Serious Shady accounting underpins Trump’s wealth

[ginfreely]

Shady accounting underpins Trump’s wealth

The GOP nominee is rich. But how rich depends on odd accounting and subjective criteria.
By BEN WHITE 05/31/16 05:21 AM EDT Updated 05/31/16 10:24 AM EDT

NEW YORK — Donald Trump claims a net worth of more than $10 billion and an income of $557 million. But he appears to get there only by overvaluing properties and ignoring his expenses.

POLITICO spoke with more than a dozen financial experts and Trump’s fellow multimillionaires about the presumptive Republican nominee’s latest financial statement. Their conclusion: The real estate magnate’s bottom line — what he actually puts in his own pocket — could be much lower than he suggests. Some financial analysts said this, and a very low tax rate, is why Trump won’t release his tax returns.

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http://www.politico.com/story/2016/05/donald-trump-money-net-worth-223662

 

[ginfreely]

"A big chunk of Trump’s net worth figure comes from high valuations he bestows on his golf course properties. Trump values nine of his golf properties at “over $50 million” for a total of at least $450 million. He values at least four more at up to $25 million and a fifth at up to $50 million. But golf course valuation experts say there is nothing in the report to support these lofty figures.

“Unless we really know what the income and expenses for the clubs are, it’s impossible to even guess at what the value would be,” said Larry Hirsh, a founder of the Society of Golf Appraisers and the president of Golf Property Analysts. “He’s a classic example of a guy that, when he wants to get a loan or tell you how wealthy he is, he’ll tell you something is worth a bazillion dollars. But when he wants to get taxes reduced, he’ll tell you it’s worth $2.95.”

In fact, a New York state political official accuses Trump of doing exactly that."

 

[ginfreely]

"Trump also claims high revenues at many of his golf properties.

The biggest revenue generator listed on Trump’s report is Trump National Doral in Miami at $132 million. In total, 14 golf properties listed on the disclosure form provided at least $300 million in revenue, more than half of Trump’s total claimed income, for an average of about $21 million per property.

That is far higher than the revenue typical of many golf courses. But several of Trump’s properties, including Doral, feature multiple courses and revenue-producing resorts, making the numbers somewhat less outlandish. “ But several of Trump’s properties, including Doral, feature multiple courses and revenue-producing resorts, making the numbers somewhat less outlandish. “

 

[ginfreely]

“Trump has a tendency to value his brand at a very high amount, but these are usually intangible valuations just pulled out of thin air,” said Steve Stanganelli, a certified financial planner at Clear View Wealth Advisors. “And he appears to be reporting gross revenue. There is a huge difference between that and net income. What really matters is what you put in the bank.”

 

[ginfreely]

"The case against Trump’s accounting of his wealth: His businesses apparently generate a lot of revenue but may not put much cash in his pocket; he assigns himself a net worth that is impossible to verify and may be based in part on fantasy; and he is selling assets and increasing debt in ways that suggest a man scrambling for ready cash.

In response to a list of questions for this story, Trump campaign spokeswoman Hope Hicks emailed: “The report speaks for itself.” If it does, the 104-page report — which Trump filed with the Federal Election Commission on May 17 — does not speak clearly.

The financial disclosure form showed Trump adding fresh debt of at least $50 million, though a campaign news release said Trump is using increased revenue to reduce his debt, which is now at least $315 million and possibly more than $500 million. The disclosure also suggests that Trump sold fund assets to raise as much as $7 million in cash and individual securities to raise up to $9 million more."

 

[kryonlight]

Not only the USA but the whole world will be fucked big time if Trump becomes the POTUS. When even the classic lard piece from North Korea endorses Trump, you know that Trump is definitely a disastrous Donald duck.

Trump's 3,500 lawsuits unprecedented for a presidential nominee

 

[johnny333]

Very strange that Trump is over inflating his net worth while other wealthy people are shy about revealing just how much $$$ they have

Take for example LKY, he was known to frown on PAP politicians who showed how rich they were. I bet there are Sporeans who are unaware that LKY died a multi-billionaire

 

[ginfreely]

Very strange that Trump is over inflating his net worth while other wealthy people are shy about revealing just how much $$$ they have

Take for example LKY, he was known to frown on PAP politicians who showed how rich they were. I bet there are Sporeans who are unaware that LKY died a multi-billionaire

Not strange to inflate so that he can claim to be the "successful titan" who can make America great again.

"Sen. Elizabeth Warren of Massachusetts has emerged as a high-profile Democratic surrogate prosecuting the case that Trump might not be as rich as he says he is. “We don’t know what Trump pays in taxes because he is the first presidential nominee in 40 years to refuse to disclose his tax returns,” Warren said in a fiery speech last week, followed by an extended Twitter war with the presumptive GOP nominee. “Maybe he’s just a lousy businessman who doesn’t want you to find out that he’s worth a lot less money than he claims.”

Thus far, Trump has proved impervious to this line of argument, backing up claims from Manafort and others that voters simply don’t care about Trump’s tax returns and believe that he is the fabulously successful titan he says he is.

But if anything could damage the Trump brand, some analysts say, it would be persistent revelations about his business record and personal riches. “By any stretch, Trump is rich. But the perception now is that he is richer and huger and better than everyone,” said Stanganelli. “What happens if that perception changes?”

 

[ginfreely]

Not only the USA but the whole world will be fucked big time if Trump becomes the POTUS. When even the classic lard piece from North Korea endorses Trump, you know that Trump is definitely a disastrous Donald duck.

Trump's 3,500 lawsuits unprecedented for a presidential nominee

Only a bully will do this.

"He sometimes responds to even small disputes with overwhelming legal force. He doesn’t hesitate to deploy his wealth and legal firepower against adversaries with limited resources, such as homeowners. He sometimes refuses to pay real estate brokers, lawyers and other vendors.
As he campaigns, Trump often touts his skills as a negotiator. The analysis shows that lawsuits are one of his primary negotiating tools. He turns to litigation to distance himself from failing projects that relied on the Trump brand to secure investments. As USA TODAY previously reported, he also uses the legal system to haggle over his property tax bills. His companies have been involved in more than 100 tax disputes, and the New York State Department of Finance has obtained liens on Trump properties for unpaid tax bills at least three dozen times.

And despite his boasts on the campaign trail that he “never” settles lawsuits, for fear of encouraging more, he and his businesses have settled with plaintiffs in at least 100 cases reviewed by USA TODAY. Most involve people who say they were physically injured at Trump properties, with settlements that range as high as hundreds of thousands of dollars."