David Cay Johnston's new book "The Big Cheat" brings together the financial scandals of former President Donald Trump and his family, drawing a link between everything the family ultimately grifted.
In one section of the book, Johnston compares Ivanka Trump's financial disclosure statements, which awkwardly reveals just how much money the Trump family lost from its properties during the COVID-19 pandemic in 2020.
The first thing to note is that both Jared Kushner and Ivanka were given "voluntarily," and not "under penalty of perjury, as the law requires." Her father tried to do the same thing, where he simply refused to sign the disclosures under penalty of perjury but it didn't work. Trump had to be forthcoming about his finances. Johnston explained it was the reason that so much of Trump's "wealth he had crowed about as a candidate" suddenly disappeared" once he was president.
But for his eldest daughter, the disclosures showed the hefty profits from the Trump Organization's Washington, D.C. hotel, which was recently sold off. Ivanka owned "a slice" of the hotel, and worked extensively on The Spa by Ivanka Trump™.
"In the first three years of his presidency, the hotel made her $13 million," Johnston cited her disclosures from the ethics reports. "In 2020, when the pandemic hit travel and entertainment businesses hard, she still earned $1.5 million."
But it was her admitted value in the 2020 report that revealed the shocking loss.
"She had valued her share of the hotel at between $5 million and $25 million," he said, citing the 2017 disclosure. "But in her 2020 report, she dropped the value to $100,000 to $250,000."
That's not merely a loss, it's a financial disaster.
Read more of the financial facts about Trump and the family's business dealings in "The Big Cheat."
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