Misplaced Pages

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125-647: In August 2017, the NIAC gained national attention when 8 of the 28 members resigned. They believed that President Donald Trump had given "insufficient attention to the growing threats to the cybersecurity of the critical systems upon which all Americans depend." The NIAC provides the United States President, through the Secretary of Homeland Security , with advice on the security of critical infrastructures, both physical and cyber, supporting sectors of

250-520: A D.C. Superior Court judge dismissed a portion of the lawsuit and dropped the organization as a defendant. Later that month, Racine filed a motion requesting for the organization to be reinstated as a defendant. In February 2022, this request was granted. In May, it was reported that the organization and inaugural committee, which both denied wrongdoing, would pay a $ 750,000 settlement which will benefit two D.C.-based nonprofits. In August 2020, New York Attorney General (AG) Letitia James disclosed in

375-601: A bachelor's degree in economics from the University of Pennsylvania in 1968. After becoming president of the family real estate business in 1971, he renamed it the Trump Organization . Trump launched side ventures following a series of bankruptcies in the 1990s, mostly by licensing the Trump name. From 2004 to 2015, he produced and hosted the reality television series The Apprentice . In 2015, Trump launched

500-512: A " corporate death penalty ". Trump and the organization were ordered to pay nearly $ 355 million before interest in February 2024, with further restrictions placed on the Trump Organization's business certificates, and on both Trump and his adult sons' ability to do business in New York. On March 25, 2024, the required payment was lowered to $ 175 million with a 10 day deadline. Trump posted

625-498: A $ 10 billion Russian money laundering scheme. The bank provided Trump with a variety of services including financial instruments designed to shield him from risks and outside scrutiny, and helped connect Trump to wealthy clients (including some from Russia) who were interested in Western real estate. During the 2000s and 2010s, Trump borrowed $ 2 billion from the bank, owing it about $ 360 million in 2016. From 2000 on,

750-703: A $ 100 million mortgage on Trump Tower (refinanced in 2022) and the liquidation of over $ 200 million in stocks and bonds. He personally guaranteed $ 421 million in debt, most of which is due by 2024. As of October 2021 , Trump had over $ 1.3 billion in debts, much of which was secured by his assets. In 2020, he owed $ 640 million to banks and trust organizations, including Bank of China , Deutsche Bank , and UBS , and approximately $ 450 million to unknown creditors. The value of his assets exceeds his debt. Trump has produced 19 books under his name. At least some of them have been written or co-written by ghostwriters . His first book, The Art of

875-744: A $ 70 million bank construction loan. The hotel reopened in 1980 as the Grand Hyatt Hotel , and that same year, he obtained rights to develop Trump Tower , a mixed-use skyscraper in Midtown Manhattan. The building houses the headquarters of the Trump Corporation and Trump's PAC and was his primary residence until 2019. In 1988, Trump acquired the Plaza Hotel with a loan from a consortium of sixteen banks. The hotel filed for bankruptcy protection in 1992, and

1000-466: A 20 percent share, formed All County Building Supply & Maintenance Corp. The company had no offices and is alleged to have been a shell company for paying the vendors providing services and supplies for Trump's rental units, then billing those services and supplies to Trump Management with markups of 20–50 percent and more. The owners shared the proceeds generated by the markups. The increased costs were used to get state approval for increasing

1125-437: A builder to 1927. In that year, Fred reached the age of majority , and "E. Trump & Son," a name Elizabeth had used in ads since 1921, was formally incorporated. In 1929, with Fred at the helm, the company began developing pricier houses in nearby Jamaica Estates. In the deepening depression , the company went out of business. In 1933 Fred opened a supermarket, called "Trump Market," then quickly sold it and returned to

1250-415: A comeback. The casino company did not fare as well, however, and Trump eventually lost his stake in the company to bankruptcy. In 1997, Fred Trump transferred ownership of the bulk of his portfolio of apartment buildings to his four surviving children (Donald, Robert , Maryanne , and Elizabeth ), submitting tax returns claiming the properties were worth $ 41.4 million. Fred died in 1999. In 2004,

1375-735: A company that sold real estate seminars for up to $ 35,000. After New York State authorities notified the company that its use of "university" violated state law (as it was not an academic institution), its name was changed to the Trump Entrepreneur Initiative in 2010. In 2013, the State of New York filed a $ 40 million civil suit against Trump University, alleging that the company made false statements and defrauded consumers. Additionally, two class actions were filed in federal court against Trump and his companies. Internal documents revealed that employees were instructed to use

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1500-420: A court filing that her office was conducting a civil investigation of the organization for the asset inflation allegation, asking a court to compel the organization to provide information it had been withholding. The Manhattan DA, which had been seeking Donald Trump's tax returns, suggested in an August 2020 federal court filing that the organization was under investigation for bank and insurance fraud. Eric Trump

1625-465: A false instrument for filing. Prosecutors allege that Weisselberg received about $ 1.76 million in undeclared indirect compensation in the form of free rent and utilities, car leases for himself and his wife, and school tuition for his grandchildren. Both the organization and Weisselberg pleaded not guilty . On July 8, the Trump Organization removed Weisselberg as director of the company running Trump International Golf Links, Scotland ; on July 9,

1750-412: A hard-sell approach, and former employees testified that Trump University had defrauded or lied to its students. Shortly after he won the 2016 presidential election, he agreed to pay a total of $ 25 million to settle the three cases. The Donald J. Trump Foundation was a private foundation established in 1988. From 1987 to 2006, Trump gave his foundation $ 5.4 million which had been spent by

1875-402: A history of belittling women when speaking to the media and on social media. He made lewd comments, disparaged women's physical appearances, and referred to them using derogatory epithets. At least 25 women publicly accused him of sexual misconduct , including rape, kissing without consent, groping, looking under women's skirts, and walking in on naked teenage pageant contestants. He has denied

