DiscoverTrump, Inc.
Trump, Inc.

Trump, Inc.

Author: WNYC Studios

Subscribed: 8,556Played: 70,983
Share

Description

He’s the President, yet we’re still trying to answer basic questions about how his business works: What deals are happening, who they’re happening with, and if the President and his family are keeping their promise to separate the Trump Organization from the Trump White House. “Trump, Inc.” is a joint reporting project from WNYC Studios and ProPublica that digs deep into these questions. We’ll be layout out what we know, what we don’t and how you can help us fill in the gaps.
WNYC Studios is a listener-supported producer of other leading podcasts, including On the Media, Radiolab, Death, Sex & Money, Here’s the Thing with Alec Baldwin, Nancy and many others. ProPublica is a non-profit investigative newsroom.
© WNYC Studios
26 Episodes
Reverse
Pump and Trump
Since Donald Trump’s fortunes came surging back with the success of “The Apprentice” 14 years ago, his deals have often been scrutinized for the large number of his partners who have ventured to the very edges of the law, and sometimes beyond. Those associates have included accused money launderers, alleged funders of Iran’s Revolutionary Guard and a felon who slashed someone in the face with a broken margarita glass.Trump and his company have typically countered by saying they were merely licensing his name on these real estate projects in exchange for a fee. They weren’t the developers or in any way responsible.But an eight-month investigation by ProPublica and WNYC reveals that the post-millennium Trump business model is different from what has been previously reported. The Trumps were typically way more than mere licensors or bystanders in their often-troubled deals. They were deeply involved in these projects. They helped mislead investors and buyers — and they profited handsomely from it. Patterns of deceptive practices occurred in a dozen deals across the globe, as the business expanded into international projects, and the Trumps often participated. One common pattern, visible in more than half of those transactions, was a tendency to misstate key sales numbers.In interviews and press conferences, Ivanka Trump gave false sales figures for projects in Mexico’s Baja California ; Panama City, Panama ; Toronto  and New York’s SoHo neighborhood . These statements weren’t just the legendary Trump hype; they misled potential buyers about the viability of the developments.Another pattern: Donald Trump repeatedly misled buyers about the amount (or existence) of his ownership in projects in Tampa, Florida; Panama; Baja and elsewhere. For a tower planned in Tampa, for example, Trump told a local paper in 2005 that his ownership would be less than 50 percent: “But it’s a substantial stake. I recently said I’d like to increase my stake but when they’re selling that well they don’t let you do that.” In reality, Trump had no ownership stake in the project.The Trumps often made money even when projects failed. And when they tanked, the Trumps simply ignored their prior claims of close involvement, denied any responsibility and walked away.(Projects Where A Trump Family Member Overstated Numbers and Projects Where the Trumps Suggested They Were Developers, Partners or Equity Owners - They Weren't)The cycle is exemplified in Panama City, where the Trumps were involved in a project to build a massive tower and complex known as the Trump Ocean Club . The project’s unfortunate turns included bankruptcy, then, years later, the forcible ejection of the Trump Organization from managing the hotel.There, as elsewhere, the Trump Organization disclaimed responsibility. It emphasized that it had merely licensed the Trump name to developers who handled everything from construction to marketing. “The Trump Organization was not the owner, developer or seller of the Trump Ocean Club Panama project,” it said in a statement last year. “Because of its limited role, the company was not responsible for the financing of the project and had no involvement in the sale of units.”That was false. For starters, Trump arranged financing — his promised commission: $2.2 million or more — by bringing in investment bank Bear Stearns , which issued the bonds that paid for the Panama project’s construction.Trump touted himself as a “partner” of the developer. His daughter Ivanka  briefly boasted that she had personally sold 40 units. (A broker on the project said he couldn’t remember her selling even one.) Meanwhile, Ivanka told a journalist at the time that “over 90 percent” of the Panama units had sold — and at prices five times as high as comparable buildings. Both statements were untrue.Not only were the Panama sales figures inflated, but many “purchases” turned out to be an illusion. That was no coincidence. The building’s financing depended on obtaining advance commitments from buyers, often before concrete had started pouring. But in between the sale of the bonds in 2007 and 2013, the year the building went bankrupt, buyers of 458 units in the 1,000-unit building abandoned their purchase contracts. Those buyers forfeited more than $50 million in deposits, and they never took possession of finished units. Given that the “buyers” were often shadowy shell companies or other paper entities, it was nearly impossible to discern who the actual purchasers were, let alone why they backed out.Trump licensed his name for an initial fee of $1 million. But that was just the beginning of the revenue streams, a lengthy and varied assortment that granted him a piece of everything from sales of apartment units to a cut of minibar sales, and was notable for the myriad ways in which both success and failure triggered payments to him.Consider the final accounting: In the wake of the project’s bankruptcy, a 50 percent default rate and his company’s expulsion from managing the hotel, Donald Trump walked away with between $30 million and $55 million.The Trump Organization did not respond to a long list of questions about its transactions. The White House didn’t have a comment.Trump’s licensing strategy originated with his early-2000s comeback, as “The Apprentice” propelled him to international TV stardom and restored luster to a reputation tarnished by multiple bankruptcies. As Trump put it in one promotional video  during that period, “When the first season of ‘The Apprentice’ finally finished shooting, I was able to get back to my core business, real estate, and I’ve made some really incredible deals.” That strategy is still playing out today. The Trump Organization, which pledged not to launch new projects during the Trump presidency, is aggressively pursuing existing ones, including in the Dominican Republic, Indonesia and India.Some long-assumed beliefs about Trump are being re-investigated, with surprising results. This month, The New York Times published a 13,000-word examination of how Donald’s father, the late Fred Trump, and his estate, funneled millions of dollars to his children, in possible violation of tax rules and criminal laws. With copious documentation showing that Fred directed $413 million in today’s dollars to Donald — not the single loan for $1 million, with interest, that Donald has always claimed — it exploded Trump’s long-propagated claim that he is a self-made man.This article examines another Trump claim: that his post-millennium comeback and global expansion rested on the brilliant purity of a licensing strategy that paid him millions simply for the use of his name. That, it turns out, is no truer than the notion that Donald Trump is self-made.“Development Wasn’t Our Big Forte”A Lebanese importer-exporter with expertise in the apparel industry seemed an unlikely choice as a partner for one of Donald Trump’s first international forays. Yet that’s precisely who Trump would team with to embark on a wildly ambitious construction project in a distant Central American location.Roger Khafif  divided his time between Panama, where he had become a citizen, and South Florida. He was a slick dresser who made big promises and exuded an intensity that could be viewed either as determination or stubbornness, according to people who did business with him. He had worked in the Panama Canal free-trade zone as an importer-exporter of clothing and had recently begun dabbling in real estate, documents show, via ownership interests in two Panamanian beach resorts. “Development wasn’t our big forte,” Khafif acknowledged in an interview with ProPublica.If Khafif seemed an implausible partner, Panama seemed an odd location for a project that would become a template of sorts for Trump’s international licensing deals. The country was better known as a cog in the Latin American drug trade than as a tourist destination. It was a place to turn illegal profits into useable cash. Money laundering helped fuel the proliferation of high-rises that gave Panama City its sleek, ultramodern skyline .The deal came together fast, according to Khafif. To get to Trump, he said, an associate put him in touch with a business partner of Marvin Traub, the Trump friend and former Bloomingdale’s CEO who had also brokered Trump Vodka. Traub’s consultancy got Khafif on Trump’s schedule. (Traub’s firm later sought almost $1.3 million for matchmaking, court documents show.)“We had a quick meeting,” Khafif recalled of his first encounter with Trump in New York in 2005. “Then I left. I went down to Miami, got a call the next day from Donald Trump saying they were interested in the project.” Khafif was so surprised he didn’t at first believe he was talking to Trump.Trump signed on to Khafif’s plan and decided to bestow the leading role in the project, at least as far as the Trump Organization went, on his daughter Ivanka, Khafif told Reuters. Just entering her mid-20s, she was leading a major deal for the first time. Ivanka traveled to Panama shortly after, and the agreement coalesced quickly.Khafif’s dream was audacious and grandiose. The planned complex, Ivanka claimed in a promotional video, would amass the largest square footage of any construction in all of the Americas. Fully Trumpian in its luxury and excess, the plan would call for a 69-story sail-shaped building with 1,000 condos and hotel-condo units, offices, a casino, spa, private beach, pool deck and yacht club. (When viewed from Panama Bay, the resulting edifice would look less like a sail and more like a giant lemon wedge perched on a square base.)One Monday in April 2006 in the marble atrium at Trump Tower in Manhattan, Khafif stood in a well-cut dark suit and pale pink tie  beside Trump, Ivanka and Donald Jr. to announce plans for the Trump Ocean Club’s birth. “I really think the time for Panama has come,” Trump proclaimed.Trump left multiple observers with the impression that he had an equity stake in the deal. “He said the Trump   does have a financial interest in the project but he would not disclose the amount,” reported a newsletter circulated to clients and associates, alerting them to news and investment opportunities, by the Panamanian law firm Mossack Fonseca, which would later become publicly known for sheltering wealth in offshore accounts.Marketing materials for the Panama project also implied that Trump was functioning as a developer. “I am honored to develop this extraordinary high rise with my partner Roger Khafif of the K Group,” Trump was quoted as saying in one promotional statement. Buyers believed the Trumps and their company were functioning as the project’s developers, in partnership with Khafif, according to a lawsuit later filed by dozens of buyers.But Trump did not have a penny of equity in the development, according to records of the bond sale and bankruptcy. Nor was he the actual developer, as the Trump Organization’s own statement confirmed.In Panama and elsewhere, Trump’s projects depended on outsiders’ willingness to invest. Trump claimed at the time that banks were “fighting to put up money” for the building. But there’s no evidence that was the case. His five casino and hotel bankruptcies meant financial institutions tended to shy away, and Khafif’s lack of building experience made him a risky financing prospect. (Khafif ultimately brought on the principals of a Colombian construction and design firm to deliver the necessary know-how.)Still, Trump had a card to play without which the tower would likely never have been built: his two-decade relationship with Bear Stearns. The investment bank agreed to underwrite a $220 million bond issue. Bear Stearns and Trump had worked together on a variety of endeavors. For example, two years earlier he and a Bear Stearns executive, Trump’s investment banking adviser, had