Trump Reports Income Of $594 Million, Net Worth Of At Least $1.1 Billion

Tyler Durden's picture

Late on Friday, the U.S. Office of Government Ethics released a 98-page financial disclosure form according to which President Trump reported income of at least $594 million for the period from 2016 and through April 2017 and assets worth at least $1.4 billion; he also had personal liabilities of at least $315.6 million to German, U.S. and other lenders as of mid-2017 implying a net worth of just over $1.1 billion. The disclosure form was Trump's first since taking office.

"President Trump welcomed the opportunity to voluntarily file his personal financial disclosure form," the White House said in a statement, adding that the form was "certified by the Office of Government Ethics pursuant to its normal procedures."

On the income side, the largest component was $115.9 million listed as golf-resort related revenues from Trump National Doral in Miami, down from $132 million a year ago. Income from his other hotels and resorts largely held steady according to Reuters. Revenue from Trump Corporation, his real-estate management company, nearly tripled, to $18 million, and revenue from Mar-a-Lago grew by 25%, to $37.25 million helped perhaps by the doulbing of the club's initiation fee to $200,000 after Trump's election.

While royalties for his book "Art of the Deal" at least doubled, revenues for condo sales in his properties decreased. At Trump Park Avenue, for example, condo sales in 2015 totaled $44.3 million. Last year, those sales only reached $29.9 million, a 33% drop.

Trump had roughly $20 million in income from his new marquee Washington hotel, which opened just down the street from the White House last September. The president also earned $11 million from the Miss Universe pageant, after selling the beauty contest back in 2015, while revenue from television shows like "The Apprentice" tumbled to $1.1 million, down from $6 million a year earlier.

The disclosure reflects income of between $2.5 million and $15.5 million from stocks, bonds and mutual funds. Trump sold all of his stocks in June 2016, a spokesman said in December.

In 2015, Trump's airline — Tag Air — which leases a 757 from one of his businesses, earned $3.7 million in revenue. The next year, it reported earning $7.7 million in revenue and travel reimbursements. Trump used Tag Air to travel during the campaign, according to The Hill. The president also disclosed $10.8 million from two entities affiliated with the Trump International Hotel in Las Vegas, which he co-owns with entrepreneur Phil Ruffin. The figures, described as development fees and a sponsor fee, are attributed to companies for which the previous disclosures show no income. There has been an uptick in hotel condo purchases at the tower by limited liability corporations during the past year, where Trump and Ruffin still own more than 300 units.

On the liability side, Trump reported debt of at least $130 million to Deutsche Bank Trust Company Americas, a unit of German-based Deutsche Bank AG. Of this, Trump disclosed a liability to Deutsche exceeding $50 million for the Old Post Office, a historic Washington property where he has opened a hotel. Trump also reported liabilities of at least $110 million to Ladder Capital Corp , a commercial real estate lender with offices in New York, Los Angeles and Boca Raton, Florida. In total, Trump has five liabilities worth $50 million or more, such as the lease on his Washington D.C. hotel.

His assets were reported to exceed $1.4 billion because the disclosure form provided ranges of values. Last May, Trump released a disclosure form that his campaign at the time said showed his net worth was $10 billion, a number many said was overblown. Trump also disclosed three checking and savings accounts holding a total of at least $57 million.

Furthermore, The document showed Trump held officer positions in 565 corporations or other entities before becoming U.S. president. His tenure in most of those posts ended on Jan. 19, the day before his inauguration, and in others in 2015 and 2016. According to a Reuters breakdown, most of the entities involved were based in the United States, with a handful in Scotland, Ireland, Canada, Brazil, Bermuda and elsewhere.

Meanwhile, Trump has refused to release his tax returns, which would give a much clearer indication of his wealth and business interests; they would likely also indicate his extensive use of NOLs to minimize his tax liability. Trump has, however, submitted federal forms disclosing the ranges of his and his family's income, assets and liabilities.

The full filing is below (pdf link):

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To Hell In A Handbasket's picture

Trump is one of the ordinary people. MAGA! lol

BullyBearish's picture

he whom you owe money to, owns you...

