An eight-month investigation by ProPublica and WNYC reveals that the post-millennium Trump business model is different from what has been previously reported. The Trumps were typically way more than mere licensors or bystanders in their often-troubled deals. They were deeply involved in these projects. They helped mislead investors and buyers -- and they profited handsomely from it. (Image: Cover detail/Pro Publica/WNYC)
'Pump and Trump': Explosive New Investigation Reveals Corrupt Practices of President's Family Business
Donald Trump claims he only licensed his name for real estate projects developed by others. But an investigation of a dozen Trump deals shows deep family involvement in projects that often involved deceptive practices.
Since Donald Trump's fortunes came surging back with the success of "The Apprentice" 14 years ago, his deals have often been scrutinized for the large number of his partners who have ventured to the very edges of the law, and sometimes beyond. Those associates have included accused money launderers, alleged funders of Iran's Revolutionary Guard and a felon who slashed someone in the face with a broken margarita glass.
Trump and his company have typically countered by saying they were merely licensing his name on these real estate projects in exchange for a fee. They weren't the developers or in any way responsible.
But an eight-month investigation by ProPublica and WNYC reveals that the post-millennium Trump business model is different from what has been previously reported. The Trumps were typically way more than mere licensors or bystanders in their often-troubled deals. They were deeply involved in these projects. They helped mislead investors and buyers -- and they profited handsomely from it.
Patterns of deceptive practices occurred in a dozen deals across the globe, as the business expanded into international projects, and the Trumps often participated. One common pattern, visible in more than half of those transactions, was a tendency to misstate key sales numbers.
In interviews and press conferences, Ivanka Trump gave false sales figures for projects in Mexico's Baja California; Panama City, Panama; Toronto and New York's SoHo neighborhood. These statements weren't just the legendary Trump hype; they misled potential buyers about the viability of the developments.
Another pattern: Donald Trump repeatedly misled buyers about the amount (or existence) of his ownership in projects in Tampa, Florida; Panama; Baja and elsewhere. For a tower planned in Tampa, for example, Trump told a local paper in 2005 that his ownership would be less than 50 percent: "But it's a substantial stake. I recently said I'd like to increase my stake but when they're selling that well they don't let you do that." In reality, Trump had no ownership stake in the project.
The Trumps often made money even when projects failed. And when they tanked, the Trumps simply ignored their prior claims of close involvement, denied any responsibility and walked away.
The cycle is exemplified in Panama City, where the Trumps were involved in a project to build a massive tower and complex known as the Trump Ocean Club. The project's unfortunate turns included bankruptcy, then, years later, the forcible ejection of the Trump Organization from managing the hotel.
There, as elsewhere, the Trump Organization disclaimed responsibility. It emphasized that it had merely licensed the Trump name to developers who handled everything from construction to marketing. "The Trump Organization was not the owner, developer or seller of the Trump Ocean Club Panama project," it said in a statement last year. "Because of its limited role, the company was not responsible for the financing of the project and had no involvement in the sale of units."
That was false...
Read the full article at Pro Publica.
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This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
Since Donald Trump's fortunes came surging back with the success of "The Apprentice" 14 years ago, his deals have often been scrutinized for the large number of his partners who have ventured to the very edges of the law, and sometimes beyond. Those associates have included accused money launderers, alleged funders of Iran's Revolutionary Guard and a felon who slashed someone in the face with a broken margarita glass.
Trump and his company have typically countered by saying they were merely licensing his name on these real estate projects in exchange for a fee. They weren't the developers or in any way responsible.
But an eight-month investigation by ProPublica and WNYC reveals that the post-millennium Trump business model is different from what has been previously reported. The Trumps were typically way more than mere licensors or bystanders in their often-troubled deals. They were deeply involved in these projects. They helped mislead investors and buyers -- and they profited handsomely from it.
Patterns of deceptive practices occurred in a dozen deals across the globe, as the business expanded into international projects, and the Trumps often participated. One common pattern, visible in more than half of those transactions, was a tendency to misstate key sales numbers.