2000-600: A hotel and casino, with financing and management help from the Holiday Corporation . It was unprofitable, and he paid Holiday $ 70 million in May 1986 to take sole control. In 1985, he bought the unopened Atlantic City Hilton Hotel and renamed it Trump Castle . Both casinos filed for Chapter 11 bankruptcy protection in 1992. Trump bought a third Atlantic City venue in 1988, the Trump Taj Mahal . It

2125-461: A lengthy exposé concerning Donald Trump's inheritance from his parents, Fred and Mary Anne MacLeod Trump . It includes detailed analyses of Trump family financial records. The article describes an alleged tax fraud scheme conducted by Trump and his siblings related to their joint inheritance of their parents's real estate holdings, effectively evading over $ 500 million in gift and estate taxes . The alleged schemes involved siphoning money from

2250-489: A political opponent" and that his civil rights were being violated. A federal judge dismissed the suit in May 2022. On January 3, 2022, James and a lawyer for the organization filed a court document noting that Donald Trump and his two eldest children had moved to block their subpoenas on the premise that the AG was attempting to sidestep due process to gather evidence against them in the related criminal case. James argued that

2375-547: A presidential campaign that led to the Trumpism movement. Trump won the 2016 presidential election . His election and policies sparked numerous protests . In his first term , he ordered a travel ban targeting Muslims and refugees, funded the Trump wall expanding the U.S.–Mexico border wall, and implemented a family separation policy at that border. He rolled back more than 100 environmental policies and regulations, signed

2500-433: A real estate slump in 1990, the Trump Organization approached a financial crisis and was believed to be on the brink of collapse, with Donald Trump and his companies owing 72 banks a total of $ 4 billion, of which Trump personally guaranteed $ 800 million. Trump hired Stephen Bollenbach as the company's first chief financial officer , while Allen Weisselberg continued to serve under him as controller. Trump spent

2625-482: A reorganization plan was approved a month later, with the banks taking control of the property. In 1995, he defaulted on over $ 3 billion of bank loans, and the lenders seized the Plaza Hotel along with most of his other properties in a "vast and humiliating restructuring" that allowed him to avoid personal bankruptcy. The lead bank's attorney said of the banks' decision that they "all agreed that he'd be better alive than dead". In 1996, Trump acquired and renovated

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2750-474: A review of state and federal court files conducted by USA Today in 2018, Trump and his businesses had been involved in more than 4,000 state and federal legal actions. While he has not filed for personal bankruptcy , his over-leveraged hotel and casino businesses in Atlantic City and New York filed for Chapter 11 bankruptcy protection six times between 1991 and 2009. They continued to operate while

2875-468: A single formal name. In 1973, the U.S. Department of Justice 's (DOJ) Civil Rights Division filed a civil rights suit against the Trump Organization charging them for violating the 1968 Fair Housing Act by refusing to rent to Black people . The National Urban League had sent Black and White testers to apply for apartments in Trump-owned complexes. The White testers got the apartments, whereas

3000-441: A venue open to the public and members desiring to attend in person. The council uses its public meetings as working meetings, focused on progress reports from its working groups, and on deliberations to produce useful and actionable recommendations in a timely manner. The council is very active, taking on up to six major studies per year, with high-performance goals of delivering quality, well-researched reports between 6–12 months from

3125-419: A white woman in the 1989 Central Park jogger case , even after they were exonerated in 2002 when the actual rapist confessed and his DNA matched the evidence. In October 2024, the men sued Trump for defamation after he said in a televised September debate that they had committed the crime and killed the woman. In 2011, when he was reportedly considering a presidential run, Trump became the leading proponent of

3250-439: A wide range of estimates of the Trump Organization's true value. Donald Trump has been accused on several occasions of deliberately inflating the valuation of Trump Organization properties through the aggressive lobbying of the media, in particular the authors of the annual Forbes 400 list, in order to bolster his perceived net worth among the public over several decades. He has released little definitive financial documentation to

3375-526: Is depleted by exercise. In 2015, his campaign released a letter from his longtime personal physician, Harold Bornstein , stating that he would "be the healthiest individual ever elected to the presidency". In 2018, Bornstein said Trump had dictated the contents of the letter and that three of Trump's agents had seized his medical records in a February 2017 raid on Bornstein’s office. Many of Trump's comments and actions have been described as racist . In national polling, about half of respondents said that he

3500-440: Is racist; a greater proportion believed that he emboldened racists. Several studies and surveys found that racist attitudes fueled his political ascent and were more important than economic factors in determining the allegiance of Trump voters. Racist and Islamophobic attitudes are a powerful indicator of support for Trump. He has also been accused of racism for insisting a group of black and Latino teenagers were guilty of raping

3625-651: The Trump Princess , which had been leased to his casinos and kept docked; and other businesses. In 1995, Trump founded Trump Hotels & Casino Resorts (THCR), which assumed ownership of the Trump Plaza. THCR purchased the Taj Mahal and the Trump Castle in 1996 and went bankrupt in 2004 and 2009, leaving him with 10 percent ownership. He remained chairman until 2009. In 1985, Trump acquired

3750-631: The College Board with legal action if they released his academic records. In 1977, Trump married the Czech model Ivana Zelníčková . They had three children: Donald Jr. (1977–), Ivanka (1981–), and Eric (1984–). The couple divorced in 1990, following his affair with the actress Marla Maples . He and Maples married in 1993 and divorced in 1999. They have one daughter, Tiffany (1993–), whom Maples raised in California. In 2005, he married

3875-528: The Dominican Republic ). Trump's international hotel licensing and management business makes up only $ 220 million of his estimated $ 3.5 billion fortune, but it's the most dynamic part of the Trump portfolio—and it throws off chunks of cash with virtually no risk. As the Trumps have wound down some international deals, they continue to push forward with new domestic agreements. Eric Trump, in

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4000-537: The Eastern Air Lines Shuttle , financing the purchase with $ 380 million (equivalent to $ 979 million in 2023) in loans from a syndicate of 22 banks. He renamed the airline Trump Shuttle and operated it until 1992. He defaulted on his loans in 1991, and ownership passed to the banks. In 1992, Trump, his siblings Maryanne , Elizabeth, and Robert , and his cousin John W. Walter, each with

