Donald Trump's Great Escape: How The Former President Solved His Debt Crisis | Forbes
August 1, 2022
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9:30Now PlayingDonald Trump's Great Escape: How The Former President Solved His Debt Crisis | Forbes
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as posted by the channelThe day Donald Trump left the White House, his business was facing $900 million of debt coming due in the next four years. Working through those loans would have been a significant undertaking for any firm, but the Trump Organization was contending with additional challenges. Deutsche Bank, Trump’s longtime lender, was reportedly looking to end its relationship with the real estate mogul. Two other financial institutions, Signature Bank and Professional Bank, had spread the word that they were cutting ties in the wake of January 6, 2021. Meanwhile, the Manhattan district attorney was getting close to charging the Trump Organization with a series of financial crimes, including falsifying business records, conspiracy and fraud.
Soon plenty of people were trumpeting the end of an era. “The indictment of the Trump Org will likely result in its destruction as a viable entity,” Richard Signorelli, a former federal prosecutor in the Southern District of New York, tweeted in June 2021. “No bank will ever do business with an indicted company,” Dan Goldman, a onetime prosecutor who served as lead counsel during Trump’s first impeachment trial, said on MSNBC, calling an indictment “almost a death blow to the Trump Organization.”
Those predictions turned out to be dead wrong. In the last 15 months, the Trump Organization—under indictment, with its founder characterizing the charges as part of a “political Witch Hunt by the Radical Left Democrats”—has managed to rework almost all $900 million of the debt it had coming due. Now, magically, he is flush with cash and free to deal— thanks to a little help from powerful friends.
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