launched Trump University , a non-accredited business education program that purported to teach his real estate strategies. (It later collapsed among accusations of fraud. Trump paid $25 million to settle a suit but denied wrongdoing.) And as far back as 1988, Trump paid a $750,000 civil judgment to the U.S. Department of Justice for having Bear Stearns make purchases of casino stocks in the bank’s name rather than in his. (Trump was looking to buy casinos at the time, and the Justice Department asserted that the concealed purchases violated antitrust laws.)As the bond underwriter in the Panama project, Bear Stearns played a dual role: It raised money for construction and also vouched for the soundness of the bonds it would sell. The bank was supposed to be checking that information disclosed to investors was accurate and provided a complete picture of the investment’s strengths and weaknesses.In reality, however, “the bank had significant lapses in exercising due diligence over their bond offerings” during that period, according to Gary Aguirre, an attorney and former SEC senior counsel who advocated for more accountability of Bear Stearns and other Wall Street banks involved in the financial crisis and said he researched Bear Stearns as part of that process. The bank, including a member of its Latin America group (which was involved in the Panama deal), faced multiple investigations by regulators into whether its employees in Miami and New York had improperly valued financial instruments, though they did not lead to charges, SEC records and media reports show.The bond sale barely squeaked through in November 2007. Tremors of what would become a global financial earthquake were already destabilizing markets. At the last minute, Bear Stearns postponed the offering only to reverse course a few days later. “I remember walking up Fifth Avenue and I put my arm around Roger [Khafif],” said Jack Studnicky, a lead real estate agent for the project, “and I said, ‘You are the luckiest SOB I ever met.’” This project, branded with the name of a longtime Bear Stearns client, was the only bond issue among eight at Bear Stearns at that moment that moved forward.Many investors turned up their noses at the bonds, even though Bear Stearns representatives had traveled to New York City, Miami and London to talk up the deal. Part of what drove some blue-chip corporate investors away was obvious: The bonds for the Panama project were rated “speculative” — “junk” in Wall Street parlance — reflecting what rating agencies viewed as an elevated chance of default. More risk-tolerant, and more anonymous, hedge funds and money managers proliferated among the bond buyers, making up 80 percent of initial investors.Within months of the offering, it became clear that the Trump Ocean Club would outlive its financial backer. Bear Stearns crumpled suddenly in March 2008 as creditors pounced on the heavily indebted institution. Less than six months after it delivered the money to construct the tower, Bear Stearns disappeared into the belly of J.P. Morgan.“We Needed Those Extra Sales”Trump’s connections landed financing for the Panama project, but they could take the deal only so far. The $220 million in bond proceeds wouldn’t have started flowing if Khafif’s team hadn’t satisfied a key prerequisite: Racking up “presales,” the term for purchase contracts signed while the building was under construction (and in many cases, before construction had even begun).Buyers promised to make a down payment of 30 percent, spread over four installments, and to eventually pay in full. These binding pledges served as collateral for the bond, a crucial source of value that bondholders could seize if the developers failed to pay back what they owed.Khafif and a cadre of brokers set out to move units, with what appeared to be dramatic success at first. The year Trump joined the project, 2006, the developers reported signing a whopping 585 presales contracts with prospective buyers (nearly 60 percent of the units in the building). The Moody’s credit-rating service cited the project’s rapid sales as a “positive credit characteristic.”But the project scrambled to nail enough contracts to fulfill the bank’s requirements, according to Studnicky, who worked for the project’s master brokers, International Sales Group (ISG). Over a meal in a Spanish restaurant in New York City, Khafif told Studnicky he needed “another 100 sales to make it valid” — scribbling numbers on the paper tablecloth, according to Studnicky. “It wasn’t fully collateralized, and we needed those extra sales,” he said.ISG leaned on its agents. “We knew there was a presale requirement in order to trigger the bond issue,” said Jeff Barton, another broker who worked at ISG at the time. “So there was definitely pressure.”In dealing with potential buyers, the ISG brokers communicated urgency of a much different sort: They acted as if the building were running out of units. The prices were in constant flux, keeping potential buyers off-balance. “You could never really get a straight answer in terms of what was actually available, what had actually sold and what the real price was,” said Kent Davis, who began looking to sell Ocean Club inventory soon after opening his own real estate company in Panama City in 2007. (One buyer echoed Davis’ comments. “When I invested it was ‘Oh wow, it’s almost sold out!’” said Al Monstavicius, a retired doctor who bought into the Panama tower. “I was told the units were selling real well. Well, they weren’t selling real well.”) ISG did not return messages seeking comment. Davis said he sold a few units, splitting the commission with ISG. “I think some of their projections were exaggerated. I think the way they described how the project would ultimately be built did not come to fruition,” he said. “I think they were overpromising and, to be honest, at times I was complacent.”Just as Trump took millions upfront, financial incentives in the project were stacked to reward brokers for quick presales — rather than slow and steady contracts perhaps more likely to close once construction finished.Commissions were front-loaded to an unusual degree, Davis said. Agents making the earliest sales would receive 90 percent of their expected commissions by the time construction started, according to Barton. Only the final 10 percent was held back until closing, when the buyer had paid in full and the unit was ready to be occupied. (Davis said that brokers typically get commissions in increments in line with the percentage their clients have put in.)Even as brokers were taking cash out quickly, buyers were given time to put their money in. They anted up just 10 percent upon signing a purchase contract, according to the bond prospectus. They paid the remaining 20 percent in increments over the year after that.Khafif complained of soaring construction costs and raised prices even as brokers hustled for contracts, Studnicky said. “I kept saying I understand the problem, but if you keep pushing the prices up, people are never going to be able to close on these things,” he said.The higher prices climbed, the more the Trumps stood to pocket. Their licensing agreement gave them a base fee of 4 percent of gross sales when units closed. (This was on top of the $1 million Trump was given in advance for the use of his name.) They also received an “incentive fee”: the higher the price rose above benchmarks, the greater a proportion the Trumps earned, records show. A hotel-condominium unit that sold for $385,000, for example, would produce a payment of $20,650 — just over 5 percent — to Trump’s company.That was just the beginning. Along with the cut of sales, Trump’s 2006 licensing agreement provided the family other cash streams from the Panama project. The Trumps could take a 20 percent commission on construction costs if money was saved through Trump dealmaking, for instance. Once the hotel opened , they would pocket 17.5 percent of what hotel guests paid for their rooms, including what they spent on minibar items, internet service and even bathrobes; 4 percent for parking unit sales; and 12 percent of commercial space rentals. The Trump Organization would also receive 4 percent of the hotel’s gross revenue for managing it, plus an incentive fee equal to a fifth of the hotel’s net operating income.If everything went smoothly, according to the bond prospectus, Trump’s take would be $74 million by 2010. That sum was equivalent to about a third of the entire financing for the project.Of course, things would go less than perfectly. But Trump was protected if that happened, too. His contract created a safety net for him if prices rose so high that buyers failed to close. One provision required that two years after the first closing, developers would pay the Trumps fees for unsold units — basing the amount on the average sales prices of the units that had closed. In theory, avoiding such payments provided an incentive to sell more units; in reality, it meant that Trump would get paid whether or not units actually sold.The contract required that monthly sales and marketing reports be provided to the Trumps. It was a stipulation the Trump Organization appeared to value: In an email related to another project, Trump’s son Eric chastised business partners in the Dominican Republic  for delays in making such reports. “I am getting weekly emails from my team who requests this info on all projects for basic monitoring purposes,” Eric wrote.His sister, meanwhile, asserted her engagement with the company’s endeavors. “I’m involved in every aspect of our new construction projects,” Ivanka said in a 2008 interview. “[A] lot of what I do is get involved in the acquisition process, from sourcing the potential opportunities and then the initial due-diligence process, but then, of course, I follow the deals through to predevelopment planning, design, interior design, architectural design, sales and marketing, and, ultimately, through operations.”“Our biggest problem is not having enough inventory”Construction on the Trump Ocean Club had begun in May 2007, with customer deposits, investor money and a bridge loan tiding the developers over until the sale of bonds in November 2007. To hear the Trumps tell it, the project was a raging and immediate success, even in the face of a historic global financial and real estate crisis that erupted in 2008 and continued into 2009 and beyond.At times, the hyperbole crossed over into misrepresentation. In a November 2008 interview, Ivanka Trump bragged that she had “sold 40 units in Panama last month.” She added that “it’s a 1,000-unit building, we’ve sold over 90 percent of it.” The units, she said, had been going at a “500 percent premium to anything the luxury market has ever experienced prior to our entry.”All of that was exaggerated or outright false. When pressed by her interviewer about what she meant by “I sold 40 units,” Ivanka backed off, saying, “We did, our project,” a transcript of the interview shows. Studnicky, who was deeply involved with Ocean Club sales at the time and generally praised the Trumps, said Ivanka didn’t sell any units that he knew of.Three months after Ivanka’s comments were published, Moody’s reported that 79 percent of the building’s units were under purchase contracts. The Trump name did carry a premium, according to data filed with Panamanian securities officials. But even at its high point, it amounted to about 130 percent of what similar luxury properties fetched, not the 500 percent Ivanka claimed.Meanwhile, the Trumps used some of their glamour to encourage sales. Donald Trump himself hosted a gala for the Panama project at Mar-a-Lago where celebrity Regis Philbin dropped in.But difficulties were mounting and cash was tight. By 2009, some buyers were offered hefty discounts if they agreed to pay the full purchase price up front. (Monstavicius says he accepted such an offer, shaving $100,000 off his nearly half-million-dollar penthouse suite.)Ratings for the Ocean Club’s bonds were lowered in February 2009, but you wouldn’t have known that by listening to the Trumps. A few weeks after the downgrade, Ivanka gushed about Panama in an interview with a publication called the Latin Business Chronicle. “Given the global downturn, the fact that sales remain so robust is a testament to the product, the brand and Panama,” she said. “Our biggest problem is not having enough inventory. We only have a small percent of the building left.”The following year brought more trouble. There was another bond downgrade. One of the services that reduced its rating, Fitch, expressed concerns about the market and buyers’ “willingness and ability to close on units upon delivery.”The developers faced a $27 million construction shortfall and delays by subcontractors performing services such as millwork. Khafif and his team trimmed back some of their plans, which only irked buyers who had already committed their money. For example, buyers said square footage for some units was reduced. The location for a planned beach club was moved to a more distant spot with less cachet. And plans to have Trump manage the casino were abandoned.The issuing of the bonds hadn’t relieved pressure on the Ocean Club to move units. The developers needed to keep sales commitments and cash high or they risked defaulting on the bonds. By 2010, 25 contracts appeared in jeopardy as buyers missed payments toward their deposits.Facing pressure from multiple sides, the developers sought bondholders’ permission to make key changes to their agreement. They proposed relaxing the requirements for collateral and reducing the amount of cash they had to keep in a deposit account. In a company statement quoted in the press at the time, Newland International Properties (the entity formed by Khafif and the outside developers he partnered with) was blunt about its need: “The company believes that the proposed amendments are necessary to allow the company to continue construction.”