4125-547: The Forbes article, discussed the "clear separation of church and state that we maintain" between the business and his father and said that with his father's presidency and related changes "[y]ou could look at it either way" in terms of business prospects. He also said that "he will continue to update his father on the business while he is in the presidency ... 'probably quarterly ... profitability reports and stuff like that'." The article quoted Larry Noble, general counsel of

4250-520: The Forbes list claimed in an op-ed to The Washington Post that Trump had lied about his wealth to Forbes to get on the list repeatedly and suggested that Forbes ' s previous low-end estimates of Trump's net worth were still well above his true net worth. In November 2021, The Washington Post reported that between 2011 and 2015, the Trump Organization presented several properties as being worth millions of dollars—in one case over $ 500 million—more to potential lenders than to tax officials. This

4375-605: The Grand Hyatt New York , a hotel owned at the time by the Trump Organization and the Hyatt Corporation, to pay New York City $ 2.9 million in rent that had been withheld by the hotel in 1986 due to "unusual" accounting changes approved by Donald Trump. An investigation by New York City auditors noted that the hotel was missing basic financial records and found the hotel was using procedures that violated generally accepted accounting principles . Amid

4500-560: The Manhattan district attorney was brought to trial in October; on December 6, the organization was convicted on 17 criminal charges. In September 2023, the judge presiding over the civil suit ruled that Trump, his adult sons and the organization repeatedly committed fraud and ordered their New York business certificates canceled and their business entities sent into receivership for dissolution in what has been described by observers as

4625-568: The Mar-a-Lago estate in Palm Beach, Florida. In 1995, he converted the estate into a private club with an initiation fee and annual dues. He continued to use a wing of the house as a private residence. He declared the club his primary residence in 2019. The Trump Organization began building and buying golf courses in 1999. It owns fourteen and manages another three Trump-branded courses worldwide. The Trump Organization has licensed

4750-773: The New Jersey Generals , a team in the United States Football League . After the 1985 season, the league folded, largely due to his attempt to move to a fall schedule (when it would have competed with the NFL for audience) and trying to force a merger with the NFL by bringing an antitrust suit. Trump and his Plaza Hotel hosted several boxing matches at the Atlantic City Convention Hall . In 1989 and 1990, he lent his name to

4875-694: The New York State Department of Taxation and Finance started an investigation. His investments underperformed the stock and New York property markets. Forbes estimated in October 2018 that his net worth declined from $ 4.5 billion in 2015 to $ 3.1 billion in 2017 and his product-licensing income from $ 23 million to $ 3 million. Trump's tax returns from 1985 to 1994 show net losses totaling $ 1.17 billion. The losses were higher than those of almost every other American taxpayer. The losses in 1990 and 1991, more than $ 250 million each year, were more than double those of

5000-709: The Plaza Hotel in Manhattan, the casinos in Atlantic City, New Jersey , and the Trump Hotels & Casino Resorts company. Trump attracted public attention in 1978 with the launch of his family's first Manhattan venture, the renovation of the derelict Commodore Hotel , adjacent to Grand Central Terminal. The financing was facilitated by a $ 400 million city property tax abatement arranged for him by his father who also, jointly with Hyatt , guaranteed

5125-492: The Reform Party , in 1999; a Democrat in 2001; a Republican in 2009; unaffiliated in 2011; and a Republican in 2012. In 1987, Trump placed full-page advertisements in three major newspapers, expressing his views on foreign policy and how to eliminate the federal budget deficit. In 1988, he approached Lee Atwater , asking to be put into consideration to be Republican nominee George H. W. Bush 's running mate. Bush found

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5250-705: The Tax Cuts and Jobs Act of 2017, and appointed three justices to the Supreme Court. He initiated a trade war with China, withdrew the U.S. from several international agreements, and met with North Korean leader Kim Jong Un without progress on denuclearization. In response to the COVID-19 pandemic , Trump signed the CARES Act on March 27, 2020. He was impeached in 2019 for abuse of power and obstruction of Congress, and in 2021 for incitement of insurrection;

5375-744: The Tour de Trump cycling stage race, an attempt to create an American equivalent of European races such as the Tour de France or the Giro d'Italia . From 1986 to 1988, Trump purchased significant blocks of shares in various public companies while suggesting that he intended to take over the company and then sold his shares for a profit, leading some observers to think he was engaged in greenmail . The New York Times found that he initially made millions of dollars in such stock transactions, but "lost most, if not all, of those gains after investors stopped taking his takeover talk seriously". In 1988, Trump purchased

5500-753: The Trump International Hotel in Washington, D.C. , for the event. In April 2020, amid the COVID-19 pandemic in the United States , Eric Trump stated that the Trump Organization had requested rental relief from the landlord for its Trump International Hotel, which is the General Services Administration of the federal government. In September 2020, it was revealed that Trump's properties had charged

5625-552: The University of Pennsylvania , and in 1968 officially joined the company. In the early 1970s, Fred became chairman of the board while Donald was made president of the company. Around 1973, he began referring to the business as the Trump Organization. The business had previously been referred to on occasion as the Fred C. Trump Organization, the Fred Trump Organization, or the Trump Organization, but had not had

5750-464: The financial statements of the Trump Organization's holdings and Donald Trump's personal tax returns are both private, its true value is not publicly known, though a wide range of estimates have been made. Trump has publicly released little definitive financial documentation to confirm his valuation claims. On several occasions, Trump has been accused of deliberately inflating the valuation of Trump Organization properties through aggressive lobbying of

