic, Trump's “Hollman success was also the stuff of a carefully crafted, self-promotional legend.” While the work was in progress, Trump called numerous press conferences, for example for the completion of the laying of the pipes and the pouring of the cement.

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In 1987, he also unsuccessfully tried to get the city to rename the landmark after him; the Trump logo is prominently displayed on the railing encircling the rink, on the Zamboni, on the rental skates, and on the rink's website. Trump acquired the Plaza Hotel in Manhattan in 1988.

He paid $400 million for the property and once again tapped Ivana to manage its operation and renovation. The Taj Mahal emerged from bankruptcy on October 5, 1991, with Trump ceding 50 percent ownership in the casino to the bondholders in exchange for lowered interest rates and more time to pay off the debt.

The property was repurchased in 1996 and consolidated into Trump Hotels & Casino Resorts, which filed for bankruptcy in 2004 with $1.8 billion in debt, filing again for bankruptcy five years later with $50 million in assets and $500 million in debt. Trump served as chairman of the organization, which was renamed Trump Entertainment Resorts, from mid-1995 until early 2009, and served as CEO from mid-2000 to mid-2005.

Although Trump has never filed for personal bankruptcy, hotels and casino businesses of his have declared bankruptcy six times between 1991 and 2009 due to its inability to meet required payments and to re-negotiate debt with banks, owners of stock and bonds and various small businesses (unsecured creditors). Because the businesses used Chapter 11 bankruptcy, they were allowed to operate while negotiations proceeded.

In 1998, Costco and Donald Trump purchased the General Motors Building for $878 million from Corporate Property Investors. The group received a $700 million loan from Lehman Brothers for the purchase and Trump reportedly only committed $15 to $20 million of his own money to the deal.

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Trump raised the controversial sunken plaza where few pedestrians had ventured, which had been criticized by Suitable, and installed his name in four-foot gold letters. In 2003, Trump and partners sold the building for $1.4 billion, then the highest price paid for a North American office building, to Marlowe Organization.

After his father died in 1999, Trump and his siblings received equal portions of his father's estate valued at $250–300 million. Trump acquired the former Hotel Delmonico in Manhattan in 2002.

It was re-opened with 35 stories of luxury condominiums in 2004 as the Trump Park Avenue. Trump has owned a house on North Rodeo Drive in the Beverly Hills, California / Los Angeles area, bought for $7 million, since 2007.

He bought a home next door in 2008 from Omar Bongo, the president of Gabon who would die in office in 2009, for $10.35 million. Trump sold the second LA home, built in 1981, for $9,500,095 in 2009 for an $850,000 (8%) loss.

The second house went back on the market in mid-2016 listed at nearly $30 million. Trump has licensed his name and image for the development of a number of real estate projects including two Trump -branded real estate projects in Florida that have gone into foreclosure.

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The Turkish owner of Trump Towers Istanbul, who pays Trump for the use of his name, was reported in December 2015 to be exploring legal means to dissociate the property after the candidate's call to temporarily ban Muslims from entering the United States. Trump also licensed his name to son-in-law Jared Kushner's 50-story Trump Bay Street, a Jersey City luxury development that has raised $50 million of its $200 million capitalization largely from wealthy Chinese nationals who, after making an initial down payment of $500,000 in concert with the government's expedited EB-5 visa program, can usually obtain United States permanent residency for themselves and their families after two years.

Trump is a partner with Kushner Properties only in name licensing and not in the building's financing. In 2012, the 1290 Avenue of the Americas' skyscraper in Manhattan was refinanced ; Trump had a 30% stake in the building.

The refinancing led to $211 million of debt being accrued with the state-owned Bank of China. This was the first instance of a Chinese bank engaging in commercial mortgage-backed securities in the United States.

The Bank of China sold the debt in 2012 into the market, and thus no longer had “any ownership interest in that loan” thereafter, it stated. A 2017 document filed in New York City erroneously listed the Bank of China as a current creditor due to a mistake by loan service organization Wells Fargo.

The Trump Organization operates many golf courses and resorts in the United States and around the world. The number of golf courses that Trump owns or manages is about 18, according to Golf week.

