Businessweek: Trump Has Reported Profits That Are Not Real

 

My dear friends, please see here.

In financial disclosures required for his presidential bid, Trump claimed income of $20.3 million from Trump Turnberry, a course he bought for about 41 million pounds ($58 million) in 2014. Yet the accounts for Golf Recreation Scotland, which owns the course, show a loss of 3.6 million pounds for 2014.

There’s a similar discrepancy with the accounts for two other golf courses. Trump claimed income of $4.3 million from Trump International Golf Links Scotland — the course he built from scratch north of Aberdeen — yet accounts filed with Companies House show it lost £1.1 million in 2014, its third consecutive annual loss.

In Ireland, Trump reported $10.7 million in income from Trump International Golf Links Ireland. The course, which he bought in February 2014, reported a loss of 2.5 million euros in 2014.

Trump said in the interview that the amounts listed in his financial disclosures are based on “projected future income.” He attributed the losses to ongoing construction projects and said he has yet to unlock the value in developing the properties for housing. “They’re only losing money because they’re not open,” he said.

Actually, his golf course and hotel in Aberdeenshire are open as is his hotel in Ireland…

“This is supposed to be what you own and the income you made,” Larry Noble, general counsel at the Campaign Legal Center, said.

There are 37 comments.

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  1. Member

    He is as fake as his hair.

    • #1
    • February 24, 2016 at 4:37 pm
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  2. Inactive

    Make my financial disclosure great again!

    • #2
    • February 24, 2016 at 4:37 pm
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  3. Inactive

    I assume the financial disclosure is an FEC document. If that doesn’t reconcile to his tax returns I think that could be a bigger problem.

    • #3
    • February 24, 2016 at 4:50 pm
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  4. Thatcher

    Trump is an oppo researcher’s wet dream. I am sure this is just scratching the surface.

    I am completely vexed that the various candidates not named Trump haven’t applied themselves to taking out Trump. Come on, guys, anti-Trump spots are so easy a chimpanzee could do them.

    • #4
    • February 24, 2016 at 5:01 pm
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  5. Inactive

    Will the media scrutize his record or will it allow him to continue to filibuster?

    • #5
    • February 24, 2016 at 5:01 pm
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  6. Inactive

    I suspect if Trump’s finances are ever actually made public it will show he has been a poor businessman and that a dart thrown at the stocks page of the newspaper could have managed a better return on the vast sum daddy gave him.

    • #6
    • February 24, 2016 at 5:02 pm
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  7. Inactive

    PHCheese:He is as fake as his hair.

    His hair is actually real.

    http://www.theblaze.com/stories/2011/12/09/megyn-kelly-finally-reveals-the-mystery-of-donald-trumps-hair-very-silky-and-it-was-all-his/

    As for the rest of his ’empire’, I have no idea.

    • #7
    • February 24, 2016 at 5:07 pm
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  8. Member

    Oh, this is the reason to believe that Trump may not be as upfront about his finances as he claims…

    Hmmmm.

    Let’s see those returns Mr. Trump.

    • #8
    • February 24, 2016 at 5:21 pm
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  9. Member

    Lily Bart:

    PHCheese:He is as fake as his hair.

    His hair is actually real.

    http://www.theblaze.com/stories/2011/12/09/megyn-kelly-finally-reveals-the-mystery-of-donald-trumps-hair-very-silky-and-it-was-all-his/

    As for the rest of his ’empire’, I have no idea.

    Perhaps it’s more accurate to say that his statements about his financial status may be as flimsy as his real hair.

    • #9
    • February 24, 2016 at 5:23 pm
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  10. Inactive

    Romney is suggesting here that Trump is running the clock for another month in order to gain many more delegates before releasing his taxes which could contain “a bombshell”.

    http://www.breitbart.com/video/2016/02/24/romney-good-reason-to-believe-that-theres-a-bombshell-in-donald-trumps-taxes/

    • #10
    • February 24, 2016 at 5:27 pm
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  11. Coolidge

    Or is he just milking the companies?

    Imagine company x would otherwise have a profit of $20 million but Trump charges it a $30 million dollar royalty for using the Trump name. He reports $30 million in income and the company reports a $10 million loss.

    • #11
    • February 24, 2016 at 5:28 pm
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  12. Member

    ctlaw:Or is he just milking the companies?

    Imagine company x would otherwise have a profit of $20 million but Trump charges it a $30 million dollar royalty for using the Trump name. He reports $30 million in income and the company reports a $10 million loss.