5875-1097: The holding company for all of Trump's business ventures and investments, with around 250 of its affiliates and subsidiaries using the Trump name. Donald Trump joined the organization in 1968, began leading it in 1971, renamed it around 1973, and handed off its leadership to his children in 2017 after he won the 2016 United States presidential election . The Trump Organization, through its various constituent companies and partnerships, has or has had interests in real estate development, investing, brokerage, sales and marketing, and property management. Trump Organization entities own, operate, invest in , and develop residential real estate , hotels , resorts , residential towers , and golf courses in various countries. They also operate or have operated in construction , hospitality , casinos , entertainment , book and magazine publishing , broadcast media, model management, retail, financial services, food and beverages, business education, online travel, commercial and private aviation, and beauty pageants. Trump Organization entities also own

6000-437: The 1980s, expanded rapidly in the U.S. during the 1990s. Trump obtained a loan of approximately $ 425 million from them in 1998. In the process of its rapid expansion, the bank engaged in numerous questionable practices, including manipulating currencies and interest rates, laundering billions of dollars for Russian oligarchs and misleading international bank regulators. The bank was fined $ 630 million in 2017 for facilitating

6125-486: The 1982, 1983, and 1984 rankings. Trump has often said he began his career with "a small loan of a million dollars" from his father and that he had to pay it back with interest. He was a millionaire by age eight, borrowed at least $ 60 million from his father, largely failed to repay those loans, and received another $ 413 million (2018 dollars adjusted for inflation) from his father's company. In 2018, he and his family were reported to have committed tax fraud, and

6250-475: The 2020 election and his handling of classified documents , which were dismissed following his reelection in 2024. Trump was born on June 14, 1946, at Jamaica Hospital in Queens , New York City, the fourth child of Fred Trump and Mary Anne MacLeod Trump . He is of German and Scottish descent. He grew up with his older siblings, Maryanne , Fred Jr. , and Elizabeth, and his younger brother, Robert , in

6375-462: The Black testers did not. According to court records, four superintendents or rental agents reported that applications sent to the central office for acceptance or rejection were coded by race. A 1979 Village Voice article quoted a rental agent who said Fred Trump had instructed him not to rent to Black people and to encourage existing Black tenants to leave. In 1975, a consent decree described by

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6500-589: The Deal (1987), was a New York Times Best Seller . While he was credited as co-author, the entire book was written by Tony Schwartz . According to The New Yorker , the book made Trump famous as an "emblem of the successful tycoon". Trump had cameos in many films and television shows from 1985 to 2001. Starting in the 1990s, Trump was a guest about 24 times on the nationally syndicated Howard Stern Show . He had his own short-form talk radio program called Trumped! from 2004 to 2008. From 2011 until 2015, he

6625-582: The House in the 2022 midterm elections , the committee stopped requesting financial records from Trump's accounting firm, Mazars , leading the report to assume that additional payments had occurred. In August 2018, the Manhattan district attorney (DA) was reported to be considering criminal charges against the organization and two of its senior executives for their accounting of then-Trump personal attorney Michael Cohen 's hush money payment to Stormy Daniels . In October 2018, The New York Times published

6750-462: The Manhattan DA investigation. On July 1, 2021, the Manhattan district attorney criminally charged the Trump Organization with a "15 year 'scheme to defraud' the government", conspiracy, and falsifying business records. Prosecutors filed 10 charges against the organization and its Trump Payroll Corporation entity, and 15 felony counts against Weisselberg , including grand larceny and offering

6875-622: The New York AG subpoenaed Trump in the civil case, with plans to depose him on January 7, 2022. Ivanka and Donald Trump Jr. were issued subpoenas in the matter on the same day. By mid-December 2021, an accountant for Trump had testified before the grand jury. Prosecutors were reportedly examining whether the organization provided its outside accountants, Mazars USA, with cherry-picked information with which to prepare favorable financial statements to present to prospective lenders. Mazars provided disclaimers with its financial statements for

7000-464: The New York attorney general determined the foundation to be in violation of state law, for soliciting donations without submitting to required annual external audits, and ordered it to cease its fundraising activities in New York immediately. Trump's team announced in December 2016 that the foundation would be dissolved. In June 2018, the New York attorney general's office filed a civil suit against

7125-442: The New York investigation in announcing that it would no longer stand by its financial statements created for the Trump Organization from mid-2010 to mid-2020, and that it would no longer work with the organization. On January 11, 2017, before starting his tenure as president of the United States , Trump announced that he and his daughter Ivanka would fully resign and his sons Donald Jr. and Eric would take executive charge of

7250-406: The New York television production company that produced the reality television franchise The Apprentice . Retail operations include or have included fashion apparel, jewelry and accessories, books, home furnishings, lighting products, bath textiles and accessories, bedding, home fragrance products, small leather goods, vodka, wine, barware, steaks, chocolate bars, and bottled spring water. Since

7375-555: The Senate acquitted him in both cases. Trump's politics and rhetoric led to the creation of Trumpism . Many of his comments and actions have been characterized as racially charged, racist, and misogynistic. He promoted conspiracy theories and made many false and misleading statements during his campaigns and presidency, to a degree unprecedented in American politics. After his first term, scholars and historians ranked him as one of

7500-477: The Slovenian model Melania Knauss . They have one son, Barron (2006–). Trump says he has never drunk alcohol, smoked cigarettes, or used drugs. He sleeps about four or five hours a night. He has called golfing his "primary form of exercise", but usually does not walk the course. He considers exercise a waste of energy because he believes the body is "like a battery, with a finite amount of energy", which

7625-533: The Trump Organization falsely and fraudulently valued multiple assets and misrepresented those values to financial institutions for economic benefit." On February 17, a judge rejected an argument by a Trump attorney that the former president belongs to a protected class and ordered the Trumps to testify; the First Judicial Department of the Supreme Court of New York State upheld this ruling on May 26. From late April to late June, Trump

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7750-485: The Trump Organization held 50% of TD Trump Deutschland AG , a corporate venture with a German company, planning to build a skyscraper named "Trump Tower Europe" in Frankfurt , Berlin or Stuttgart , but allegedly never paid the full amount of their € 2 million share. At least three lawsuits followed and the company was disestablished in 2005. By mid-2016, it was alleged that the organization, specifically under

