NY Times: Donald Trump is rich because his father gave him lots of money

It’s politically incorrect to say this but Donald Trump is not a self-made billionaire. From the New York Times:

But The Times’s investigation, based on a vast trove of confidential tax returns and financial records, reveals that Mr. Trump received the equivalent today of at least $413 million from his father’s real estate empire, starting when he was a toddler and continuing to this day.

and he got much of this money the way the rich often get their money, he swindled it:

Much of this money came to Mr. Trump because he helped his parents dodge taxes. He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents, records and interviews show. Records indicate that Mr. Trump helped his father take improper tax deductions worth millions more. He also helped formulate a strategy to undervalue his parents’ real estate holdings by hundreds of millions of dollars on tax returns, sharply reducing the tax bill when those properties were transferred to him and his siblings.

These maneuvers met with little resistance from the Internal Revenue Service, The Times found. The president’s parents, Fred and Mary Trump, transferred well over $1 billion in wealth to their children, which could have produced a tax bill of at least $550 million under the 55 percent tax rate then imposed on gifts and inheritances.

The Trumps paid a total of $52.2 million, or about 5 percent, tax records show.

Fred Trump gave Donald money in multiple ways, all designed to minimize taxes,:

He made Donald not just his salaried employee but also his property manager, landlord, banker and consultant. He gave him loan after loan, many never repaid. He provided money for his car, money for his employees, money to buy stocks, money for his first Manhattan offices and money to renovate those offices. He gave him three trust funds. He gave him shares in multiple partnerships. He gave him $10,000 Christmas checks. He gave him laundry revenue from his buildings.

and if Fred Trump could get others to partially pay, all the better:

Each year Fred Trump spent millions of dollars maintaining and improving his properties. Some of the vendors who supplied his building superintendents and maintenance crews had been cashing Fred Trump’s checks for decades. Starting in August 1992, though, a different name began to appear on their checks — All County Building Supply & Maintenance.

Mr. Walter’s computer systems, meanwhile, churned out All County invoices that billed Fred Trump’s empire for those same services and supplies, with one difference: All County’s invoices were padded, marked up by 20 percent, or 50 percent, or even more, records show.

The Trump siblings split the markup, along with Mr. Walter.


The Trumps used the padded All County invoices to justify higher rent increases in Fred Trump’s rent-regulated buildings. Fred Trump, according to Mr. Walter, saw All County as a way to have his cake and eat it, too. If he used his “expert negotiating ability” to buy a $350 refrigerator for $200, he could raise the rent based only on that $200, not on the $350 sticker price “a normal person” would pay, Mr. Walter explained. All County was the way around this problem. “You have to understand the thinking that went behind this,” he said.

As Robert Trump acknowledged in his deposition, “The higher the markup would be, the higher the rent that might be charged.”

State records show that after All County’s creation, the Trumps got approval to raise rents on thousands of apartments by claiming more than $30 million in major capital improvements. Tenants repeatedly protested the increases, almost always to no avail, the records show.

Donald would have lost his money a couple times if this father hadn’t bailed him out, such as:

Donald Trump took on a mien of invincibility. The stock market crashed in 1987 and the economy cratered. But he doubled down thanks in part to Fred Trump’s banks, which eagerly extended credit to the young Trump princeling. He bought the Plaza Hotel in 1988 for $407.5 million. He bought the Eastern Airlines shuttle fleet in 1989 for $365 million and called it Trump Shuttle. His newest casino, the Trump Taj Mahal, would need at least $1 million a day just to cover its debt.

On Dec. 17, 1990, Fred Trump dispatched Howard Snyder, a trusted bookkeeper, to Atlantic City with a $3.35 million check. Mr. Snyder bought $3.35 million worth of casino chips and left without placing a bet. Apparently, even this infusion wasn’t sufficient, because that same day Fred Trump wrote a second check to Trump’s Castle, for $150,000, bank records show.

In December 1987, records show, Fred Trump bought a 7.5 percent stake in Trump Palace, a 55-story condominium building his son was erecting on the Upper East Side of Manhattan. Most, if not all, of his investment, which totaled $15.5 million, was made by exchanging his son’s unpaid debts for Trump Palace shares, records show.
Four years later, in December 1991, Fred Trump sold his entire stake in Trump Palace for just $10,000, his tax returns and financial statements reveal. Those documents do not identify who bought his stake. But other records indicate that he sold it back to his son.

And now he’s President of the United States. It makes me proud.

Trump’s Labor Day

Next Monday the country celebrates labor, this is the way President Trump does it:

President Donald Trump has told Congress he is canceling a pay raise that most civilian federal employees were due to receive in January, citing budgetary constraints.

Last year, his administration passed a tax cut that has mainly gone to the rich and now he uses that as an excuse to get rid of pay increases (and since there is this thing called inflation, that means there’s basically a pay cut). Happy Labor Day.