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Trump's personal financial disclosure with the Federal Elections Commission stated that his golf and resort revenue for the year 2015 was roughly $382 million. In 2006, Trump bought the Genie Estate in Blamed, Aberdeen shire, Scotland, creating a golf resort against the wishes of local residents on an area designated as a Site of Special Scientific Interest.

A 2011 independent documentary, You've Been Trumped, by British filmmaker Anthony Baxter, chronicled the golf resort's construction and the subsequent struggles between the locals and Donald Trump. In June 2019, Scottish Natural Heritage ruled that the golf course had “destroyed” the sand dune system, causing permanent habitat loss, and recommended that the SCSI status be revoked.

Trump at a baseball game in July 2009In 1983, Trump's New Jersey Generals became a charter member of the new United States Football League (USF). Before the inaugural season began in 1983, Trump sold the franchise to Oklahoma oil magnate J. Walter Duncan, and bought it back after the season.

He then attempted to hire longtime Miami Dolphins coach Don Shula, but the deal fell apart because he was unwilling to meet Shula's demand for an apartment in Trump Tower. Trump ended up hiring former New York Jets coach Walt Michael's.

The USF played its first three seasons during the spring and summer, but Trump convinced the majority of the owners of other USF teams to move the USF 1986 schedule to the fall, directly opposite the National Football League (NFL), arguing that it would eventually force a merger with the NFL, which would supposedly increase their investment significantly. Before the 1985 season, Trump signed Heisman Trophy -winning quarterback Doug Flute to a $7 million 5-year personal-services contract.

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That made Flute the highest-paid pro football player at the time, as well as the highest-paid rookie in any professional sport. After the season, the Generals merged with the Houston Gamblers.

(New Jersey and Houston both had good but not great seasons in 1985: they each made the playoffs but lost first-round games.) The 1986 season was cancelled after the USF won a Pyrrhic victory in an antitrust lawsuit against the NFL : the NFL technically lost the suit, but the USF was awarded just $3.00 in cash damages.

The USF, which was down to just 7 active franchises from a high of 18, folded soon afterward. Trump had expressed an interest in purchasing the Cleveland Indians for $13 million in a February 15, 1983, letter sent by Kenneth Molly to team president Gabe Paul.

Trump increased his offer to $34 million later that same year. His lack of commitment to keep the franchise in Cleveland beyond three years cost him any chance of completing the acquisition.

Trump remained involved with other sports after the Generals folded, operating golf courses in several countries. He also hosted several boxing matches in Atlantic City at the Trump Plaza, including Mike Tyson's 1988 fight against Michael Spines, and at one time acted as a financial advisor for Tyson.

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In 1989 and 1990, Trump lent his name to the Tour de Trump cycling stage race which was an attempt to create an American equivalent of European races such as the Tour de France or the Giro d'Italy. The name was suggested by his business partner, basketball commentator Billy Packer, who originally planned to call the race the Tour de Jersey.

The first stage of the inaugural race ended in the college town of New Waltz, New York where picketers greeted the riders with anti- Trump signs. The second stage began in New York City, and Majored Koch, who had denounced Trump as “one of the great hucksters”, boycotted the event.

Going into the last stage, Belgian rider Eric Vanderaerden was favored to win the tour championship, but lost at least 1 minute 20 seconds when he took a wrong turn on a poorly marked course in Atlantic City, riding a quarter-mile or more out of his way. He ended up finishing third overall, behind tour winner Dag-Otto Lauren (a Norwegian rider with the American-owned 7-Eleven team) and runner-up Hank Lubber ding, who also took a wrong turn during the last stage.

Trump withdrew his sponsorship after the second Tour de Trump in 1990, because his other business ventures were experiencing financial woes. The race continued for several more years as the Tour DuPont.

He accused referees of throwing penalty flags needlessly just to be seen on television “so their wives see them at home.” In 2012, Trump won a $5 million arbitration award against a contestant who claimed the show was rigged.

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In 2015, NBC and Univision both ended their business relationships with the Miss Universe Organization during Trump's presidential campaign. Trump later announced that he had become the sole owner of the Miss Universe Organization by purchasing NBC's stake.

He sold his own interests in the pageant shortly afterwards, to We / IMG. In 1999, a few years after buying into Miss Universe, Trump founded a modeling company, Trump Model Management, which operates in the Soho neighborhood of Lower Manhattan.