    Hey how much do you think he will charge the US government to put the Trump name on the White House?

    • #12
    • February 24, 2016 at 5:32 pm
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  13. Member

    ctlaw:Or is he just milking the companies?

    Imagine company x would otherwise have a profit of $20 million but Trump charges it a $30 million dollar royalty for using the Trump name. He reports $30 million in income and the company reports a $10 million loss.

    So….. Basically, exactly what Mitt Romney did for his entire career at Bain?

    • #13
    • February 24, 2016 at 5:32 pm
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  14. Member

    Wow, looks like ‘ole Donald really knows the intricacies of high finance. Those Mexicans and Chinese will never know what hit ’em. Just the kind of experienced leader we need to balance the budget and #MakeAmericaGreatAgain

    • #14
    • February 24, 2016 at 5:35 pm
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  15. Reagan
    iWe

    Trump only counts what he makes… He never cares about the businesses or his investors.

    I think it is plausible that Trump has “extracted” profits that his companies never got to keep.

    • #15
    • February 24, 2016 at 5:40 pm
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  16. Member

    John Hendrix:Trump is an oppo researcher’s wet dream. I am sure this is just scratching the surface.

    I am completely vexed that the various candidates not named Trump haven’t applied themselves to taking out Trump. Come on, guys, anti-Trump spots are so easy a chimpanzee could do them.

    At first they didn’t see the need because we all assumed he would self destruct. Then they saw how effectively he shut down Jeb! and figured they were safer letting the others do the dirty work. Unfortunately, everyone thought the same. Then he was doing so well in his own niche of protest voters that they decided the best path was to become the sole anti-Trump candidate before attacking him.

    • #16
    • February 24, 2016 at 5:48 pm
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  17. Member

    Maybe the finances will be what does him in and then we can all breathe a sigh of relief and move on – the attacks, like Mona’s column and others are worrisome – I keep reading that he taps into our patriotism and the divided country thing and runs with it – now he’s being compared to Hitler’s rise on some Democrat sides. We have serious problems to face and it’s scary in the similarities of the late 30’s and 40’s. People may not care that his personal numbers don’t add up.

    • #17
    • February 24, 2016 at 6:03 pm
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  18. Member

    Leave it to Trump to get cheating on your taxes ass-backwards.

    • #18
    • February 24, 2016 at 6:31 pm
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  19. Member

    I have read the various possible excuses for Trump’s prevarications. I think the answer is far more simple. Trump is simply unable to ever admit that he isn’t perfect. We have seen his reaction to any criticism over the last months. He lives in a personal fantasy in which he sees himself not as the failure he has been all of his life (by the standards his father set for him), but as a crackerjack entrepreneur businessman, the one he needed to be to show his father how good he really was. In short, he is overcompensating, as he always has. Most of us consider that lying, Trump just figures he’s predicting his future. That always seems to be his excuse, that his perception is more real than the actual.

    • #19
    • February 24, 2016 at 6:36 pm
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  20. Member

    The OP seems to be implying fraud or something. From what I can tell from the article it’s that Trump disclosed a lot of income but the reality has been less. Losses even. So he over disclosed. Is reporting too much income to the FEC worrisome the way underreporting would be? I really don’t see the trouble – we already know he’s only so-so as a business man.

    • #20
    • February 24, 2016 at 6:37 pm
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  21. Member

    Ed G.: So he over disclosed. Is reporting too much income to the FEC worrisome the way underreporting would be?

    Not in a legal sense. But it means that his reporting of incredible profits, so essential to his personal story of being some uber-successful managerial guru, is actually pure self-aggrandizement.

    I don’t think the FEC will mind, but the public probably ought to.

    • #21
    • February 24, 2016 at 6:58 pm
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  22. Member

    Ed G.:The OP seems to be implying fraud or something. From what I can tell from the article it’s that Trump disclosed a lot of income but the reality has been less. Losses even. So he over disclosed. Is reporting too much income to the FEC worrisome the way underreporting would be? I really don’t see the trouble – we already know he’s only so-so as a business man.

    The only reason I can think of for him to do that would be to secure financing for something. In which case, if he did use it, it would be fraud.

    • #22
    • February 24, 2016 at 7:01 pm
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  23. Thatcher

    The OP seems to be implying fraud or something. From what I can tell from the article it’s that Trump disclosed a lot of income but the reality has been less. Losses even. So he over disclosed. Is reporting too much income to the FEC worrisome the way underreporting would be? I really don’t see the trouble – we already know he’s only so-so as a business man.

