No Conflict Here: 150 Wall Street Firms Own Over $1.5 Billion of Trump's Debt
As many suspected, President-elect Donald Trump's web of business conflicts is much more complicated than he has let on.
An analysis by the Wall Street Journal published Thursday found that the incoming president owes at least $1.85 billion in debt to as many as 150 Wall Street firms and other financial institutions.
According to the examination of legal and property documents, "Hundreds of millions of dollars of debt attached to Mr. Trump's properties, some of them backed by Mr. Trump's personal guarantee, were packaged into securities and sold to investors over the past five years," thus "broadening the tangle of interests that pose potential conflicts for the incoming president's administration."
In May, Trump filed documents with the Federal Election Commission (FEC) that disclosed $315 million owed to 10 companies—but that only included debts for companies that Trump completely controls, "excluding more than $1.5 billion lent to partnerships that are 30 percent owned by him," WSJ reported.
"As a result," wrote WSJ reporters Jean Eaglesham and Lisa Schwartz, "a broader array of financial institutions now are in a potentially powerful position over the incoming president." Read full story