7875-565: The Trump campaign to Trump properties during his presidency is estimated at $ 10–17 million. Conflict of interest concerns were raised soon after Trump became president when China preliminarily approved 38 trademarks in his name for a variety of branded businesses including hotels, restaurants, spas, escort services, and massage parlors. Trump had applied for the trademarks as a candidate in April 2016. In 2018 and 2019, China granted 23 trademarks to Trump-owned companies and to Ivanka Trump while

8000-427: The Trump name for consumer products and services, including foodstuffs, apparel, learning courses, and home furnishings. According to The Washington Post , there are more than 50 licensing or management deals involving his name, and they have generated at least $ 59 million in revenue for his companies. By 2018, only two consumer goods companies continued to license his name. In September 1983, Trump purchased

8125-441: The Trumps were using a continued pattern of "delay tactics" to keep her from interviewing them under oath . On January 10, Habba filed a motion seeking a stay of proceedings to allow an injunction against James. On January 18, James filed a motion to compel Trump and his two oldest children to appear in court, stating that "Thus far in our investigation, we have uncovered significant evidence that suggests Donald J. Trump and

8250-480: The U.S. administration and China were engaged in trade negotiations. In January 2024, Democratic members of the US House Committee on Oversight and Accountability released a report, White House for Sale: How Princes, Prime Ministers, and Premiers Paid Off President Trump , detailing over $ 7.8 million in payments from foreign governments to Trump-owned businesses. After Republicans took control of

8375-503: The US, Russians make up a pretty disproportionate cross-section of a lot of our assets ... We see a lot of money pouring in from Russia." James Dodson , a golf magazine writer, said that during a 2014 golf game, he asked Trump's son Eric how the organization was funding its golf resort acquisitions, to which Trump responded, "Well, we don't rely on American banks. We have all the funding we need out of Russia." Eric Trump later denied making

8500-399: The allegations. In October 2016, a 2005 " hot mic " recording surfaced in which Trump bragged about kissing and groping women without their consent, saying that "when you're a star, they let you do it. You can do anything. ... Grab 'em by the pussy ." The incident's widespread media exposure led to Trump's first public apology during his 2016 presidential campaign and caused outrage across

8625-477: The banks restructured debt and reduced his shares in the properties. During the 1980s, more than 70 banks had lent Trump $ 4 billion. After his corporate bankruptcies of the early 1990s, most major banks, with the exception of Deutsche Bank, declined to lend to him. After the January ;6 Capitol attack , the bank decided not to do business with him or his company in the future. In 1982, Trump made

8750-481: The bond on April 1, 2024, thus ensuring that his assets and properties could not be seized until at least the time his appeals finished. Donald Trump's grandparents Frederick Trump and Elizabeth Christ Trump were a German immigrant couple who moved to the borough of Queens in 1907. Frederick began developing real estate there. He died during the " Spanish flu " pandemic in 1918, leaving an estate valued at $ 31,359 (or about $ 535,381 in 2020). Elizabeth carried on in

8875-402: The civil and criminal cases, which an RNC spokesperson referred to as "politically motivated legal proceedings". In December 2021, Trump's lawyer Alina Habba filed a lawsuit against New York AG Letitia James, alleging that the investigation of the former president was "guided solely by political animus and a desire to harass, intimidate, and retaliate against a private citizen who she views as

9000-505: The companies to the children throughout their lives and understating the value of transferred properties. In mid-2021, Mary L. Trump (a primary source for the exposé) elaborated on how the organization used a shell corporation to siphon money, devaluing Fred Trump's "core business" to $ 30 million at the time of his death. Michael Cohen testified to Congress in February 2019 that Trump "inflated [the organization's] total assets when it served his purposes, such as trying to be listed amongst

9125-590: The company moved to Brooklyn, where, in addition to Queens, Trump was a prolific builder of single-family homes. During World War II , Trump constructed apartments and temporary housing for military personnel in Virginia and Pennsylvania. In 1944, he shifted his focus back to Brooklyn and began planning to develop large apartment buildings. He opened the 1,344-unit Shore Haven complex in 1949, followed by Beach Haven in 1950 and Trump Village in 1964. Donald Trump worked for his father's business while attending

9250-509: The company removed him as director of 40 subsidiaries registered in Florida. It was later reported that Weisselberg had invoked his Fifth Amendment right against self-incrimination over 500 times. The Manhattan DA convened a second grand jury the last week of October 2021; it began to hear evidence on November 4, reportedly to consider charges related to the company's valuation of assets. By November 22, prosecutors were scrutinizing several of

9375-640: The critical infrastructure and key resource areas as delineated in HSPD-7. LEADERSHIP: The position of NIAC chair and vice-chair are named by the president. As of August 2023, the NIAC Chair position was held by Adebayo Ogulesi , Chairman and CEO of Global Infrastructure Partners, and Ms. Maria Lehman served as the vice-chair. The NIAC meets publicly four times each year. All meetings, whether in person or by teleconference, are hosted in Washington, D.C., in

9500-650: The economy. It also has the authority to provide advice directly to the heads of other agencies that have shared responsibility for critical infrastructure protection , including Health and Human Services, Transportation, and Energy. The NIAC is charged to improve the cooperation and partnership between the public and private sectors in securing the critical infrastructures and advises on policies and strategies that range from risk assessment and management to information sharing to protective strategies and clarification on roles and responsibilities between public and private sectors. The National Infrastructure Advisory Council (NIAC)

9625-539: The end of 2006. After donating a total of $ 65,000 in 2007–2008, he stopped donating any personal funds to the charity, which received millions from other donors, including $ 5 million from Vince McMahon . The foundation gave to health- and sports-related charities, conservative groups, and charities that held events at Trump properties. In 2016, The Washington Post reported that the charity committed several potential legal and ethical violations, including alleged self-dealing and possible tax evasion . Also in 2016,

