Monday, November 20, 2017

Trump Exaggerated His Business Worth by 1,000%

Donald Trump has an inflated view of his assets. The president's family business is worth about one-tenth of the value he has claimed, according to an analysis of the latest figures he has filed with the federal government. Some of the discrepancy is due to a downturn in business, but the rest is credited to an overheated imagination, according to Crain's New York Business reporter Aaron Elstein, who examined the numbers. Elstein told NPR he feels a bit like he was played. In 2016 the Trump Organization reported nearly $9.5 billion in sales. But recent public filings by the president indicate that the company's actual revenue that year was only as much as $700 million, Crain's said. Crain's determined Trump has been reporting inflated revenue since at least 2010. After examining the latest figures Trump has filed, Crain's this month bounced the Trump Organization from the No. 3 spot on its list of largest privately held New York City companies down to No. 40.

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"It was obviously very important to Donald to have his company on the top of the list ... but the numbers that he presented are just flagrantly untrue," Elstein told NPR. Crain's said the $9.5 billion in revenue looks "preposterous in light of federal filings made by the president in the past year."

Trump's properties aren't doing so well, even though it's "halcyon days" for real estate developers, according to Crain's. Not only are the Trump Organization's plans to develop a Scion hotel in Manhattan apparently dead in the water, but "prices are slumping for condos at Trump Tower and the Trump International Hotel and Tower," Crain's said. ...

Trump also toppled on another list, down an astonishing 92 places (to No. 248), in Forbes' rankings of richest men in America. But Trump remains a billionaire on the Forbes list, where he clocks in at $3.1 billion in total assets. He also took a dive on Bloomberg's Billionaires index, but is credited with still having a total $2.9 billion in assets, as far as Bloomberg knows.

Since Trump hasn't released his tax returns, as presidents typically do, his income and information about holdings is murky.

Comments


I wonder if this is in any way related to the refusal to release his tax forms.

#1 | Posted by LampLighter at 2017-11-20 10:36 PM

"Donald Trump has an inflated view of his assets."

True on sooooo many levels.

#2 | Posted by Danforth at 2017-11-20 10:42 PM

#1 I thought the same thing.

It also tells me something about why he cowers in front of actually rich people.

#3 | Posted by BruceBanner at 2017-11-20 10:43 PM

Well, he does have big hands...well...maybe not so much. He does have big hair though.

#4 | Posted by JeffJ at 2017-11-20 10:46 PM

We really need a permanent thread called "Trump's Lies."

#5 | Posted by Twinpac at 2017-11-21 12:11 AM

#5

About the same as his Twitter account.

#6 | Posted by Corky at 2017-11-21 12:36 AM

Trump...exaggerated ??? That sounds so unlike him.

#7 | Posted by LEgregius at 2017-11-21 07:18 AM

Marketer marketed. People stunned.

#8 | Posted by sitzkrieg at 2017-11-21 08:02 AM

All of our recent Presidents have released their income tax returns, Trump wouldn't. Idiots then voted for him anyway. Don't claim you were lied to, you weren't, he laughed in your face and basically told you he was lying to you and you voted for him anyway. "Stupid is as stupid does." Forest Gump.

#9 | Posted by danni at 2017-11-21 08:52 AM

Marketer marketed. People stunned.

#8 | Posted by sitzkrieg at 2017-11

Liar lied. Grown people should know better.

#10 | Posted by Zed at 2017-11-21 08:52 AM

What if it's the case that Donald Trump is really 1000% less than everything he brags about? The people at the White House must have nightmares about stepping wrong and crushing him.

#11 | Posted by Zed at 2017-11-21 08:54 AM

Liar lied. Grown people should know better.

#10 | POSTED BY ZED AT 2017-11-21 08:52 AM | FLAG:

I looked at Politifact during the election and checked every candidate for "Totally True". That's thee only time they're not actually lying about something.

It's not good. We only elect liars.

#12 | Posted by sitzkrieg at 2017-11-21 09:04 AM

#3 | Posted by BruceBanner

Dude, if 3 Billion isn't rich I don't know what is...

#13 | Posted by GalaxiePete at 2017-11-21 09:08 AM

#11 | Posted by Zed

That's why they feed him fake poll numbers...

