Tags: Trump Administration | Donald Trump | GOP2016 | trump | wall street | ties | shallow

NYT Questions Trump's Wall Street Ties

Image: NYT Questions Trump's Wall Street Ties
Donald Trump (Chip Somodevilla/Getty Images)

By    |   Monday, 23 May 2016 07:02 PM

A new report questions the relationships Donald Trump has with the big banks on Wall Street, with one former banker calling the presidential candidate's Wall Street ties "fairly shallow."

The New York Times story claims Trump has a history of taking on a lot of debt and suing other businesses. And his once good relationship with Wall Street has suffered in part because of a change in how he does business.

The majority of the nearly two dozen banking executives interviewed by the Times said they have never met the presumptive Republican presidential nominee and either have not conducted business with him or would not do so because of issues with his past business dealings.

"His roots and connections on Wall Street are fairly shallow," former Goldman Sachs partner Roy C. Smith told the Times.

Part of the issue, it seems, stems from the fact that Trump doesn't generally take on a lot of debt anymore after his casino business went into financial trouble.

"We get a tremendous amount of calls from lenders across all the major banks looking to lend against our assets and pitch their firms for future acquisitions and development opportunities we're looking at," Ivanka Trump, the executive vice president for development and acquisitions at the Trump Organization, told the Times.

"But we have very little interest in borrowing at this point. So we have almost no leverage across our portfolio."

Trump, however, has said in the past — including during his presidential campaign — how much he likes having debt.

"I'm the king of debt. I love debt," Trump told CNN earlier this month.

Trump's way of dealing with debt often involves holding onto it and then negotiating a deal to pay back less than the full amount owed. The real estate mogul said he could potentially employ this tactic regarding the national debt if he becomes president.

The New York Times article lists several examples in which Trump took on large amounts of debt for his company, and cites information that says 14 business with ties to him have more than $315 million in debt.

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A new report questions the relationships Donald Trump has with the big banks on Wall Street, with one former banker calling the presidential candidate's Wall Street ties fairly shallow. The New York Times story claims Trump has a history of taking on a lot of debt and...
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2016-02-23
Monday, 23 May 2016 07:02 PM
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