Quantcast
Connect with us

Here’s one big reason why Trump is having a white-hot meltdown over the Fed not dropping interest rates

Published

on

President Donald Trump has a personal conflict-of-interest that may be impacting his decisions in his public feud with Federal Reserve Chair Jerome Powell.

“President Trump stands to save millions of dollars annually in interest on outstanding loans on his hotels and resorts if the Federal Reserve lowers rates as he has been demanding, according to public filings and financial experts,” The Washington Post reported Saturday.

ADVERTISEMENT

“In the five years before he became president, Trump borrowed more than $360 million via four loans from Deutsche Bank for his hotels in Washington, D.C., and Chicago, as well his 643-room Doral golf resort in South Florida,” the newspaper reported. “The payments on all four properties vary with interest rate changes, according to Trump’s official financial disclosures. That means he has already benefited from falling interest rates that were spurred in part by a cut the Federal Reserve announced in July, the first in more than a decade — and his payments could drop by millions of dollars more annually if the central bank grants Trump’s wish and further lowers short-term rates, experts said.”

Trump refused to disinvest himself from his businesses when he took office. The Trump Organization is currently being run by Donald Trump Jr. and Eric Trump.

“Since taking office, Trump has aggressively sought to lower interest rates and rejected the mostly hands-off approach other presidents have taken to the Fed, repeatedly blasting Chair Jerome H. Powell — whom Trump appointed to the post last year — for not falling in line,” The Post noted.

Trump could make millions off of the move.

“Beginning in 2012, Deutsche Bank provide Trump’s company with about $364 million in loans by working through the bank’s private wealth division, rather than through traditional commercial lending units, according to public loan documents. The borrowing was for two loans totaling $125 million to buy and renovate the Doral golf resort in Florida, a $170 million loan to renovate Washington’s Old Post Office Pavilion into a Trump hotel and a $69 million loan to refinance an existing Trump hotel in Chicago,” the newspaper noted.

ADVERTISEMENT

“Trump could save at least $600,000 and as much as $1.1 million annually on just the larger of the two Doral loans if the Fed made a percentage point reduction, depending on the loan agreement, according to Clifford Rossi, a professor at the University of Maryland’s business school,” The Post noted. “Even a quarter-point reduction, which most Wall Street investors now predict will occur in mid-September, could save Trump as much as $275,000 annually on that single Doral loan.”


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Conservative attorney dismantles GOP arguments against impeachment: ‘Trump’s abuse threatens your freedom’

Published

on

A conservative attorney knocked down Republican arguments against impeachment one by one in a viral tweet, and urged others to support the removal President Donald Trump.

Bryan Gividen, an appellate attorney from Dallas, touted his conservative bona fides by describing himself as a "pro-religious liberty, pro-life, would snort Cocaine Mitch’s judicial confirmations" if he could -- but still said he supports Trump's impeachment.

"At this point, there is no question that President Trump directed U.S. officials to withhold security funding to the Ukraine so Ukraine would investigate the Bidens," Gividen began. "That is the kind of abuse of the President’s authority we should not tolerate."

Continue Reading

Breaking Banner

Trump turns bizarre handwritten notes into all-caps Twitter rage spasm: ‘I WANT NOTHING! I WANT NO QUID PRO QUO!’

Published

on

President Donald Trump on Wednesday wrote down his impeachment inquiry talking points in sharpie marker.

While leaving the White House for a visit to Texas, Trump read his notes to reporters, but refused to take questions.

During the flight, Trump then tweeted out his notes to his 66.9 million Twitter followers.

https://twitter.com/samstein/status/1197200696044654593

....”I WANT NOTHING! I WANT NOTHING! I WANT NO QUID PRO QUO! TELL PRESIDENT ZELENSKY TO DO THE RIGHT THING!” Later, Ambassador Sondland said that I told him, “Good, go tell the truth!” This Witch Hunt must end NOW. So bad for our Country!

Continue Reading
 

Breaking Banner

GOP senators lob out excuses to avoid watching impeachment hearings: ‘Took my kid to school’

Published

on

European ambassador Gordon Sondland's impeachment testimony sent shock waves through Washington D.C. on Wednesday -- but they seemingly weren't felt by Republican senators.

Per CNN's Michael Warren, multiple GOP senators said on Wednesday that they were not watching Sondland's testimony, which directly implicated President Donald Trump in a quid-pro-quo scheme with Ukraine.

Sen. Tom Cotton (R-AR), for example, said that he "took my kid to school" instead of watching Sondland, while Sen. Lamar Alexander (R-TN) said he was busy "chairing my own hearing."

Continue Reading
 
 
Help Raw Story Uncover Injustice. Join Raw Story Investigates for $1 and go ad-free.
close-image