Sign in
News
WNYC Studios
He’s the President, yet we’re still trying to answer basic questions about how his business works: What deals are happening, who they’re happening with, and if the President and his family are keeping their promise to separate the Trump Organization from the Trump White House. “Trump, Inc.” is a joint reporting project from WNYC Studios and ProPublica that digs deep into these questions. We’ll be layout out what we know, what we don’t and how you can help us fill in the gaps.
WNYC Studios is a listener-supported producer of other leading podcasts, including On the Media, Radiolab, Death, Sex & Money, Here’s the Thing with Alec Baldwin, Nancy and many others. ProPublica is a non-profit investigative newsroom.
© WNYC Studios
We Don't Talk About Leonard: Episode 3
State Supreme Court elections across the country are getting ever more expensive and more partisan. In the third episode of “We Don’t Talk About Leonard,” ProPublica reporters Andrea Bernstein, Andy Kroll, and Ilya Marritz drill even further into the fight to gain influence over state courts, and reveal what Leo and his allies are planning for the future.
This series is created in partnership with On the Media and ProPublica. Listen to On the Media wherever you get your podcasts. ProPublica is a nonprofit newsroom that investigates abuses of power. Sign up to receive their biggest stories as soon as they’re published.
51:5813/10/2023
We Don't Talk About Leonard: Episode 2
Leonard Leo realized that in order to generate conservative rulings, the Supreme Court needs the right kind of cases. In the second episode of We Don't Talk About Leonard, ProPublica reporters Andrea Bernstein, Andy Kroll, and Ilya Marritz investigate the machine that Leonard Leo built across the country to bring cases to the Supreme Court and fill vacant judgeships, and the web of nonprofits he’s created through which to funnel dark money into judicial races.
This series is created in partnership with On the Media and ProPublica. Listen to On the Media wherever you get your podcasts. ProPublica is a nonprofit newsroom that investigates abuses of power. Sign up to receive their biggest stories as soon as they’re published.
51:5806/10/2023
Introducing We Don't Talk About Leonard
In this first episode of We Don't Talk About Leonard, a new miniseries created in partnership with On the Media and ProPublica, ProPublica reporters Andrea Bernstein, Andy Kroll, and Ilya Marritz investigate the background of the man who has played a critical role in the conservative takeover of America's courts — Leonard Leo. From his humble roots in middle class New Jersey, to a mansion in Maine where last year he hosted a fabulous party on the eve of the Supreme Court decision to tank “Roe.”
Listen to On the Media wherever you get your podcasts. This podcast was created in partnership with ProPublica, a nonprofit newsroom that investigates abuses of power. Sign up to receive their biggest stories as soon as they’re published.
52:1029/09/2023
Andrea Bernstein introduces Dead End: A New Jersey Political Murder Mystery
Andrea Bernstein introduces WNYC colleague Nancy Solomon's new podcast: Dead End: A New Jersey Political Murder Mystery.
New Jersey politics is not for the faint of heart. But the brutal killing of John and Joyce Sheridan, a prominent couple with personal ties to three governors, shocks even the most cynical operatives. The mystery surrounding the crime sends their son on a quest for truth. Dead End is a story of crime and corruption at the highest levels of society in the Garden State.
05:0803/05/2022
Introducing Will Be Wild
Andrea Bernstein introduces Will Be Wild, a new 8-part series about the forces that led to the January 6th insurrection and what comes next. Through in-depth stories from a wide range of characters – from people who tried to stop the attack to those who took part – hosts Andrea Bernstein and Ilya Marritz explore the ongoing effort to bring autocracy to America, the lasting damage that effort is doing to our democracy, and the fate of our attempts to combat those anti-democratic forces. Because January 6th wasn't the end of the story, January 6th was just a practice run.
03:4225/04/2022
And Now, The End Is Near
This story was co-published with ProPublica.
A birth certificate, a bar receipt, a newspaper ad, a board game, a Ziploc bag of shredded paper, a pair of museum tickets, some checks, and a USB drive. The series finale of Trump, Inc.
This episode was reported by Andrea Bernstein, Meg Cramer, Anjali Kamat, Ilya Marritz, Katherine Sullivan, Eric Umansky, and Heather Vogell. We assembled our time capsule at Donald J. Trump State Park; it will be stored until 2031 with WNYC's archives department.
Trump, Inc. is produced by WNYC Studios and ProPublica.
This is the last episode of Trump, Inc. But it's not the end of our reporting: subscribe to our newsletter for updates on what we're doing next. Show your support with a donation to New York Public Radio.
51:0819/01/2021
Nobody Wants To Work With The Trumps Anymore
In the wake of the Jan. 6 insurrection at the Capitol and an unprecedented second impeachment, a growing number of businesses, governments, and financial institutions are severing ties with President Trump.
David Fahrenthold is a Pulitzer Prize-winning reporter who covers the Trump family and its business interests for The Washington Post. Zach Everson reports on who patronizes the Trump family businesses for the newsletter 1100 Pennsylvania.
Next week's Trump, Inc. will be the final episode of the series. Subscribe to our newsletter for updates on what we're doing next. Show your support with a donation to New York Public Radio.
36:4615/01/2021
Donald Trump's Legal Hangover
Donald Trump's presidency is coming to end, but there are ongoing legal investigations that will be following him out of the White House. We examine two of the pending probes into potential wrongdoing by Trump and Trump Organization. One, led by Washington, D.C. Attorney General Karl Racine for potential civil violations, the other by Manhattan District Attorney Cy Vance into possible criminal activity.
We speak with AG Racine about his pending legal action.
33:3517/12/2020
Midnight Regulations
This story was co-published with ProPublica. Sign up for email updates from Trump, Inc. to get the latest on our investigations.
Six days after President Donald Trump lost his bid for reelection, the U.S. Department of Agriculture notified food safety groups that it was proposing a regulatory change to speed up chicken factory processing lines, a change that would allow companies to sell more birds. An earlier USDA effort had broken down on concerns that it could lead to more worker injuries and make it harder to stop germs like salmonella.
Ordinarily, a change like this would take about two years to go through the cumbersome legal process of making new federal regulations. But the timing has alarmed food and worker safety advocates, who suspect the Trump administration wants to rush through this rule in its waning days.
Even as Trump and his allies officially refuse to concede the Nov. 3 election, the White House and federal agencies are hurrying to finish dozens of regulatory changes before Joe Biden is inaugurated on Jan. 20. The rules range from long-simmering administration priorities to last-minute scrambles and affect everything from creature comforts like showerheads and clothes washers to life-or-death issues like federal executions and international refugees. They impact everyone from the most powerful, such as oil drillers, drugmakers and tech startups, to the most vulnerable, such as families on food stamps, transgender people in homeless shelters, migrant workers and endangered species. ProPublica is tracking those regulations as they move through the rule-making process.