“Nobody Ever Asked Where These Sales Were Coming From”From the beginning, the plan at the Trump Ocean Club was to draw a luxury-seeking international clientele with disposable income. With some 1,000 units to sell, brokers tapped networks of upper-crust buyers across the globe. In doing so, they netted purchasers with problematic pasts, including some with ties to organized crime and money laundering operations.ISG representatives and independent brokers fanned out to Russia, Spain, Switzerland, Dubai, China and South Africa, as well as other Latin American countries. As of mid-2007, roughly 60 percent of buyers came from outside the United States, bond documents show. (Much has been made of Trump’s buyers of Russian nationality or extraction, but the Panama sales were not tracked by nationality. Still, some were found in Moscow and, Khafif said, in Trump developments in  ) Several aspects of the Panama sales raised red flags, according to experts. For example, some buyers bought blocks of units. Purchases were typically made anonymously through shell corporations registered in Panama. That allowed some buyers to change the ownership of the unit in secret, simply by changing the ownership of the company. They often used so-called bearer shares, allowing a stake in a company to be transferred simply by passing a piece of paper.“Nobody ever asked where these sales were coming from, where the money was coming from,” said Studnicky, adding that this wasn’t unusual for such a building at the time.The purchase of multiple units and the use of bearer shares or shell companies are not illegal in themselves. But they can be hallmarks of money laundering, according to experts. “We have no idea of the people behind those companies,” said Eryn Schornick, a policy adviser for Global Witness, an international anti-corruption organization. The Panama deal, she said, bore signs of “classic money laundering.”Meanwhile, multiple buyers claimed they were promised quick profits through flips arranged by the developers, promises they say were not fulfilled. Some of those allegations began emerging in litigation even before the Trump Ocean Club opened.In late 2010, a group of buyers accused Trump, the Trump Organization, Khafif and Newland, Khafif’s development operation, of misleading them, according to a previously unreported lawsuit filed in U.S. District Court in Florida. There were 37 plaintiffs, led by an independent broker, Greg Landau. The group — including South Florida residents, a family in Brooklyn, a Massachusetts psychiatrist, a New York fashion mogul and several Russians — had bought 42 Ocean Club condominiums between 2006 and 2009.The group alleged that Khafif had offered them a sweet enticement: If they put 30 percent down, either the developer or the Trump Organization would finance the rest. Khafif, plaintiffs claimed, said Newland or the Trump Organization would manage the investment — finding new buyers so they could flip it for a big profit before construction was finished and they had to close on the property.The deal soured after some of the Ocean Club plans were trimmed (including, as noted, reducing the size of units). Buyers discovered there was no developer financing, and no buyers lined up to flip to. They went to court.Trump had “stood by silently as Khafif made the misrepresentations” in a meeting at Mar-a-Lago in 2007 aimed at attracting investors and encouraging current investors to increase their deposits, the lawsuit claimed. It also cited the marketing materials in which Trump called Khafif his “partner.” “The Trump Organization knew these representations were being made by Khafif to Landau and of the fact that Landau was expected to repeat them to other potential investors,” it alleged. “Defendants Khafif, Donald Trump, and the Trump Organization were culpable participants in the fraudulent scheme.”In an interview with ProPublica, one of those buyers described what he had expected to happen. “There was an agreement that when the hotel is built, when the building is ready, we’ll sell our apartments, our shares, and quit the project,” said Victor Masaltsev, an internet entrepreneur who lives in Moscow and invested in the Ocean Club through a Panamanian shell company that became a plaintiff in the Landau suit against Trump. Masaltsev said he was invited to visit Mar-a-Lago for an event with Trump celebrating the project, but he couldn’t make the trip.“I’ve been doing business for a long time and, you know, there’s never a 100 percent guarantee,” he said through a translator. “But I was expecting to make no less than 50 percent profit on my money.” Instead, he said, he lost his deposit.In their legal papers, the Trump Organization and Newland asserted that the complaint was “completely devoid of facts sufficient to show that Donald Trump and The Trump Organization were conducting the affairs of a ‘fraudulent scheme.’”Khafif called the lawsuit a case of “buyers’ remorse, of course.” There were “a million” such lawsuits when the financial crisis came, he added. “They tried to invent anything in order to get their money back. It wasn’t our fault.”A U.S. judge ordered the case be moved to Panamanian courts, but the parties reached a confidential settlement before that happened. Other plaintiffs, reached by ProPublica, have a surprising take on the dispute today. Three of them echoed Khafif and said the project was simply a bad investment. “It’s nothing to do with Trump,” said David Feldman, speaking outside his Brooklyn duplex. He said he did not receive any money in the settlement and added that he thought Trump was hurt by the deal, too, before declining to talk further. Landau did not respond to requests for comment, nor did Roderick Coleman, the attorney named on the lawsuit pleadings.Landau’s group wasn’t the only one to claim it was sold on an unfulfilled promise of easy flipping. One buyer from Dubai made similar claims, according to emails in the Panama Papers, a collection of documents leaked from Mossack Fonseca and shared by the International Consortium of Investigative Journalists. “The concept was pay the deposit and they would get it resold before completion,” a representative for the buyer wrote to a lawyer in Panama. “[T]he apartment was going to be resold for them by the agents that came from Panama to Dubai for Marketing the project.” Khafif called it another case of buyer’s remorse.“Our project was the cleanest one of them all”Unfulfilled promises weren’t the only questionable behavior alleged at the Trump Ocean Club. For example, one high-selling broker, Alexandre Ventura Nogueira , was linked to money laundering by Global Witness and a joint Reuters-NBC investigation. Nogueira confirmed in that article that some of his partners and investors on the Trump Panama project had connections to the Russian mafia. (He asserted that he had discovered those connections only after the fact.) Among the buyers Nogueira landed was a Colombian businessman who was subsequently convicted in the United States of conspiring to launder drug money.Khafif told ProPublica that he hired Nogueira because he was one of the highest-profile brokers in Panama City at the time. “That guy was very famous,” Khafif said. “We ended up suing him because he swindled the clients.” Nogueira, who was also accused of selling the same units to more than one buyer at the same time, fled Panama and described himself in the Reuters article as a “fugitive.” (He denied in that story, but could not be reached for comment for this article.)The Trump Organization denied the family knew Nogueira. But photos were published of Ivanka and her father smiling with an arm around Nogueira at events at Trump Tower and Mar-a-Lago.Project developers also seem to have made dubious presales themselves — and profitable ones at that — according to emails between bondholders and Newland obtained by ProPublica.Newland shareholders purchased some of the building’s units at below-market prices with down payments of just 5 percent. “I have never seen 8-10 percent of a 996 unit project reserved by the developers at prices as much as 70 percent less than list price (with just a 5% deposit),” asserted one email from Gary Lundgren, who now owns a sizable part of the building, to others in the project. The purchases were “not disclosed in the Bear Stearns’s bond offering circular, not disclosed in the quarterly financial disclosure, not disclosed in the annual audited financial statements,” he complained.Newland acquired some of the units by taking over ones that were in danger of default, Lundgren stated in the email, with the developers kicking in the 5 percent needed for the units to continue being counted as collateral under the bond terms. The developers resold some of the properties at higher prices, Lundgren’s email asserted, and they pocketed the difference. These resales effectively cut out bondholders from their share of the proceeds. His emails to Newland did not mention the Trumps. (In 2016, Lundgren was barred by the Financial Industry Regulatory Authority from acting as a broker after he failed to respond to an information request. His filings asserted that the complaint against him, filed by someone who was not his customer, was without merit, and that Panamanian law prevented him from disclosing the records.)The insider purchases potentially violated the terms of the project’s financing. The bond prospectus required down payments of at least 30 percent, which would “protect the economics of our project.” Since sweetheart deals generated less cash — which meant less collateral for the bonds — a provision of the bond agreement restricted sales made to affiliates of the developers. And if buyers stopped making payments, they were supposed to go through a default process rather than have Newland take over their purchase.“The developers made bad judgment calls, and they justified it by their support for the project,” said Alfredo “Dino” de Angelis, of Gapstone, which advised Newland in the bankruptcy. Ultimately, he said, the developers added money to stabilize the project, enough to equal or exceed what they appear to have made by re-selling units.Khafif said that bondholders looked into the questions and “found everything was 100 percent by the book.” He said developers didn’t need to buy units and followed the rules in the bond indenture. Khafif insisted that he conducted business the right way. “Our project was the cleanest one of them all,” he said. “We had to watch out for Trump, we had to watch out for bondholders. We had to work within the indenture, or else we’d be screwed.”