Trump In Hock to China to the Tune of $211 Million; UPDATE: Or Not?
Donald Trump is warning “China will own the United States” if Joe Biden is elected president.
But Trump himself is tens of millions of dollars in debt to China: In 2012, his real estate partner refinanced one of Trump’s most prized New York buildings for almost $1 billion. The debt includes $211 million from the state-owned Bank of China — its first loan of this kind in the U.S. — which matures in the middle of what could be Trump’s second term, financial records show.
Could be a problem for our hero:
The revelation complicates one of Trump’s emerging campaign attacks against Biden: that the former vice president would be a gift to the Communist country and America’s chief economic rival.
Aside from the historic precedent of a developer-turned president paying back millions to a bank controlled by a foreign government, the 2012 Bank of China deal also stands out because Trump and his campaign have repeatedly highlighted the same bank’s role in a $1.5 billion deal announced in 2013 by partners of Joe Biden’s son, Hunter Biden. Critics of the Bidens have seized on the fact that the agreement materialized just days after Hunter Biden traveled to China with the then-vice president, who was there on official business.
“Why did the Chinese government’s bank want to do business with Hunter Biden while his dad was Vice President,” Trump’s campaign asked on Twitter earlier this month. The issue was also raised in a campaign ad the day before, one in a stream of criticisms about the China deal raised by campaign spokespeople and Trump since last year.
Trump is proud of the building:
The building at 1290 Avenue of the Americas is a particular point of pride for Trump, who mentioned it when he announced his candidacy in 2015.
“I beat China all the time,” Trump said during a speech at the time from Trump Tower, adding, “I own a big chunk of the Bank of America building [in San Francisco] and 1290 Avenue of the Americas that I got from China in a war. Very valuable. I love China.”
OK then.
UPDATE: The Politico article has been updated:
After the first version of this article was published, the Bank of China issued a statement Friday evening stating that it sold its debt on the building weeks after the 2012 loan on the property. Vornado Realty Trust owns 70 percent of the building.
“On November 7, 2012 several financial institutions including the Bank of China participated in a commercial mortgage loan of $950 million to Vornado Realty Trust,” said Peter Reisman, managing director and chief communications officer of Bank of China U.S.A. “Within 22 days, the loan was securitized and sold into the [commercial mortgage-backed securities] market, as is a common practice in the industry. Bank of China has not had any ownership interest in that loan since late November 2012.”
Another public document, however, lists Bank of China as a creditor on 1290 Avenue of the Americas even after the bank said it was no longer involved in the property. Filed in 2017 with the New York City Department of Finance Office of the Register, it lists the Bank of China as a secured party having a financial interest in the building’s fixtures.
The Bank of China could not explain why its name was listed on the 2017 document, describing it as “technical error.”
Hmm.
Sadly, China already owns much in America. But I have to wonder: with all of these states trying to sue China over COVID-19, if they win China will refuse to pay . . . in which case there will be pressure to repudiate American debt to China to make up those unpaid victories.
The Dana in Kentucky (a2adc1) — 4/24/2020 @ 8:52 amSo, Trump is in hock to China
For his hotels and his diner
Our host we can see
Rubs his hands with such glee
And thinks nothing could be finer!
(This is where I most lament not being able to switch ‘handles’ anymore, since this should be from the Limerick Avenger.)
The Dana in Kentucky (a2adc1) — 4/24/2020 @ 8:55 amDonald Trump owes cash
The Dana in Kentucky (a2adc1) — 4/24/2020 @ 8:57 amto the People’s Republic
he’ll just go bankrupt
True. If you owe China a million dollars that’s your problem. If you owe China 200 million dollars that’s their problem. If Donald ‘Never Kept a Promise in his whole damn life’ owes China 200 million dollars that’s just going to brighten my day a little bit because they are never going to see that money.
