More deep dives into T and his family’s financial interests in the US and around the world, and how they ‘oversell,’ their properties - claim that there is more occupancy achieved/value than there really is.
ProPublica, non-profit watchdog organization finds these results.
Projects Where a Trump Family Member Overstated Sales Numbers
Claim: Donald Trump claimed $365 million in sales in a 2007 letter to The Wall Street Journal.
Reality: Trump reported $290 million in a 2009 project audit.
Result: Never built.
Claim: Trump announced the hotel/condo was “pretty much sold out” in April 2006, according to a broker who attended the presentation.
Reality: 62 percent of units were sold as of July 2006, according to bank records that emerged in a court case.
Result: Entered foreclosure. Trump’s name removed before construction completed.
Claim: Condos “sold out,” Trump told The Associated Press in 2005
Reality: About 25 percent of units were sold by 2011, according to press accounts.
Claim: “It’s a 1,000-unit building, we’ve sold over 90 percent of it,” Ivanka told Portfolio in 2008.
Reality: As of three months later, 79 percent of the units were pre-sold, according to Moody’s.
Result: Built, but went bankrupt; Trump name removed.
Claim: In 2008, Ivanka told reporters that 60 percent of units had sold.
Reality: A Trump partner’s affidavit revealed that 15 percent had been sold at the time.
Result: Built, but went bankrupt; Trump name removed.
Claim: The building “sold out,” Trump told The Wall Street Journal in 2007.
Reality: The developers failed to sell a minimum of 70 percent of units, according to a Trump company letter that year, which deemed that a violation of its contract.
Result: Never built.
Claim: In a 2009 interview, Ivanka referred to the property as “virtually sold out.”
Reality: 24.8 percent of units had sold, according to a 2016 bankruptcy filing by the developers.
Result: Built, but went bankrupt; Trump name removed.
Article highlights how some of the financial deals were struck with brokers, and when payments were to be made. Also describes the percentages T’s reaped after a building was occupied. I know nothing about how licensing works, but these seem like extremely favorable rates for T’s family.
Even as brokers were taking cash out quickly, buyers were given time to put their money in. They anted up just 10 percent upon signing a purchase contract, according to the bond prospectus. They paid the remaining 20 percent in increments over the year after that.
Khafif complained of soaring construction costs and raised prices even as brokers hustled for contracts, Studnicky said. “I kept saying I understand the problem, but if you keep pushing the prices up, people are never going to be able to close on these things,” he said.
The higher prices climbed, the more the Trumps stood to pocket. Their licensing agreement gave them a base fee of 4 percent of gross sales when units closed. (This was on top of the $1 million Trump was given in advance for the use of his name.) They also received an “incentive fee”: the higher the price rose above benchmarks, the greater a proportion the Trumps earned, records show. A hotel-condominium unit that sold for $385,000, for example, would produce a payment of $20,650 — just over 5 percent — to Trump’s company.
That was just the beginning. Along with the cut of sales, Trump’s 2006 licensing agreement provided the family other cash streams from the Panama project. The Trumps could take a 20 percent commission on construction costs if money was saved through Trump dealmaking, for instance. Once the hotel opened, they would pocket 17.5 percent of what hotel guests paid for their rooms, including what they spent on minibar items, internet service and even bathrobes; 4 percent for parking unit sales; and 12 percent of commercial space rentals. The Trump Organization would also receive 4 percent of the hotel’s gross revenue for managing it, plus an incentive fee equal to a fifth of the hotel’s net operating income.
Some imponderables as to why T does or does NOT do things…or act on things.
@ddale8 (Daniel Dale - Journalist Toronto Star)
AP: Why haven’t you visited troops in a combat zone?
Trump: “Well, I will do that at some point, but I don’t think it’s overly necessary. I’ve been very busy with everything that’s taking place here. …I’m doing a lot of things. But it’s something I’d do. And do gladly.”