In interviews and press conferences, Ivanka Trump gave false sales figures for projects in Mexico's Baja California; Panama City, Panama; Toronto and New York's SoHo neighborhood. These statements weren't just the legendary Trump hype; they misled potential buyers about the viability of the developments.
Another pattern: Donald Trump repeatedly misled buyers about the amount (or existence) of his ownership in projects in Tampa, Florida; Panama; Baja and elsewhere. For a tower planned in Tampa, for example, Trump told a local paper in 2005 that his ownership would be less than 50 percent: "But it's a substantial stake. I recently said I'd like to increase my stake but when they're selling that well they don't let you do that." In reality, Trump had no ownership stake in the project.
The Trumps often made money even when projects failed. And when they tanked, the Trumps simply ignored their prior claims of close involvement, denied any responsibility and walked away.
The cycle is exemplified in Panama City, where the Trumps were involved in a project to build a massive tower and complex known as the Trump Ocean Club. The project's unfortunate turns included bankruptcy, then, years later, the forcible ejection of the Trump Organization from managing the hotel.
There, as elsewhere, the Trump Organization disclaimed responsibility. It emphasized that it had merely licensed the Trump name to developers who handled everything from construction to marketing. "The Trump Organization was not the owner, developer or seller of the Trump Ocean Club Panama project," it said in a statement last year. "Because of its limited role, the company was not responsible for the financing of the project and had no involvement in the sale of units."
That was false...
Read the full article at Pro Publica.
Since Donald Trump's fortunes came surging back with the success of "The Apprentice" 14 years ago, his deals have often been scrutinized for the large number of his partners who have ventured to the very edges of the law, and sometimes beyond. Those associates have included accused money launderers, alleged funders of Iran's Revolutionary Guard and a felon who slashed someone in the face with a broken margarita glass.
Trump and his company have typically countered by saying they were merely licensing his name on these real estate projects in exchange for a fee. They weren't the developers or in any way responsible.
But an eight-month investigation by ProPublica and WNYC reveals that the post-millennium Trump business model is different from what has been previously reported. The Trumps were typically way more than mere licensors or bystanders in their often-troubled deals. They were deeply involved in these projects. They helped mislead investors and buyers -- and they profited handsomely from it.
Patterns of deceptive practices occurred in a dozen deals across the globe, as the business expanded into international projects, and the Trumps often participated. One common pattern, visible in more than half of those transactions, was a tendency to misstate key sales numbers.
In interviews and press conferences, Ivanka Trump gave false sales figures for projects in Mexico's Baja California; Panama City, Panama; Toronto and New York's SoHo neighborhood. These statements weren't just the legendary Trump hype; they misled potential buyers about the viability of the developments.
Another pattern: Donald Trump repeatedly misled buyers about the amount (or existence) of his ownership in projects in Tampa, Florida; Panama; Baja and elsewhere. For a tower planned in Tampa, for example, Trump told a local paper in 2005 that his ownership would be less than 50 percent: "But it's a substantial stake. I recently said I'd like to increase my stake but when they're selling that well they don't let you do that." In reality, Trump had no ownership stake in the project.
The Trumps often made money even when projects failed. And when they tanked, the Trumps simply ignored their prior claims of close involvement, denied any responsibility and walked away.
The cycle is exemplified in Panama City, where the Trumps were involved in a project to build a massive tower and complex known as the Trump Ocean Club. The project's unfortunate turns included bankruptcy, then, years later, the forcible ejection of the Trump Organization from managing the hotel.
There, as elsewhere, the Trump Organization disclaimed responsibility. It emphasized that it had merely licensed the Trump name to developers who handled everything from construction to marketing. "The Trump Organization was not the owner, developer or seller of the Trump Ocean Club Panama project," it said in a statement last year. "Because of its limited role, the company was not responsible for the financing of the project and had no involvement in the sale of units."
That was false...
Read the full article at Pro Publica.