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How Trump's Real Estate Holdings Attract Kleptocrats - The Bulwark

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This article is adapted from the new book American Kleptocracy: How the U.S. Created the World’s Greatest Money Laundering Scheme in History..“In many ways, kleptocracy built Trump’s empire. And by the mid-2010s, Trump wanted it to help build something else: a political empire, one that could cement America’s kleptocratic transformation—and continue it for generations to come. American kleptocracy in a single person, who eventually used the proceeds of these suspect sales to help build a war chest that would launch him to the presidency."

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I began teaching in 1963,; Ba and BS in Education -Brooklyn College. I have the equivalent of 2 additional Master's, mainly in Literacy Studies and Graphic Design. I was the only seventh grade teacher of English from 1990 -1999 at East Side (more...)

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Susan Lee Schwartz

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Get past the opening about the Hatian dictator, and there's the most fascinating article on Trumps holdings and how his real estate was a place for the ultra-wealthy kleptocrats across the world could hide their money I didn't know this it is fascinating!

"While it will take years, and potentially decades, to get a full picture of Trump's financial history, it's clear that Trump's properties in the United States alone may have laundered billions of dollars even before he ascended to the White House. According to the most comprehensive analysis available, Trump's American properties sold over 1,300 unitsover one-fifth of Trump's total available condosto buyers matching money-laundering profiles: anonymously, to shell companies and cash buyers, often purchased in bulk and without ever revealing the identities of the ultimate beneficiaries. (Even today, thanks to the secrecy regime still in place in the United States, only a small fraction of the ultimate owners of these Trump units have ever been disclosed.) The final bill of these suspect purchases ran to a dumbfounding $1.5 billionand that's even before adjusting for inflation.

It seems like every single one of Trump's American properties happily feasted on the dirty money flowing into the United States over the past few decades. Take Trump Tower in New York, for instance. Baby Doc was hardly the only one who eyed the building as a potential personal laundromat. Nearly a quarter of the building's total unit sales went to buyers who, like Baby Doc, fit the money-laundering profile. Total value of such sales: $30 million. Or pop over to the west side of Manhattan, where Trump erected the Trump International Hotel and Tower in 1996, one of his keystone properties, dominating Columbus Circle and Central Park's southwest corner. Nearly 30 percent of that building's unit sales went to buyers who fit money-laundering profiles. Total value of such sales: $135 million."

Submitted on Saturday, Dec 25, 2021 at 10:50:53 PM

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