President Donald Trump, who would have us believe that he is the richest and most moneyed rich guy of all rich guys, borrowed millions of dollars from a small bank in Florida in 2018.
Funny thing happened just months later. The bank's CEO was appointed to a position at the Federal Reserve.
Isn't that odd. And why was Trump taking out loans for millions of dollars in 2018?
From Mother Jones:
Trump's various businesses' revenues were mixed, with declines at properties he rarely visits—as well as at his Mar-a-Lago resort—but increases at properties like his Washington D.C. hotel. While Trump did add revenue from online sales of branded products and saw increased sales of his bottled water, he recorded declines in areas more central to his business, including commissions earned through his realty firm.
The most significant change to Trump's finances may be the addition of the new debt. According to the disclosure, Trump borrowed between $5 million and $25 million in May 2018 from Professional Bank, a small Florida outfit that specializes in construction and real estate loans. He borrowed the money at 4.5 percent interest through a limited liability company called 1125 South Ocean LLC. The loan was used to finance the purchase of 1125 South Ocean Avenue, a mansion located next door to Trump's Mar-a-Lago club and owned by the president's sister, Maryanne Trump Barry, a former federal judge. (Barry formally retired in February, ending a judicial ethics investigation into the family's finances.)
Last year, Palm Beach-area newspapers reported that Trump's sons, Donald Jr. and Eric, had purchased Barry's property for $18.5 million. But Trump's financial disclosure indicates that in fact he controls the company behind the transaction. Though assets and liabilities are reported in ranges on financial disclosure forms, land records show that the value of Trump's newest loan was $11.2 million.
The house was quickly added to the Trump International Realty website, where it was offered for rent at a rate of $100,000 a month. As of Thursday, the house was still listed as available, but at the greatly reduced rate of $81,250 a month.
Kathleen Clark, an ethics expert and a law professor at Washington University in St. Louis, said the fact that a sitting president is seeking out loans from a bank raises conflict of interest questions.
Trump Already Owed More Money Than Any President in History—and Borrowed Millions More in 2018
[Russ Choma, Mother Jones]
[via @CREWcrew]
