The forensic accountants digging into Trump’s alleged wealth is an intriguing 2016 story-line, I’m assuming Hillary Clinton’s people are working full time on the project.
Donald Trump claims a net worth of more than $10 billion and an income of $557 million. But he appears to get there only by overvaluing properties and ignoring his expenses.
POLITICO spoke with more than a dozen financial experts and Trump’s fellow multimillionaires about the presumptive Republican nominee’s latest financial statement. Their conclusion: The real estate magnate’s bottom line — what he actually puts in his own pocket — could be much lower than he suggests. Some financial analysts said this, and a very low tax rate, is why Trump won’t release his tax returns.
(click here to continue reading Shady accounting underpins Donald Trump’s wealth – POLITICO.)
An interesting subtext is how often anonymous quotes are used because even these Masters of the Universe types realize Trump has a thin skin, and a need to sue everyone who ever blinks at Trump wrong. Such as these courageous high-net worth individuals…
“I know Donald; I’ve known him a long time, and it gets under his skin if you start writing about the reasons he won’t disclose his returns,” said one prominent hedge fund manager who declined to be identified by name so as not to draw Trump’s ire. “You would see that he doesn’t have the money that he claims to have and he’s not paying much of anything in taxes.”
“If he is swimming in so much cash for all his holdings, why is he selling this stuff to raise cash?” asked another ultra-high-net-worth individual who also reviewed the filings and declined to be identified by name to avoid Trump’s wrath.