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
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
CEO of small Florida bank loaned Trump millions in 2018, then got Federal Reserve post
An obscure bank loaned Trump money to purchase his sister's Palm Beach home. Its CEO now sits on a Fed board
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