Donald Trump’s companies have taken on much more debt than the candidate has admitted in public records, and some of that money is owed to institutions he has harshly criticized on the campaign trail, according to the New York Times. The paper carried out a detailed analysis of Trump’s real estate holdings in the country and found a network of complex financial arrangements that means his companies have at least $650 million in debt. That is more than double the $315 million in debt that Trump has publicly disclosed. And that debt isn’t just with anybody. According to the paper’s analysis, Trump’s firms have debts with several financial institutions, including ones he has criticized on the campaign trail such as Bank of China and Goldman Sachs.
Even though Trump’s debt is much larger than what he disclosed, that’s not entirely his fault, explains the Times, noting it is “a function of what the form asks candidates to list and how.” His campaign says Trump “overdisclosed” because the law requires candidates to disclose personal, not corporate, debt.
Besides the numbers themselves though, the one thing that the Times analysis makes clear is just how much Trump’s business “remains shrouded in mystery,” a mystery that is unlikely to end soon considering he has refused to publicly release his tax returns. Due to the complex nature of real estate deals, it is often impossible to know just who Trump’s business partners are, “raising the prospect of a president with unknown business ties.” This is more than a bit worrisome considering how, if elected, “Trump would have substantial sway over monetary and tax policy, as well as the power to make appointments that would directly affect his own financial empire.”
In a recent interview, Trump referred to himself as “the king of debt,” words that have been used against him in the campaign trail. Hillary Clinton has repeatedly attacked Trump’s business practices, characterizing them as dangerous for the country. “Just like he shouldn’t have the finger on the button, he shouldn’t have his hands on our economy,” Clinton said in June.