Every administration does some version of last-minute rule-making, known as midnight regulations, especially with a change in parties. It’s too soon to say how the Trump administration’s tally will stack up against predecessors. But these final weeks are solidifying conservative policy objectives that will make it harder for the Biden administration to advance its own agenda, according to people who track rules developed by federal agencies.
“The bottom line is the Trump administration is trying to get things published in the Federal Register, leaving the next administration to sort out the mess,” said Matthew Kent, who tracks regulatory policy for left-leaning advocacy group Public Citizen. “There are some real roadblocks to Biden being able to wave a magic wand on these.”
In some instances the Trump administration is using shortcuts to get more rules across the finish line, such as taking less time to accept and review public feedback. It’s a risky move. On the one hand, officials want to finalize rules so that the next administration won’t be able to change them without going through the process all over again. On the other, slapdash rules may contain errors, making them more vulnerable to getting struck down in court.
The Trump administration is on pace to finalize 36 major rules in its final three months, similar to the 35 to 40 notched by the previous four presidents, according to Daniel Perez, a policy analyst at the George Washington University Regulatory Studies Center. In 2017, Republican lawmakers struck down more than a dozen Obama-era rules using a fast-track mechanism called the Congressional Review Act. That weapon may be less available for Democrats to overturn Trump’s midnight regulations if Republicans keep control of the Senate, which will be determined by two Georgia runoffs. Still, a few GOP defections could be enough to kill a rule with a simple majority.
“This White House is not likely to be stopping things and saying on principle elections have consequences, let’s respect the voters’ decision and not rush things through to tie the next guys’ hands,” said Susan Dudley, who led the Office of Information and Regulatory Affairs in the Office of Management and Budget at the end of the George W. Bush administration. “One concern is the rules are rushed so they didn’t have adequate analysis or public comment, and that’s what we’re seeing.”
The Trump White House didn’t respond to requests for comment on which regulations it’s aiming to finish before Biden’s inauguration. The Biden transition team also didn’t respond to questions about which of Trump’s parting salvos the new president would prioritize undoing.
Many of the last-minute changes would add to the heap of changes throughout the Trump administration to pare back Obama-era rules and loosen environmental and consumer protections, all in the name of shrinking the government’s role in the economy. “Our proposal today greatly furthers the Trump administration’s regulatory reform efforts, which together have already amounted to the most aggressive effort to reform federal regulations of any administration,” Brian Harrison, the chief of staff for the Department of Health and Human Services, said on a conference call with reporters the day after the election. Harrison was unveiling a new proposal to automatically purge regulations that are more than 10 years old unless the agency decides to keep them.
For that proposal to become finalized before Jan. 20 would be an exceptionally fast turnaround. But Harrison left no doubt about that goal. “The reason we're doing this now is because,” he said, “we at the department are trying to go as fast as we can in hopes of finalizing the rule before the end of the first term.”
Read Isaac Arnsdorf's full print story at ProPublica.
Track more of the Trump administration's midnight regulations here.
17:5325/11/2020
You're Fired
As the Trump campaign wages a haphazard legal campaign against the rightful outcome of the 2020 election, the Trump administration is working to remake the federal bureaucracy.
• Adam Klasfeld is a senior investigative reporter and editor for Law & Crime.• Denise Turner Roth, an Obama appointee, served as administrator of the Government Services Administration from 2015 to 2017.• Robert Shea was associate director of the Office of Management and Budget under President George W. Bush.• Ronald Sanders, who until last month was chairman of the Federal Salary Council, resigned over an executive order he warned would politicize much of the federal workforce. (Read his letter of resignation here.)
Sign up for email updates from Trump, Inc. to get the latest on our investigations.
32:5012/11/2020
Radiolab: What If?
We're all wondering how the 2020 election will pan out. Our colleagues at Radiolab went looking for answers.
This episode was reported by Bethel Habte (who's now a producer at the Gimlet podcast Resistance), with help from Tracie Hunte, and produced by Bethel Habte. Jeremy Bloom provided original music.
You can read The Transition Integrity Project’s report here. Sign up for email updates from Trump, Inc. to get the latest on our investigations.
38:2931/10/2020
Trump, Inc.
Go to New York Magazine to read our list of insiders who profited off the Trump presidency.
On April 30, 2018, nine top executives from T-Mobile checked in to the Trump International Hotel in Washington, D.C., with their names on a list of VIP arrivals. They landed in Washington at a critical moment: Just the day before, T-Mobile had announced plans for a merger with Sprint. To complete the deal, the company needed approval from the Justice Department, one block away on Pennsylvania Avenue. Hanging out in the lobby in his trademark hot-pink-and-black T-Mobile hoodie, then CEO John Legere was instantly recognizable to hotel guests. His company wasn’t just patronizing the president’s hotel. It was advertising that it was doing so.
That evening, in a closed-door suite just off the hotel lobby, a small group of political donors got to have dinner with the president of the United States. The guests included a steel magnate, who complained to the president about rules limiting the number of hours a trucker could be on the road, and a property developer, who suggested holding the next summit with Kim Jong-un at a site he had built near Seoul.
Also in the mix were two then-obscure businessmen, Lev Parnas and Igor Fruman. They had secured an invite to the dinner after promising a $325,000 donation to a Trump-aligned super-PAC. Like the other guests, they came with an agenda. Parnas and Fruman wanted to build an energy business in Ukraine but felt the U.S. ambassador in Kiev, Marie Yovanovitch, stood in their way. Parnas fed the president a fabrication that was sure to get his attention: that Yovanovitch was an anti-Trumper. “She’s basically walking around telling everybody, ‘Wait, he’s going to get impeached,’ ” Parnas told the president. Trump was enraged.
Parnas and Fruman and the T-Mobile executives were pulling the same lever that night. And they all got results. T-Mobile’s merger was later approved, and Ambassador Yovanovitch was abruptly removed from the U.S. Embassy in Kiev. Later, Parnas and Fruman were indicted on a -campaign-finance-violations charge (they had concealed the origins of their super-PAC donation) and were arrested with one-way tickets to Vienna in hand. (They have pleaded not guilty and face trial in 2021.) Trump claimed he did not know them.
This is the Washington Trump has built these past four years, where people who patronize Trump businesses can expect preferential treatment, where a deputy secretary can oversee a bailout that benefits his family’s company, where administration officials fly in private jets paid for by the public — and where top government officials don’t bother to divest from industries whose policies they oversee.