Lock them up

It was not a good day for Donald Trump yesterday. Paul Manafort, who was his campaign manager for five months, was convicted on eight counts:

Manafort was convicted of five counts of tax fraud, two counts of bank fraud, and one count of failure to disclose a foreign bank account. The jury was unable to reach a verdict on the remaining 10 counts, and the judge declared a mistrial on those charges.

This one seems like a building block case for the possible Russian collusion-it doesn’t talk about the collusion directly but it shows Manafort committed crimes while working with people who worked with Russians, if there was collusion he was probably involved.

In the second case, Michael Cohen pled guilty to counts of breaking campaign finance laws, tax evasion, and bank fraud. This seems less related to Russian collusion but was more directly damaging to Trump:

Michael Cohen, President Trump’s former lawyer, made the extraordinary admission in court Tuesday that Trump had directed him to arrange payments to two women during the 2016 campaign to keep them from speaking publicly about affairs they said they had with Trump.

The whole Mueller probe seems like a classic mob prosecution. It started with lesser figures and is working it’s way in (see who has been charged so far here). There is already enough so that the House should be talking about impeachment, but that’s unlikely as long as Republicans hold the majority. Vote in November.

Turkey, compare and contrast

Donald Trump is very upset with Turkey:

U.S. President Donald Trump intensified his spat with Turkey on Friday by imposing higher tariffs on metal imports, putting unprecedented economic pressure on a NATO ally and deepening turmoil in Turkish financial markets.

Why is he so upset?

Brunson, an evangelical Presbyterian pastor from North Carolina, was jailed for allegedly supporting a group that Ankara blames for an attempted coup in 2016. Brunson denies the

charge. His cause resonates with Christian conservative supporters of Trump, who could also be influential as Republicans seek to retain control of Congress in midterm elections in November.

This was a change:

At the U.N. General Assembly last year, Trump called Erdogan a “friend” who got “very high marks” for how he runs the country.

Just weeks ago, Trump was reported to have fist-bumped Erdogan during a NATO meeting in Brussels.

Now compare this to an incident last May:

Supporters of President Recep Tayyip Erdogan of Turkey, including his government security forces and several armed individuals, violently charged a group of protesters outside the Turkish ambassador’s residence here on Tuesday night in what the police characterized as “a brutal attack.”

The episode was not the first time that Turkish security forces have ignited violence in the American capital. The police and members of Mr. Erdogan’s security team clashed with demonstrators last year outside the Brookings Institution, where Mr. Erdogan was giving a speech. Brookings wrote on its website that his bodyguards had “behaved unacceptably — they roughed up protesters outside the building and tried to drag away ‘undesired’ journalists, an approach typical of the Russians or Chinese.”

After that incident, President Trump … still called Erdogan a good friend. So, roughing up US protestors in the US is fine but jailing an evangelical pastor crosses the line? This is life in the time of Trump.

Donald Trump is anti-immigrant and racist

The United States has long been known as a refuge, something Donald Trump is against:

Last year, after a fierce internal battle that pitted Miller, who advocated a limit as low as 15,000, against officials at the Department of Homeland Security, the State Department and the Pentagon, Trump set the cap at 45,000, a historic low. Under one plan currently being discussed, no more than 25,000 refugees could be resettled in the United States next year, a cut of more than 40 percent from this year’s limit. It would be the lowest number of refugees admitted to the country since the creation of the program in 1980.

The goal is to bring in more whites:

Another steep reduction in refugees would be the latest piece of a multipronged effort by the president — devised and driven in large part by Miller — not just to crack down on illegal immigration, but also to fundamentally change the face of legal immigration in America.

The approach would move away from a system that prioritizes diversity, family ties and providing protection for persecuted people and toward one singularly focused on merit and skills. The president’s periodic efforts to pressure Congress to enact such policies have gone nowhere, but he has used his executive power to make changes where he can.

This doesn’t explicitly show the policy is racist but some of his previous comments make it clear:

President Trump grew frustrated with lawmakers Thursday in the Oval Office when they discussed protecting immigrants from Haiti, El Salvador and African countries as part of a bipartisan immigration deal, according to several people briefed on the meeting.

“Why are we having all these people from shithole countries come here?” Trump said, according to these people, referring to countries mentioned by the lawmakers.

Trump then suggested that the United States should instead bring more people from countries such as Norway, whose prime minister he met with Wednesday. The president, according to a White House official, also suggested he would be open to more immigrants from Asian countries because he felt that they help the United States economically.

In addition, the president singled out Haiti, telling lawmakers that immigrants from that country must be left out of any deal, these people said.

Just another way that Donald Trump is making the US a worse place.

Really, what does Putin have on Trump?