Dustin (e5f6c3) — 4/24/2020 @ 9:00 am> if they win China will refuse to pay . . . in which case there will be pressure to repudiate American debt to China to make up those unpaid victories.
why? wouldn’t the standard way to handle this sort of thing be to seize their assets in the US and use them to pay the damages?
talk of repudiating American debt is very, very dangerous. A formal US default would shatter the world economy and would likely cause the dollar to lose its status as the world’s reserve currency.
aphrael (7962af) — 4/24/2020 @ 9:03 amI’m fine with wiping out all debt to China. This disease inflicting by them upon society needs to be repaid.
I do notice more drip drip drip coming out about the 2016 election that is no longer mentioned in polite company.
https://dailycaller.com/2020/04/23/christopher-steele-dossier-deleted-emails-source/
Wiped? Like with a cloth?
NJRob (4d595c) — 4/24/2020 @ 9:05 amA new disclosure every day, Rob.
It sure raises some interesting questions…
Colonel Haiku (2601c0) — 4/24/2020 @ 9:09 amEmoluments Clause…. “No Person holding any Office of Profit or Trust under the United States, shall, without the Consent of the Congress, accept of any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince, or foreign State.”
It is in the Constitution because it’s an important safeguard for America. But just how is it enforced without the release of the officeholder’s financial information? In this case, President Trump.
noel (4d3313) — 4/24/2020 @ 9:11 amaphrael wrote:
I said that there would be pressure for it; that doesn’t mean it would be either wise or done.
That said, if there is one way to reduce our dependence upon borrowed money it’s to stiff the lenders.
Talk is not dangerous; anyone can say anything he wishes.
Shatter the world economy? It’s starting to look as though that is already happening!
Losing the dollar’s status as the world’s reserve currency? Well, that didn’t happen to the Pound sterling when Britain repudiated its World War I debts, did it? The pound only lost that status after it got involved in two world wars for which it couldn’t pay, and the US greatly overtook it as the world’s leading economic power.
The greatest problem for reserve currency status change is the fact that there’s really no replacement for the dollar.
The Dana in Kentucky (a2adc1) — 4/24/2020 @ 9:13 amOur country elected a stupid grifter, heavily in debt to various foreign banks and entities. What could possibly go wrong?
Victor (4355e3) — 4/24/2020 @ 9:13 amjust imagine this
Colonel Haiku (2601c0) — 4/24/2020 @ 9:15 ambut I wonder if you can
this I can tell you
If barrel bottom is what yer expecting
Colonel Haiku (2601c0) — 4/24/2020 @ 9:24 amYou’ll stand a Chinese fellow’s chance of collecting
Use Magic 8 Ball for this
It’s rain and not piss
But don’t use the damn stuff for injecting
The fact that the Trump organization owes china a lot of money doesn’t shock me in the slightest. We know he’s a liar. We know he’s corrupt. We know he’s milking the office for everything he can think of.
At a minimum Congress needs to pass laws to make make the emoluments clause actionable. This was a remedy the courts suggested in one of the law suites.
Time123 (cd2ff4) — 4/24/2020 @ 9:29 amMy understanding is that this was performative and was going no where due to sovereign immunity. Is that not correct?
Time123 (cd2ff4) — 4/24/2020 @ 9:30 amInteresting read.
Does this support the conspiracy theory that the Dossier was facked as part of plot to hurt trump?
Time123 (cd2ff4) — 4/24/2020 @ 9:31 amOr the conspiracy theory that the Russia connection was all true and now their covering their tracks?
Does this support the conspiracy theory that the Dossier was facked as part of plot to hurt trump?
No, it was a plot to fack Trump, good and hard.
Try the coffee.
Colonel Haiku (2601c0) — 4/24/2020 @ 9:48 amIt’s fitting that both Trump and the US government owe China lots of money, but I can’t get past this…
It wasn’t that long ago that QAnoners were prescribing bleach as a magic cure.
Paul Montagu (6418de) — 4/24/2020 @ 9:57 am9. The idea that there’s no replacement for the dollar is almost entirely psychological and political. No one wants to be “that guy,” the guy who blinked. But anything can be a currency; most of the “USDs” that exist right now only exist as digital information that could go POOF at the drop of a hat, in theory.