#14 | Posted by GalaxiePete at 2017-11-21 09:10 AM

"Dude, if 3 Billion isn't rich I don't know what is..."

You don't know if he has 3 billion or 3 cents because he won't document anything. I wouldn't vote for anyone who wouldn't document their financial situation, potential conflicts of interest and possible opportunites for foreign governments (Russia) to blackmail them. If a consumer entered into a contract with as little information as millions voted for Trump we'd all call them irresponsible idiots who deserve the consequences.

#15 | Posted by danni at 2017-11-21 09:43 AM

His jet costs $8500/hr to operate. He's not hurting.

#16 | Posted by sitzkrieg at 2017-11-21 09:47 AM

It's not good. We only elect liars.

#12 | POSTED BY SITZKRIEG

Because when we elected an honest man (Jimmy Carter) he couldn't get anything done and no one respected him.

His jet costs $8500/hr to operate. He's not hurting.

#16 | POSTED BY SITZKRIEG

Of course he is not hurting. He figured out how to get you and me to pay for it.

#17 | Posted by donnerboy at 2017-11-21 10:13 AM

Dude, if 3 Billion isn't rich I don't know what is...

#13 | POSTED BY GALAXIEPETE AT 2017-11-21 09:08 AM | FLAG:

Jeff Bezos is worth over $95 Billion.

Trump does not have real wealth. Bezos could buy trump 30 times over. The numbers here suggest He could buy trump maybe 168 times over.

#18 | Posted by BruceBanner at 2017-11-21 10:36 AM

He's not the richest guy in the world and that he lies because he's got issues is an understatement.

But it is insane to claim $3 billion isn't "real wealth".

I'm shocked he has that much. A lot of his businesses are total stinkers.

#19 | Posted by Sully at 2017-11-21 11:01 AM

"His jet costs $8500/hr to operate. He's not hurting."

Renovations in his hotels were expensive too so he just didn't pay the contractors. I'm wondering how the mechanics who work on his jet make out when they send him a bill? With AF1 available to him now I doubt that his personal jet gets much use anyway.

#20 | Posted by danni at 2017-11-21 11:09 AM

#20

If I were him I'd take good care of those airplane mechs. A lot can go wrong with an airplane.

#21 | Posted by Whatsleft at 2017-11-21 11:19 AM

His jet costs $8500/hr to operate. He's not hurting.

#16 | Posted by sitzkrieg at 2017-11-21 09:47 AM | Reply

When I last looked, he was billing the government for that.

#22 | Posted by Zed at 2017-11-21 11:29 AM

Air Force one costs much more to operate.

#23 | Posted by JeffJ at 2017-11-21 11:34 AM

#19 | Posted by Sully

My point exactly. Who cares if Jeff Bezos is insanely more wealthy? 3 Billion IS real wealth and goes a LONG way. Frankly like him or not I have to imagine his businesses are suffering as a result of his presidential run and Presidency as well. Ivanka's are...

#24 | Posted by GalaxiePete at 2017-11-21 11:59 AM

well ... surprise, surprise ... tax returns anyone? anyone?

#25 | Posted by b_al at 2017-11-21 06:38 PM

#24 there's rich and then there's friggin' liars; period.

#26 | Posted by b_al at 2017-11-21 06:41 PM

You guys are hilarious. You don't understand wealth.

Trump is the poorest man on earth.

When you realize that, you will be a step closer to the truth.

#27 | Posted by BruceBanner at 2017-11-21 10:15 PM

Air Force one costs much more to operate.

#23 | POSTED BY JEFFJ

You think maybe Air Force One just might have a few more features and accessories?

#28 | Posted by donnerboy at 2017-11-21 10:33 PM

If donald used his own plane that would be AF1.

Alas, the kids probably use it cuz he's stuck with the 747.

#29 | Posted by REDIAL at 2017-11-21 11:13 PM

He does the same with his net worth. Claims he's worth $3B, most anyone has ever been able to prove is $300MM.

#30 | Posted by IndianaJones at 2017-11-22 11:53 AM

#24 | POSTED BY GALAXIEPETE

He isn't worth $3B. See my 30.

#31 | Posted by IndianaJones at 2017-11-22 11:53 AM

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