9750-522: The end of the day, he owns the business. He has the conflicts that come with it." Also in March 2017, Forbes did a listing of all "36 mini-Trumps", as it termed the domestic and international partners—often described as "billionaires"—with whom the Trump Organization has worked over the years. Introducing the listing, the magazine reported that at least 14 of the partners attended Trump's inauguration and some of them paid for $ 18,000-a-night accommodations at

9875-481: The evidence against Trump, two top prosecutors in the case resigned in February 2022 after new district attorney Alvin Bragg said he was not prepared to authorize an indictment of Trump personally. One of the prosecutors who resigned, Mark Pomerantz , stated in his resignation letter that Trump was "guilty of numerous felony violations" and that he was confident it could be proven in court. Bragg's spokeswoman later said

10000-475: The following years renegotiating his debts, and gave up some properties, including the Trump Shuttle airline and a stake in the Plaza Hotel in Manhattan. Bollenbach left the company in 1992. In 1995, Trump took another major step towards financial stability, launching a publicly traded company for the Trump casinos, Trump Hotels & Casino Resorts . By 1996, Trump was widely considered to be making

10125-409: The foundation, Trump, and his adult children, seeking $ 2.8 million in restitution and additional penalties. In December 2018, the foundation ceased operation and disbursed its assets to other charities. In November 2019, a New York state judge ordered Trump to pay $ 2 million to a group of charities for misusing the foundation's funds, in part to finance his presidential campaign. Roy Cohn

10250-476: The four siblings sold the apartments for $ 737.9 million to a group led by Rubie Schron , marking the family's exit from ownership of their father's business. During the property boom of the 1980s, Trump acquired numerous properties and by 1990 owed $ 4 billion to 72 banks. When the market entered a slump in 1990 that placed the organization at risk of collapse, Trump and his lenders acted to restructure his debts, although they disagree on who identified

10375-559: The government over $ 1.1 million since the beginning of his presidency. At the Bedminster club, for example, the Secret Service rented a three-bedroom cottage for $ 17,000 per month. The Washington Post arrived at this total amount after it filed a public-records lawsuit and pieced together receipts and invoices from Trump's businesses. Political contributions were also spent at Trump properties. The total amount paid by

10500-565: The head of DOJ's housing division as "one of the most far-reaching ever negotiated" required Trump to advertise vacancies in minority papers and list vacancies with the Urban League. The Justice Department subsequently stated that continuing "racially discriminatory conduct by Trump agents has occurred with such frequency that it has created a substantial impediment to the full enjoyment of equal opportunity." Donald Trump focused his efforts on major development projects in Manhattan, including

10625-464: The inception of the selected studies. Its reports have drawn public and private sector interest with regular requests from Congressional committees for copies. Public meetings are normally attended by several members of the Press. The president meets with the council at least once a year and has directed very specific requests to the council for recommendations on issues of interest. The White House monitors

10750-768: The initial Forbes list of wealthy people for holding a share of his family's estimated $ 200 million net worth (equivalent to $ 631 million in 2023). His losses in the 1980s dropped him from the list between 1990 and 1995. After filing the mandatory financial disclosure report with the FEC in July 2015, he announced a net worth of about $ 10 billion. Records released by the FEC showed at least $ 1.4 billion in assets and $ 265 million in liabilities. Forbes estimated his net worth dropped by $ 1.4 billion between 2015 and 2018. In their 2024 billionaires ranking, his net worth

10875-417: The leadership of Donald Trump, had a history of not paying for services rendered. Several hundred contractors or workers for the organization have filed lawsuits or liens saying they were not paid for their work, and others say they had to settle for cents on the dollar. Trump's eldest son, Donald Jr. , was quoted as saying at a 2008 New York real estate conference, "In terms of high-end product influx into

11000-414: The media (in particular the authors of the annual Forbes 400 list) to bolster his perceived net worth. By 2019, the Trump Organization was being scrutinized by New York investigators for possible financial fraud. In July 2021, New York prosecutors charged the organization with 10 counts in an alleged 15-year tax avoidance scheme. In November, The Washington Post reported that between 2011 and 2015

11125-476: The members of the NIAC were: Donald Trump Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021. He won the 2024 presidential election as the nominee of the Republican Party and will be inaugurated as the 47th president on January 20, 2025. Trump graduated with

11250-638: The mostly vacant 71-story skyscraper at 40 Wall Street , later rebranded as the Trump Building. In the early 1990s, he won the right to develop a 70-acre (28 ha) tract in the Lincoln Square neighborhood near the Hudson River. Struggling with debt from other ventures in 1994, he sold most of his interest in the project to Asian investors, who financed the project's completion, Riverside South . Trump's last major construction project

11375-605: The nearest taxpayers. In 1995, his reported losses were $ 915.7 million (equivalent to $ 1.83 billion in 2023). In 2020, The New York Times obtained Trump's tax information extending over two decades. Its reporters found that he reported losses of hundreds of millions of dollars. Since 2010 he had also failed to pay back $ 287 million in loans. During the 15 years prior to 2020, using tax credits for business losses, he paid no income taxes in 10 of those years and $ 750 each in 2016 and 2017. He balanced his businesses' losses by selling and borrowing against assets, including

11500-523: The nonpartisan Campaign Legal Center and a former chief ethics officer at the Federal Election Commission , and President George W. Bush 's former chief ethics lawyer, Richard Painter , as looking negatively at such multiple planned updates of Trump's businesses per year. Noble said in part "if he is now going to get reports from his son about the businesses, then he really isn't separate in any real way." Painter said in part "at

11625-660: The organization and Trump's inaugural committee on the basis that it had funneled nonprofit funding intended for the inauguration to the Trumps via event accommodations and a private party costing several hundred thousand dollars at the Trump Hotel. Ivanka Trump testified in December 2020 that she had little to no involvement in the event, which Mother Jones reported in June 2021 was false. Donald Jr. similarly made key statements in his February 2021 testimony which Mother Jones reported in April 2021 were false. In November 2021,