BullyBearish's picture

from the Intercept:

Donald Trump’s presidency appears to be headed for disaster, if not an untimely end, with investigations and scandals mounting daily. Yet as Naomi Klein writes in an excerpt from her new book, “No Is Not Enough,” Trump’s opponents should take no comfort from White House disarray, because the Trump administration’s anti-democratic corporate agenda remains in place. While much of the world gapes in horror, distracted by the latest episode of The Trump Show, crucial regulations designed to prevent environmental and financial disasters are being gutted, and the U.S. military is escalating conflicts around the globe. All of these actions are designed to enrich Trump’s corporate sponsors, and they are tailor-made to create the kind of shocks that disaster capitalists delight in exploiting. A major terror attack in the U.S., for instance, would give Trump the opportunity to suspend civil liberties and enact the most damaging items on his toxic to-do list.

 

Beware what goes on behind the curtain...

Spine of Ruprecht's picture

Heh.  Donald is gaping Naomi Klein ('s) world.....

Son of Loki's picture

He triggered Loser Naomi "The Loser" Klein.

 

Lets release the financial statements of the Clinton Crime Foundation if you want to see eyes wide and jaws gaping.

earleflorida's picture

"There is moar currency --- and moar profit --- in fiction than in history"      Quote ( unknown)

virgule's picture

When was the last time we've seen the president of another powerful country release his official income statements?

BullyBearish's picture

read this to see how this may play out:

 

The Shock Doctrine: The Rise of Disaster Capitalism

curbjob's picture

It's ironic that during the credit crisis,  this blog and it's posters often referenced Ms Klein as a voice of reason.

So what's changed ? The editorial and readership, or their reality bias ??

BullyBearish's picture

think about it...given his "business" background and unsurpassed ego where winning is more important than truth, the best description for trump i can come up with is:

 

he's obomber without a conscience...

curbjob's picture

I feel like the South has lost the ability to recognize a Nu Yawk asshole. 

This is sad because it represents a loss of survival instinct. 

Kotzbomber747's picture

"His assets were reported to exceed $1.4 billion because the disclosure form provided ranges of values. Last May, Trump released a disclosure form that his campaign at the time said showed his net worth was $10 billion, a number many said was overblown. Trump also disclosed three checking and savings accounts holding a total of at least $57 million."

Gee, more bullshit from the Orange Jesus? Who would have guessed...

Alt RightGirl's picture

Slowly Trump becomes on of us, common folks.

Soon he won't be a billionaire anymore.

But enough about Trump, here's something about Clinton:

Here’s How Hillary Clinton May Find Her Way to Prison


peippe's picture

Non-Orange Jesus never had anywhre near 57m in a checking OR savings account.

check & mate. 

swmnguy's picture

It's wishful partisanship, that's all.  Too many of us think our loyalty to our selected Feudal overlords will someday be recognized and rewarded.  Who supports the Queen of England most fervently?  The lower class, who are actually the ones most harmed.  But they hold onto that cultural mythology, and leverage it to remain superior to the truly impoverished.

When Ms. Klein described people we don't like, we liked that.  When she applies the same standards to people we have decided we do like and wish to curry favor with through displays of loyalty, we have to hate her.

Intellectual honesty is very dangerous in a Feudal society.

AllOfGood's picture

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... http://bit.ly/2jdTzrM

earleflorida's picture

Xi of china is a billionaire in $us$s value,... and putin is a BILLIONAIRE many tymes over... just to name a few

Arnold's picture

The President of Zimbabwe has a net worth of 700 trillion dollars.
Keeps it in a regular bill fold, I hear.

swmnguy's picture

It's not an either/or thing, SoL.  By all means, let's see the financial statements of the Clinton scam.  Let's see the records of all the scams being operated by the wealthy.

My work involves coordinating live events.  I mostly do corporate meetings and events, for the same reason Willie Sutton robbed banks.  I do a few a year for "Charitable Foundations" run by billionaires.  Indeed, through working those events, I've met President Trump (when he was just "Donald Trump,"), the Clintons, GHW and Barbara Bush, GW Bush, Tony Blair, and a number of others who work that circuit.  At one time, I saw Bill and Hillary, GW Bush and Donald Trump yukking it up backstage.  They're all friends.  The friendships might be a little strained right now, but make no mistake, they are members of that club and you and I are not.  Were push to come to shove, you and I are the ones going over the side, not them.

The wealthy can hire more lawyers and accountants than the public can.  So unless these foundations are all shut down somehow, the wealthy will continue to use them to get other people to pay their bills.  It's just feudalism, tarted up for the modern age.

Putrid_Scum's picture

I look forward to Feudalism, I see it as an improvement

Putrid

847328_3527's picture

The Democrats can't stand Hillary (and the democraps) lost by a landslide.

 

They cannot stand that Americans rejected the DNC, Debbie wasserman, the Magic Negro, Bill "the rapist" Clinton, Pedopodesta, and so on.