“Replete with misrepresentations”Ivanka Trump ’s exaggerations about the Ocean Club reflected a tactic she and her father employed repeatedly in other cases, ProPublica and WNYC found. Their statements, typically made in the midst of sales drives, tended to overstate the number of units under contract or the Trump Organization’s equity stake in projects scattered around the globe.The Trumps’ propensity to overstate sales led them, as ProPublica, WNYC and the New Yorker reported last year, to be investigated on potential felony fraud charges in one case. Ivanka had announced in June 2008 that 60 percent of the units at the SoHo  tower had been bought when in fact 15 percent had, according to an affidavit filed by a Trump partner. The Manhattan district attorney’s office considered charging the Trumps but backed off after a visit from a donor — Trump’s attorney Marc Kasowitz . (The DA, Cyrus Vance , denied he was influenced by the donation but later changed his policy and now refuses donations from lawyers with cases before him.)Similar deceptions occurred elsewhere. In a marketing video for a project in Baja, Mexico, Ivanka referred to Trump International Hotel in Toronto as one of several “sold out” properties. The Toronto tower never did sell out. It was still three-quarters empty late last year, a few months after Trump’s name was removed from the building.Trump himself also made misrepresentations. In 2006, he said the Trump Organization would be a significant equity investor in the $200 million Baja project and repeatedly portrayed himself as the project’s developer. Yet in 2008, the company admitted it was neither a developer nor an investor.In Tampa, as noted, Trump told the press he had a significant ownership stake  when he had none. Moreover, his licensing agreement contained a confidentiality provision barring “under any circumstances” that anyone reveal the agreement existed, and hence that Trump was only licensing his name. The deal never got financing and ultimately fell apart.Panama also wasn’t the only project where questions emerged about insider deals. In Tampa, Donald Trump Jr. and three executives associated with the Trump Organization arranged to buy a unit under unusually attractive terms, according to emails between the executives and the developer. As early sales on the project surged, the Trump group — which formed a company called Busy Boys Investments to handle the purchase — bargained both for a discount price and a smaller deposit than other buyers paid.“Can you confirm the deal?” asked Russell Flicker, a former Trump Organization executive vice president, in a late-2004 email to one of the Tampa developers. “(We had discussed 5% down payment, discounted price and flip rights prior to closing — are all of these on the table?) You’re the man.” The developer replied, “The deal is as you state!”The Trump group also discussed backdating documents to reduce their tax liability, according to the emails. They excitedly anticipated a quick flip that would yield a $200,000 profit — $50,000 apiece, a handsome return on the $8,604 deposit each paid. (The emails were revealed in a court case filed by unhappy buyers; their suit ultimately settled, with the buyers receiving limited refunds of their deposits.) In January 2005, Flicker forwarded an email conveying the prospect of such a windfall to his partners in the side deal: Donald Jr. and Trump Organization executive vice presidents Bernie Diamond and Jason Greenblatt, with the message: “!!!!!!!!!!!!!!!!!”In a July 2005 email, Diamond, an attorney, explained to the others that the developer told him he would prepare a unit purchase contract “for Busy Boys to sign dated in 2004,” as well as an assignment of their contract to the proposed buyer, also “dated one year earlier.” Diamond noted, “This is good, as it will give us the best shot at capital gains treatment.” (The Tampa tower was never constructed, so the Busy Boys entity did not ultimately cash in. On behalf of Greenblatt, who is now a special representative for international negotiations in the Trump administration, a White House official said “Mr. Greenblatt complied with all applicable laws in connection with condominium purchase agreements.”)In Baja, Ivanka tried to leverage her own unit purchase to pull in other buyers. “I personally am very excited about it, I actually chose to purchase a unit in the first tower,” she said in a promotional video as she flashed a smile. She did not mention that the deposit she paid was less than half of the 30 percent other investors put in for their units, according to Univision. Univision also reported that the developers overstated the percentage of units sold and had assigned 34 units to their own executives and other related parties.Written materials became a matter of contention, as well; multiple buyers contended they were misleading. Trump had some say over such materials: Projects including Baja, Tampa, the Dominican Republic, Israel and Panama all required developers and other partners to obtain prior approval from Trump’s company before posting press releases. In some cases, the company had veto power over promotional materials in general, as well. There were other deceptions. In marketing materials featuring a grinning image of the New York developer, potential buyers in a Trump-branded project in Toronto were shown investment projections that proved wildly optimistic, according to interviews and records from the extensive litigation that ensued. A Canadian appeals court, ruling after the Toronto deal went sour, unanimously found that estimates of profitability provided to purchasers “bore no relation to financial reality.” The panel quoted a trial judge’s findings that the projections were “deceptive” and “replete with misrepresentations of commission, of omission, and of half-truth.” (The case is still pending.)In Chicago , Trump promised discounts — some with down payments of as little as 5 percent — to friends and colleagues, only to rescind those arrangements when sales in the building picked up. Trump justified the broken promises, saying “we’re entitled” to the higher prices.Buyers who sued Trump have had mixed success. Most suits settled before trial, but Trump prevailed in cases in Las Vegas and Florida in which buyers accused his company of deception.The “Stormy Jack Daniels”The Trump Ocean Club in Panama was officially inaugurated on July 6, 2011. It was nearly a year behind schedule after cost overruns and construction delays. The Trumps had been more visible again during the final stages. Ivanka picked out design finishes, including helping deck out the “sky lobby” on the 15th floor with wood paneling, pillars and marble that echoed the ground floor entrance hall. The lobby’s “tropical color palette” was “reminiscent of indigenous flowers,” Ivanka said in one promotional video.July falls during Panama’s rainy season and a downpour swamped the city’s already-overwhelmed infrastructure on the day of the opening, turning the cramped roads near the tower into waterways. Trump had angered many Panamanians by declaring that the U.S. had “stupidly” turned over the Panama Canal “in exchange for nothing.” But the country’s then-president, Ricardo Martinelli , turned up for the ceremony nonetheless. He joined Trump, his two adult sons, Khafif, and other dignitaries to cut a ribbon  to mark the opening. Ivanka, days away from giving birth to her first child, did not attend. (In June 2018, Martinelli was extradited on corruption charges, unrelated to the Trump project, from the U.S., where he had fled in search of sanctuary. He has denied wrongdoing.)Trump was upbeat. “I think this hotel is truly magnificent,” he said, according to press reports. “You look at Panama’s skyline and you see how this one truly stands out.”The time had come for the hundreds of sales contracts that brokers had amassed over the previous five years — eventually covering about 85 percent of the building — to convert to actual sales. In the months that followed, however, it became increasingly clear that buyers were walking away in droves.Ultimately, only about half the sales contracts closed, leaving the building largely empty and developers struggling to make bond-related payments. One-bedroom units that once sold for $350,000 could be scooped up for $180,000. In November 2011, developers defaulted on a critical bond payment.The volume of people who abandoned their deposits far exceeded the ratings agencies’ worst-case predictions. Those predictions rested on the forbidding combination of tight post-crisis financing standards and the high prices that many buyers had agreed to pay. That strongly suggests that many of the remaining people who paid deposits and then vanished may not have intended to do anything more than put down enough cash to trigger the $220 million bond issuance.Newland declared bankruptcy in April 2013 in federal court in New York City, where it kept much of its cash. The Trumps agreed to reduce their fees, making concessions that bankruptcy records said would amount to $20 million over a period of years.Even after those concessions, Khafif’s company continued to run in the red in 2014 and 2015, with net losses nearing $28 million in 2014 alone, financial reports show. It missed another payment in 2015.So Trump didn’t make the $74 million he had hoped for. He appears to have walked away with between $30 million and $55 million, based on fragmentary information in his government disclosure forms, financial statements filed in Panama and estimates by observers.Khafif seems philosophical about it. At 63, he’s semiretired and travels to the U.S. and Europe often. These days, he said, his main business is laundering linens. The company, Perfect Cleaners, which Khafif called the largest industrial laundry plant in Central America, has served the Trump Ocean Club. (He did not respond to a question about his own financial outcome on the Trump project.)Khafif said his relationship with the family remains good. “I was in New York a couple months ago. I went to visit Eric Trump,” he said. “We’re fine.” The Ocean Club proved a disappointment in many respects, he said, “but life goes on. … It’s the best building in town.”As much as $120 million of the original bond was never paid back, according to one investor. Asked about that, Khafif pointed out that many investors sold their bonds — albeit at a discount — after receiving interest payments for years, allowing some to recoup much of their investment at a time when lots of people were hemorrhaging money. “It depends on how you look at it,” Khafif said. “You’re grateful at getting your money back, or you’re greedy and you want to make money when everybody lost their shirt.”Ocean Club buyers filed a host of lawsuits in Panama, complaining of the delays and changes in the building plans. The beach club was never built. A non-Trump company took over the casino. Some rooms were smaller than planned.By 2015, a new revolt was brewing, this time by Ocean Club unit owners fed up with the way the Trumps were managing the property — or more particularly, with how they were spending the building association’s money. Led by Lundgren, the owners alleged that Trump employees overspent budgets, taking excessive bonuses for themselves, and mishandled building finances, leading them to propose a steep increase in fees to owners. Trump responded by suing the condo owners, demanding up to $75 million for wrongful termination. (The litigation was settled  confidentially in 2016.)In 2017, Ithaca Capital Partners, led by Orestes Fintiklis, bought 202 of the hotel’s 369 hotel-condo units. In October of last year, his group sought to remove the Trump Organization as hotel managers — alleging in a legal action that it had mismanaged the hotel, leading to drastic drop-offs in occupancy and profits. The Trump Organization countersued, accusing Fintiklis of a “fraudulent scheme” that breached its 20-year management contract.The dispute reached a head early this year, when Fintiklis’ representatives, with a court order behind them, sought to take physical control of the building. Trump Organization employees and a group of security personnel tried to block the effort, leading to confrontations and shoving matches.Fintiklis’ group ultimately gained entry but discovered walls had been hastily erected in inconvenient places — in the middle of a hallway, in front of an elevator bank — to impede access to the building’s inner offices. Reports circulated of Trump employees shredding documents.In March of this year, the Trumps suffered the ignominy of seeing their name crowbarred off the stone wall in front of the tower . It was rebranded the Bahia Grand Panama. In late spring, the hotel, once touted as boasting stratospheric levels of luxury, was quiet, with rooms renting for the decidedly terrestrial rate of $169 a night. At the hotel bar, you could order drinks with a sardonic twist that reflected Fintiklis’ sense of humor, including the “Fire and Fury” and the “Stormy Jack Daniels.”In June, Fintiklis announced the hotel would have a new manager. “We are thrilled that our hotel will operate as a JW Marriott ,” he said in a statement, “and we believe this partnership, together with a talented team and spectacular hotel amenities, will be a success.”###Additional reporting by Micah Hauser, Ian MacDougall, Gabriel Sandoval, Katherine Sullivan and Madeleine Varner.

