PHOTO: ‘I was able to make an appropriately great deal with the numerous lenders on a large and very beautiful tower. Doesn’t that make me a smart guy rather than a bad guy?’ Trump wrote, defending his Chicago tower project after a New York Times report
- The 92-story tower opened in 2008
- Trump got financing from Deutsche Bank and hedge fund
- When the market soured he sued lenders
- Parties ultimately settled and Trump got massive loan cancellations
- Trump tweeted he made an ‘appropriately great deal’
- New York Times reported on deal after obtaining Trump’s returns
- ‘Doesn’t that make me a smart guy rather than a bad guy?’
President Donald Trump brushed off another damaging report from the New York Times based on his still unreleased tax returns Wednesday, this time defending walking away from $237 million in loans on a faltering project.
The president pushed back after the paper sought to untangle the complex tail of huge loans, defaults, and lawsuits that resulted in Trump failing to pay millions he borrowed for his Trump Tower Chicago project.
The paper revealed that he was able to have $237 million in loans written off since 2010, almost all of it debt on his Trump Tower Chicago project.
He prevented tax liability for the massive debt relief, that must be counted as income, by taking write-offs on other businesses with big losses.
‘As a developer long ago, and continuing to this day, the politicians ran Chicago into the ground,’ Trump wrote. ‘I was able to make an appropriately great deal with the numerous lenders on a large and very beautiful tower. Doesn’t that make me a smart guy rather than a bad guy?’ Trump tweeted.
His response came after the Times conducted a deep dive on the project, armed for the first time with tax return information it has obtained. The paper previously revealed the billionaire paid just $750 in federal income taxes in 2016.
Trump was able to obtain primary lending from Deutsche Bank for the 2008, 92-story project in Chicago, a city known for its architectural gems.
Trump defended transactions on a Chicago tower that had lenders forgive $237 million in debt
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