House Panel: Trump Lied About Loan By Foreign Bank

From the House Committee on Oversight and Reform:

The documents provided by GSA raise new and troubling questions about former President Trump’s lease with GSA and the agency’s ability to manage the former President’s conflicts of interest during his term in office when he was effectively on both sides of the contract, as landlord and tenant.

Specifically, the Committee found that President Trump provided misleading information about the financial situation of the Trump Hotel in his annual financial disclosures; received undisclosed preferential treatment from a foreign bank on a $170 million loan to the hotel that the President personally guaranteed.

He accepted millions of dollars in emoluments from foreign governments without providing an accounting of the money’s source or purpose; concealed hundreds of millions of dollars in debts from GSA when bidding on the Old Post Office Building lease.

And he made it impossible for GSA to properly enforce the lease’s conflict-of-interest restrictions by engaging in opaque transactions with other affiliated entities.

As discussed in this letter, this new evidence raises many questions that require further investigation and action by the Committee.

The documents show that in 2018, Deutsche Bank provided President Trump with a significant financial benefit by allowing him to delay making principal payments on the Trump Hotel’s $170 million loan—which Trump had personally guaranteed—for a period of six years.

Without this deferral, the hotel may have needed to pay tens of millions of additional dollars to Deutsche Bank at a time when it was already facing steep losses. Mr. Trump did not publicly disclose this significant benefit from a foreign bank while he was President.

In 2011, when he applied to lease the Old Post Office Building, former President Trump provided GSA with financial information that appeared to conceal certain debts.

Specifically, he provided a 2008 financial statement that reported over $1.1 billion in outstanding loan balances for properties in Chicago, Las Vegas, New York, and San Francisco. Although these loans remained outstanding in 2009 and 2010, President Trump omitted them from his financial statements for those years, hiding key information.