 

They have thrown everyting they can at Teflon Don and yet his support only gets stronger depite the misleadin gpolls; the most accurate poll shows Trumps popularity has actually increased to 50%. Congress's popularity continues its decline to below 8%.

The media has a whopping approval rating of 4%!

earleflorida's picture

perhaps,... Bonapartism ????

Putrid_Scum's picture

I don't want to ruin the surprse for you!!! Sorry! But I will. 

I'm just designing The Reset right now, and the post political economy and there's this really bitchy problem we have. It was something Tall Tom said last week that triggered it and I was like...fuck, we missed that, we're fucked. 

You know Rickards had this plan to exit the PONZI by hyperinflating the gold price. Ok that's the easy part, and that part was mentioned by guys at the BIS decades ago btw.

So, yeah, that would work, but it's only a part solution. There's also this really shit problem (thanks Tall Tom)  that's still there and it'll result in extinction. Just sayin'

Deep Breath. Don't worry...we're working on it.

Putrid

 

slightlyskeptical's picture

 Have you considered expansion of the money supply to run the government. Over time we need more and more money in the economy. We can either print it with firm caps on expansion (budgets) or we can allow the private banking cartel to keep creating it. 

If gold is the backing you could fix the price of gold Day 1 and then allow the fixed price of gold to rise in line with monetary expansion. So if total currency outstanding doubles, price of gold doubles. Of course we would need international cooperation and adoption as well. Every country would keep their own currency but amount outstanding vs. the fixed price of gold would apply to all. Countries that print more than others will have a lower conversion rate. It would also be a good retirement investment vehicle. pretty much guaranteed appreciation...like savings bonds with a gold backing. 

Or you could reduce the amount of gold represented by each unit of currency for each increase in currency units outstanding. This is a worser idea because it limits money supply expansion to how much additional gold is mined which may not always be the best course. 

Putrid_Scum's picture

"Over time we need more and more money in the economy."

Won't work, the System has a Framework, it's like a straitjacket. There are limits pal.

swmnguy's picture

You "look forward to Feudalism?"  You aren't very observant, then.

I saw it in one of those few-in-a-lifetime flashes of recognition, around 1988.  I was working for a company that built tradeshow and corporate event scenery and staging stuff.  I was a dirty long-haired kid without a college degree, pushing heavy things around for single-digit per hour pay, just barely making rent in a shitbox with numerous roomates.  

One day I had to deliver some equipment to a corporate meeting the company was staging.  When I got to the hotel ballroom with the gear I was delivering, the Executives were rehearsing.  They had a huge stage set up, with concert PA, huge video screens (it was glass slide and actual film in those days, meticulously arranged and cued to interact in very complicated ways; commonplace nowadays in the digital age but incredibly elaborate in the analog days).  As much lighting as a mid-level rock concert.  I believe they had booked Huey Lewis and The News as their entertainment act, right in the "American Psycho" heyday.

I saw the Execs prancing around the huge stage like Mick Jagger, delivering the Q3 results and the upcoming Holiday ad campaign.  Each Exec was surrounded by handlers.  Actual technicians couldn't speak directly to Execs, conversing instead with the handlers.  It was like the first scene of King Lear, or any other Shakespeare-era setting with royalty.

At that moment I realized I could never become an Aristocrat.  I could maybe become one of the Courtiers I saw, but I realized that the Aristocrats have their own private wars, and when one Aristocrat goes down, their retainers go with them for the most part.  

Over time, I figured out how to become a trusted procurer to a wide variety of Aristocrats.  I'm not in their inner circle and I take great pains to not be identified with any one Nobleman.  All the different Courts I provide to know about the others but we don't talk about that and we can all pretend to be loyal to the same Noble.  When one goes down I go looking to add another.

It's not a lavish existence for me but it's far nicer than my birth-station in life would have provided.  Being one's own man is very satisfying and makes the trade-offs very much worth it.

Putrid_Scum's picture

My mother's family has been wealthy for hundreds of years, as far as we can tell.

It works, Feudalism that is. Especially when it's married to Catholicism. More important than anything else is a moral community and family. Feudal societies, which Ireland essentially already is, are quite stable and not so competitive. Marriage and likeability are most important to a happy social life here.

What I don't like about Capitalism and capitalistic families is that they're too competitive and petty. Always cruel and squeezing the labour force who provide all the wealth.

