Trump Campaign CEO Steve Bannon Failed To Properly Pay Taxes For Several Years
The new CEO of Donald Trumps presidential campaign failed to properly pay his taxes for several years in the 1990s, according to an analysis of public records.
In 1990, after a stint as an investment banker at Goldman Sachs, Bannon and a few of his colleagues launched Bannon & Co. in Beverly Hills, California. In a profile on Bannon published last year, Bloomberg Businessweeks Joshua Green described the business as a boutique investment bank specializing in media:
At the time, investors preferred hard assets ― manufacturing companies, real estate ― and avoided things like movie studios and film libraries, which were harder to price. Bannons group, drawing on data such as VHS cassette sales and TV ratings, devised a model to value intellectual property in the same way as tangible assets. We got a ton of business, he says. When the French bank Crédit Lyonnais, a major financier of independent Hollywood studios, almost went bankrupt, Bannon & Co. rolled up its loan portfolio. When MGM went bust, it worked on the studios financing. When Polygram Records got into the film business, Bannons firm handled its acquisitions ... After Société Générale bought Bannon & Co. in 1998, Bannon, no longer needing a day job, dove into Hollywood moguldom, becoming an executive producer of movies, including Anthony Hopkinss 1999 Oscar-nominated Titus.
According to public records, Bannon had five federal tax liens filed against him at his firms Beverly Hills office between 1994 and 1998, totaling $481,951. The federal liens were released by April 2000.
Bannon also had at least three state tax liens totaling $119,736 filed against him in the same period. Its unclear whether the state liens corresponded to property taxes, income taxes or payroll taxes. Those liens were released by April 2000 as well.
Moreover, Bannon had a civil judgment lien filed against him for $84,075 by creditors in 2011, when he was serving as CEO of a firm called Affinity Media. He left Affinity the following year to serve as executive chairman of Breitbart News LLC, the parent company of Breitbart News.
We all have our ups and downs financially. Those years, I suspect he was going through a transition in between jobs and had a job that did not pay enough.