8:05 PM - 16 Oct 2018
So the President just declared himself a Nationalist at a campaign rally for Ted Cruz. So that becomes a fact now right? We now have a self-proclaimed Nationalist President.
The words “nationalist” and “globalist” — both loaded terms with sometimes sinister implications — have made their way into the popular political lexicon since Trump ascended to the White House.
He is INSTIGATOR-IN-CHIEF - and knows only rhetoric, rabble-rousing his base for the mid-terms.
Another famous instigator and spouting Nationalism, who knows no civil boundaries - Hilter
I’ve always felt that the term “Nationalist” is a not-very-subtle dog whistle that White Nationalists, Fascists, and Nazis actually hear loud and clear.
@costareports Robert Costa Wapo
The president’s embrace of the word nationalism tonight is a marker, the culmination of many years of resisting the label, which he at first saw as a Bannon/Breitbart thing and a loaded, far right label that was an odd fit for a combative NY ex-Dem turned immigration hawk…
But it became clear over time that Trump’s aversion to “nationalism” and “populism” wasn’t an aversion to those ideas and what fueled them, but to the people associated w/ them. Identity-wise, he didn’t want to be see as a Bannonite, a Buchananite, or part of a movement.
What Trump did tonight is finally finish the rhetorical journey. He acknowledged what he’s been the whole time: a nationalist, one of many in the world. He frames politics in transactional and deeply nationalistic terms, focused on perceived threats to his concept of the nation.
former WH communications director Scaramucci, to CNN, on Trump: “We both know that he is telling lies. If you want me to say he’s a liar, I’m happy to say he’s a liar"
7:36 AM - 24 Oct 2018
The Mooch has a way with words…continuing on the proclamation that yes, T is a Liar…(and Mooch and T knows it is effective)
Josh Dawsey Retweeted Jennifer Jacobs
The Mooch says it is better to lie when you are lying to troll and incite people
“He’s an intentional liar, It’s very different than just being a liar-liar,” Scaramucci says.
Trump speaks mistruths to “incite certain people,” including Dems and left-leaning journalists, he says.
Verified account @JenniferJJacobs
1h1 hour ago
Scaramucci on @BloombergTV:
"President is an orange bowling ball and he’s going to bowl a strike on those guys," he says of Dem presidential hopefuls.
"Trump has this like Twitter insect light and he vaporizes everybody" by getting inside their heads.
Piles of lies…interview with Journalist Daniel Dale, Toronto Star and Judy Woodruff, PBS.
At a Monday rally, President Trump made comments about a caravan of Central American migrants that had fact-checkers on the alert. Since the president took office, they’ve identified 2,915 claims that cannot be verified by the truth. Daniel Dale, Washington bureau chief of the Toronto Star, joins Judy Woodruff to discuss Trump’s increasing rate of dishonesty and how the press should report on it.
And I should say we at the “NewsHour” talk about inaccurate statements, false statements. You’re comfortable using the word lie. Why?
Because I think that’s the only accurate word for some of the claims he makes.
I also sometimes describe his claims as false claims. Sometimes, we don’t know if he’s confused, if he’s made an innocent error, but, in other cases, it’s clear that he simply fabricated something.
For example, he claimed at one point that the head of the Boy Scouts had called him and said that his speech to the Boy Scouts was the best speech ever given the Boy Scout Jamboree. The Boy Scouts told me, no one ever spoke to him, no one ever called him, no one ever said that.
And so in a case like that, I think, in our — in our regular lives, I think the word we would use is lie. So, I think we as journalists should use it in our articles as well.
The White House has reportedly created a new strategy to get President Donald Trump to zero in on policy matters—a schedule block called “policy time.” It’s reminiscent of Trump’s “executive time,” which seemed to consist of tweet storms and cable TV viewing.
Ok…let the fireworks begin.
Might as well get Rex Tillerson’s thoughts on what he REALLY thinks about T…This headline kind of says it all…“Undisciplined, doesn’t like to read’ and tries to do illegal things”
Are we sensing that right now, T is up against all of it. I think so.
