President Trump borrowed millions from small Florida bank whose Chief Executive was appointed to Federal Reserve

Sapidus

Well-Known Member
Newly released financial disclosures reveal Trump involved in pay to play scandal with head of small Florida bank:

President Trump borrowed millions in 2018 from a small Florida bank whose chief executive was appointed to a Federal Reserve position just months later.

Trump’s latest personal financial disclosure released on Thursday shows that he borrowed between $5 million and $25 million from Professional Bank, a small Florida bank that deals mainly with construction and real estate loans, Mother Jones reported.


Trump borrowed the money through a limited liability company and used it to purchase a mansion owned by his sister next door to his Mar-a-Lago resort. Trump’s sister, Maryanne Barry, retired as a federal judge earlier this year amid an investigation into alleged tax fraud by her family.

In 2018, the Palm Beach Daily News reported that Donald Trump Jr. and Eric Trump had purchased the mansion for $18.5 million, but their father's new financial disclosure makes clear that he controlled the LLC that made the purchase. The home is currently available to rent for $81,250 per month on the Trump International Realty website, after being marked down from $100,000 per month.

According to land records, the value of Trump’s loan from the bank to finance the purchase of the mansion was $11.2 million, Mother Jones reported. The loan had an annual interest rate of 4.5 percent.




The loan alone concerned ethics experts. Barack Obama famously refused to refinance his home as president despite the possibility of massive financial savings because he was concerned about appearances.
“The concern is that the president would be treated differently by the bank,” Washington University law professor Kathleen Clark told Mother Jones. “There’s actually a record of banks having a VIP program and treating politically powerful people differently than everyone else. So this is a concern that is well grounded in past practice.”
Shortly after the loan, Professional Bank CEO and president Abel Iglesias landed an appointment to the board of directors of the Miami branch of the Atlanta Federal Reserve, the agency announced in a January press release.



This is crazy. Its almost like the president is a scam artist? That cant be right

 

GURPS

INGSOC
PREMO Member
:sshrug:

Where is the Crime ?

I see more keening and wailing along with a healthy dose of Fantasy, Supposition, Innuendo and ASSUMPTION
 

David

Opinions are my own...
PREMO Member
Patron
Newly released financial disclosures reveal Trump involved in pay to play scandal with head of small Florida bank
This is what happens when the Democrats send forth Hillary Clinton as their candidate.

Subtitle: and they cheated Bernie Sanders, the rightful candidate, in order to do so.

sub-subtitle: and I'll vote for Trump again in 2020 to reward Democrats for their failed Russiagate coup.

No doubt I will get crap for saying this, but I was prepared to vote for Sanders (knowing full well that he would never be able to achieve all that he said he wanted).

Until USAians wake up and demand an end to the two party tyranny, and on a personal level, knock off the tribal left vs right battling, nothing is ever really going to get fixed. You guys can lob grenades back and forth in the mean time; I'm going to go outside and enjoy life until everyone else comes to their senses.
 

This_person

Well-Known Member
I am shocked - SHOCKED I TELL YOU - that a real estate mogul would buy a mansion and rent it out, especially one next to one of his key properties.

Then, and this is the amazing part, someone involved in one of his hundreds of deals, a person he knows, was nominated to a position. That NEVER has happened in the history of government before!!!

Don't you know that it is illegal to nominate a person you have met before and done with business before to a position in the government??!!! This is INSANE!!!
 

Gilligan

#*! boat!
PREMO Member
Sappy is oblivious again....knows nothing about who did that appointment.

The guy’s resume is impressive too.
 

TCROW

Well-Known Member
Newly released financial disclosures reveal Trump involved in pay to play scandal with head of small Florida bank:

President Trump borrowed millions in 2018 from a small Florida bank whose chief executive was appointed to a Federal Reserve position just months later.

Trump’s latest personal financial disclosure released on Thursday shows that he borrowed between $5 million and $25 million from Professional Bank, a small Florida bank that deals mainly with construction and real estate loans, Mother Jones reported.


Trump borrowed the money through a limited liability company and used it to purchase a mansion owned by his sister next door to his Mar-a-Lago resort. Trump’s sister, Maryanne Barry, retired as a federal judge earlier this year amid an investigation into alleged tax fraud by her family.

In 2018, the Palm Beach Daily News reported that Donald Trump Jr. and Eric Trump had purchased the mansion for $18.5 million, but their father's new financial disclosure makes clear that he controlled the LLC that made the purchase. The home is currently available to rent for $81,250 per month on the Trump International Realty website, after being marked down from $100,000 per month.

According to land records, the value of Trump’s loan from the bank to finance the purchase of the mansion was $11.2 million, Mother Jones reported. The loan had an annual interest rate of 4.5 percent.


The loan alone concerned ethics experts. Barack Obama famously refused to refinance his home as president despite the possibility of massive financial savings because he was concerned about appearances.
“The concern is that the president would be treated differently by the bank,” Washington University law professor Kathleen Clark told Mother Jones. “There’s actually a record of banks having a VIP program and treating politically powerful people differently than everyone else. So this is a concern that is well grounded in past practice.”
Shortly after the loan, Professional Bank CEO and president Abel Iglesias landed an appointment to the board of directors of the Miami branch of the Atlanta Federal Reserve, the agency announced in a January press release.



This is crazy. Its almost like the president is a scam artist? That cant be right

:yawn:

Of course you realize that POTUS makes nominations for the Board of Governors (part of the executive branch) and NOT reserve banks which are privately owned (each with their own separate boards of directors) right?
 
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