Pump and Trump

2018-10-1700:36:53

Trump’s Patron-in-Chief: Sheldon Adelson
Late on a Thursday evening in February 2017, Japanese Prime Minister Shinzo Abe’s plane landed at Andrews Air Force Base in Maryland for his first visit with President Donald Trump. A few hours earlier, the casino magnate Sheldon Adelson’s Boeing 737, which is so large it can seat 149 people, touched down at Reagan National Airport after a flight from Las Vegas.Adelson dined that night at the White House with Trump, Jared Kushner and Secretary of State Rex Tillerson. Adelson and his wife, Miriam, were among Trump’s biggest benefactors, writing checks for $20 million in the campaign and pitching in an additional $5 million for the inaugural festivities.Adelson was in town to see the Japanese prime minister about a much greater sum of money. Japan, after years of acrimonious public debate, has legalized casinos. For more than a decade, Adelson and his company, Las Vegas Sands, have sought to build a multibillion-dollar casino resort there. He has called expanding to the country, one of the world’s last major untapped markets, the “holy grail.” Nearly every major casino company in the world is competing to secure one of a limited number of licenses to enter a market worth up to $25 billion per year. “This opportunity won’t come along again, potentially ever,” said Kahlil Philander, an academic who studies the industry.The morning after his White House dinner, Adelson attended a breakfast in Washington with Abe and a small group of American CEOs, including two others from the casino industry. Adelson and the other executives raised the casino issue with Abe, according to an attendee.Adelson had a potent ally in his quest: the new president of the United States. Following the business breakfast, Abe had a meeting with Trump before boarding Air Force One for a weekend at Mar-a-Lago. The two heads of state dined with Patriots owner Bob Kraft and golfed at Trump National Jupiter Golf Club with the South African golfer Ernie Els. During a meeting at Mar-a-Lago that weekend, Trump raised Adelson’s casino bid to Abe, according to two people briefed on the meeting. The Japanese side was surprised.“It was totally brought up out of the blue,” according to one of the people briefed on the exchange. “They were a little incredulous that he would be so brazen.” After Trump told Abe he should strongly consider Las Vegas Sands for a license, “Abe didn’t really respond, and said thank you for the information,” this person said.Trump also mentioned at least one other casino operator. Accounts differ on whether it was MGM or Wynn Resorts, then run by Trump donor and then-Republican National Committee finance chairman Steve Wynn. The Japanese newspaper Nikkei reported the president also mentioned MGM and Abe instructed an aide who was present to jot down the names of both companies. Questioned about the meeting, Abe said in remarks before the Japanese legislature in July that Trump had not passed on requests from casino companies but did not deny that the topic had come up.The president raising a top donor’s personal business interests directly with a foreign head of state would violate longstanding norms. “That should be nowhere near the agenda of senior officials,” said Brian Harding, a Japan expert at the Center for Strategic and International Studies. “U.S.-Japan relations is about the security of the Asia-Pacific, China and economic issues.”Adelson has told his shareholders to expect good news. On a recent earnings call, Adelson cited unnamed insiders as saying Sands’ efforts to win a place in the Japanese market will pay off. “The estimates by people who know, say they know, whom we believe they know, say that we're in the No. 1 pole position,” he said.After decades as a major Republican donor, Adelson is known as an ideological figure, motivated by his desire to influence U.S. policy to help Israel. “I’m a one-issue person. That issue is Israel,” he said last year.  On that issue — Israel — Trump has delivered. The administration has slashed funding for aid to Palestinian refugees and scrapped the Iran nuclear deal. Attending the recent opening of the U.S. embassy in Jerusalem, Adelson seemed to almost weep with joy, according to an attendee.But his reputation as an Israel advocate has obscured a through-line in his career: He has used his political access to push his financial self-interest. Not only has Trump touted Sands’ interests in Japan, but his administration also installed an executive from the casino industry in a top position in the U.S. embassy in Tokyo. Adelson’s influence reverberates through this administration. Cabinet-level officials jump when he calls. One who displeased him was replaced. He has helped a friend’s company get a research deal with the Environmental Protection Agency. And Adelson has already received a windfall from Trump’s new tax law, which particularly favored companies like Las Vegas Sands. The company estimated the benefit of the law at $1.2 billion.Adelson’s influence is not absolute: His company’s casinos in Macau are vulnerable in Trump’s trade war with China, which controls the former Portuguese colony near Hong Kong. If the Chinese government chose to retaliate by targeting Macau, where Sands has several large properties, it could hurt Adelson’s bottom line. So far, there’s no evidence that has happened.The White House declined to comment on Adelson. The Japanese Embassy in Washington declined to comment. Sands spokesman Ron Reese declined to answer detailed questions but said in a statement: “The gaming industry has long sought the opportunity to enter the Japan market. Gaming companies have spent significant resources there on that effort and Las Vegas Sands is no exception.”Reese added: “If our company has any advantage it would be because of our significant Asian operating experience and our unique convention-based business model. Any suggestion we are favored for some other reason is not based on the reality of the process in Japan or the integrity of the officials involved in it.”With a fortune estimated at $35 billion, Adelson is the 21st-richest person in the world, according to Forbes. In August, when he celebrated his 85th birthday in Las Vegas, the party stretched over four days. Adelson covered guests’ expenses. A 92-year-old Tony Bennett and the Israeli winner of Eurovision performed for the festivities. He is slowing down physically; stricken by neuropathy, he uses a motorized scooter to get around and often stands up with the help of a bodyguard. He fell and broke three ribs while on a ferry from Macau to Hong Kong last November.Yet Adelson has spent the Trump era hustling to expand his gambling empire. With Trump occupying the White House, Adelson has found the greatest political ally he’s ever had.“I would put Adelson at the very top of the list of both access and influence in the Trump administration,” said Craig Holman of the watchdog group Public Citizen. “I’ve never seen anything like it before, and I’ve been studying money in politics for 40 years.”*****Adelson grew up poor in Boston, the son of a cabdriver with a sixth-grade education. According to his wife, Adelson was beaten up as a kid for being Jewish. A serial entrepreneur who has started or acquired more than 50 different businesses, he had already made and lost his first fortune by the late 1960s, when he was in his mid-30s.It took him until the mid-1990s to become extraordinarily rich. In 1995, he sold the pioneering computer trade show Comdex to the Japanese conglomerate SoftBank for $800 million. He entered the gambling business in earnest when his Venetian casino resort opened in 1999 in Las Vegas. With its gondola rides on faux canals, it was inspired by his honeymoon to Venice with Miriam, who is 12 years younger than Adelson.It’s been said that Trump is a poor person’s idea of a rich person. Adelson could be thought of as Trump’s idea of a rich person. A family friend recalls Sheldon and Miriam’s two sons, who are now in college, getting picked up from school in stretch Hummer limousines and his home being so large it was stocked with Segway transporters to get around. A Las Vegas TV station found a few years ago that, amid a drought, Adelson’s palatial home a short drive from the Vegas Strip had used nearly 8 million gallons of water in a year, enough for 55 average homes. Adelson will rattle off his precise wealth based on the fluctuation of Las Vegas Sands’ share price, said his friend the New York investor Michael Steinhardt. “He’s very sensitive to his net worth,” Steinhardt said.Trump entered the casino business several years before Adelson. In the early 1990s, both eyed Eilat in southern Israel as a potential casino site. Neither built there. Adelson “didn’t have a whole lot of respect for Trump when Trump was operating casinos. He was dismissive of Trump,” recalled one former Las Vegas Sands official. In an interview in the late ’90s, Adelson lumped Trump with Wynn: “Both of these gentlemen have very big egos,” Adelson said. “Well, the world doesn't really care about their egos.”Today, in his rare public appearances, Adelson has a grandfatherly affect. He likes to refer to himself as “Self” (“I said to myself, ‘Self …’”). He makes Borscht Belt jokes about his short stature: “A friend of mine says, ‘You’re the tallest guy in the world.’ I said, ‘How do you figure that?’ He says, ‘When you stand on your wallet.’”By the early 2000s, Adelson’s Las Vegas Sands had surpassed Trump’s casino operations. While Trump was getting bogged down in Atlantic City, Adelson’s properties thrived. When Macau opened up a local gambling monopoly, Adelson bested a crowded field that included Trump to win a license. Today, Macau accounts for more than half of Las Vegas Sands’ roughly $13 billion in annual revenue.Trump’s casinos went bankrupt, and now he is out of the industry entirely. By the mid-2000s, Trump was playing the role of business tycoon on his reality show, “The Apprentice.” Meanwhile, Adelson aggressively expanded his empire in Macau and later in Singapore. His company’s Moshe Safdie-designed Marina Bay Sands property there, with its rooftop infinity pool, featured prominently in the recent hit movie “Crazy Rich Asians.”While their business trajectories diverged, Adelson and Trump have long shared a willingness to sue critics, enemies and business associates. Multiple people said they were too afraid of lawsuits to speak on the record for this story. In 1989, after the Nevada Gaming Control Board conducted a background investigation of Adelson, it found he had already been personally involved in around 100 civil lawsuits, according to the book “License to Steal,” a history of the agency. That included matters as small as a $600 contractual dispute with a Boston hospital.The lawsuits have continued even as Adelson became so rich the amounts of money at stake hardly mattered. In one case, Adelson was unhappy with the quality of construction on one of his beachfront Malibu, California, properties and pursued a legal dispute with the contractor for more than seven years, going through a lengthy series of appeals and cases in different courts. Adelson sued a Wall Street Journal reporter for libel over a single phrase — a description of him as “foul-mouthed” — and fought the case for four years before it was settled, with the story unchanged. In a particularly bitter case in Massachusetts Superior Court in the 1990s, his sons from his first marriage accused him of cheating them out of money. Adelson prevailed.Adelson rarely speaks to the media any more, with occasional exceptions for friendly business journalists or on stage at conferences, usually interviewed by people to whom he has given a great deal of money. “He keeps a very tight inner circle,” said a casino industry executive who has known Adelson for decades. Adelson declined to comment for this story.*******Adelson once told a reporter of entering the casino business late in life, “I loved being an outsider.” For nearly a decade he played that role in presidential politics, bankrolling the opposition to the Obama administration. As with some of his early entrepreneurial forays, he dumped money for little return, his political picks going bust. In 2008, he backed Rudy Giuliani. As America’s Mayor faded, he came on board late with the John McCain campaign. In 2012, he almost single-handedly funded Newt Gingrich’s candidacy. Gingrich spent a few weeks atop the polls before his candidacy collapsed. Adelson became a late adopter of Mitt Romney.In 2016, the Adelsons didn’t officially endorse a candidate for months. Trump used Adelson as a foil, an example of the well-heeled donors who wielded outsized influence in Washington. “Sheldon or whoever — you could say Koch. I could name them all. They’re all friends of mine, every one of them. I know all of them. They have pretty much total control over the candidate,” Trump said on Fox News in October 2015. “Nobody controls me but the American public.” In a pointed tweet that month, Trump said: “Sheldon Adelson is looking to give big dollars to [Marco] Rubio because he feels he can mold him into his perfect little puppet. I agree!”Despite Trump’s barbs, Adelson had grown curious about the candidate and called his friend Steinhardt, who founded the Birthright program that sends young Jews on free trips to Israel. Adelson is now the program’s largest funder.