The intelligence community strikes back:

Two weeks before his inauguration, Donald J. Trump was shown highly classified intelligence indicating that President Vladimir V. Putin of Russia had personally ordered complex cyberattacks to sway the 2016 American election.


According to nearly a dozen people who either attended the meeting with the president-elect or were later briefed on it, the four primary intelligence officials described the streams of intelligence that convinced them of Mr. Putin’s role in the election interference.

They included stolen emails from the Democratic National Committee that had been seen in Russian military intelligence networks by the British, Dutch and American intelligence services. Officers of the Russian intelligence agency formerly known as the G.R.U. had plotted with groups like WikiLeaks on how to release the email stash.

And ultimately, several human sources had confirmed Mr. Putin’s own role.

That included one particularly valuable source, who was considered so sensitive that Mr. Brennan had declined to refer to it in any way in the Presidential Daily Brief during the final months of the Obama administration, as the Russia investigation intensified.

So, Trump was shown almost incontrovertible evidence before his inauguration and yet he still continuously questions it. It really makes one wonder what Putin has on him.

And this makes one think about it even more:

At this week’s summit in Helsinki, Russian President Vladimir Putin proposed what President Trump described as an “incredible offer” — the Kremlin would give special counsel Robert S. Mueller III access to interviews with Russians who were indicted after they allegedly hacked Democrats in 2016. In return, Russia would be allowed to question certain U.S. officials it suspects of interfering in Russian affairs.

One of those U.S. officials is a former U.S. ambassador to Moscow, Michael McFaul, a nemesis of the Kremlin because of his criticisms of Russia’s human rights record.

On Wednesday, White House press secretary Sarah Huckabee Sanders declined to rule out the Kremlin’s request to question McFaul and other Americans. Asked during the daily press briefing whether Trump is open to the idea of having McFaul questioned by Russia, Sanders said President Trump is “going to meet with his team” to discuss the offer.

There are a bunch of comebacks here, including this one from John Kerry:

The administration needs to make it unequivocally clear that in a million years this wouldn’t be under consideration, period. Full stop,” adding that the proposal is “not something that should require a half second of consultation. Dangerous.

This is what happens when you don’t prepare for a summit–you say stupid things because you don’t know what you’re talking about. Or, at least, you can claim that so people are a bit less likely to wonder what Putin has on him.

President Trump: traitor or just Russian apologist?

President Trump thinks both the US and Russia are to blame for bad relations:

Yes, I do. I hold both countries responsible. I think that the United States has been foolish. I think we’ve all been foolish. We should have had this dialogue a long time ago — a long time, frankly, before I got to office. And I think we’re all to blame. I think that the United States now has stepped forward, along with Russia. And we’re getting together. And we have a chance to do some great things, whether it’s nuclear proliferation, in terms of stopping — because we have to do it. Ultimately, that’s probably the most important thing that we can be working on.

But I do feel that we have both made some mistakes. I think that the probe is a disaster for our country. I think it’s kept us apart. It’s kept us separated. There was no collusion at all. Everybody knows it. People are being brought out to the fore.

And he believes both Putin and the US intelligence agencies:

So let me just say that we have two thoughts. You have groups that are wondering why the FBI never took the server. Why haven’t they taken the server? Why was the FBI told to leave the office of the Democratic National Committee? I’ve been wondering that. I’ve been asking that for months and months, and I’ve been tweeting it out and calling it out on social media. Where is the server? I want to know, where is the server? And what is the server saying?

With that being said, all I can do is ask the question. My people came to me — Dan Coats came to me and some others — they said they think it’s Russia. I have President Putin; he just said it’s not Russia.

I will say this: I don’t see any reason why it would be, but I really do want to see the server. But I have — I have confidence in both parties. I really believe that this will probably go on for a while, but I don’t think it can go on without finding out what happened to the server. What happened to the servers of the Pakistani gentleman that worked on the DNC? Where are those servers? They’re missing. Where are they? What happened to Hillary Clinton’s emails? Thirty-three thousand emails gone — just gone. I think, in Russia, they wouldn’t be gone so easily. I think it’s a disgrace that we can’t get Hillary Clinton’s 33,000 emails.

So I have great confidence in my intelligence people, but I will tell you that President Putin was extremely strong and powerful in his denial today. And what he did is an incredible offer; he offered to have the people working on the case come and work with their investigators with respect to the 12 people. I think that’s an incredible offer.

Ok, I have to admit I’m not sure if he’s saying that he trusts them both or squirrel.

For fun Putin implied that Trump wants to help prop up oil and gas prices:

If I may, I’d throw in some two cents. We talked to Mr. President, including this subject as well. We are aware of the stance of President Trump. And I think that we, as a major oil and gas power — and the United States, as a major oil and gas power as well — we could work together on regulation of international markets, because neither of us is actually interested in the plummeting of the prices.

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