    Other than the basic lack of honesty, there is his bizarre narcissistic need to be seen as more successful than he is. I remember reading through the Forbes 400 years ago and being struck by Trump being virtually the only one on the list who felt the need to insist he was worth more than was estimated.

    • #23
    • February 24, 2016 at 7:05 pm
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  24. Member

    Klaatu:

    The OP seems to be implying fraud or something. From what I can tell from the article it’s that Trump disclosed a lot of income but the reality has been less. Losses even. So he over disclosed. Is reporting too much income to the FEC worrisome the way underreporting would be? I really don’t see the trouble – we already know he’s only so-so as a business man.

    Other than the basic lack of honesty, there is his bizarre narcissistic need to be seen as more successful than he is. I remember reading through the Forbes 400 years ago and being struck by Trump being virtually the only one on the list who felt the need to insist he was worth more than was estimated.

    And I didn’t even think you were that old. (I couldn’t resist. Anything for a cheap laugh). Of course, the “the” does get in the way of the joke.

    • #24
    • February 24, 2016 at 7:19 pm
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  25. Member

    Not sure what the rules are as far as contents of the FEC document but this could be the difference between GAAP income and tax returns filed with the IRS. Those are always different for every company.

    • #25
    • February 24, 2016 at 8:37 pm
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  26. Moderator
    She

    Donald Trump is quite good at playing the inoculation game. He’s done his best to take things like Planned Parenthood and the Iraq war off the table as fodder for his potential Democrat opponent. He can’t be tarred with the “establishment” brush, and there are few things that Hillary or Bernie can say about George Bush, or any of the Bushes, in fact, that are worse than what Donald himself has said. So flinging that kind of mud at him won’t stick.

    On at least two occasions, he’s said, while recounting tales of the fabulous loyalty for which his supporters are known, that he could “do anything,” even inflict grievous bodily harm, even commit murder, without affecting his level of support. When I hear this, it strikes me what contempt he must have, underneath it all, for his fans.

    But perhaps his purpose is this. Perhaps he is just inoculating himself against the inevitable slings and arrows of outrageous fortune that will (surely?) (hopefully?) be sent his way at some point (soon?) once his slobbering love affair with the media runs out, approximately three nanoseconds after he secures the Republican nomination.

    After all, he’s not likely to be accused of murder. (At least, I don’t think so. And I surely hope not). So, whatever’s is revealed can’t amount to all that much, or make much difference to you, if you’re a Trump supporter.

    Can it?

    • #26
    • February 24, 2016 at 8:42 pm
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  27. Moderator

    She: On at least two occasions, he’s said, while recounting tales of the fabulous loyalty for which his supporters are known, that he could “do anything,” even inflict grievous bodily harm, even commit murder, without affecting his level of support. When I hear this, it strikes me what contempt he must have, underneath it all, for his fans.

    I can’t remember what article it was from, but apparently there’s a joke in Trump Inc that went something like this:

    Donald Trump is in the elevator. A beautiful blonde walks in. “Oh my God, you’re Donald Trump!” “Yes.” “May I suck your [CoC]?” “What’s in it for me?”

    I don’t think he has contempt for his fans qua fans; I just don’t think anyone else is real to him.

    • #27
    • February 24, 2016 at 8:53 pm
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  28. Member

    From Jessica Hagy, this sort of fits…

    http://thisisindexed.com/wp-content/uploads/2007/05/card862_l.JPG

    • #28
    • February 24, 2016 at 9:01 pm
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  29. Member

    Guruforhire:

    ctlaw:Or is he just milking the companies?

    Imagine company x would otherwise have a profit of $20 million but Trump charges it a $30 million dollar royalty for using the Trump name. He reports $30 million in income and the company reports a $10 million loss.

    So….. Basically, exactly what Mitt Romney did for his entire career at Bain?

    Huh? Are you one of the 2012 people, along with Newt, who worked for Obama, and called Romney a “vulture capitalist”? Show me one case where Bain Capital (which Romney founded) sold the use of its name as part of a private capital investment.

    BTW, Romney said that he would not endorse in 2016 until he saw the tax returns of the candidates, just to see if they contained nonsense like Trump claims. Or Hillary’s tax writeoff donation of Bill’s $2 a pair used underwear.

    • #29
    • February 24, 2016 at 9:10 pm
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  30. Inactive

    I am shocked. Shocked.

    • #30
    • February 24, 2016 at 9:33 pm
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