Together with another Trump company, Trump Management Group LLC, Trump Model Management has brought hundreds of foreign fashion models into the United States to work in the fashion industry since 2000. Trump University LLC was an American for-profit education company that ran a real estate training program from 2005 until at least 2010.

It was founded by Donald Trump and his associates, Michael Sexton and Jonathan Spirally. The company offered courses in real estate, asset management, entrepreneurship, and wealth creation, charging between $1,500 and $35,000 per course.

In 2005 the operation was notified by New York State authorities that its use of the word “university” violated state law. After a second such notification in 2010, the name of the operation was changed to the Trump Entrepreneurial Institute”.

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Trump was also found personally liable for failing to obtain a business license for the operation. In 2013 the state of New York filed a $40 million civil suit claiming that Trump University made false claims and defrauded consumers.

In addition, two class-action civil lawsuits relating to Trump University were filed in federal court; they named Donald Trump personally as well as his companies. All three cases were settled in November 2016, after Trump's election to the presidency, for a total of $25 million.

Trump repeatedly criticized a judge, Gonzalo P. Curie, who is overseeing two of the Trump University cases. During campaign speeches and interviews up until June 2016, Trump called Curie a “hater of Donald Trump “, saying his rulings have been unfair, and that Curie “happens to be, we believe, Mexican, which is great.

I think that's fine”, while suggesting that the judge's ethnicity posed a conflict of interest in light of Trump's proposal to build a wall on the United States–Mexican border. Many legal experts were critical of Trump's attacks on Curie, often viewing them as racially charged, unfounded, and an affront to the concept of an independent judiciary.

On June 7, 2016, Trump issued a lengthy statement saying that his criticism of the judge had been “misconstrued” and that his concerns about Curie's impartiality were not based upon ethnicity alone, but also upon rulings in the case. The foundation's tax returns show that it has given to healthcare and sports-related charities, as well as conservative groups.

In 2009, for example, the foundation gave $926,750 to about 40 groups, with the biggest donations going to the ($100,000), the New York Presbyterian Hospital ($125,000), the Police Athletic League ($156,000), and the Clinton Foundation ($100,000). Starting in 2016 The Washington Post began reporting on how the foundation raised and granted money.

A Trump spokesman called the investigation a “partisan hit job”. On October 3, 2016, the New York Attorney General's office notified the Trump Foundation that it was in violation of New York laws regarding charities, and ordered it to immediately cease its fundraising activities “in New York”.

Trump has marketed his name on many building projects as well as commercial products and services, achieving mixed success doing so for himself, his partners, and investors in the projects. In 2011, Forbes financial experts estimated the value of the Trump brand at $200 million.

Trump disputed this valuation, saying his brand was worth about $3 billion. Many developers pay Trump to market their properties and to be the public face for their projects.

For that reason, Trump does not own many of the buildings that display his name. According to Forbes, this portion of Trump's empire, actually run by his children, is by far his most valuable, having a $562 million valuation.

According to Forbes, there are 33 licensing projects under development including seven “condo hotels” (the seven Trump International Hotel and Tower developments). In June 2015, Forbes pegged the Trump brand at $125 million as retailers like Macy's Inc. and Serra Mattresses began dropping Trump -branded products.

The value of the Trump brand may have fallen due to his presidential campaign. After his 2016 campaign started, an internal Young & Rubicon study of Trump's brand among high-income consumers showed “plummeting” ratings for traits such as “prestigious”, “upper class”, and “glamorous” at the end of 2015, suggesting that Trump's various businesses could face market difficulties and financing challenges in the future.

Bookings and foot traffic at Trump -branded hotels and casinos fell off sharply in 2016, primarily driven by a decrease in visits to the properties by women. Following the release of the Access Hollywood tape recordings in October 2016, the value of the Trump brand was reported to have taken a further hit, with estimates of the reduction in the brand's added value of up to 13 percentage points.

Trump's personal financial market investment portfolio is concentrated in the financial and commodities markets. The investment portfolio generates income and cash flow from a variety of mechanisms as dividends, capital gains, and compounded carried interest.

