Trump is in Massive Debt to 150 Banks for $1 Billion!
In one of the most under reported stories of the week, we learned that President-elect Trump is in MASSIVE debt. Approximately 150 banks own more than $1 billion in Trump Organization debt, with a significant amount personally guaranteed by Trump himself.
Why is this relevant? Well, Trump is now President-elect of the United States. That means that Trump oversees the Federal government, including the various regulatory bodies that regulate Wall Street such as the Securities and Exchange Commission (SEC).
This means that big banks such as Wells Fargo, currently under Federal investigation for a massive fraud scheme whereby they opened and closed millions of “fake accounts”, will have undue influence over federal regulators as they own nearly $300 million in Trump Organization debt.
It is foreseeable that this conflict of interest could influence potential settlement agreements with Federal regulators as Wells Fargo have $300 million in leverage over Mr. Trump.
Why else is this relevant? Well, frankly it’s yet another example of how Trump is a failure as a business man!