Disgraced outgoing President Donald Trump is facing serious financial peril after he leaves office in the wake of an attempted coup at the Capitol.
If Trump thought he would be able to cash in on his presidency after leaving the White House, he and his family are going to be sorely disappointed because now even the remaining institutions that associated with him want nothing more to do with him, and that certainly doesn’t bode well for a man who is billions of dollars in debt.
Of course, Trump really only has himself to blame because he instigated a failed insurrection that left several people dead last week along with severe damage to our democracy.
Trump’s private businesses took a massive hit, which could cripple his finances.
According to the New York Times:
In the span of four days, President Trump’s family business has lost its online store, the buzz from Mr. Trump’s promotional tweets about its luxury resorts and bragging rights as host to one of the world’s most prestigious golf tournaments. The mob attack on Congress last week by Mr. Trump’s supporters has spurred a reckoning for the Trump Organization by businesses and institutions, at a scale far greater than his previous polarizing actions.
And the Trump brand, premised on gold-plated luxury and a super-affluent clientele, may not fully recover from the fallout of his supporters violently storming and vandalizing the U.S. Capitol, hospitality analysts say and some people close to the business acknowledge.
Perhaps even more devastating to Trump than the PGA cutting ties with his golf courses is the only two banks that have been willing to deal with him are also cutting ties with him, although Trump will still owe Deutsche Bank a whopping $300 million.
Deutsche Bank, which has been Mr. Trump’s primary lender for two decades, has decided not to do business with Mr. Trump or his company in the future, according to a person familiar with the bank’s thinking. Mr. Trump currently owes Deutsche Bank more than $300 million, which is due in the next few years. The bank has concluded that, short of forgiving the debt, it has no way to extricate itself from the Trump relationship before the loans come due.
Another longtime financial partner of the Trumps, Signature Bank, also is cutting ties. The bank — which helped Mr. Trump finance his Florida golf course and where Ivanka Trump, the president’s daughter, was once a board member — issued a statement calling on Mr. Trump to resign as president ‘in the best interests of our nation and the American people.’ Susan Turkell, a spokeswoman for the bank, said Signature had decided that it ‘will not do business in the future with any members of Congress who voted to disregard the Electoral College.’ Ms. Turkell said that in the wake of the riots the bank began closing Mr. Trump’s two personal accounts, which had about $5.3 million.
So, Trump and his family are massively in debt and no financial institution will loan them money. His businesses will also likely suffer further profit losses, and that’s on top the costly legal troubles he faces. Again, Trump only has himself to blame and it’s going to hit him where it hurts the most.
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