Though real estate is still his most preferred asset class, Trump became an active financial market investor in 2011 following disappointment from depressed American real estate market and various investments in the Federal Reserve's interest yields on CDs were next to nothing. Trump stated that he was not enthusiastic to be a stock market investor, but that prime real estate at good prices was hard to find at that time and that stocks and equity securities were cheap and generating good cash flow from dividends.

He profited from 40 of the 45 stocks he purchased which he sold in 2014, making it almost a 90% success rate in capital appreciation in addition to millions in earned dividends. Trump's stock portfolio was valued somewhere between $33.4 million and $87.9 million in 2015 and was invested in many sectors, including public companies such as tobacco distributors, retail outlets, pharmaceutical companies, industrial manufacturing companies, financial conglomerates, oil companies, high technology firms and defense contractors.

Public stock investments within his portfolio include General Electric, Chevron, UPS, Coca-Cola, Home Depot, Comcast, Sanofi, Ford, ConocoPhillips, Energy Transfer Partners, Alter, Verizon Communications, Procter & Gamble, Bank of America, Nike, Google, Apple Inc., Philip Morris, Citigroup, Morgan Stanley, Whole Foods, Intel, IBM, Bristol-Myers Squibb, Johnson & Johnson, Caterpillar, Kinder Morgan, AT&T and Facebook. His financial market investment accounts are kept at JPMorgan, Barclays, Deutsche Bank and Oppenheimer.

His Barclays account includes investments in 32 entities and cash worth between $49,021 and $396,001 and having stock in two accounts at Deutsche Bank that contain cash, treasury bills, and stock in 173 entities. His investment account with Oppenheimer contains cash and has 31 positions worth between $10,380,031 and $33,301,000.

His account with JPMorgan contains stock in 60 firms valued between $1,251,008 and $2,617,000. Trump has also invested in funds that focus on middle and smaller sized businesses such as Tesla Motors, the electric carmaker and has invested internationally in a number of emerging market, growth and hedge funds located in Europe and Asia.

Trump's biggest fund holding has been in Black Rock's Obsidian Fund, where his stake is estimated to be between $25 million to $50 million. Nearly all of Trump's open end mutual fund investments are concentrated in Baron Capital Management, a mid-sized mutual fund family headed by mutual fund mogul Ronald S. Baron.

Trump invested $16.2 million in Baron Capital Management, making him a significant minority shareholder. He revealed that he earned over $22 million with his private equity, hedge fund, and mutual fund investments and generated between $1.5 million and $10 million in income almost all of it from investments such as dividends, capital gains, and carried interest.

Trump also has a portion of his portfolio invested in U.S. Treasury bonds. On a government form submitted in 2015, Trump reported holding an amount of physical gold, valued at between $100,001 to $250,000.

Trump has released some financial information, but has declined to publicly release any of his full tax returns, saying that he will do so before the 2016 election if what his attorneys described as an ongoing audit by the Internal Revenue Service (IRS) is completed covering tax returns for the years 2009 through 2016. According to a July 2015 press release from his campaign manager, Trump's “income” for the year 2014 was $362 million (“which does not include dividends, interest, capital gains, rents and royalties”).

His disclosure filings for the year 2015 stated that his total gross revenue was in excess of $611 million. Fortune magazine has reported that the $362 million figure as stated on his Federal Election Commission (FEC) filings is not “income” but gross revenue before salaries, interest payments on outstanding debt, and other business -related expenses; Trump's net income was “most likely” about one-third of that.

According to public records, Trump received a $302 New York tax rebate in 2013 (and in two other recent years) given to couples earning less than $500,000 per year, who submit as proof their federal tax returns. In October 2016, it was revealed that Trump had claimed a loss of $916 million on his 1995 tax returns.

As tax losses from one year can be applied to offset income from future years, the $916 million loss allowed him to reduce or eliminate his taxable income (and consequently his US federal income taxes) during the eighteen-year carry forward period. Trump acknowledged he used the loss but declined to provide details such as the specific years the loss was applied.

An investigative story by the New York Times found that in the early 1990s in order to avoid “financial ruin” Trump's businesses used methods which were “legally dubious” to avoid paying taxes, and that Trump's own lawyers described these activities as “improper”. Independent tax experts stated that “Whatever loophole existed was not 'exploited' here, but stretched beyond any recognition” and that it involved “sleight of hand”.