If it weren't for the workforce I wouldn't be able to study everyday and live my pure philisophical life: Just study and contemplation, and Guinness and girls. All I own is Gold, some clothes and personal effects. That's it. I love it. 

Another thing I hate about capitalistic society is that it encourages peasants to be money-centric. Now some are smart and good-natured and avoid that temptation, but most don't. So Americans can be quite vile and mean to other Americans.

Putrid (in defence of Feudalism, 17/6/2017)

swmnguy's picture

Any social system can work as long as everyone plays by the rules and recognizes that they have a place in the system and a role to play.  When anyone, either at the top or the bottom, loses sight of this and doesn't honor their obligations, that's when it all goes to shit.

In America we've spent the past 40 years denigrating the very idea of mutual social obligations.  This time around it was the rich who grew weary of any limits to their avarice.  They decided they had gotten what they had through nothing more than their own wonderfulness and deeply resented paying the carrying costs.  However they did recognize that peasants will revolt if treated badly enough, so they set up a social welfare system using imaginary money, to keep the peasants divided, occupied, and aimless.  Neglect of the system is leading to an ongoing and accelerating collapse.

Yeah, we Americans are mean.  My ancestors started arriving here in 1640 and the last of them were here by 1680.  Some of them were nasty pieces of work.  Those who weren't had to deal with that nastiness as well.  A society of mean rejects can work as long as people remain clear-headed about who they are and where they fit in.  If they think they're above all that, they set in motion a process that destroys the whole thing.  Those at the bottom who know they have no function in society and no prospects are truly desperate and dangerous as well.

Delving Eye's picture

Americans don't have a lock on meanness. I think generalizations are problematic. Many people are mean. Many people are kind. It depends on the circumstances and perspective. The "good German" wasn't very good. The Evil Empire wasn't very evil.

Delving Eye's picture

@Putrid Scum: You do realize you're an incredibly privileged individual with an incredible lack of awareness.

Just because you know how your cushy lifestyle has been maintained, doesn't in any way forgive your lofty pontifications from your gold-lined ivory tower. And your spiel about feudalism being so much better than capitalism? Seriously? You are the epitome of spoiled rich kid living in a bubble. Sorry, your "pure philosophical life: just study and contemplation, and Guinness and girls" has left you woefully and embarassingly unformed and uninformed.

Putrid_Scum's picture

I live an extremely frugal lifestyle, almost spartan. And my studies are quite strenuous, paying very little.

My circumstances are product of good breeding and religion. Privileged? I don't know the meaning of the word. That's an American word, and quite political I assume.  Me and swimguy were just debating the merits of religious Fuedalism.

You're born into the family you're born into. I got lucky, no assholes in my family.

So family first, 

Putrid

 

Delving Eye's picture

"Privilege" an American word? It comes from the Latin, Middle English and Old French. So your "strenuous studies" are lacking in the area of etymology, among others.

And, last I checked, spartan lifestyles do not include an abundance of "Guinness and girls," to say nothing of a laissez-faire attitude of not worrying about where your next meal is coming from, much less the roof over your head and the "I love it!" flung in the direction of those of us not born into a privileged, wealthy family, courtesy of your mother's forebears.

As for "no assholes" in your family, you might want to rethink that.

Putrid_Scum's picture

Someone doesnt Get My sense of humor

Putrid_Scum's picture

You're so clever, I wasn't trying to be funny really. I just was expressing my experience. Strange, your reply made me think I am not that spartan. I'm just not materialistic in any real sense.

I discussed this topic with my friends tonight and realized Americans who left for the New World had little love for Feudal Europe. Perhaps you keep this sentiment alive.

Putrid

Delving Eye's picture

Keep trying to rationalize your existence. Now that's funny.

Putrid_Scum's picture

 

Reason and existence..if you keep this up I'll have an existential crisis...Oh no...Does this Guinness really exist? 

7thGenMO's picture

I do agree that Catholicism was the psychological partner to the violence of feudalism.  Make the serfs believe they should obey their royal Masters, and, as an added psychological shackle, make sure they feel guilty about their natural sexual impulses.  This was obvious to me as an American living in Eastern Europe where the church maintains historical districts from the Middle Ages and has a creepy amount of influence - and wealth.  I'm not saying the Church is bad, but it needs to be under the control of the lay people.  Perhaps Ireland being Catholic was why it took so long to mount an effective rebellion against The Empire with its nationalist churches.