It started at the top, of course. Just nine days before his inauguration, Trump held his first news conference as president-elect. Presiding over a table with towering stacks of folders, Trump’s lawyer suggested there would be a “wall” between Trump’s business and his presidency, even though Trump himself made it quite clear that he would not be divesting. “I have a no-conflict situation because I’m president,” Trump said. “I could run the Trump Organization, great, great company, and I could run the company — the country,” he added. “I’d do a very, very good job, but I don’t want to do that.”
Trump never separated himself from his company in any meaningful way. Trump’s daughter Ivanka Trump and her husband, Jared Kushner, also didn’t fully divest from their business interests. The couple made tens of millions of dollars from an array of limited-liability companies while also serving in the White House. Trump’s Commerce secretary, Wilbur Ross, pledged to Congress that he would largely sell off his assets, then took dozens of meetings with executives to whose companies he had personal financial ties. Others did divest, but then proceeded to use their agency budgets as their personal piggy banks.
Friends, donors, and hangers-on also thrived. Top GOP financier Elliott Broidy leveraged his fundraising into access, including a meeting in the Oval Office. Broidy attempted to use that access as a calling card with foreign officials from whom he sought security contracts.
Like several other beneficiaries of Trump’s generosity, Broidy eventually found himself in legal trouble, pleading guilty to violating foreign-lobbying laws on behalf of Malaysian and Chinese clients. But many Trump affiliates benefited in ways that are perfectly legal. Attorney William S. Consovoy, who argued before an appeals court last fall that Trump could shoot someone on Fifth Avenue and be shielded from all consequences (the judges were unpersuaded), brought in $2 million from the RNC and Trump-campaign committees. Others sought the ultimate benefit: freedom. Roger Stone, who would not turn on Trump despite the threat of jail time, was one of many Trump loyalists and allies to receive clemency from the president.
To be sure, a lot of people found ways to benefit from Trump’s time in office: journalists, progressive nonprofits, high earners — Trump donors or not. But Trump profiteers went far beyond what used to count as standard-issue Washington swampiness. New York partnered with WNYC’s Trump, Inc. podcast to identify 51 such insiders, whose unprecedented ability to gain from the Trump presidency will go down in history. Their schemes became ever more brazen these past four years, even as their goals shifted. The initial grifts tended to be strictly transactional on the model of the Trump Organization itself, through which the Trump name could be had by nearly anyone for the right price. Later on, not just money but power became the president’s currency. The quids became subtler: shielding Trump from legal consequences, investigating a political opponent, providing an intellectual rationale for understanding the presidency as Trump sees it — not as a civic duty but as a business.
Read our full list of 51 Trump insiders (from Sheldon Adelson to Ryan Zinke) at New York Magazine. Sign up for email updates from Trump, Inc. to get the latest on our investigations.
35:5028/10/2020
Who Matters In America
Trump, Inc. co-host Andrea Bernstein sits down with Kai Wright, host of The United States of Anxiety, to discuss how American history informs the 2020 election. The conversation, called "Who Matters in America 2020?," was part of Reporter's Notebook series at The Greene Space.
Sign up for email updates from Trump, Inc. to get the latest on our investigations.
29:1422/10/2020
Trump, Mnuchin, And The 2017 Tax Overhaul
President Trump ran for president on three promises: He'd build a wall on the Mexican border, repeal Obamacare, and overhaul the nation's tax system. And approaching the 2020 election, Trump's only accomplished one of them — and even that didn't live up to the hype.
"It's important to point out is the impact has been not what he said it would be," says Sally Herships, host and co-executive producer of The Heist, a new podcast from the Center for Public Integrity. "It has not been what he promised, which was, a sizable increase in jobs, higher wages ... just kind of this rainbow-like better life for many Americans."
“Not only will this tax bill pay for itself," promised Treasury Secretary Steven Mnuchin, "but it will pay down debt.” Yet nearly every analysis said the changes would add more than $1 trillion trillion to the national debt. This episode of The Heist, "Buyer's Remorse," looks at how the Trump administration rushed the law through.
Sign up for email updates from Trump, Inc. to get the latest on our investigations.
45:5314/10/2020
Why We Still Don't Know The Truth About Russia
In his new book, "Where Law Ends: Inside the Mueller Investigation," prosecutor Andrew Weissmann offers a new account into the inner workings of Special Counsel Robert Mueller's investigation into President Trump.
Related episodes:• The Questions Mueller Didn't Ask• Trump's Moscow Tower Problem• Six Tips for Preparing for the Mueller Report, Which May or May Not Be Coming
Sign up for email updates from Trump, Inc. to get the latest on our investigations.
28:2507/10/2020
The Kushners’ Freddie Mac Loan Wasn’t Just Massive. It Came With Unusually Good Terms, Too.
This story was co-published with ProPublica. Sign up for email updates from Trump, Inc. to get the latest on our investigations.
After the news broke in May of last year that government-sponsored lending agency Freddie Mac had agreed to back $786 million in loans to the Kushner Companies, political opponents asked whether the family real estate firm formerly led by the president’s son-in-law and top adviser, Jared Kushner, had received special treatment.
“We are especially concerned about this transaction because of Kushner Companies’ history of seeking to engage in deals that raise conflicts of interest issues with Mr. Kushner,” Sens. Elizabeth Warren (D-Massachusetts) and Tom Carper (D-Delaware) wrote to Freddie Mac’s CEO in June 2019.
The loans helped Kushner Companies scoop up thousands of apartments in Maryland and Virginia, the business’s biggest purchase in a decade. The deal, first reported by Bloomberg, also ranked among Freddie’s largest ever. At the time, the details of its terms weren’t disclosed. Freddie Mac officials didn’t comment publicly then. Kushner’s lawyer said Jared was no longer involved in decision-making at the company. (He does continue to receive millions from the family business, according to his financial disclosures, including from some properties with Freddie Mac-backed loans.)
Freddie Mac packaged the 16 loans into bonds and sold them to investors in August 2019. But Kushner Companies hadn’t finished its buying spree. Within the next two months, records show, Freddie Mac backed another two loans to the Kushners for an additional $63.5 million, allowing the company to add two more apartment complexes to its portfolio.
A new analysis by ProPublica shows Kushner Companies received unusually favorable loan terms for the 18 mortgages it obtained with Freddie Mac’s backing. The loans allowed the Kushner family company to make lower monthly payments and borrow more money than was typical for similar loans, 2019 Freddie Mac data shows. The terms increase the risk to the agency and to investors who buy bonds with the Kushner mortgages in them.
Moreover, Freddie Mac’s estimates of the Kushner properties’ profitability — a core element of any decision to back a loan — have already proven to be overly optimistic. All 16 properties in the firm’s biggest loan package delivered smaller profits in 2019 than Freddie Mac expected, despite the then-booming economy. The loan for the largest property lagged Freddie Mac’s profit prediction by 31% last year.
