Drudge Retort: The Other Side of the News
Saturday, April 20, 2024

Former President Donald Trump may be paying a "secret third party" through a non-existent $50 million loan, an ethics group claimed.



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... The government watchdog organization Citizens for Responsibility and Ethics (CREW) sent a letter to the FBI and the Department of Justice asking them to investigate whether Trump falsely reported the $50 million owed to one of his own companies, Chicago Unit Acquisition LLC ("Chicago Loan"), as a liability on all nine public financial disclosure reports he filed with the Federal Election Commission ("FEC") and the Office of Government Ethics ("OGE"). Trump filed the disclosure reports between 2015 and 2023, even though the loan "appears to have never existed," according to the CREW letter.

"It is not clear why Mr. Trump would have reported a non-existent loan as a liability owed to one of his own companies," the letter states. "Some reporting suggests that the deal could be part of a tax-avoidance scheme, known as debt parking, that has been used by taxpayers to purchase debt and then leave it in a separately-owned entity rather than incur tax liability on debt which has been forgiven." ...

#1 | Posted by LampLighter at 2024-04-19 02:33 PM | Reply

He's a crook. Who knew?

#2 | Posted by LegallyYourDead at 2024-04-20 12:16 PM | Reply | Funny: 2

In my work as a lender I typically remove related party debt and adjust the associated asset (e.g., an ownership interest in real estate) because the entries in the financial statements may not accurately reflect the amounts actually due, the value of the corresponding asset, and the purpose of the entries. The folks at the court should have made similar adjustments. Clearly not enough questions were asked or answered. I'm surprised there are still smart people out there who do not trust yet verify when it comes to all dealing with Der Dotard ...

#3 | Posted by catdog at 2024-04-20 02:49 PM | Reply | Newsworthy 2

Trump simply doesn't know how to play at anything without cheating. Anything.

#4 | Posted by Whatsleft at 2024-04-20 03:19 PM | Reply | Newsworthy 3

When you go down the Trumpy rabbit hole there is no telling what you will find.

#5 | Posted by donnerboy at 2024-04-20 09:19 PM | Reply

purchase debt and then leave it in a separately-owned entity rather than incur tax liability on debt which has been forgiven.

I got to imagine the penalty on tax fraud for $50,000,000 would be quite large.

One has to wonder why a "very solvent billionaire with lots of cash" would need to have debt forgiven.

Things that make you go hmmmmm.

There is no part of his personal, business, tax, etc of life he doesn't cheat at.

The worst thing he could have ever done was put himself under public scrutiny by running for President.

So was he too stupid to foresee this amount of scrutiny or was just that arrogant?

It has to be both.

Is the dirt that Putin has on him so much worse than this or did Putin sell him the notion of being above the law once he got in office?

One thing for certain is that Putin is having quite the chuckle that 50% of our nation is so stupid that this obvious fraud is their best choice.

#6 | Posted by Nixon at 2024-04-22 02:25 PM | Reply

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