11750-444: The organization presented several properties as being worth far more to potential lenders than to tax officials. In August 2022, the organization's chief financial officer, Allen Weisselberg , pleaded guilty to committing more than a dozen felonies, including criminal tax fraud and grand larceny. In September 2022, New York Attorney General Letitia James announced a civil lawsuit against the organization. A separate criminal case by

11875-462: The organization's properties for which, between 2011 and 2015, far higher values were presented to potential lenders than were reported to tax officials. In the most extreme case, in 2012, the 40 Wall Street building was cited as being worth $ 527 million to the former, but only $ 16.7 million to the latter. Michael Cohen subsequently stated that prosecutors could "indict Donald Trump tomorrow if they really wanted, and be successful". On December 1,

12000-447: The organization, indicating that the firm had not audited, reviewed, or given any assurances about them, and noting that "Donald J. Trump is responsible for the preparation and fair presentation of the financial statement in accordance with accounting principles generally accepted in the United States of America." The Republican National Committee (RNC) agreed to pay up to $ 1.6 million of Trump's legal expenses for his defense in both

12125-728: The political spectrum. Starting in 1968, Trump was employed at his father's real estate company, Trump Management, which owned racially segregated middle-class rental housing in New York City's outer boroughs. In 1971, his father made him president of the company and he began using the Trump Organization as an umbrella brand . In 1975, Trump settled a 1973 Department of Justice civil rights lawsuit alleging housing discrimination against black renters by consenting to desegregate. Between 1991 and 2009, he filed for Chapter 11 bankruptcy protection for six of his businesses:

12250-400: The problem and initiated negotiations. The resulting restructuring required his banks to forgive some of Trump's debt. Trump's casinos later entered bankruptcies in which his bondholders took deep losses. After these incidents, Trump had difficulty borrowing new money from most mainstream financial institutions. Deutsche Bank , which did not have a significant presence on Wall Street during

12375-565: The progress of the Council’s studies on a regular basis between meetings through a liaison in the Homeland Security Council. In August 2017, 8 of the 28 members of the NIAC resigned. According to their resignation letter, the members believed that President Donald Trump has given "insufficient attention to the growing threats to the cybersecurity of the critical systems upon which all Americans depend, including those impacting

12500-425: The public to confirm his valuation claims. It is difficult to determine a net value for the Trump Organization's real estate holdings independently since each individual property may be encumbered by debt. In October 2015, Forbes published an article detailing its decades-long struggle to estimate the true net worth of Trump and the Trump Organization. In 2018, a former Forbes journalist who had worked on

12625-523: The racist "birther" conspiracy theory , alleging that Barack Obama, the first black U.S. president, was not born in the U.S. In April, he claimed credit for pressuring the White House to publish the "long-form" birth certificate, which he considered fraudulent, and later said this made him "very popular". In September 2016, amid pressure, he acknowledged that Obama was born in the U.S. In 2017, he reportedly expressed birther views privately. Trump has

12750-435: The real estate business after her husband's death. She had contractors build houses on the empty lots Frederick had owned, sold the houses, and earned income off the mortgages she provided to buyers. Her middle child, Donald Trump's father Fred Trump , entered the carpentry trade after graduating high school in 1923. Fred would later say he completed his first single-family home in 1924, but other sources date his start as

12875-468: The real estate business. Around this same time, Fred Trump and a partner acquired the mortgage-servicing subsidiary of Brooklyn 's J. Lehrenkrauss & Co. , which had gone bankrupt and subsequently been broken up amid charges of fraud. This gave Trump access to the titles of many properties nearing foreclosure , which he bought at low cost and sold for a profit. He quickly became known as one of New York City's most successful young businessmen. In 1935,

13000-529: The related licensing agreements, they earned him more than $ 400 million. In February 2021, Trump, who had been a member of SAG-AFTRA since 1989, resigned to avoid a disciplinary hearing regarding the January ;6 attack. Two days later, the union permanently barred him. Trump registered as a Republican in 1987; a member of the Independence Party , the New York state affiliate of

13125-566: The renovation of the Commodore Hotel , in partnership with Hyatt , as the Grand Hyatt New York (opened in 1980); the construction of Trump Tower in partnership with The Equitable (1983); and the development of Trump Plaza (1984). He also opened three casino hotels in Atlantic City, New Jersey : Trump Plaza (1984), Trump Castle (1985), and Trump Taj Mahal (1990). In 1989, New York State officials ordered

13250-581: The rents of his rent-stabilized units. From 1996 to 2015, Trump owned all or part of the Miss Universe pageants, including Miss USA and Miss Teen USA . Due to disagreements with CBS about scheduling, he took both pageants to NBC in 2002. In 2007, he received a star on the Hollywood Walk of Fame for his work as producer of Miss Universe. NBC and Univision dropped the pageants in June 2015. In 2004, Trump co-founded Trump University ,

13375-632: The request "strange and unbelievable". Trump was a candidate in the 2000 Reform Party presidential primaries for three months, but withdrew from the race in February 2000. In 2011, Trump speculated about running against President Barack Obama in the 2012 election , making his first speaking appearance at the Conservative Political Action Conference (CPAC) in February and giving speeches in early primary states. In May, he announced he would not run. His presidential ambitions were generally not taken seriously at

13500-424: The statement, although some of the company's financing apparently involves Russian money. The organization has many projects in foreign nations, leading some to point to a conflict of interest with foreign nations should Donald Trump become the president of the United States. The financial statements of the Trump Organization's holdings are private, as are Donald Trump's personal tax returns , and there exist

13625-616: The systems supporting our democratic election process", they also mentioned "his failure "to denounce intolerance and violence of hate groups" when asked about the "horrific violences in Charlottesville", and they pointed to his move to withdraw from the Paris Agreement . The members had been appointed under the Obama administration . The council continued to meet and do business with the remaining members. As of August 2023,