U.S. taxpayers could be responsible for paying back much of the nearly $850 million in Freddie Mac financing if Kushner Companies defaults and its properties drop significantly in value. During the last real estate crash, taxpayers had to bail out Freddie Mac and its larger sibling, Fannie Mae, to the tune of $190 billion as the agencies plunged into the government equivalent of bankruptcy. (The agencies ultimately repaid the money and more.)
The involvement of Jared’s sister Nicole Kushner Meyer adds to questions about whether the family sought to exploit its political influence. Meyer, who shares her brother’s slight build, porcelain features and dark chestnut hair, lobbied Freddie Mac in person on behalf of Kushner Companies in February last year, a timeline of the deal obtained by ProPublica shows. She has previously drawn criticism for invoking her brother’s name while doing Kushner Companies’ business before.
In a statement Freddie Mac said it does “not consider the political affiliations of borrowers or their family members.” It called ProPublica’s analysis “random, arbitrary and incomplete” and asserted that the Kushner loans “fit squarely within our publicly-available credit and underwriting standards. The terms and performance of every one of these loans is transparent and available on our website, and all the loans are current and have been consistently paid.”
A spokesperson for Kushner Companies did not respond to calls and emails seeking comment.
There’s no evidence the Trump administration played a role in any of the decisions and Freddie Mac operates independently. But Freddie Mac embarked on approving the loans at the moment that its government overseer, the Federal Housing Finance Agency (FHFA), was changing from leadership by an Obama administration appointee to one from the Trump administration, Mark Calabria, vice-president Mike Pence’s former chief economist. Calabria, who was confirmed in April 2019, has called for an end to the “conservatorship,” the close financial control that his agency has exerted over Freddie Mac and Fannie Mae since the 2008 crisis.
The potential for improper influence exists even if the Trump administration didn’t advocate for the Kushners, said Kathleen Clark, a law professor at Washington University specializing in government and legal ethics. She compared the situation to press reports that businesses and associates connected to Jared Kushner and his family were approved to receive millions from the Paycheck Protection Program. Officials could have acted because they were seeking to curry favor with the Kushners or feared retribution if they didn’t, according to Clark. And if Kushner Companies had wanted to avoid any appearance of undue influence, she added, it should have sent only non-family executives to meet with Freddie Mac. “I’d leave it to the professionals,” Clark said. “I’d keep family members away from it.”
The Freddie Mac data shows that Kushner Companies secured advantageous terms on multiple points. All 18 loans, for example, allow Kushner Companies to pay only interest for the full 10-year term, thus deferring all principal payments to a balloon payment at the end. That lowers the monthly payments, but increases the possibility that the balance won’t be paid back in full.
“That’s as risky as you get,” said Ryan Ledwith, a professor at New York University’s Schack Institute of Real Estate, of 10-year interest-only loans. “It’s a long period of time and you’re not getting any amortization to reduce your risk over time. You’re betting the market is going to get better all by itself 10 years from now.”
Interest-only mortgages, which notoriously helped fuel the 2008 economic crisis, represent a small percentage of Freddie Mac loans. Only 6% of the 3,600 loans funded by the agency last year were interest-only for a decade or more, according to a database of its core mortgage transactions.
Kushner Companies also loaded more debt on the properties than is usual for similar loans, with the loan value for the 16-loan deal climbing to 69% of the properties’ worth. That compares with an average 59%, according to data for loans with similar terms and property types that Freddie Mac sold to investors in 2019, and is just below the 70% debt-to-value ceiling Freddie Mac sets for loans in its category. “What we generally have seen from Freddie and Fannie,” said Andrew Little, a principal with real estate investment bank John B. Levy & Company, “is they will do 10 years of interest-only on lower-leveraged deals.”
Loans right at the ceiling are “not very common,” Little said, adding that “you don’t see deals this size that commonly.”
Meanwhile Freddie Mac and its lending partner overestimated the profits for the buildings in the Kushners’ 16-loan package by 12 % during the underwriting process, according to the agency’s data. Such analysis is supposed to provide a conservative, accurate picture of revenue and expenses, which should be relatively predictable in the case of an apartment building.
But the level of income anticipated failed to materialize in 2019, financial reports show. The most dramatic overstatement came with the largest loan in the deal, $120 million for Bonnie Ridge Apartments, a 960-apartment complex in Baltimore. In that case, realized profits last year were 31% below what Freddie Mac had expected.
“That’s definitely a significant amount,” said John Griffin, a University of Texas professor who specializes in forensic finance and has studied mortgage underwriting. He co-authored a recent paper highlighting as worrisome loans in which projected profits exceeded actual profits by 5%. “It’s a problem when underwritten income is inflated or overstated,” he said. “That is a key metric that determines the safety of the loan.”
Griffin’s paper found that 28% of all loans examined had projected profits that were 5% or more greater than what the properties actually earned in their first year. Some instances of underperformance could be caused by bad luck, the paper acknowledged, but “such situations should be relatively rare.” Yet in the case of Freddie Mac’s estimates in the Kushner deal, 13 of the original 16 loans met or exceeded the 5% threshold — many by a considerable amount.
Read Heather Vogell's full print story at ProPublica.
Related episodes:• He Went To Jared• Dirt• Trump and Deutsche Bank: It’s Complicated
The Freddie Mac headquarters building in McLean, Va., Saturday, April 21, 2018.
(Pablo Martinez Monsivais/Associated Press)
29:5601/10/2020
Trump's Taxes, Finally
President Trump has spent years fighting with politicians and prosecutors who wanted to see his taxes. Now we know what he’s been hiding.
Co-host Ilya Marritz talks to ProPublica's Heather Vogell and WNYC's Meg Cramer about what's in the groundbreaking new reporting from The New York Times and the new questions raised by 20 years of Trump tax data.
Check out some of our own stories from years of covering President Trump's taxes:
• The Accountants• The Family Business• The Numbers Don't Match • What We've Learned From Trump's Tax Transcripts• Trump and Taxes: The Art of the Dodge• Trump’s Company Is Suing Towns Across the Country to Get Breaks on Taxes
21:2028/09/2020
Block The Vote
This story was co-published with ProPublica. Sign up for email updates from Trump, Inc. to get the latest on our investigations.
President Trump likes talking about voter fraud. He also likes filing lawsuits. Now his campaign is filing lawsuits across the country, citing the alleged dangers of voter fraud.
Plus: ProPublica reporters Mike Spies, Jake Pearson, and Jessica Huseman on secret, Republican-only meetings about election policy.
30:4624/09/2020
The Empty Office at 555 California St.
The Qatari government rents office space in President Trump's most profitable building. No one works there.