Since the taxes were related to the reduction in Trump's extensive junk bond debt at the time and the bankruptcies of three of Trump's casinos, the methods used were probably related, according to the report, to Trump's reported $916 million loss reported on his 1995 tax return. In addition, Trump reportedly received $1.5 million for each one-hour presentation he did for The Learning Annex.

Trump also endorsed ACN Inc., a multi-level marketing telecommunications company. He has spoken at ACN International Training Events at which he praised the company's founders, business model and video phone.

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Civil rights groups in the city viewed the Trump company as just one example of a nationwide problem of housing discrimination. But targeting the Trumps provided a chance to have an impact, said Eleanor Holmes Norton, who was then chairwoman of the city's human rights commission.

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“Judge Says Trump Tower Builders Cheated Union on Pension Funds”. “After 15 Years in Court, Workers' Lawsuit Against Trump Faces Yet Another Delay”.

Both sides, however, appealed the findings and each won partial victories. A Federal appeals court upheld most of Judge Stewart's decisions but ruled that Trump -Equitable had been denied a full opportunity to rebut the charge that the funds had been damaged by the loss of contributions for the Polish workers.

The appeals court also ruled that Judge Stewart wrongly dismissed a claim by the plaintiffs that the Trump group was responsible for payments to the funds because it had been the workers' actual employer. “Her Scott, Modernist Architect, Dies at 75”.

Flegenheimer, Matt; Haber man, Maggie (March 29, 2016). “With the New York Presidential Primary, the Circus Is Coming Home”.

^ a b Trump reaches agreement with bondholders on Taj Mahal”. Donald Trump's Companies Filed for Bankruptcy 4 Times”.

“The Truth About the Rise and Fall of Donald Trump's Atlantic City Empire”. “How Donald Trump Made Millions Off His Biggest Business Failure”.

Donald Trump's lawsuits could turn off conservatives who embrace tort reform”. “Fourth Time's A Charm: How Donald Trump Made Bankruptcy Work For Him”.

Trump Strategies for Real Estate: Billionaire Lessons for the Small Investor. Trump : The Smarts Of The Deal; How Donald Uses (Mostly) Other People's Money To Build A Kingdom In His Name”.

“Marlowe pays $1.4B for GM building, the highest ever paid in North America”. “Fred C. Trump, Postwar Master Builder of Housing for Middle Class, Dies at 93”.

^ Later, Neal J., “Daren Metropolis takes ownership of Playboy Mansion, HEF included > A residential Trump card”, Los Angeles Times, August 27, 2016. The Trump properties have no relationship to the Playboy Mansion.

It is a five-part 'listings and sales' story with the Playboy the lead part and the Trumps the fourth. “Turkish partner condemns Donald Trump's anti-Muslim remarks, reviews ties”.

^ “POLITICO's reporting on President Trump and the Bank of China”. Donald Trump announces he will run for president in 2016”.

^ Donald Trump Personal Financial Disclosure Form 2015” (PDF). ^ Ale sci, Cristina; Frankel, Laurie; Saudi, Jeanne (May 19, 2016).

' Destroyed' Trump golf course dunes to lose special status”. ^ “US property tycoon Donald Trump buys Turn berry resort”.

“Alex Salmon brands Trump 'loser' after judges reject wind farm appeal | Environment”. “5 things to know about Donald Trump's foray into doomed USF”.

“And then there was the time Donald Trump bought a football team”. Donald Trump's failed bid to buy the Cleveland Indians”, The Plain Dealer (Cleveland), Thursday, October 8, 2015.

“Sports of The Times; Trump : Promoter Or Adviser?” ^ “The Strange Tale of Donald Trump's 1989 Biking Extravaganza”.

“Dispute Mars End of the Tour de Trump ". “Video: Donald Trump mocks the NFL for being too soft, calls concussions 'a little ding on the head “.

^ Ross, Barbara; Methane, Larry (July 5, 2013). “Miss USA contestant ordered to pay $5 million to Donald Trump for calling pageant 'rigged “.

Donald Trump's Miss USA Pageant Lands on Reel Cable Channel”. “Full text: Donald Trump announces a presidential bid”.

