Documents offer first glimpse into his business empire since inauguration, including detail that new Washington hotel has brought in almost $20m
Donald Trump on Friday released documents that offer the first glimpse into his business empire since he was inaugurated.
Trumps Washington hotel has brought in almost $20m in revenue since it opened last fall. His Mar-a-Lago resort in Florida, which hes visited seven times as president, pulled in millions of dollars more than was reported in previous filings.
The new details are included in a financial disclosure that Trump voluntarily submitted Friday to the Office of Government Ethics.
When he took office in January, Trump turned over the reins of his global real estate, property management and marketing empire to his two adult sons and a senior executive. But Trump did not divest, instead placing his enormous portfolio of financial assets in a trust controlled by the executive and Donald Trump Jr. The president can take back control of the trust at any time, and hes free to withdraw cash from it as he pleases.
His latest financial disclosure covers January 2016 through this spring.
The documents have added importance because Trump isnt following the long tradition of presidential candidates and office-holding of making public his tax returns. Those returns provide more complete financial information than the financial disclosures, which include mostly broad ranges for income and debts.
The report shows Trump resigned from more than 500 positions, stepping down from many on the day before his inauguration. Trump listed at least $315m in liabilities, about the same as in a report he filed last year.
The president still owes more than $100m to Deutsche Bank and a similar amount to Ladder Capital Finance, a New York-based real estate investment trust.
What is unclear from the disclosure is whether Trump added to his debt in any significant way to help pay for his presidential campaign. Because the ranges required for disclosure under federal ethics laws are so wide Trumps disclosure lists five separate liabilities each at over $50,000,000 it is impossible to tell whether his debt load has changed appreciably.
Some of Trumps businesses appear to be earning more money than they had a year earlier. However, because this filing cover 16 months, it is difficult to make direct comparisons between Trumps financial disclosures from previous years.
Mar-a-Lago, where Trump played host to several foreign dignitaries during his seven weekends there this winter, has improved its finances. Trump listed the resorts income as about $37m, up from the about $30m it had taken in prior to his May 2016 financial report.
Originally published at: http://www.theguardian.com/us