Gryph (08c844) — 4/24/2020 @ 9:59 am@16 so far every investigation has failed to find any evidence to support that claim, and Trump’s DOJ has declined to prosecute McCabe, or Comey. But maybe Durahm will find something new.
Time123 (cd2ff4) — 4/24/2020 @ 10:19 amActually, the Daily Caller article demonstrates that the FBI was right in the first place. But you have to read the whole article to realize that.
Kishnevi (8b0353) — 4/24/2020 @ 10:25 amWe saw Trump collude with Putin on national TV. It simply isn’t in dispute, among honest non-fanatics, given all the meetings between Don Jr and Russia, or the many folks who went to prison. If you MUST interpret all reality to praise your leader, then yes, it is an impossibly complex conspiracy to get Trump.
Imagine what these guys will say when the DOJ and FBI actually start the unobstructed investigation next year?
Dustin (e5f6c3) — 4/24/2020 @ 10:33 amYou don’t bankrupt on a secured asset. Even a cheating, lying fraud like Duh Donald can’t.
Ragspierre (d9bec9) — 4/24/2020 @ 10:56 amThe idea that there’s no replacement for the dollar is almost entirely psychological and political.
I don’t think you’ll find anyone who’s said that, either.
But thanks for stating the obvious.
Ragspierre (d9bec9) — 4/24/2020 @ 10:58 am“Wiped? Like with a cloth?”
Injected. Like with bleach.
Davethulhu (ba84db) — 4/24/2020 @ 11:10 amScarcasm. Completely impenetrable to those that want to look at every word and act in the worst possible light.
Stay indoors. You’ll live longer.
NJRob (4d595c) — 4/24/2020 @ 11:14 am“Scarcasm. Completely impenetrable to those that want to look at every word and act in the worst possible light.”
Literally nobody thought he was being sarcastic until he claimed it today.
Davethulhu (ba84db) — 4/24/2020 @ 11:17 amScarcasm. Completely impenetrable to those that want to look at every word and act in the worst possible light.
You were being sarcastic there, right?
Right…???
Ragspierre (d9bec9) — 4/24/2020 @ 11:19 amNJRob, is he being sarcastic here? This is from about less than an hour ago:
https://twitter.com/Acyn/status/1253742051159498753
Davethulhu (ba84db) — 4/24/2020 @ 11:24 amHave you ever heard of no recourse financing? Trump would be a stupid real estate investor if he was personally liable for the debt beyond his investment. His investment at the 2012 refinancing would be worth $15 million. A $1 billion building with a $950 million mortgage is worth $50 million to the equity owners. Trump’s passive 30% share is thus only $15 million in 2012 and probably higher, but only to the extent the mortgage principal has been paid down and the tenants are still able to pay their rents to justify the property’s value.
DLN (510e40) — 4/24/2020 @ 12:16 pmIt’s the Bank of China that has to worry about this debt – not Trump, even if he still cares. And they can’t foreclose – they are a minority creditor.
Sammy Finkelman (329d95) — 4/24/2020 @ 12:22 pm28. Trump just has to give an explanation that makes him not ignorant. To quote him: Sad.
Sammy Finkelman (329d95) — 4/24/2020 @ 12:24 pmTrump will have a lot more flexibility to negotiate this in his second term.
DRJ (15874d) — 4/24/2020 @ 12:27 pmPaging Ian Fleming; the senior senator from Kentucky, where Ft. Knox is located, says let the other states go bankrupt. His wife, Elaine Chao, is of Chinese descent, born in Taiwan’s Taipei to Chinese parents who had left mainland China following the Chinese Civil War, Chao immigrated to the United States at age 8.
Coincidence? 😉
“I apologize, Goldfinger. It’s an inspired deal! They get what they want, economic chaos in the West. And the value of your gold increases many times.” – James Bond [Sean Connery] ‘Goldfinger’ 1964
DCSCA (797bc0) — 4/24/2020 @ 2:02 pmDCSCA wrote:
This is one time I wouldn’t change handles!
Yes, Fort Knox is in the Bluegrass State, but the Commonwealth doesn’t own it; the Feds do.
