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Author Topic: Trump owes tens of millions to the Bank of China — and the loan is due soon  (Read 92 times)

Offline EB

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www.theguardian.com/us-news/2020/apr/24/donald-trump-bank-of-china-debt-report

Trump owes tens of millions to the Bank of China — and the loan is due soon
The president's financial dealings with the state-owned bank complicate his attacks on Biden.

By MARC CAPUTO, MERIDITH MCGRAW and ANITA KUMAR

04/24/2020 04:30 AM EDT

Updated: 04/24/2020 08:43 AM EDT

Donald Trump is warning “China will own the United States” if Joe Biden is elected president.

But Trump himself is tens of millions of dollars in debt to China: In 2012, his real estate partner refinanced one of Trump’s most prized New York buildings for almost $1 billion. The debt includes $211 million from the state-owned Bank of China — its first loan of this kind in the U.S. — which matures in the middle of what could be Trump’s second term, financial records show.

Steps from Trump Tower in Manhattan, the 43-story 1290 Avenue of the Americas skyscraper spans an entire city block. Trump owns a 30 percent stake in the property valued at more than $1 billion, making it one of the priciest addresses in his portfolio, according to his financial disclosures.

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« Last Edit: April 25, 2020, 12:33:50 AM by EB »

Offline soflorattler

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If capitalism is so great, why does it need to be bailed out by socialism every ten years?


Offline oldsport

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YOU N....ERS ARE SO GULLIBLE! FAKE NEWS...

 https://www.breitbart.com/economy/2020/04/24/donald-trump-does-not-owe-millions-to-bank-of-china/

Donald Trump does not owe the Bank of China tens of millions of dollars.

On Friday, Politico reported incorrectly that President Trump was tens of millions of dollars in debt to the state-controlled Chinese Bank. The story also incorrectly referred to “the historic precedent of a developer-turned president paying back millions to a bank controlled by a foreign government.”

The story went on to claim that Trump’s alleged “financial dealings” with the Chinese bank “complicates one of Trump’s emerging campaign attacks against Biden: that the former vice president would be a gift to the Communist country and America’s chief economic rival.”

But Donald Trump was not the borrower and Bank of China is not the creditor to the investment vehicle that owns the New York City office building that is the focus of the story.

Ali Pardo, deputy communications director for press for the Trump Campaign, said:

The far left and liberal media will stop at nothing to undermine the President. They’ll even go as far as to sensationalize stories that don’t make any logical sense. President Trump was one of the nation’s most successful businessmen before he entered public service, while people like Hunter Biden have been cashing in on his family name and unfathomably been profiting from his father’s political career.

Trump does have an investment in an office tower located at 1290 Avenue of the Americas, near Rockefeller Center in New York City. But the loan financing that building is no longer owed to the Bank of China. It was sold years ago into a securitization that is serviced by Wells Fargo and owned by a wide range of investors.

The Trump organization owns a 30 percent stake in the limited partnership that owns 1290 Avenue of Americas, making President Trump a passive minority investor. The rest of the partnership is owned by Vornado Realty Trust, one of the biggest commercial real estate investors in the U.S.

The building’s tenants include AXA Equitable Financial, Neuberger Berman, and Hachette Books.

Back in 2012, the building was refinanced with a $950 million loan from a consortium of banks that included the Bank of China, which had already become one of the largest lenders to commercial real estate in the U.S. The other lenders at the time were the commercial real estate financing units of Deutsche Bank, UBS, and Goldman Sachs.

But those loans were then packaged into bonds, commercial mortgage-backed securities, and sold to investors. Wells Fargo serves as the master servicer, meaning any payments on the loans would go to Wells rather than the Bank of China. The bonds are owned by a wide range of investors, including mutual funds managed by Vanguard, J.P. Morgan Chase and T.D. Ameritrade.


 
The securitization happened within days of the closing of the original loan and ended the Bank of China’s role in the loan. As a result, the Bank of China is no longer a direct lender to the building’s partnership—and Trump certainly does not owe tens of millions of dollars to the Chinese lender.

The securitization was widely reported at the time because it was the first time a Chinese lender had participated in the sale of U.S. commercial-mortgage-backed securities.

The deal was sponsored by the controlling partner Vornado without any active involvement by the Trump organization or President Trump himself. Contrary to the false report in Politico, the president had no financial dealings with the state-controlled Chinese bank.


Offline soflorattler

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President Trump was one of the nation’s most successful businessmen before he entered public service

If you call multiple bankruptcies and defaults on paying creditors being a successful businessman, I've got a bridge to Hawaii I'll sell you cheap. ::)
If capitalism is so great, why does it need to be bailed out by socialism every ten years?


 

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