The end may be near…wishful but hopeful thinking
Rex Tillerson on Trump: ‘Undisciplined, doesn’t like to read’ and tries to do illegal things
Rex Tillerson came a little bit closer Thursday to saying what he actually thinks of President Trump.
The fired secretary of state, who while in office reportedly called Trump a “moron” (and declined to deny it), expounded on his thoughts on the president in a rare interview with CBS News’s Bob Schieffer in Houston.
It wasn’t difficult to read between the lines. Tillerson said Trump is “pretty undisciplined, doesn’t like to read,” and repeatedly attempted to do illegal things. He didn’t call Trump a “moron,” but he didn’t exactly suggest Trump was a scholar — or even just a steady leader.
“What was challenging for me coming from the disciplined, highly process-oriented Exxon Mobil corporation,” Tillerson said, was “to go to work for a man who is pretty undisciplined, doesn’t like to read, doesn’t read briefing reports, doesn’t like to get into the details of a lot of things, but rather just kind of says, ‘This is what I believe.’ ”
So who is really “dumb as a rock”?
Couldn’t decide if this was Humour or Portrait of a President material - but as it is a real event I believe it should go here.
A newly discovered blind and burrowing amphibian is to be officially named Dermophis donaldtrumpi, in recognition of the US president’s climate change denial.
The name was chosen by the boss of EnviroBuild, a sustainable building materials company, who paid $25,000 (£19,800) at an auction for the right. The small legless creature was found in Panama and EnviroBuild’s Aidan Bell said its ability to bury its head in the ground matched Donald Trump’s approach to global warming.
Trump’s distinctive hair has already led to comparisons to a poisonous furry caterpillar and a golden-plumed pheasant, while a yellow-crowned moth was called Neopalpa donaldtrumpi in 2017.
So nice to think that he gets the recognition he deserves.
As the Stones like to say…“Here comes your nineteenth nervous breakdown…” and this time it is T’s turn. He is having a huge tantrum today, balking at Congress, threatening to shut down the government, over the wall vote.
And he’s been castigated (again) by Ann Coulter…who called his presidency a ‘joke.’
It is affecting T’s base…he’s gone ballistic and dropped her.
Coulter during a podcast interview with The Daily Caller earlier Wednesday called Trump’s presidency “a joke” that will leave “no legacy whatsoever.”
“Why would you [vote for him again]?” the provocative author and columnist asked. “To make sure, I don’t know, Ivanka [Trump] and Jared [Kushner] can make money? That seems to be the main point of the presidency at this point.”
“They’re about to have a country where no Republican will ever be elected president again,” she added. “Trump will just have been a joke presidency who scammed the American people, amused the populists for a while, but he’ll have no legacy whatsoever."
Trump now follows just 45 people and entities, including Fox News hosts Tucker Carlson, Sean Hannity and Laura Ingraham; administration members Vice President Pence, counselor Kellyanne Conway and press secretary Sarah Huckabee Sanders; family members including first lady Melania Trump, senior adviser and daughter Ivanka Trump and eldest son Donald Trump Jr.; and entities including the official White House twitter feed and The Trump Organization.
What is he talking about? What “shutdown money”?
Unless this means he’s trying to instruct Congress not to back pay federal workers for the shutdown; shutdowns lose money rather than gaining it…
@vine409 Exactly. At every step the President seems to fundamentally misunderstand how government actually works.
Quantifying the exact cost to the government is difficult, in part because every shutdown is different. Between November 1995 and January 1996, the government shut down twice for a total of 27 days as Democrats and Republicans clashed over Medicare funding, among other issues. A subsequent analysis conducted by the White House’s Office of Management and Budget estimated that both shutdowns together cost the government $1.4 billion—more than $2 billion today after adjusting for inflation. “That’s not monopoly money,” then-President Bill Clinton said in January 1996 as the two parties were on the verge of yet another shutdown. “Shutting down the government again would be unbelievably irresponsible.”
He’s literally throwing money away right now.