By the Editors
Four years ago, Donald Trump appealed to many disaffected voters by promising to “drain the swamp.” He built a loyal support base who believe a successful businessman in the White House is far more trustworthy than a career Capitol Hill politician.
The phrase was used in a speech in Colorado Springs on October 18, 2016 and is prominent on Trump-2020 banners and lawn signs in red-leaning neighborhoods today. According to reporting in USA Today, the swamp metaphor was to get rid of the “rigged system that rewards the wealthy and well-connected at the expense of the common man.”
In recent weeks The New York Times has published several in-depth articles that question the president’s business acumen, including news that he faces $421-million in debt that may come due in the next four years.
Trump initially called the Times story “fake news.” When Savannah Guthrie of NBC News asked the president about the debt in a Q&A on her network that replaced what was to be the second presidential debate (competing for ratings with Democratic candidate Joe Biden’s ABC News town hall), Trump called the money owed a “peanut.” Not a big deal.
“It’s a very small amount of money,” he said on the home network of his TV show, “The Apprentice,” although it should be pointed out that he rounded down the number to $400 million.
Trump called The New York Times’ collection and scrutiny of his tax returns “illegal,” then added…
“And just so you understand, when you have a lot of real estate, I have real estate, you know a lot of it. Okay? Right down the road, Doral, big stuff, great stuff. When I decided to run, I’m very underlevered (sic), fortunately, but I’m very underlevered (sic).” I have a very, very small percentage of debt compared … $400 million compared to the assets that I have, all of these great properties all over the world, and frankly, The Bank of America building in San Francisco. I don’t love what’s happening to San Francisco. 1290 Avenue of the Americas, one of the biggest office buildings.”
The Trump organization doesn’t own outright either the Bank of America building in San Francisco or the Avenue of the Americas building in New York City. According to Forbes, it owns 30-percent of each. In a story about the Trump organization’s building holdings published March 31, 2020, before the near-total evacuation of Manhattan, it was estimated that Trump’s 30-percent of 1290 Avenue of the Americas was $446 million, or enough to pay off that loan with some left over. . .though one wonders whether there hasn’t been a significant drop in value.
Trump resisted selling any such assets ahead of his January 2017 inauguration, and in fact the Trump Organization has turned his hotel in the Old Post Office building in Washington into a meeting place for foreign potentates and Republican power brokers. In mid-October, the U.S. Supreme Court declined to take up congressional Democrats’ Emoluments Clause claims against Trump for profiting off of foreign governments through such properties, thus handing the president a victory in the lawsuit.