“I called Kushner and I said Sheldon would like to meet your father-in-law,” Steinhardt recalled. “Kushner was excited.” Trump got on a plane to Las Vegas. “Sheldon has strong views when it comes to the Jewish people; Trump recognized that, and a marriage was formed.”Trump and his son-in-law Kushner courted Adelson privately, meeting several times in New York and Las Vegas. “Having Orthodox Jews like Jared and Ivanka next to him and so many common people in interest gave a level of comfort to Sheldon,” said Ronn Torossian, a New York public relations executive who knows both men. “Someone who lets their kid marry an Orthodox Jew and then become Orthodox is probably going to stand pretty damn close to Israel.”Miriam Adelson, a physician born and raised in what became Israel, is said to be an equal partner in Sheldon Adelson’s political decisions. He has said the interests of the Jewish state are at the center of his worldview, and his views align with Prime Minister Benjamin Netanyahu’s right-of-center approach to Iran and Israel’s occupation of Palestinian territories.Adelson suggested in 2014 that Israel doesn’t need to be a democracy. “I think God didn’t say anything about democracy,” Adelson said. “He didn’t talk about Israel remaining as a democratic state.” On a trip to the country several years ago, on the eve of his young son’s bar mitzvah, Adelson said, “Hopefully he’ll come back; his hobby is shooting. He’ll come back and be a sniper for the IDF,” referring to the Israel Defense Forces.On domestic issues, Adelson is more Chamber of Commerce Republican than movement conservative or Trumpian populist. He is pro-choice and has called for work permits and a path to citizenship for undocumented immigrants, a position sharply at odds with Trump’s. While the Koch brothers, his fellow Republican megadonors, have evinced concern over trade policy and distaste for Trump, Adelson has proved flexible, putting aside any qualms about Trump’s business acumen or ideological misgivings. In May 2016, he declared in a Washington Post op-ed that he was endorsing Trump. He wrote that Trump represented “a CEO success story that exemplifies the American spirit of determination, commitment to cause and business stewardship.”The Adelsons came through with $20 million in donations to the pro-Trump super PAC, part of at least $83 million in donations to Republicans. By the time of the October 2016 release of the Access Hollywood tape featuring Trump bragging about sexual assault, Adelson was among his staunchest supporters. “Sheldon Adelson had Donald Trump's back,” said Steve Bannon in a speech last year, speaking of the time after the scandal broke. “He was there.”In December 2016, Adelson donated $5 million to the Trump inaugural festivities. The Adelsons had better seats at Trump’s inauguration than many Cabinet secretaries. The whole family, including their two college-age sons, came to Washington for the celebration. One of his sons posted a picture on Instagram of the event with the hashtag #HuckFillary.The investment paid off in access and in financial returns. Adelson has met with Trump or visited the White House at least six times since Trump’s election victory. The two speak regularly. Adelson has also had access to others in the White House. He met privately with Vice President Mike Pence before Pence gave a speech at Adelson’s Venetian resort in Las Vegas last year. “He just calls the president all the time. Donald Trump takes Sheldon Adelson’s calls,” said Alan Dershowitz, who has done legal work for Adelson and advised Trump.Adelson’s tens of millions in donations to Trump have already been paid back many times over by the new tax law. While all corporations benefited from the lower tax rate in the new law, many incurred an extra bill in the transition because profits overseas were hit with a one-time tax. But not Sands. Adelson’s company hired lobbyists to press Trump’s Treasury Department and Congress on provisions that would help companies like Sands that paid high taxes abroad, according to public filings and tax experts. The lobbying effort appears to have worked. After Trump signed the tax overhaul into law in December, Las Vegas Sands recorded a benefit from the new law the company estimated at $1.2 billion.The Adelson family owns 55 percent of Las Vegas Sands, which is publicly traded, according to filings. The Treasury Department didn’t respond to requests for comment.Now as Trump and the Republican Party face a reckoning in the midterm elections in November, they have once again turned to Adelson. He has given at least $55 million so far.*****In 2014, Adelson told an interviewer he was not interested in building a dynasty. “I want my legacy to be that I helped out humankind,” he said, underscoring his family’s considerable donations to medical research. But he gives no indication of sticking to a quiet life of philanthropy. In the last four years, he has used the Sands’ fleet of private jets, assiduously meeting with world leaders and seeking to build new casinos in Japan, Korea and Brazil.He is closest in Japan. Japan has been considering lifting its ban on casinos for years, in spite of majority opposition in polls from a public that is wary of the social problems that might result. A huge de facto gambling industry of the pinball-like game pachinko has long existed in the country, historically associated with organized crime and seedy parlors filled with cigarette-smoking men. Opposition to allowing casinos is so heated that a brawl broke out in the Japanese legislature this summer. But lawmakers have moved forward on legalizing casinos and crafted regulations that hew to Adelson’s wishes.“Japan is considered the next big market. Sheldon looks at it that way,” said a former Sands official. Adelson envisions building a $10 billion “integrated resort,” which in industry parlance refers to a large complex featuring a casino with hotels, entertainment venues, restaurants and shopping malls.The new Japanese law allows for just three licenses to build casinos in cities around the country, effectively granting valuable local monopolies. At least 13 companies, including giants like MGM and Genting, are vying for a license. Even though Sands is already a strong contender because of its size and its successful resort in Singapore, some observers in Japan believe Adelson’s relationship with Trump has helped move Las Vegas Sands closer to the multibillion-dollar prize.Just a week after the U.S. election, Prime Minister Abe arrived at Trump Tower, becoming the first foreign leader to meet with the president-elect. Ivanka Trump and Jared Kushner were also there. Abe presented Trump with a gilded $3,800 golf driver. Few know the details of what the Trumps and Abe discussed at the meeting. In a break with protocol, Trump’s transition team sidelined the State Department, whose Japan experts were never briefed on what was said. “There was a great deal of frustration,” said one State Department official. “There was zero communication from anyone on Trump’s team.”In another sign of Adelson’s direct access to the incoming president and ties with Japan, he secured a coveted Trump Tower meeting a few weeks later for an old friend, the Japanese billionaire businessman Masayoshi Son. Son’s company, SoftBank, had bought Adelson’s computer trade show business in the 1990s. A few years ago, Adelson named Son as a potential partner in his casino resort plans in Japan. Son’s SoftBank, for its part, owns Sprint, which has long wanted to merge with T-Mobile but needs a green light from the Trump administration. A beaming Son emerged from the meeting in the lobby of Trump Tower with the president-elect and promised $50 billion in investments in the U.S.When Trump won the election in November 2016, the casino bill had been stalled in the Japanese Diet. One month after the Trump-Abe meeting, in an unexpected move in mid-December, Abe’s ruling coalition pushed through landmark legislation authorizing casinos, with specific regulations to be ironed out later. There was minimal debate on the controversial bill, and it passed at the very end of an extraordinary session of the legislature. “That was a surprise to a lot of stakeholders,” said one former Sands executive who still works in the industry. Some observers suspect the timing was not a coincidence. “After Trump won the election in 2016, the Abe government’s efforts to pass the casino bill shifted into high gear,” said Yoichi Torihata, a professor at Shizuoka University and opponent of the casino law.On a Las Vegas Sands earnings call a few days after Trump’s inauguration, Adelson touted that Abe had visited the company’s casino resort complex in Singapore. “He was very impressed with it,” Adelson said. Days later, Adelson attended the February breakfast with Abe in Washington, after which the prime minister went on to Mar-a-Lago, where the president raised Las Vegas Sands. A week after that, Adelson flew to Japan and met with the secretary general of Abe’s Liberal Democratic Party in Tokyo.The casino business is one of the most regulated industries in the world, and Adelson has always sought political allies. To enter the business in 1989, he hired the former governor of Nevada to represent him before the state’s gaming commission. In 2001, according to court testimony reported in the New Yorker, Adelson intervened with then-House Majority Whip Rep. Tom DeLay, to whom he was a major donor, at the behest of a Chinese official over a proposed House resolution that was critical of the country’s human rights record. At the time, Las Vegas Sands was seeking entry into the Macau market. The resolution died, which Adelson attributed to factors other than his intervention, according to the magazine.In 2015, he purchased the Las Vegas Review-Journal, the state’s largest newspaper, which then published a lengthy investigative series on one of Adelson’s longtime rivals, the Las Vegas Convention and Visitors Authority, which runs a convention center that competes with Adelson’s. (The paper said Adelson had no influence over its coverage.)In Japan, Las Vegas Sands’ efforts have accelerated in the last year. Adelson returned to the country in September 2017, visiting top officials in Osaka, a possible casino site. In a show of star power in October, Sands flew in David Beckham and the Eagles’ Joe Walsh for a press conference at the Palace Hotel Tokyo. Beckham waxed enthusiastic about his love of sea urchin and declared, "Las Vegas Sands is creating fabulous resorts all around the world, and their scale and vision are impressive.”Adelson appears emboldened. When he was in Osaka last fall, he publicly criticized a proposal under consideration to cap the total amount of floor space devoted to casinos in the resorts that have been legalized. In July, the Japanese Diet passed a bill with more details on what casinos will look like and laying out the bidding process. The absolute limit on casino floor area had been dropped from the legislation.Meanwhile, the Trump administration has made an unusual personnel move that could help advance pro-gambling interests. The new U.S. ambassador, an early Trump campaign supporter and Tennessee businessman named William Hagerty, hired as his senior adviser an American executive working on casino issues for the Japanese company SEGA Sammy. Joseph Schmelzeis left his role as senior adviser on global government and industry affairs for the company in February to join the U.S. Embassy. (He has not worked for Sands.)A State Department spokesperson said that embassy officials had communicated with Sands as part of “routine” meetings and advice provided to members of the American Chamber of Commerce in Japan. The spokesperson said that “Schmelzeis is not participating in any matter related to integrated resorts or Las Vegas Sands.” Japanese opposition politicians have seized on the Adelson-Trump-Abe nexus. One, Tetsuya Shiokawa, said this year that he believes Trump has been the unseen force behind why Abe’s party has “tailor-made the [casino] bill to suit foreign investors like Adelson.” In the next stage of the process, casino companies will complete their bids with Japanese localities.