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Ousted Trump will return to a company deep in debt and under criminal investigation: report

By PhillyNews.FYI , in News , at November 8, 2020 Tags: , , , , , , ,


President Donald J. Trump may have a rude awakening waiting for him after he exits the White House and returns to his family business in New York. While Congress may no longer be as focused on Trump’s business activities, prosecutors in New York will continue their investigations, The New York Times reported Sunday.

Trump and his company are under investigation by the Manhattan district attorney’s office for various potential financial crimes and continues to push for exposure of his tax returns. The New York State attorney general’s office is conducting a separate civil inquiry into suspicions that the company misstated its assets, possibly to reduce taxes or obtain loans.

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While the company continues to deny any wrongdoing, Eric Trump, who currently runs the company with his brother Donald Jr., last year cited scrutiny from Democrats and the media as a major reason for suspending plans to open a new line of hotels.

After winning the presidency four years ago, Trump declined to sell off his stake in the Trump Organization, and instead adopted a plan that he said would eliminate conflicts of interest. Among other things, the Trump Organization pledged to forgo new deals outside the United States and hired an ethics adviser to screen certain domestic ventures, The New York Times reported. Before the presidency, the company was eyeing a major expansion in China; it would even maintain a Chinese bank account and keep an inactive office in Shanghai during the presidency. It had also done exploratory work on new business partnerships in Colombia, Brazil and Turkey.

The New York Times obtained 20 years’ worth of Trump’s tax returns and reported that he’s $421 million in debt to an unknown entity. What happens after he leaves the White House is up for interpretation, but nowhere does the word “winning” seem appropriate.

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