Trump's modeling agency broke immigration laws, attorneys say”. ^ Rosenberg, Mica; McCall, Ryan; Two hey, Megan; Colin, Michelle (August 1, 2015).

“New York Attorney General Is Investigating Trump's For-Profit School”. “NY Court Refuses to Dismiss Trump University Case, Describes Fraud Allegations”.

Donald Trump Could Threaten U.S. Rule of Law, Scholars Say”. Mr. Trump accused the judge of bias, falsely said he was Mexican and seemed to issue a threat Rappaport, Alan (June 3, 2016).

“Why Is Donald Trump So Angry at Judge Gonzalo Curie?” Trump trashes judge overseeing Trump University fraud case, says it's fine that he's Mexican”.

Trump's personal, racially tinged attacks on federal judge alarm legal experts”. Donald Trump's highly personal, racially tinged attacks on a federal judge overseeing a pair of lawsuits against him have set off a wave of alarm among legal experts, who worry that the Republican presidential candidate's vendetta signals a remarkable disregard for judicial independence ^ Walsh, Susannah; Generally, Meghan (June 3, 2016).

“Legal Experts Worry After Trump Attacks Judge for Alleged Bias, Judge's Brother Calls Trump a 'Blowhard “. Trump says judge comments 'misconstrued' amid GOP uprising”.

^ Parenthood, David A.; Alderman, Rosalind S. (April 10, 2016). “Missing from Trump's list of charitable giving: His own personal cash”.

“Taking a peek at Trump's (foundation) tax returns”, Long Island Business News (September 15, 2016): “charitable giving to conservative political groups, healthcare and sports-related charities”. Parenthood, David A.; Riddler, Danielle (August 18, 2016).

“Meet the reporter who's giving Donald Trump fits”, The Washington Post (September 15, 2016). ^ a b “NY attorney general is investigating Trump Foundation practices”.

^ Trump Foundation Falls Under Investigation By New York Attorney General”. Trump Foundation ordered to stop fundraising by N.Y. attorney general's office”, The Washington Post (October 3, 2016).

“From the Herald archives: Donald Trump's tower of trouble”. ' The Answer Is No': Bill Cosby's Hollywood Walk of Fame Star Is Staying Put”.

^ Trump Steakhouse hit with 51 violations after officials find month-old caviar, expired yogurt”. Donald J. Trump on ACN's Home Based Business ".

“Presidential hopeful Trump rivals Clinton in speech fees”. Donald Trump on His Brand Value: Forbes' Numbers Are Ridiculous”.

^ Trump hotels and casino traffic has taken a huge hit since Trump started running for president”. “Tape release further erodes Trump brand: Survey”.

^ a b “Why It's Worth Watching Donald Trump's Stock Portfolio”. “When Donald Trump Dabbled in Stocks: Why He Started Buying And How Much He Made”.

^ a b “6 Stocks That Donald Trump Recently Bought”. “The government just released a document detailing Donald Trump's alleged $10 billion fortune”.

^ a b “Wealth Adviser Daily Briefing: A Peek Inside Donald Trump's Portfolio”. Trump Worth $10 Billion Less Than If He'd Simply Invested in Index Funds”.

“How Donald Trump rates as a fund investor”. “President Trump Can't Even Deal With These Financial Disclosure Forms Designed For Poor People”.

Donald Trump fails the fiscal responsibility test in his fund picks”. Donald Trump has millions invested with 'paper pusher' hedge fund managers”.

Donald J. Trump Files Personal Financial Disclosure Statement With Federal Election Commission” (PDF). “Why Donald Trump's Tax Returns May Prove He's Not That Rich”.

Trump qualified for a tax break for New Yorkers making $500K or less”. ^ Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found”.

^ Ever, Steve; Two hey, Megan (October 10, 2016). “ Donald Trump Acknowledges Not Paying Federal Income Taxes for Years”.

Trump, or his tax advisers, had somehow devised a way to claim large business losses tied to debts that had been forgiven without reporting offsetting income that would have reduced his staggering loss ... documents that appear to show during the early 1990s Trump indeed used a strategy of swapping partnership interests to his creditors in exchange for having his businesses debts forgiven, eliminating the need for him to report this relief as income. ^ Donald Trump Used Legally Dubious Method to Avoid Paying Taxes”.

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