******Adelson’s influence has spread across the Trump administration. In August 2017, the Zionist Organization of America, to which the Adelsons are major donors, launched a campaign against National Security Adviser H.R. McMaster. ZOA chief Mort Klein charged McMaster “clearly has animus toward Israel.”Adelson said he was convinced to support the attack on McMaster after Adelson spoke with Safra Catz, the Israeli-born CEO of Oracle, who “enlightened me quite a bit” about McMaster, according to an email Klein later released to the media. Adelson pressed Trump to appoint the hawkish John Bolton to a high position, The New York Times reported. In March, Trump fired McMaster and replaced him with Bolton. The president and other cabinet officials also clashed with McMaster on policy and style issues.For Scott Pruitt, the former EPA administrator known as an ally of industry, courting Adelson meant developing a keen interest in an unlikely topic: technology that generates clean water from air. An obscure Israeli startup called Watergen makes machines that resemble air conditioners and, with enough electricity, can pull potable water from the air.Adelson doesn’t have a stake in the company, but he is old friends with the Israeli-Georgian billionaire who owns the firm, Mikhael Mirilashvili, according to the head of Watergen’s U.S. operation, Yehuda Kaploun. Adelson first encountered the technology on a trip to Israel, Kaploun said. Dershowitz is also on the company’s board.Just weeks after being confirmed, Pruitt met with Watergen executives at Adelson’s request. Pruitt promptly mobilized dozens of EPA officials to ink a research deal under which the agency would study Watergen’s technology. EPA officials immediately began voicing concerns about the request, according to hundreds of previously unreported emails obtained through the Freedom of Information Act. They argued that the then-EPA chief was violating regular procedures.Pruitt, according to one email, asked that staffers explore “on an expedited time frame” whether a deal could be done “without the typical contracting requirements.” Other emails described the matter as “very time sensitive” and having “high Administrator interest.”A veteran scientist at the agency warned that the “technology has been around for decades,” adding that the agency should not be “focusing on a single vendor, in this case Watergen.” Officials said that Watergen’s technology was not unique, noting there were as many as 70 different suppliers on the market with products using the same concept. Notes from a meeting said the agency “does not currently have the expertise or staff to evaluate these technologies.” Agency lawyers “seemed scared” about the arrangement, according to an internal text exchange. The EPA didn’t respond to requests for comment.Watergen got its research deal. It’s not known how much money the agency has spent on the project. The technology was shipped to a lab in Cincinnati, and Watergen said the government will produce a report on its study. Pruitt planned to unveil the deal on a trip to Israel, which was also planned with the assistance of Adelson, The Washington Post reported. But amid multiple scandals, the trip never happened.Other parts of the Trump administration have also been friendly to Watergen. Over the summer, Mirilashvili attended the U.S. Embassy in Israel’s Fourth of July party, where he was photographed grinning and sipping water next to one of the company’s machines on display. Kaploun said U.S. Ambassador David Friedman’s staff assisted the company to help highlight its technology. A State Department spokesperson said Watergen was one of many private sponsors of the embassy party and was “subject to rigorous vetting.” The embassy is now considering leasing or buying a Watergen unit as part of a “routine procurement action,” the spokesperson said.A Mirilashvili spokesman said in a statement that Adelson and Mirilashvili “have no business ties with each other.” The spokesman added that Adelson had been briefed on the company’s technology by Watergen engineers and “Adelson has also expressed an interest in the ability of this Israeli technology to save the lives of hundreds of thousands of Americans who are affected by water pollution.”*****Even as the casino business looks promising in Japan, China has been a potential trouble spot for Adelson. Few businesses are as vulnerable to geopolitical winds as Adelson’s. The majority of Sands’ value derives from its properties in Macau. It is the world’s gambling capital, and China’s central government controls it.“Sheldon Adelson highly values direct engagement in Beijing,” a 2009 State Department cable released by WikiLeaks says, “especially given the impact of Beijing's visa policies on the company's growing mass market operations in Macau.”At times, Sands’ aggressive efforts in China crossed legal lines. On Jan. 19, 2017, the day before Trump took office, the Justice Department announced Sands was paying a nearly $7 million fine to settle a longstanding investigation into whether it violated a U.S. anti-bribery statute in China. The case revealed that Sands paid roughly $60 million to a consultant who “advertised his political connections with [People’s Republic of China] government officials” and that some of the payments “had no discernible legitimate business purpose.” Part of the work involved an effort by Sands to acquire a professional basketball team in the country to promote its casinos. The DOJ said Sands fully cooperated in the investigation and fixed its compliance problems.A year and a half into the Trump administration, Adelson has a bigger problem than the Justice Department investigation: Trump’s trade war against Beijing has put Sands’ business in Macau at risk. Sands’ right to operate expires in a few years. Beijing could throttle the flow of money and people from the mainland to Macau. Sands and the other foreign operators in Macau “now sit on a geopolitical fault line. Their Macau concessions can therefore be on the line,” said a report from the Hong Kong business consultancy Steve Vickers & Associates.A former Sands board member, George Koo, wrote a column in the Asia Times newspaper in April warning that Beijing could undercut the Macau market by legalizing casinos in the southern island province of Hainan. “A major blow in the trade war would be for China to allow Hainan to become a gambling destination and divert visitors who would otherwise be visiting Macau,” Koo wrote. “As one of Trump’s principal supporters, it’s undoubtedly a good time for Mr. Adelson to have a private conversation with the president.”It’s not clear if Adelson has had that conversation. According to The Associated Press, Adelson was present for a discussion of China policy at the dinner he attended with Trump at the White House in February 2017. In September, Trump escalated his trade war with China. He raised tariffs on $200 billion Chinese imports. China retaliated with tariffs on $60 billion of U.S. products.Adelson has said privately that if he can be helpful in any way he would volunteer himself to do whatever is asked for either side of the equation — the U.S. or China, according to a person who has spoken to him.******Torossian, the public relations executive, calls Adelson “this generation’s Rothschild” for his support of Israel. In early May, the Adelsons gave $30 million to the super PAC that is seeking to keep Republican control of the House for the remainder of Trump’s term. A few days later, Trump announced he was killing the Iran nuclear deal, a target of Adelson’s and the Netanyahu government’s for years. The following day, Adelson met with the president at the White House.Five days later, Adelson was in Israel for another landmark, the opening of the U.S. Embassy in Jerusalem. Trump’s decision to move the U.S. Embassy from Tel Aviv to Jerusalem marked a major shift in U.S. foreign policy, long eschewed by presidents of both parties. Besides dealing a major blow to Palestinian claims on part of the city, which are recognized by most of the world, it was the culmination of a more than 20-year project of the Adelsons. Sheldon and Miriam personally lobbied for the move on Capitol Hill as far back as 1995.In an audience dotted with yarmulkes and MAGA-red hats, the Adelsons were in the front now, next to Netanyahu and his wife, the Kushners and Treasury Secretary Steve Mnuchin. A beaming Miriam, wearing a dress featuring an illustration of the Jerusalem skyline, filmed the event with her phone. She wrote a first-person account of the ceremony that was co-published on the front page of the two newspapers the Adelsons own, Israel Hayom and the Las Vegas Review-Journal: “The embassy opening is a crowning moment for U.S. foreign policy and for our president, Donald Trump. Just over a year into his first term, he has re-enshrined the United States as the standard-bearer of moral clarity and courage in a world that too often feels adrift.”Adelson paid for the official delegation of Guatemala, the only other country to move its embassy, to travel to Israel. “Sheldon told me that any country that wants to move its embassy to Jerusalem, he’ll fly them in — the president and everyone — for the opening,” said Orthodox Jewish Chamber of Commerce CEO Duvi Honig, who was in attendance.Klein, the Zionist Organization of America president, was also there. The Adelsons, he said, “were glowing with a serene happiness like I’ve never seen them. Sheldon “said to me, ‘President Trump promised he would do this and he did it.’ And he almost became emotional. ‘And look, Mort, he did it.’
Elliott Broidy's All-Access Pass
Trump, Inc. is back. Our podcast with ProPublica focused earlier this year on the many mysteries around President Donald Trump’s businesses. This season, we’re widening the lens to look at the people around Trump and how they are benefitting from his presidency.Our first episode looks at Elliott Broidy. You might remember him as the Republican financier who agreed to pay a Playboy model $1.6 million in return for her silence. (Broidy has said it was just to help her financially.)Before that scandal, Broidy was at the center of another one. A decade ago, he pleaded guilty to bribing New York State pension officials — “an old-fashioned payoff,“ as then-state Attorney General Andrew Cuomo put it. (Before the plea was finalized, a judge allowed Broidy to change his plea from a felony to a misdemeanor.)After that, Broidy built himself back up as a fundraiser for Republican candidates and, eventually, for Trump. He became the deputy finance co-chair of the Republican National Committee, met with the president, and drummed up hundreds of millions in foreign business while touting his connections.“Elliott Broidy is fantastic,” Trump said last year at his first presidential fundraiser. “Everybody loves Elliott.”How did Broidy go from a criminal conviction to praise from the president? And what did he do with that connection? Listen to our episode.We have an unusually detailed picture of Broidy’s work from his emails, which were hacked and given to reporters. Broidy has blamed Qatar, saying the country targeted him because he is a vocal supporter of Israel and critic of Qatar. (Here is a letter we received from Broidy’s lawyer about that.)  Broidy declined our requests for an interview. His spokesman told us in an email statement: “Elliott Broidy has never agreed to work for, been retained by nor been compensated by any foreign government for any interaction with the United States Government, ever.” Correction, Sept 26, 2018: This story originally stated that Elliott Broidy was convicted of bribing New York State officials. In fact, he pleaded guilty to bribing them, but before the plea was finalized, a judge allowed him to change his plea from a felony to a misdemeanor.Correction, Sept 26, 2018: This story originally said that Elliott Broidy paid $1.6 million to a Playboy model. He agreed to do so but stopped paying her after the arrangement became public.  
Government Employees Spend Your Money at Trump Hotels
Shortly before President Trump took office, his lawyer promised Trump would forgo any profits his hotels made from foreign governments. There was no similar pledge for money earned from federal government employees, state officials, or anybody else who might be seeking to curry favor. And a lot of that money is coming from you, U.S. taxpayers.In this episode of Trump, Inc. we’re going deep on Trump’s hotel rooms and the people who are paying to stay in them. We will talk to three people tracking the flow of taxpayer money from government employees and elected officials to the Trump Organization, many through hotel stays, many booked by individual government workers.ProPublica has just released an interactive detailing at least $16.1 million spent at Trump Organization-managed and branded hotels, golf courses and restaurants from his campaign, Republican organizations, and government agencies since Trump announced his candidacy.The vast majority of the money — at least $13.5 million — was spent by Trump’s presidential campaign.We also found at least $400,000 has been spent by federal and state agencies — a figure that includes only a few agencies as many have resisted disclosing that information.Among the examples we know of: In March 2017, for example, the Secret Service paid $27,724.32 at the Trump golf course and resort in Doonbeg, Ireland. The stay was to “support E. Trump Visit.”The Trump Organization and the White House did not respond to our requests for comment.Reporting by Derek Kravitz and Derek Willis, ProPublica and Paul Cronan, Mark Schifferli and Charlie Smart, Fathom Information Design. 
loading
Comments (107)

