Will Trump's tariffs fix the nation's debt
Donald Trump, the billionaire debtor
Difficult times are ahead for Donald Trump - both legally and professionally. While he spends the next few weeks at his beach club Mar-a-Lago, prosecutor Cyrus Vance is waiting in New York, his hometown. The lawyer prepares a lawsuit against the former president, who loses his legal immunity. On the one hand, Trump is said to be responsible for the initially concealed, later documented by his ex-lawyer Michael Cohen, money that he had paid in 2016 to the porn actress Stephanie Clifford alias Stormy Daniels and the "Playboy" model Karen McDougal.
He had affairs with both of them, which he tried to sweep under the rug. Since the dearly bought silence of women benefited his presidential campaign, Vance accuses him of embezzling election campaign funding. He has also requested tax documents. It is quite possible that Trump, who in some years only paid $ 750 in income tax, will also be prosecuted for tax evasion.
Regardless of how the chapter ends, he must fear that his business empire will crumble. By instigating a storm on the Capitol, he got long-term business partners to pull the rip cord out of concern for their own image. How it will end with the billionaire going bankrupt or possibly even making a comeback thanks to foreign aid remains to be seen.
Deep red numbers for hotels
The Trump organization had been struggling for a long time. Your hotels have been in the red since the pandemic made travel difficult. Some were already chronically in deficit. In New York and San Francisco, the epidemic thwarted a plan that was to wash many millions into the coffers of the ailing conglomerate: two office towers were to be sold. The real estate fund Vornado, to which they belong together with Trump, had promised themselves substantial profits after prices had only risen for a long time, especially in San Francisco.
Then, with the epidemic, the question arose of how much office space is still needed. Since no buyer could be found for the skyscrapers, Vornado withdrew in November. And with that, Trump's hope of making up for losses through brilliant deals was dashed.
Clientele keep their distance
The situation has worsened since January 6th. By and large, it is wealthy private customers who stay in his hotels, rent or buy his apartments, and pay membership fees in his golf clubs. It is now becoming apparent that the wealthy clientele is distancing itself from an arsonist who stirred up a mob because he could not come to terms with his election defeat. The business model, which is largely based on the marketing of the name Trump, is shaky.
A lot has already come together. New York Mayor Bill de Blasio terminated the city's contracts with the Trump Organization for the operation of sports facilities. Cushman & Wakefield, one of the world's largest brokers of office real estate, cut all contacts. The New Yorker Bank Signature also announced the end of the business relationship. And Deutsche Bank announced that it would no longer lend money to the Trump group.
Deutsche Bank as the largest creditor
This means that the family company has lost its lifebuoy, which was used to keep afloat in rough seas. After a wave of Trump bankruptcies in the casino city of Atlantic City, the major US financial institutions got cold feet and refused the bankrupt further loans.
Deutsche Bank stepped into the breach and over the years advanced to become the outgoing president's greatest creditor. According to the "New York Times" he is with her with around 400 million dollars, for which he is personally liable. In total, his debt amounts to approximately $ 1.1 billion. Four fifths of the amount will be repaid over the next four years.
Cold shoulder for golf professionals
The emergency brake also pulled the Professional Golf Association (PGA), which was planning to host one of its most prestigious championship tournaments in Bedminster, Trump's club in New Jersey, in 2022. In order to avert damage to the PGA brand, it will now move to another location. Trump should not only see it as a blow to the office, but almost as a humiliation. To rise to the top league of golf with one of his places was a goal he had been striving for for years. (Frank Herrmann from Washington, January 19, 2021)
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