You should put your philosophy to work to help Ireland remove the grip of the international oligarchs that control its banks.  I would hate to see future generations of Irish being sold into slavery - many Southern Americans are descended from The Empire's Irish slaves.  Also, given the low birthrate throughout the Western world, remember girls are meant to be moms to the next generation of the nation.

 

Delving Eye's picture

@swmnguy: Very interesting. I can relate.

I worked in the corporate world, at a corp HQ in Stamford, CT, in the mid-'80s, and the hierarchical structure you mention is spot on. 

For example, C-level execs required separate limos to the airport, even if they were leaving on the same corporate jet. God forbid they should drive in together.

The company also attended the annual Paris Air Show, as it made parts for the US DoD (jet-planes and subs, etc.) The corporate president, a sociopath who regularly screamed at his underlings in his darkened office (where the shades were always down for this ersatz vampire; even my boss, a C-level, emerged ashen from one dressing down), requested a white limo in Paris. Paris only had black limos. Prexy ordered one painted white -- at a cost of $16,000 (I know because I was friends with his secretary). The show only lasts 3 days, but the president wanted to be noticed whenever he arrived or departed.

Another C-level who headed manufacturing for DoD stuff was out of town on business, but called in regularly for messages from his secretary. After several calls, he finally got the message he was waiting for -- his custom gold Mercedes was ready for pickup. He screamed at his secretary (I was friends with her, too) over the phone for not calling him the second that particular message came in. In those days, there were no cell phones, so how would she have been able to call him, she wondered to herself. 

But of course, logic is not the point when it comes to what the masters of the universe want the instant they want it.

btw, the company was Singer (yes, the sewing machine company), whose CEO dropped dead in 1987, whereupon the company went into a bidding war among M&A hounds. It tried holding out by moving its nominal HQ to New Jersey, but finally was purchased, cut up and sold for "parts." I was immensely relieved to get my pink slip.

A couple of years later, a whistleblower at Singer's former gyroscope plant on the West Coast revealed the company's two sets of books -- one for actual costs of manufacturing, the other, showing much larger costs, for DoD bids. 

I couldn't figure out why I felt ill the entire time I worked there. Now I know why.

JRobby's picture

The Clinton financials and tax returns are completely ficticious.

Trump has been under the scrutiny of "Them" for years because they have known about his POTUS ambitions for many, many years.

Bes's picture

two questions:

1)  Are we supposed to just believe stated income and debt?   yeah that never has gone sideways...

back in 2015 he said his net worth was $10 billion

http://fortune.com/2015/07/15/donald-trump-sec-filing/

-----

2)  How much of this net worth is based on his feelings? 

"Q. When you publicly state what you’re worth, what do you base that number on?

A. I would say it’s my general attitude at the time that the question may be asked. And as I say, it varies."

http://247wallst.com/media/2016/01/30/is-donald-trump-worth-3-billion-or...

-----

hahahaha! 

bonus question:  are you going to throw out all critical thinking and skepticism about this guy?

or do you just swallow every load with smile because it's from orange jesus....

#maga

U4 eee aaa's picture

But this is the whole point. No matter the answer it won't be good enough. That is why there is no point in giving an answer because lefties have already made their decision. You can't reason with people like that

FlowerofLife's picture

Trump defected, you might say. Essentially, if not exclusively, he’s service-to-self, and motivated by power. He saw an opportunity to best his betters, and he took it.

 

He happens to be on the side of the Deeper State that’s gained ascendancy, but it doesn’t matter to him all that much. With this move, he’s winning bigly. It’s a dirty job, and someone has to do it. No one truly decent would put themselves in the running in the first place.

Putrid_Scum's picture

Maybe Ross Perot, I guess he was the last chance you guys had, and you blew it. 

He ran in opposition to NAFTA and free trade if I recall correctly (even though I was an youngster then.)

Putrid

Lord Ariok's picture

Part 2 - Ex-Illuminati Dutch Banker - In English Audio - Ronald Bernard  

 

https://www.youtube.com/watch?v=89ZuASiI7Go

 

How it works from Top Down
Putrid_Scum's picture

I know exactly what goes on behind the curtain. The fucking Reset nearly happened two weeks ago, the CB's were in a panic, and if it had happened you'd be dressed like Rambo right now.

And you care about Trump? Ha! Window dressing for peasants.

Putrid

https://beforethecollapse.com/2017/05/23/the-reset/

JRobby's picture

Is it shared for free? It doesn't look like it?

Because "money" as we know it becomes more worthless by the second. People should really be aware of what it will take to bridge the gap and survive. The world will go on with or without some of us.