Dan Alexander is a senior editor at Forbes and author of the new book "White House Inc: How Donald Trump Turned The Presidency Into a Business." This interview is based on an excerpt of the book that ran in Vanity Fair.
27:3017/09/2020
Blindspot
The story of the long, strange wind-up to the attack that remade the world… and the chances we had to stop it. A new series from HISTORY and WNYC Studios.
48:5012/09/2020
The Perry Deals
This story was co-published with Time Magazine and ProPublica. Sign up for email updates from Trump, Inc. to get the latest on our investigations.
Rick Perry came to Washington looking for a deal, and less than two months into his tenure as Energy Secretary, he found a hot prospect. It was April 19, 2017, and Perry, the former Texas governor, failed presidential candidate and contestant on Dancing With the Stars, was sitting in his office on Independence Avenue with two influential Ukrainians. “He said, ‘Look, I’m a new guy, I’m a dealmaker, I’m a Texan,’” recalls one of them, Yuriy Vitrenko, then Ukraine’s chief energy negotiator. “We’re ready to do deals,” he remembers Perry saying.
The deals they discussed that day became central to Ukraine’s complex relationship with the Trump Administration, a relationship that culminated in December with the House vote to impeach President Donald Trump. Perry was a leading figure in the impeachment inquiry last fall. He was among the officials, known as the “three amigos,” who ran a shadow foreign policy in Ukraine on Trump’s behalf. Their aim, according to the findings of the impeachment inquiry in the House, was to embarrass Trump’s main political rival, Joe Biden.
Alongside this political mission, Perry and his staff at the Energy Department worked to advance energy deals that were potentially worth billions of dollars to Perry’s friends and political donors, a six-month investigation by reporters from TIME, WNYC and ProPublica shows. Two of these deals seemed set to benefit Energy Transfer, the Texas company on whose board Perry served immediately before and after his stint in Washington. The biggest was worth an estimated $20 billion, according to U.S. and Ukrainian energy executives involved in negotiating them.
If this long discussed deal succeeds, Perry himself could stand to benefit: in March, three months after leaving government, he owned Energy Transfer shares currently worth around $800,000, according to his most recent filing with the Securities and Exchange Commission.
Perry appears to have stayed on the right side of the law in pursuing the Ukraine ventures. Federal prosecutors in the Southern District of New York questioned at least four people about the deals over the past year, according to five people who are familiar with the conversations and discussed them with our reporting team on condition of anonymity. “As far back as last year, they were already interested in events that had taken place in Ukraine around Rick Perry,” including allegations that Perry “was trying to get deals for his buddies,” says one of the people who spoke to the Manhattan prosecutors. Perry is not a target of their investigation, according to two sources familiar with the probes.
But two ethics experts say Perry’s efforts were violations of federal regulations. Administration officials are not allowed to participate in matters directly relating to companies on whose board they have recently served. Other experts say Perry and his aides may have broken a federal rule that prohibits officials from advocating for companies that have not been vetted by the Commerce Department. “Even if it skirts the criminal statute, it’s still unethical,” says Richard Painter, the top ethics lawyer in the White House of President George W. Bush, with whom we shared our findings.
Through a spokesman, Perry said he “never connected or facilitated discussions” between Energy Transfer and Ukraine’s state energy firm in one of the deals we uncovered. The spokesman declined to comment on the other ventures Perry advanced while in government, including the $20 billion deal, or on the federal probe. In response to written questions for this article, Energy Transfer said, “We are not aware of any contact between Secretary Perry and Ukrainian officials on Energy Transfer’s behalf.”
Read the full print story by Time reporter Simon Shuster.
Update, Sept. 24, 2020: Sen. Ron Wyden (D-Ore.) sent a letter on Wednesday asking the Inspector General for the Department of Energy to investigate Rick Perry’s actions in Ukraine. Citing a joint investigation by the Senate’s Committee on Homeland Security and Government Affairs and the Senate’s Committee on Finance, Wyden wrote that “witness testimony in this investigation has directly implicated former Secretary Rick Perry in alleged wrongdoing and the Department more broadly in a scheme to undermine anti-corruption efforts that were implemented by Ukraine in partnership with the international community.” The letter noted that a Naftogaz board member testified that Perry “inappropriately pressured the Ukrainian government to place Robert Bensh on the Naftogaz advisory board while Department of Energy officials were also pressuring the Ukrainian government to sign a memorandum of understanding with a private business entity connected to Mr. Bensh, Louisiana Natural Gas Exports.” The letter also cites reporting by ProPublica, Time and WNYC for “Trump, Inc.,” as well as reporting by other media outlets, and asks the IG to investigate what role Perry played in “pressuring Ukraine to make changes to the Naftogaz advisory board”; what efforts Perry and his staff made to “facilitate a deal between any American companies and Naftogaz”; whether the Naftogaz deals “were in Ukraine’s financial or economic interest”; whether Perry “undermined anti-corruption reform efforts in Ukraine” and whether Perry received ethics advice “about his efforts related to [Michael Bleyzer], Mr. Bensh, and Naftogaz.”
35:3010/09/2020
Mary Trump
Mary Trump, a clinical psychologist and President Trump's niece, talks to co-host Andrea Bernstein about the Trump family, the Republican National Convention, and her book "Too Much and Never Enough: How My Family Created the World's Most Dangerous Man."
Additional reading:• In secretly recorded audio, President Trump’s sister says he has ‘no principles’ and ‘you can’t trust him’ (The Washington Post)• Mary Trump, The President's Niece (Fresh Air)
This conversation originally aired as part of WNYC’s Special Convention Coverage 2020.
26:2928/08/2020
The Russia Report
In this bonus episode of Trump, Inc., co-hosts Ilya Marritz and Andrea Bernstein talk to Politico’s Natasha Bertrand and The Atlantic’s Franklin Foer about the new report from the Senate Select Committee on Intelligence detailing Russia's role in the 2016 election.
Additional reading:• “Russiagate Was Not A Hoax” by Franklin Foer• “The Trump-Putin Relationship, as Dictated by the Kremlin” and “How a Russian disinfo op got Trump impeached” by Natasha Bertrand• Read the full Senate report.This conversation originally aired part of WNYC’s Special Convention Coverage 2020.
31:2426/08/2020
The Diplomat, The Machers, And The Oligarch (rerun)
This episode was originally released Nov. 13, 2019.
The impeachment inquiry focuses on whether or not there was a quid pro quo: Military aid in exchange for an investigation. But what if you look at the same events from a different vantage point? The business interests at play.
This episode: How Rudy Giuliani's associates worked their connections to oust the U.S. Ambassador in Ukraine. How President Trump's personal interests came into alignment with the interests of an indicted foreign businessman. And how all of them have been working to discredit Joe Biden.