Kentucky has a huge problem with the state retirement system; it has been underfunded by the state for years and years. Why was Matt Bevin defeated for re-election? because he tried to fix the problem, but the fix involved pension system changes, and the teachers waxed wroth, fearing that they would be left high and dry.
One of my cousins and her husband are both retired teachers, and they paid no Social Security; they paid in to the Kentucky Retirement System; if it goes belly up, they are SOL.¹ So Andy Beshear, a Democrat, is now our governor, and just like his father, who was governor before Mr Bevin, his budget underfunded the retirement system. Eventually, it’s going to fail.
The Dana in Kentucky (a2adc1) — 4/24/2020 @ 5:30 pm__________________________
¹ – Somewhat out of luck. You know I don’t use profanity here.
Pat just can’t resist nipping at Trump’s heels for scraps from the Omidyar table. Look at how HARD this post hits when you highlight relevant information, even from a source that’s trying hard to spin it:
“In 2012, his real estate partner refinanced one of Trump’s most prized New York buildings for almost $1 billion. The debt includes $211 million from the state-owned Bank of China”
“Why did the Chinese government’s bank want to do business with Hunter Biden while his dad was Vice President,”
Yes, come to think of it, how does literally trading on your own name and reputation for a tenth of what Hunter got for improperly trading on his Dad’s reputation and position compare?
Trump loves China so much he hired two trade advisers dedicated to kneecapping them, has been taking every opportunity to talk about how bad and unfair they are, and had probably already cost them billions in negative PR and trade uncertainty even prior to the Great Wu-flu.
And if China can’t buy him, whatever made you think poorer, much less powerful, much less influential Russia could? Motivated reasoning? Solipsism? A burning, guilty envy that bribery doesn’t go nearly as far as you thought it does, and that people do exist who will in fact take your money and not suddenly turn into your slave in all things for politeness’s sake?
The denial and delusion do run deep, I see.
Poor Comparison (e646d8) — 4/24/2020 @ 5:52 pm…for a tenth of what Hunter got for improperly trading on his Dad’s reputation and position…
How much did the younger Biden get?
A burning, guilty envy that bribery doesn’t go nearly as far as you thought it does, and that people do exist who will in fact take your money and not suddenly turn into your slave in all things for politeness’s sake?
Nobody who’s acquainted themselves even cursorily with the Thug in the Oval Office would make the mistake of thinking he would do anything BUT turn on them and lie, cheat and steal from them.
It’s who he is.
Ragspierre (d9bec9) — 4/24/2020 @ 6:02 pm“How much did the younger Biden get?”
You have eyes in your head, go reread the original post or get dismissed as a useless nitpicker.
“It’s who he is.”
It’s what every halfway respectable man aspires to be. There are, in fact, more important things than the sanctity of the usurious relationship.
Poor Comparison (553bf3) — 4/24/2020 @ 6:15 pm@34. “Possession is 9/10ths of the law–” the gold is in a big basement vault in Mitch & Elaine’s Kentucky…[or is it?!]. 😉
“Your share of Operation Grand Slam will make you a very rich woman, my dear.”- Auric Goldfinger [Gert Frobe] ‘Goldfinger’ 1964
DCSCA (797bc0) — 4/24/2020 @ 6:24 pmNomad, you should probably not vote for Hunter Biden then. That’s what you’re talking about right? Or something, maybe.
Are you sure you want to talk about the scamming kids of someone running for president? Because the current guy has some.
Colonel Klink (Ret) (305827) — 4/24/2020 @ 6:28 pmColonel Haiku (2601c0) — 4/24/2020 @ 9:24 am
Bravo, Colonel! One of your best with a laugh every line.
Which provokes a question How many new idioms, as opposed to idiomatic euphemisms, will result from observing the Trump admin? Paying close attention, you will find promising examples of both, right here, on this site.
felipe (023cc9) — 4/24/2020 @ 6:51 pmThank you for the new word and its definitiion.
felipe (023cc9) — 4/24/2020 @ 7:01 pmOops, I forgot to add the scarcasm tag./sc
felipe (023cc9) — 4/24/2020 @ 7:02 pmScargasm. Those who experience the “little death” from scarcasm./sc
felipe (023cc9) — 4/24/2020 @ 7:04 pmFor those who may be puzzled by certain comments of mine, I give you Hilaire Belloc:
felipe (023cc9) — 4/24/2020 @ 7:12 pmYou have eyes in your head, go reread the original post or get dismissed as a useless nitpicker.
