More emoluments clause material:
Trump’s company could save millions if interest rates fall as he demands
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In the five years before he became president, Trump borrowed more than $360 million via four loans from Deutsche Bank for his hotels in Washington, D.C., and Chicago, as well his 643-room Doral golf resort in South Florida.
The payments on all four properties vary with interest rate changes, according to Trump’s official financial disclosures. That means he has already benefited from falling interest rates that were spurred in part by a cut the Federal Reserve announced in July, the first in more than a decade — and his payments could drop by millions of dollars more annually if the central bank grants Trump’s wish and further lowers short-term rates, experts said.
Although foreign and corporate visitors looking to buy influence with the Grifter in Chief are conspicuously booking space in his hotels, there is evidence that the Con Man in Chief's overall business is bleeding money.
Trump Inflating Scottish Golf Resorts’ Value By $165 Million, Per UK Filings
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His 2018 “public financial disclosure” filed with the U.S. Office of Government Ethics also claims those two resorts earned him “income” of $23.8 million. His filings with the U.K. Companies House office in Edinburgh for that period showed the resorts had actually lost 4.6 million pounds ― equal to $6.3 million.
His U.S. disclosure statement also fails to mention $199.5 million in loans Trump has made to those resorts: $54.9 million from him personally to Trump International, Scotland in Aberdeenshire; $144.6 million from his trust to Trump Turnberry in Ayrshire.
There are also criminal penalties on the horizon for misreporting on official disclosures.
The Mulligan in Chief's Doral resort also appears to be having some serious financial problems.
Ex-Trump Doral golf members may wait the rest of their lives for refunds from the president
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Golfers who quit their memberships at Trump National Doral after the property’s namesake became president were aiming to lose their link to a man they do not support. Turns out they could be waiting for Trump to pay them back for the rest of their lives.
Two long-time golf members who resigned weeks after Trump won the 2016 presidential election said they were no longer willing to write him checks. Another quit last December after he said the club became too political. They spoke to the Herald on the condition of anonymity, saying they fear retaliation. These former members are now on a waiting list to get their deposits back — ranging from $10,500 to $19,000 — that stretches more than 265 people-long.
To move up the list by one spot, four new golf members need to join the club, according to the membership terms. Deposit amounts vary depending on when members joined.
The Grifter in Chief lives up to his reputation
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Trump agreed to honor the membership and the refund waiting list when he purchased the property. At that time there were nearly 500 active golf members and around 200 on the refund waiting list, according to bankruptcy records.
Shortly after buying the resort, Trump held a meeting with golf members in one of the ballrooms. Brooke remembers Trump promising renovations to the golf courses and saying, “No one ever leaves my clubs.”
As it turned out, that wasn’t strictly true. Now, Brooke said, the club is visibly desolate. He said he rarely runs into anyone in the gym in the morning. During Trump’s first visit to the property as president this past June, hotel occupancy was at just 23 percent. On a recent Wednesday morning during the August dog days, three people sat in the members lounge.
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But in a review of the property’s taxable value last year, a Trump Organization consultant told the Miami-Dade Value Adjustment Board that the property was “severely under-performing” compared to its competitors and blamed the shortfall on “some negative connotation that is associated with the brand.” As evidence, the consultant showed profits fell nearly 70 percent from 2015 to 2017. The county agreed to reduce the resort’s assessed value for 2018 from $110.3 million to $105.6 million. Trump reported that he made $76 million from the Doral resort and golf club in 2018, down from $116 million in 2016.
"blamed the shortfall on “some negative connotation that is associated with the brand" is a very accurate insight since many potential customers would rather sleep under a freeway overpass than give money to the Racist in Chief.