Read more about the flow of money in the Ukraine scandal. Stay up to date with email updates about WNYC and ProPublica's investigations into the president's business practices.
40:0719/08/2020
'Repeat Offender'
This story was co-published with ProPublica. Stay up to date with email updates about WNYC and ProPublica’s investigations into the president’s business practices.
President Donald Trump’s recent musings about staging his Republican National Convention speech at the White House drew criticism from government ethics watchdogs and even one Republican senator, John Thune of South Dakota.
The suggestion wasn’t an isolated blending of official presidential duties and the campaign. It was part of a yearslong pattern of disregarding such boundaries in the Trump White House. There is a law, called the Hatch Act, that prohibits most government officials from engaging in politicking in the course of their official work.
The law does not apply to the president or vice president. While other presidents took campaign advantage of the trappings of the office, something that came to be known as the “Rose Garden strategy,” they typically refrained from explicit electoral appeals or attacks on their opponents at official presidential events. Federal election law and measures governing appropriations prohibit using taxpayer dollars for electioneering.
Since resuming official travel at the beginning of May after a coronavirus-imposed pause, Trump has held 25 presidential out-of-town events. Of these events, transcribed on the official White House website, the president spoke about the election or attacked his opponent, Joe Biden, at 12 of them, nearly half. His presidential stage provided a venue for supporters to urge others to vote for Trump in November at three additional events.
Administration officials have been cited for breaking the Hatch Act 13 times by federal investigators at the Office of Special Counsel (not to be confused with special counsel Robert Mueller). Twelve more investigations are underway. The law dates from the New Deal era, enacted after a scandal where employees of the Works Progress Administration were pressured to work on the campaigns of candidates friendly to President Franklin D. Roosevelt.
Neither the White House, the campaign or Trump’s campaign treasurer, Bradley Crate, responded to requests for comment.
Kellyanne Conway, counselor to the president, violated the Hatch Act so many times that the OSC took the drastic measure of recommending she be fired, calling her actions “egregious, notorious and ongoing.” (Trump refused to do so.)
The special counsel, Henry Kerner, is a Trump appointee and member of the conservative Federalist Society. He previously worked for Republicans Darrell Issa and Jason Chaffetz on Capitol Hill.
When asked about the OSC’s recommendation, Conway said, “blah blah blah,” adding, “Let me know when the jail sentence starts.” Hatch Act violations are not criminal. The most significant result of a violation is dismissal.
Hatch Act violations were relatively rare in the previous two presidential administrations. Two cabinet officials were cited for Hatch Act violations during the eight years of Barack Obama’s presidency. Some half-dozen senior officials in the Obama and Bush administrations said that they were frequently advised to avoid even the appearance of electioneering at official events.
“There was a very bright line between what was a campaign event and what was an official event,” said Greg Jenkins, the director of advance for President George W. Bush during the period that included the 2004 reelection campaign. “If you could stretch things and say, yes, it’s perfectly legal to do this, but it has the appearance of impropriety — you don't do it.”
Kathleen Sebelius, the former secretary of health and human services under Obama, was cited for making a statement urging his reelection during a gala for the Human Rights Campaign, an LGBTQ rights group. Sebelius apologized, and the Treasury was reimbursed for the cost of the trip.
“I’d prefer that it not be on my record,” Sebelius said in an interview from her home in Lawrence, Kansas. Given that she was on the Kansas ethics commission and was a national board member of Common Cause, “it’s kind of a black mark.” She added: “But I did what they say I did,” and said that “it puts into perspective what goes on every day in this current administration that just makes the top of my head come off.”
Previous campaigns have reimbursed taxpayers for costs associated with politicking while on official travel. And while disclosures do show that campaign committees associated with Trump have paid $896,000 to the Treasury and the White House Military Office in May and June, federal law doesn’t require an accounting of what those expenses were for.
Trump would not violate the Hatch Act if he chose the White House for his nomination acceptance speech, but executive branch employees in the White House and agencies might be in jeopardy if they support or attend the event, experts said.
“There are several laws that prohibit the use of federal funds and resources for partisan political events like the president’s RNC speech,” said Donald Sherman, deputy director of the watchdog group Citizens for Responsibility and Ethics in Washington, or CREW. “Trump’s predecessors scrupulously avoided mixing official conduct with politics in this way, but President Trump has routinely used the apparatus of the government to try to boost his electoral prospects.”
32:5812/08/2020
Why is Trump’s Campaign Suing a Small Wisconsin TV Station?
The president’s campaign has paid millions to law firms filing defamation suits against news organizations. Experts say lawsuits are doomed, but Trump could still get what he wants.
30:4523/07/2020
Temporary Presidential Immunity Is Not A Thing
On the last day of its term the Supreme Court released a climactic set of decisions on presidential power and the rule of law. The court said that yes, the president is subject to congressional oversight — to a point — and could be subject to a criminal investigation. Melissa Murray, professor at NYU Law and co-host of the Strict Scrutiny podcast, joins us to discuss the decisions.
25:4310/07/2020
Trump Team Online
This story was co-published with ProPublica. Sign up for email updates from Trump, Inc. to get the latest on our investigations.
Donald Trump is famous — and infamous — for his use of Twitter and Facebook. But particularly since the pandemic forced him to largely swear off his favorite mass, in-person rallies, his campaign has been amping up the use of another form of alternative media: YouTube and podcasts.
The president’s most recent sit-down interview? As it happens, it occurred last week on “Triggered,” a YouTube program hosted by his namesake son. In a conversation in the White House’s map room, Trump Jr. quizzed his dad about everything from who his favorite child is to whether aliens exist — to a Fox News report that Osama bin Laden wanted to assassinate President Barack Obama so that Joe Biden would ascend to the presidency.
This was no ordinary campaign video, nor was it a random question, this week’s episode of “Trump, Inc.” makes clear. “Triggered” followed the exchange about bin Laden with a campaign ad that repeated the same point, showing how closely the program’s conversations are tied in with campaign talking points. “Trump, Inc.” explores the Trump campaign’s universe of podcasts and YouTube shows, which has expanded since the coronavirus began locking down huge swaths of the country. (The campaign did not respond to requests for comment.)
Sure, every major candidate has a podcast. Hillary Clinton had one. Biden has one, though it hasn’t been updated since mid-May. But unlike those dutiful and largely ignored offerings, “Triggered” is part of a growing constellation of shows. There’s the campaign’s official podcast, hosted by Trump’s daughter-in-law, Lara. (Kayleigh McEnany used to fill in occasionally as host before being promoted to White House press secretary.) And there’s “The Right View.” Just imagine “The View,” conducted entirely on Zoom, if Meghan McCain was considered too liberal to be on the panel and if no one ever disagreed. The programs have combined to create something of a Trump media network, one that takes the president’s bellicose messaging and transports it to an environment of family, friendship and banter.
