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Response to infullview (Reply #23)

Wed Aug 5, 2020, 10:37 PM

35. Scottish RICO: Mystery Millions for Loser Golf Resorts

The Biggest Trump Financial Mystery? Where He Came Up With the Cash for His Scottish Resorts.

Donald Trump dumped $400 million into his clubs in Aberdeen and Turnberry. Now, lawmakers in Edinburgh want to investigate him for money laundering.


RUSS CHOMA
Mother Jones, SEPTEMBER/OCTOBER 2020 ISSUE

EXCERPT...

Recently, a new—and perhaps bigger—threat to Trump has emerged in Scotland. Scottish lawmakers are pushing to peer into Trump’s finances using an anti-money-­laundering statute typically employed against kleptocrats, oligarchs, and crime kingpins. Their question: Where did the hundreds of millions Trump poured into his Scottish courses actually come from?

SNIP...

The size of Trump’s wealth is a source of great debate, but two things are fairly well known—the period between 2006 and 2014 included some of his lowest points, financially speaking, and even in the best of times, the amount he splurged in Scotland would be a ton of cash for him to have on hand, let alone spend so freely. And Trump made these Scottish investments amid a $400 million cash spending spree, documented by the Washington Post, in which he also purchased a golf club in Ireland, five courses in the United States, and several pricy homes.

The New Yorker estimated that Trump would have spent half his available cash on the purchase of Turnberry alone, concluding there wasn’t “enough money coming into Trump’s known business to cover the massive outlay he spent” renovating the property.

And the mystery deepens. Martyn McLaughlin, a Glasgow-based reporter for the Scotsman newspaper, discovered that in 2008 Trump approached a Scottish bank asking for a $63 million loan to buy and renovate a historic hotel near Edinburgh, overlooking the final hole of St. Andrews, the most famous golf course in the world. The terms he proposed were so ludicrously favorable to him that bank executives concluded Trump was asking for a “free loan,” and doing business with the developer was “too risky.” Meanwhile, Trump was touting his “very strong” cash position and his representatives were telling the Scottish public that he had more than $1 billion available to spend in their country. (The Trump Organization did not respond to questions from Mother Jones.)

CONTINUES...

https://www.motherjones.com/politics/2020/08/the-biggest-trump-financial-mystery-where-he-came-up-with-the-cash-for-his-scottish-resorts/



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