Music industry

Trump’s $100 million loan, Fortenberry goes to court

OWelcome to the latest issue of Checks & Imbalances, Forbes’ Money and Politics Newsletter. Today we celebrate our 100th issue – and the first published here as well as sent by e-mail– with a look at the latest bank set to loan Donald Trump $100 million.


Trump refinances $100 million mortgage on Trump Tower with bank run by political supporter

DDonald Trump refinanced Trump Tower in February, taking out a $100 million loan, according to documents registered on tuesday by the New York City Department of Finance.

Funding came from Axos Bank of San Diego, which launched in 2000 as Bank of Internet USA. Its CEO, Grégory Garrabrants, contributed $50,000 to Republican campaigns, including $9,600 in support of Trump, since 2012, according to Federal Election Commission records.

Trump’s previous mortgage on his flagship real estate, $100 million from commercial real estate investment trust Ladder Capital, was due to expire in September.

Eric Trump signed the loan documents as President of Trump Tower Commercial LLC. “Trump Tower is one of the most iconic properties in the world and sits in arguably the most prestigious corner of all of New York City,” Eric said in a statement provided after this article was published. “We have incredibly low debt, have a huge amount of cash and have an extremely profitable business. We had no refinancing problems.

A spokesperson for Axos said the bank had no comment.

In November 2021, Forbes valued the Trump Tower at $285 million. Trump had an estimated $1.3 billion in debt across all of his properties as of October 2021, based on Forbes reports.


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In case you missed it


How a former undersecretary of defense advises businesses to handle wartime disruption in Ukraine

“’Things will get worse before they get better.’ That’s the first piece of advice Michele Flournoy, President Obama’s former Undersecretary of Defense and President Clinton’s Deputy Undersecretary of Defense, gives clients when they ask about Russia’s war with the US. ‘Ukraine”, reports Steven Ehrlich for Forbes:

Now co-founder and managing partner of WestExec Advisors, which has a partnership with Boston Consulting Group and advises boards of directors and the private sector in general, Flournoy spends her days helping companies understand the circumstances that led to the biggest ground war in Europe since 1945. and the difficult choices they will have to make months and years in the future. In an interview with Forbes, Flournoy is quick to disavow the idea that things will return to normal as soon as bullets and mortars stop flying, whenever that happens, a common misconception. In fact, she says the challenges will persist long after the fighting is over. “The conflict itself is going to take a long time to resolve, and even after that some of the many restrictions and sanctions will remain in place because of Putin.”


Continuous irresolution

Updates on previous Checks & Imbalances reports

Jury selection is scheduled for March 16 in the government v. Representative Jeff Fortenberry (R-Neb.) for allegedly lying to the FBI. Fortenberry’s campaign reported spending $158,000 on legal fees last year. He also launched a legal expense trust in August.

*****

Rep. Doug Lamborn (R-Colo.) “has for years exclusively bought and sold shares of a single company – a company that benefits from government contracts,” The Daily Beast reported on Monday. In January, the House Office of Congressional Ethics revealed that it had found “substantial reasons to believe that ‘Lamborn’ may have misused official resources for personal and unofficial purposes” as well as “solicited or accepted inappropriate gifts from from his subordinates”.

*****

the Senate campaign for Rep. Mo Brooks’ (R-Ala.) hasn’t reported any disbursements at Mar-a-Lago since June 2021. In July, Brooks released a statement saying he wanted to “do fundraisers at Mar-a-Lago as often as possible.” A spokesperson for Brooks did not immediately respond to a request.

*****

Retired General Timothy M. Haake has dropped his lawsuit against Rep. Patrick Fallon (R-Texas) and his wife, according to a filing in Denton County, Texas, District Court on February 10. Last fall, Haake sued the couple for potential claims that could include fraud, breach of fiduciary duty and interference with contractual relationships. Haake and Fallon’s office did not immediately respond to inquiries.


whoops

In response to a series of letters from the Federal Election Commission highlighting reporting issues, the campaign for the Democratic Party Gary Chambers Jr. (you know him as the contestant who smoked weed in an ad) replied, “In December 2021, the committee engaged compliance and accounting professional services to file the missed reports and perform an account reconciliation. Chambers filed for candidacy in November 2020. Her campaign did not explain the quality compliance and accounting services she used in her first 11 months. A spokesperson did not immediately respond to a request for information.


Asset Tracking

Representative Jim Banks (R-Ind.) visited the former president at Mar-a-Lago last weekend. It marks a return visit to a Trump property for Banks. In June, he led a Republican study group meeting at one of Trump’s golf clubs in New Jersey.

Matt DePerno, a A Republican running for Michigan Attorney General, held a fundraiser at Mar-a-Lago earlier this week which included remarks from the club owner. Michigan is 1,200 miles from Palm Beach, Florida.


Editor’s Choice


In conclusion

“When you’re broke go get a loan

Take out another mortgage on your home

Consolidate so you can afford

To go and spend a little more when

You get bored”

– Shania Twain, “Ka-Ching!”