People are starting to pay attention. Nightly programming of the unofficial Trump Network reaches upward of a million viewers each week. It’s a realm dedicated to reinforcing even the president’s most incendiary ideas — with no pushback, skepticism or difference of opinion.
To learn more about how the programs lay out their views of everything from bin Laden assassination plots to the controversy over vote by mail, listen to this week’s episode of “Trump, Inc.”
22:4024/06/2020
The Watchdogs
This story was co-published with ProPublica. Sign up for email updates from Trump, Inc. to get the latest on our investigations.
When Congress was considering passing the more than $2 trillion coronavirus bailout two months ago, President Donald Trump made his vision for oversight clear. “I’ll be the oversight,” he said.
The CARES Act empowers a number of different offices to make sure the money is spent wisely and without favoritism. Shortly after he signed it into law, Trump ousted the inspector general who was slated to lead the oversight — one of five watchdogs the president has purged in less than two months.
Trump also issued a signing statement asserting that he can ignore oversight provisions of the bailout law and that Congress does not have to be consulted. “My Administration will treat this provision as hortatory but not mandatory,” he wrote.
We spoke to an official just hired to do one of the jobs Trump cited in his signing statement. She told us that Trump’s moves have made her particularly careful to avoid any “adverse” comments about the administration.
Linda Miller began work this week as the deputy executive director of the Pandemic Response Accountability Committee, or PRAC. Miller spent a decade at the nonpartisan, independent Government Accountability Office, where she dug into the case of a crooked Navy contractor nicknamed Fat Leonard. She said she’s learned that corruption often starts at the top.
Here is an edited transcript of our conversation with Miller. She spoke with “Trump, Inc.” co-host Ilya Marritz a few days before formally joining the PRAC. (Our episode also includes an interview with Bharat Ramamurti, a member of the bailout’s congressional watchdog.)
Trump, Inc.: You warned my producer when we booked this interview that there are a lot of things that you can’t talk about or won’t talk about. Just so I know, what are those things?
Linda Miller: Uh, anything that would be in any way adverse to the administration is something that I won’t be commenting on in any way.
Trump, Inc.: What do you mean by “adverse to the administration”?
Miller: I can’t speak negatively about the president or any of the decisions he’s made, particularly when it comes to the IG community. That’s the biggest, probably political football around my new role. The IG community is obviously under a lot of stress and scrutiny.
There’s a lot of politics, and people have been asking me what it’s going to be like to go work in the inspector general community. I can speak real broadly. I just won’t say anything that’s in any way derogatory about the president because, obviously in my role, I need to stay as neutral as possible in order to basically stay in my role, frankly.
Trump, Inc.: And that’s your judgment, coming into this job.
Miller: Right. That’s my judgment.
Trump, Inc.: I know that your career specialty is detecting risk of fraud. You did this at the Government Accountability Office. You also did it in the private sector. What are some of the frauds that you have uncovered?
Miller: My specialty is less in investigating fraud and more in helping organizations prevent fraud from occurring. So, often when a big fraud event occurs, I come in afterwards and help the agency or sometimes the private-sector company think about how they were vulnerable.
I’m not sure if you’re familiar with the very large Navy scandal, it’s affectionately known as the “Fat Leonard” scandal. A contractor who bribed a variety of senior government officials all the way up to admirals, in order to get information that would give him a competitive advantage.
That particular scandal was shocking for the scale and the scope. There were bribes involving prostitutes, and meals, and jewelry and all kinds of stuff.
And I often use that fraud example when I talk about how fraud manifests itself, and especially when leadership is in any way participatory in it. And I’ve always found that interesting, that people who otherwise wouldn’t accept a bribe or participate in a collusion scheme, when they see other people doing it, and the people that they see doing it are people they respect, they tend to think it may not be so bad.
Trump, Inc.: Right. You’re saying, if people at the top or near the top do it, everyone else thinks it’s OK.
Miller: Yup. Exactly. And it’s shocking how many fraud schemes are perpetrated by senior leadership of an organization. Often people below them won’t question decisions they make because they’re in charge. So they’ve got all this power and using that power, abusing that power, is a really common way that fraud shows up both in government, and in [the] private sector.
Trump, Inc.: So we are talking just a few days before you start work as the deputy executive director of the Pandemic Response Accountability Committee, the PRAC. By the time people hear this, you will be at the PRAC already. How are you thinking about how you’re going to do that job?
Miller: I'm really excited about the opportunities for this new role. I mean, the PRAC was created by the CARES Act, which is the coronavirus stimulus act. As most people know, there’s over $2.4 trillion of federal money that went out in that stimulus bill. And so there’s obviously an enormous opportunity for fraud to occur across a variety of ways, programs and benefit programs, different agencies.
Trump, Inc.: So what are the main categories of fraud that you’re going to look for? Help us think about where things can go wrong.
Miller: I would say No. 1 on my list of concerns is identity theft. The biggest difference between the Recovery Act back in 2009 and now is the vast number of breaches that have occurred in the last 12 years.
Obviously the [Paycheck] Protection Program has gotten a lot of scrutiny, and we will be looking at a deeper dive into [it].
And then I think another big area that I envision the PRAC playing a role is building out some advanced data analytics capabilities that can look across the different government agencies and really identify patterns, trends, with the aspirational goal of essentially being able to provide indicators and red flags to agencies. Because you know, most of the IG’s world is what we call “pay and chase.” The money’s gone out, and we’re trying to go back and get it back.
Trump, Inc.: Will you be looking at contracting as well?
Miller: Yes, definitely. Obviously when you put this much money out, and opportunities for contractors to gain an advantage over their competitors, they start to engage in a variety of fraudulent activities, including kickbacks and bribery and collusion, and all these sorts of corruption schemes. And friendships between leadership and contracting companies way too often plays a role in who gets a contract.
Trump, Inc.: At the beginning of this interview, I was actually kind of surprised you basically said, like, I cannot anger the president. So given that you have this concern about angering the president and knowing that investigations you do, or conclusions you draw, could anger the president, how do you do your job? I mean, see a lot of potential conundrums for you that you might face very, very quickly.
Miller: You know, actually, I don’t think we’re going to get on the wrong side of the president here at the PRAC. I think that what we’re really trying to do is go after unscrupulous actors who may have tried to get funding they weren’t entitled to.
We’re going to be looking at the bad guys outside of government. We’re going to be looking at the identity theft rings, and we’re going to be looking at the everyday bad actor who wants to cash in on a huge government program. And so we’re all on the same side here.