Yes, and my eyes work REALLY well. The blurb mentions a group in which Hunter Biden was a member. I asked how much he got.
You should read, or get dismissed as a worthless cultist.
It’s what every halfway respectable man aspires to be.
There is absolutely nothing about Duh Donald that is a particle “respectable”. He’s a thug.
Ragspierre (d9bec9) — 4/24/2020 @ 7:16 pmHmm. Never let a good trump bashing go to waste . . . “Trump In Hock to China to the Tune of $211 Million” . . .
Donald Trump Does Not Owe Millions to Bank of China
Syllabucks (97c12d) — 4/24/2020 @ 8:19 pmThugs don’t get to where he is by thuggery alone.
He had a rich daddy who left him a lot of money and real estate, too. Not to mention Roy Cohn or Deutsche Bank and Russian gangster money.
nk (1d9030) — 4/24/2020 @ 9:05 pmDe-de-regulation? Righting a Carter (not Reagan) wrong?
urbanleftbehind (be2bf1) — 4/24/2020 @ 10:05 pmhttp://www.businessinsider.com/trump-us-advance-buy-flights-oil-help-2020-4
Hope that reporter who dug up a 9 year story about Trump owing some money to a Chinese bank got a nice big check from the DNC! Why do Opposition research when the Press and Never-trumpers bloggers will do if for you. Joe Biden says: Thanks!
rcocean (9d9291) — 4/25/2020 @ 5:57 am46 – Syllabucks (97c12d) — 4/24/2020 @ 8:19 pm
Think there’ll be an update to this post, acknowledging that it’s fake news?
Alrighty then.
Mo Hawk (6c01b3) — 4/25/2020 @ 6:46 amThe blurb also has a number in it, which you somehow failed to catch twice. You’re intentionally half-assing it for some reason, probably nefarious.
Nope. I noticed it. I also asked a question unrelated (directly) to that sum. You’re clueless, but can’t respond honestly for some reasonssssss, certainly nefarious.
Thugs don’t get to where he is by thuggery alone. Your refusal to recognize this basic fact has been noted.
Oh, dearie, dear. I’ve been “noted” by a T-rump cultist! Duh Donald came from money, and he’s a really terrible, awful, really bad liar, cheat, and fraud. Plus, he’s got talent!
Go home, troll. You’re making the site stupid.
Ragspierre (d9bec9) — 4/25/2020 @ 6:53 amWhat difference does it make? What difference at this point does it make? Trump is for entertainment purposes only. He does two things, and only two things:
The leaders of the country right now are the governors and mayors, and the orange is something on the sidewalk that they need to step around.
nk (1d9030) — 4/25/2020 @ 7:25 amPresident Donald J. Trump: All Three Stooges in one orange package.
nk (1d9030) — 4/25/2020 @ 7:46 amThe Politico article has been updated to reflect the Bank of China’s statement attempting to cover for their customer:
Dave (1bb933) — 4/25/2020 @ 8:15 amShell companies.
nk (1d9030) — 4/25/2020 @ 8:31 amOr Chinese boxes.
— Who is the conductor of a Chinese choir?
nk (1d9030) — 4/25/2020 @ 8:35 am— The eighth man from the left in the second row.
UPDATE: The Politico article has been updated:
Hmm.
Patterico (115b1f) — 4/25/2020 @ 12:34 pm58. *SNIFF SNIFF* Hmmm…I’m not sure that passes the smell test. Any thoughts, Pat?
Gryph (08c844) — 4/25/2020 @ 12:34 pmI’d say that 85-95% of the mail I get is junk…that I then have to dispose of. I haven’t had anything in months that was not a duplicate of something I get on-line, except a paper check from SS.
Ragspierre (d9bec9) — 4/25/2020 @ 12:47 pm