Rich Berry

great work everyone! so enlightening. so depressing.

Sep 27th
Reply

Minnich

For a year now, the news is dominated by what the president is doing, is tweeting, is saying. When will the media and capitol hill refocus on the important issues plaguing our country, and have since long before Trump? Quit giving a bully what he wants. He craves national attention. Stop giving it to him. He thrives on it. I agree that he is not fit to lead. I also believe that he will shoot himself in the foot. He will bring himself down. So, let's focus on the real issues. Let's hope, the country, being we the people, might have a real voice in Congress and not the voices of special interests. Our two party system is a failure to the general public. The working class has no real representation. Reality has won me over. Trump is an awful leader, and should not be allowed to continue, but we have so many other issues to fix. One man is keeping us from progress because HE controls the media coverage.

Aug 13th
Reply

Michelle T Usher

I don't understand how come it is so hard to get government records? aside from them not sending them. you can still research agency spending per the USASPENDING.GOV WEBSITE. THEY HAVE CENSORED THE TRUMP FAMILY EXPENDITURES. BUT HE HAS LOTS OF CONTRACTS PAYMENTS FOR RENTALS, THRU Homeland Security. I mean the fact us tax dollars were used to bribe Guatamala to also move their embassy. BL HARBERT LLC HAS RECIEVED HUNDREDS OF MILLIONS TO BUILD guatamala embassy in US. THEIR LEADER IS A DEVOUT EVANGELICAL.

Aug 6th
Reply

BnB 44901

where have you gone?! been waiting super patiently!

Aug 1st
Reply

Michael Haworth

Found out something extremely disturbing on Sunday. it appears that lobbyists for the baby formula industries have been funneling money to the Trump organization. This weekend a mandate went out from Trump that organizatios that deal with women and baby's both here and overseas are instructed to stop advising new mother's on the benefits of breast milk and instead telling them to start formula immediately after birth. I am a nurse and am appalled at this Revelation. Breast milk is absolutely essential to the health of a newborn. In the mother's breast milk is a substance called colostrum which hold all if the mother's natural antibodies the baby needs to develop a strong immune response. To advise new mother's to ignore this is not only immoral but devious and extremely unhealthy. To accept money to make baby's sickly is evil simply evil. No moral being on this earth would do this.

Jul 9th
Reply

Marcee Beth

Michael Haworth , I was reading a few articles on that as well. Years ago, new Moms were offered a "free diaper bag" with a can of formula, coupons, advertisements, etc.. Breastfeeding wasn't encouraged or discouraged from my view as a patient. Jump 17 years, no diaper bags and nursing was encouraged. I saw this as a HUGE win even though I wouldn't be able to because I was taking a calcium channel blocker and had to restart topiramate ASAP for migraine prophylaxis. I worked in OB/GYN for 12 years. I miss it at times, other times, I'm glad I stepped away and have worked some great specialties, a bit of primary care and now in a 24/7 high acuity urgent care.

Jul 12th
Reply

Jack White

this podcast is a joke and you are a joke! lol keep suckin. trump2020!

Jun 22nd
Reply

Loyal R

What you gonna do when President Donald J. Trump is awarded the Noble Prize? Take heart...there are psychotropic drugs that can help you overcome, or at least lessen your delusions.

May 14th
Reply

Z

Loyal R What’s the Noble prize? Do you get that for being a whiny overgrown child who can’t even run an inherited business without relying on money laundering schemes to stay afloat?

Jul 22nd
Reply

Pieter Moreels

Loyal R hahahahahaha best joke ever!! 😂😂

Jul 16th
Reply

Loyal R

Trump 4 more! Don't like it? Move to the shit hole country of California...or stay in NYC so you can pay your respects everyday at Trump Tower before returning to your $2,300 a month broom closet rat infested apartment.

May 14th
Reply

Ryan O

this is to the producers, examine the land records and deeds filed and the LLCs involved with in Albemarle County, Virginia. This is when he purchased Trump wineries. I grew up right next to this Winery and I'm also a real estate paralegal so I can tell you anything and everything you want to know and I'm telling you now nothing involving this sale is on the up-and-up or is it clear cut like all other large over 5 million dollar sales in this area

May 11th
Reply

Victoria Green

excellent reporting! keep up the good work

May 7th
Reply

shon driggers

Drain The Swamp!!!

Apr 23rd
Reply

Michael Haworth

Check to see if trump or anyone close to him has set up a qualified intermediary! Its a way real restate companies can hide money not pay taxes on it and use it secretly. There is zero federal regulations on this type of company. I am positive he has set one up to launder money. Michael Haworth hawortha22@gmail.com

Apr 22nd
Reply

Cullen Logan

Dave Minnich Unfortunately our constitution precludes private citizens from suing a sitting president. So long as he is president only impeachment can touch him. Fortunately the same constitution prevents pardoning of anyone that has been impeached. I cling to faith in our 3 branched checks and balances for now. I just don't know if impeachment would give us any relief. I have very little faith in our VP, and his inability to separate his personal church from the politics of state.

Aug 17th
Reply

Dave Minnich

Michael Haworth Now, this is a constructive point. We need constructive discussion. Acts such as cheating people should be viewed as theft. It doesn't matter how rich one is, what position one holds, wrong is wrong. Those who commit crimes deserve to be held to the same standard of punishment, regardless of wealth or class or any other box humans wish to place one another in to.

Apr 24th
Reply

Telle0

Good quality , I love these truth-seeking investigative journalism podcasts. Trump sycophants may want to plug their ears.

Apr 20th
Reply

Rick Arden

FOUR MORE YEARS!

Apr 11th
Reply

John Wiley

I'm really enjoying this podcast. I hope you dig up enough dirt on him.

Apr 1st
Reply

Dave Minnich

I won't pretend that Donald Trump is a positive role model, or a nice guy, but he is the President and as such deserves an amount of respect. Podcasts like this one only further the divisions in our country. Unsubscribing.

Mar 29th
Reply

Cullen Logan

Minnich cheers mate!

Aug 22nd
Reply

Minnich

Dave Minnich Thank you all for continuing this discussion. I enjoy hearing perspectives from many individuals. The point is, we should be able to have CIVIL discussions. If you can't debate like a mature adult,(that means not cussing and name calling), then I will not dignify your response with one of my own. I did not think this thread would last long. To my surprise, it has. Also, I think you all should know, I did not unsubscribe. I have been following along, and many points brought by our podcasters are quite valid. Yet, again I say, it should be done with a degree of respect to our political system, as broken as it is. I don't see anyone claiming to have ideas to fix it. And Space Force is some kind of idiocy.

Aug 22nd
Reply

Bill Holliday, CFP

this is really importanto work you're doing- keep it up

Mar 28th
Reply

Z

Minnich There is a core to this sentiment that I like- that we are responsible for change. I believe the only justice you can count on is that which you make with your own hands and do my part to keep people in my community fed. Where I differ is that I see investigation into the government and its elected officials as something commendable- people living out that value in their work, sometimes at personal risk, and always slogging through deep layers of deception and concealment to find what the powerful don’t want seen. I also believe those in positions of power are driven by inherently callous and self-advancing motivations that are usually incompatible with the good of common people. If these things can be considered true, then this is public service, even if it never results in impeachment or revolution or whatever change one desires. People deserve to be informed of corrupt motivations

Jul 22nd
Reply

Minnich

Bill Holliday, CFP I respectfully disagree sir. Looking for reasons to further the disdain for the democratically elected president is not constructive and further distract from pursuing solutions to REAL problems in our country. In 3 years, vote again. Maybe your chosen candidate will be sucessful. Until then, we should all stop focusing on who's president, and actually committing ourselves to a chosen problem. E.G. Homeless vets, mental health, sensible gun legislation, gunger, poverty. The government works for us. WE are responsible for change.

May 16th
Reply

Jillian Vesterfelt

is your advertiser purposely about men's hair loss because of trumps unfortunate hairdo?

Mar 14th
Reply

Cullen Logan

Jillian Vesterfelt Hairdo‽ I think you were looking for hairdon't. Common mistake, in your defense.

Aug 17th
Reply

Marcee Beth

Jillian Vesterfelt I HOPE SO 👴

Jul 12th
Reply

Brett Delph

more lethal garbage, lol

Mar 10th
Reply

Ryan O

As a former bankruptcy paralegal and document nerd, I've spent hours and hours pouring over pacer reporting on trump company filings and schedules. It's endless. A bottomless pit. It depicts something. A story, a biography that tells the tale experienced legal professionals quickly can recognize. Smoke and mirrors. Look here at the sparkling shiny thing while I make and drain money over here.

Mar 4th
Reply

Marcee Beth

Caesura I think what Ryan O was referring to vast amount of legal dealings Trump's had in bankruptcy court AND being sued by small independent contractors. He lives to fuck over the smaller businesses. He's put many out of business by not paying his bills. If I remember correctly, he's had over 3000 civil lawsuits. Many are contractors, subcontractors or previous employees. He's shady.

Jul 12th
Reply

Caesura

Dave Minnich It never applied. There was a time when the public was bought off with welfare expansion, but now that's eroded and all that remains is a bloated, poisonous and impenetrable beauracracy in constant struggle with itself and accountable only to those who hold the most wealth. In reality that's always ben American democracy, just a dictatorship of the bourgeoisie. You are right in that Trump is just a sideshow, and just one segment of the elite that's unpopular with the others. But he has declared open war on the few concessions the elites grant the people and the few restrictions they are supposed to abide by. Yesterday he destroyed diplomacy with Iran, and today he will be putting a mass torturer and liar in the highest intelligence position. The ruling elites have lost control and are letting the warmongerers and beurocrats steer us into hell. At least under Obama you could expect a cowardly status quo.

May 9th
Reply
loading
Download from Google Play
Download from App Store