Trump found to have hidden over $70 million in losses on his Washington D.C. hotel

Reuters

A man desperate to conceal from the public the true state of his finances. Yet somehow this fraud has been able to hold an entire country hostage since coming on the political scene in 2015. CNBC -  

WASHINGTON – Former President Donald Trump’s luxury hotel in Washington, D.C., lost more than $70 million from 2016 to 2020, according to newly released confidential filings that his accountants submitted to the hotel’s landlord, the General Services Administration. 

While the hotel was losing money, Trump’s annual financial disclosures filed with the Office of Government Ethics reported publicly only the hotel’s revenue, which added up to nearly $156.6 million. 

Yet over that same period, Trump’s accounting firm, WeiserMazars LLP, disclosed in confidential reports to the GSA that the hotel lost nearly $73.9 million. The firm later changed its name to Mazars USA LLP. 

According to a new report issued Friday by the House Oversight and Government Reform Committee, the effect of the discrepancy between what Trump publicly reported and what he privately disclosed was to mislead the public about the president’s financial situation. 

A spokeswoman for the Trump Organization rejected the committee’s findings and denied that there was anything misleading in the former president’s disclosures, noting that Trump had reported the hotel’s gross revenue, not its net profit. 

The committee also alleges that Trump hid more than $20 million in loans that his real estate holding company made to the struggling hotel, another attempt to conceal the true state of the president’s finances. (Read more)

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