In documents released by the House Oversight Committee this week, it was revealed Donald Trump hid $70 million in losses from his Washington D.C. hotel.
The Trump Hotel in D.C. lost $70 million over the four-year period he was in the White House, thedocumentsreleased on Friday revealed. When he spoke about the hotel in public, he falsely claimed that it was bringing in “millions” of dollars. The records show that Trump’s hotel also received millions in payments and loan deferral from foreign governments, and he did not disclose such payments despite conflicts of interest concerns.
The House Committee on Oversight and Reform described the documents as “troubling,” pointing out that Trump had claimed the hotel netted him $150 million during his presidency. In fact, the hotel was loaned $27 million from one of Trump’s holding companies from 2017 to 2020, and over $24 million was not repaid. The estimated $3.7 million in foreign government money also raises “concerns about possible violations of the Constitution’s Foreign Emoluments Clause,” the committee added.
In a statement released by the Trump Organization, the committee’s findings have been described as "intentionally misleading, irresponsible and unequivocally false." A spokesperson for the Trump Organization even accused the committee of not understanding "basic account principles— including the difference between gross revenue and net profit." The spokesperson added that profits were donated to the US Treasury, and the company had “invested a significant amount of time and money to save this crumbling asset which was costing American taxpayers millions of dollars each year.”
Deutsche Bank has accused the committee of making “inaccurate statements” regarding the bank and its loan agreement, CNN reports. The news comes not long after Trump dropped of Forbes’ list of the wealthiest Americans for the first time in 25 years.
When the records regarding his D.C. hotel went public, many ridiculed him on social media resulting in #TrumpIsBroke trending.
