President Donald Trump painted a rosy picture of his financial condition during a televised town hall Thursday night, calling his hundreds of millions of dollars in debt coming due "a peanut" and saying he had borrowed it as a favor to lenders eager to take advantage of his financial strength.In
President Donald Trump painted a rosy picture of his financial condition during a televised town hall Thursday night, calling his hundreds of millions of dollars in debt coming due “a peanut” and saying he had borrowed it as a favor to lenders eager to take advantage of his financial strength.
“When a bank asks for a personal guarantee, it is because the bank isn’t satisfied with the creditworthiness of the borrower,” said Richard Scott Carnell, who served as assistant secretary for financial institutions at the Treasury Department under President Bill Clinton and now teaches law at Fordham University. “If the captain gives a personal guarantee for the ship, he will be less likely to sink it.
The tax-return data obtained by The Times does not by its nature identify the lender for most of Trump’s debts. But the borrowing businesses and largest amounts track with the personal financial disclosures he has been required to file with the federal government as a candidate and president. As The Times has reported, Deutsche Bank and Trump have had a long and fraught relationship, with the bank at times being hesitant to lend to Trump, including refusing to advance him money during his 2016 campaign.
The Times’ totals for Trump’s debts do not include $950 million that the Vornado partnership borrowed on the two buildings in 2012 from four lenders, including Deutsche Bank. Tax records issued to Trump show he is not responsible for any of that debt.
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