13750-542: The time, Sheri Dillon, said Trump's assets would be overseen by an ethics officer, and that the Trump Organization would not pursue any new foreign business deals. Under the pre- inaugural management agreement, Forbes magazine reported in March 2017: The Trump Organization has curtailed some of its international work, pulling out of deals in Azerbaijan , Georgia and Brazil , while pledging to do no new foreign deals (though it has apparently resurrected an old deal in

13875-431: The time. Trump announced his candidacy in June 2015. His campaign was initially not taken seriously by political analysts, but he quickly rose to the top of opinion polls. He became the front-runner in March 2016 and was declared the presumptive Republican nominee in May. The Trump Organization The Trump Organization is an American privately owned conglomerate owned by Donald Trump . It serves as

14000-406: The various businesses, along with Chief Finance Officer Allen Weisselberg. Trump transferred his companies into a revocable trust , allowing him to tell the trustees how to run the company and fire them at any time. Trump retained his financial stake in the business, despite having offered during the campaign to put all his assets in a blind trust should he win the presidency. His attorney at

14125-590: The wealthiest people in Forbes, and deflated his assets to reduce his real estate taxes." Following Cohen's testimony, the New York State Department of Financial Services issued a subpoena to Aon , the organization's longtime insurance broker. By September 2019, the organization was under federal investigation by the Southern District of New York regarding inflated insurance claims allegations. In January 2020, D.C. Attorney General Karl Racine sued

14250-545: The wealthy Jamaica Estates neighborhood of Queens. He attended the private Kew-Forest School through seventh grade and New York Military Academy , a private boarding school, from eighth through twelfth grade. In 1964, Trump enrolled at Fordham University . Two years later, he transferred to the Wharton School of the University of Pennsylvania , graduating in May 1968 with a Bachelor of Science in economics. In 2015, he threatened his high school, colleges, and

14375-450: The worst presidents in American history. He lost the 2020 presidential election , but did not concede, falsely claiming widespread electoral fraud and attempting to overturn the results , including his involvement in the January 6 Capitol attack . In 2024, he was found guilty of falsifying business records , making him the first U.S. president to be convicted of a felony. He faced more felony indictments related to his interference in

14500-415: Was Trump's fixer , lawyer, and mentor for 13 years in the 1970s and 1980s. According to Trump, Cohn sometimes waived fees due to their friendship. In 1973, Cohn helped Trump countersue the U.S. government for $ 100 million (equivalent to $ 686 million in 2023) over its charges that Trump's properties had racial discriminatory practices. Trump's counterclaims were dismissed, and the government's case

14625-479: Was a guest commentator on Fox & Friends . From 2004 to 2015, Trump was co-producer and host of reality shows The Apprentice and The Celebrity Apprentice . On the shows, he was a superrich and successful chief executive who eliminated contestants with the catchphrase "you're fired". The New York Times called his portrayal a "highly flattering, highly fictionalized version of Mr. Trump". The shows remade his image for millions of viewers nationwide. With

14750-423: Was being scrutinized by New York prosecutors in their investigation of the organization's possible fraud and tax evasion. The next month, The New York Times reported that prosecutors were examining whether the organization provided its outside accountants, Mazars , with cherry-picked information with which to prepare favorable financial statements to present to prospective lenders. In February 2022, Mazars cited

14875-476: Was created by Executive Order 13231 of October 16, 2001, and amended by Executive Order 13286 of February 28, 2003, Executive Order 13385 of September 29, 2005, Executive Order 13446 of September 28, 2007, and Executive Order 13511 of September 29, 2009. The council is composed of not more than 30 members, appointed by the president, who are selected from the private sector, academia, and State and local government, representing senior executive leadership expertise from

15000-521: Was deposed on October 5. He reportedly invoked his Fifth Amendment right against self-incrimination over 500 times. On May 18, 2021, the New York AG's office announced that it was joining the Manhattan DA's office in probing the organization "in a criminal capacity." The Manhattan DA convened a special grand jury to consider indicting Trump, his company and/or executives. By June 2021, longtime chief financial officer Allen Weisselberg and chief operating officer Matthew Calamari were under scrutiny of

15125-596: Was estimated to be $ 2.3 billion (1,438th in the world). In 2018, journalist Jonathan Greenberg reported that Trump had called him in 1984 pretending to be a fictional Trump Organization official named " John Barron ". Greenberg said that, to get a higher ranking on the Forbes 400 list of wealthy Americans, Trump, speaking as "Barron", falsely asserted that Donald Trump owned more than 90 percent of his father's business. Greenberg also wrote that Forbes had vastly overestimated Trump's wealth and wrongly included him on

15250-404: Was financed with $ 675 million in junk bonds and completed for $ 1.1 billion, opening in April 1990. He filed for Chapter 11 bankruptcy protection in 1991. Under the provisions of the restructuring agreement, he gave up half his initial stake and personally guaranteed future performance. To reduce his $ 900 million of personal debt, he sold the Trump Shuttle airline; his megayacht,

15375-413: Was held in civil contempt for failing to provide subpoenaed documents. Subsequently, real-estate firm Cushman & Wakefield , which conducted appraisals for several Trump Organization properties (before cutting ties by January 2021), was held in contempt for failing to meet a deadline for subpoenaed documents. After weeks of internal debate within the district attorney's office about the strength of

15500-482: Was settled with the Trumps signing a consent decree agreeing to desegregate. In 1975, an agreement was struck requiring Trump's properties to furnish the New York Urban League with a list of all apartment vacancies, every week for two years, among other things. Cohn introduced political consultant Roger Stone to Trump, who enlisted Stone's services to deal with the federal government. According to

15625-590: Was the 92-story mixed-use Trump International Hotel and Tower (Chicago) which opened in 2008. In 2024, the New York Times and ProPublica reported that the Internal Revenue Service was investigating whether he had twice written off losses incurred through construction cost overruns and lagging sales of residential units in the building he had declared to be worthless on his 2008 tax return. In 1984, Trump opened Harrah's at Trump Plaza ,

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