Trump, Inc.: I understand there are things that you don’t want to say, but the president has made it pretty clear that he sees government as a tool to reward allies and punish critics and enemies.
Here’s this huge pile of money that’s going out. It’s going out through executive branch agencies. One could imagine any number of scenarios where the president would be unhappy with a bright light being shined on bad things being done in those agencies or laws being broken in those agencies or rules being bent in those agencies. So if and when it comes to that moment, what are you going to do?
Miller: You know, the thing I’m being hired to do, and the thing I did for 10 years at GAO: to maintain generally accepted government auditing standards.
I'm a big believer in, my mom used to say, “Always keep your side of the street clean.”
Which really meant, focus on the things you can control. And for me, I’ve got a mission and I’ve got a job to do in this role. And I’m really excited and I feel a sense of responsibility. Really, truly, a sense of awesome responsibility to American citizens and American taxpayers to carry that role out. And nothing’s going to change about how I will assist and direct our organization in adhering to those standards.
And I think that’s what the country was founded on. And there’s a reason that the inspectors general were created in 1978. And I think the mission is as important now, if not more than it ever has been.
Contact Us
You can contact us via Signal, WhatsApp or voicemail at 347-244-2134. Here’s more about how you can contact us securely.
You can always email us at [email protected].
And finally, you can use the Postal Service:
Trump Inc at ProPublica155 Ave of the Americas, 13th FloorNew York, NY 10013
“Trump, Inc.” is a production of WNYC Studios and ProPublica. Support our work by visiting donate.propublica.org or by becoming a supporting member of WNYC. Subscribe here or wherever you get your podcasts.
42:1210/06/2020
New Questions for Trump’s Biggest Lenders
This story was co-published with ProPublica. Our reporting on President Trump's relationship with Deutsche Bank was originally published in May 2019.
A decade ago, loan filings showed Trump Tower in New York City had a reported profit of about $13.3 million. But when the tower refinanced its debt soon after, the profits for the same year — 2010 — somehow appeared higher. A new lender listed the profits as $16.1 million, or 21% more than they had been recorded previously.
The next year’s earnings for the building also “improved” between the two filings. Profits for 2011 were listed as 12% higher under the new loan than the old, according to reports by loan servicers and data provider Trepp.
ProPublica uncovered the Trump Tower discrepancies by examining publicly available data for mortgages that are packaged into securities known as commercial mortgage-backed securities, comparing the same years in reports for different CMBS. If a bank had held onto the loan, instead of selling it to investors, such information would have been kept private. No evidence has emerged that the Trump Organization was involved in changing the profit figures.
Alan Garten, the Trump Organization’s chief legal officer, said: “Not only were the numbers provided to the servicer accurate, but Trump Tower is considered one of the most underleveraged commercial buildings around.”
The discrepancies in the tower profits match a pattern described in a whistleblower complaint filed with the Securities and Exchange Commission, which ProPublica revealed this month. The complaint accuses commercial lenders of fraudulently inflating the income numbers underlying loans in many CMBS.
The complaint named seven servicers and 14 lenders, including two of the country’s biggest issuers of CMBS — Ladder Capital and Wells Fargo. Both were involved in the more recent Trump Tower loan, one as the lender, the second as the financial institution that packaged the loan into a CMBS. The complaint does not say which entities altered specific numbers and does not address whether borrowers were involved in, or knew about, the alleged fraud.
Wells Fargo declined to comment. Ladder Capital did not respond to questions about Trump’s signature Fifth Avenue tower. Ladder did respond to questions for ProPublica’s earlier article; it acknowledged it had altered historical numbers for two other loans ProPublica asked about, to remove expenses that were not recurring in the future. The lender said its actions were appropriate. (Ladder is a publicly traded commercial real estate investment trust with more than $6 billion in assets. It employs Jack Weisselberg, the son of the Trump Organization’s longtime CFO, Allen Weisselberg, as an executive director whose job is to make loans. Jack Weisselberg declined to comment.)
When the Trump Organization refinanced its loan for Trump Tower in 2012, it increased the size of its loan from $27.5 million to $100 million, extracting $67.9 million in cash. The interest-only loan originally represented about 8% of the more than $1 billion in mortgages assembled into the CMBS. (Only the commercial part of the tower — with retail tenants such as Gucci and offices, including for the Trump Organization — served as collateral for the loan.)
For both 2010 and 2011, data shows the discrepancies in net operating income between the old and new loans for Trump Tower were largely due to the new loan reporting lower expenses. The prospectus for the more recent loan stated that “the historical expenses exclude security associated with Donald J. Trump’s personal services” — though it did not specify dollar amounts for the change. Greater revenues were cited for both years under the new loan, too, but the prospectus did not explain why.
The whistleblower complaint, filed by a CMBS-industry insider named John Flynn, concerns the nearly $600 billion CMBS market. It accuses lenders and servicers of manipulating historical cash flows, failing to report misrepresentations, changing names and addresses of properties, and “deceptively and inaccurately” describing loan representations. The complaint asserts that Flynn has found overstatements in $150 billion worth of CMBS since 2013.
The misrepresentations allowed properties to qualify for loans they wouldn’t have otherwise, Flynn asserts, while leaving investors in the dark.
The SEC has not taken any public action in response to Flynn’s complaint; the agency declined to comment.
Altering past profits without providing an explanation is “highly questionable,” John Coffee, a professor at Columbia Law School and an expert in securities regulation, told ProPublica for its earlier article on CMBS.
As hotels, retail and office properties face unprecedented difficulties due to the virus that has shuttered much of the country, Flynn says the manipulations have increased the likelihood and potential severity of a crash.
Last year, ProPublica revealed another set of income discrepancies at Trump Tower and other company-owned buildings, ones that seemed to hark to the testimony of former Trump lawyer Michael Cohen, who testified that Trump would inflate income figures when seeking a loan and deflate the figures when filing taxes. Other Trump Organization properties investigated by ProPublica reported higher profits in the CMBS filings than they did in tax filings. A Trump Organization spokesperson said at the time that “comparing the various reports is comparing apples to oranges” because reporting requirements differ.
Sign up for email updates from Trump, Inc. to get the latest on our investigations.
50:2227/05/2020
Temporary Presidential Immunity
This story was co-published with ProPublica. Sign up for email updates from Trump, Inc. to get the latest on our investigations.
The Supreme Court heard oral arguments on Tuesday, via teleconference, about the power to investigate the president.
President Donald Trump has objected to subpoenas for his tax returns and other financial records. New York City prosecutors have demanded the documents as part of a criminal investigation into the president’s hush money payments to porn actress Stormy Daniels, while the House of Representatives has been seeking to investigate the conflicts of interests of a president who still owns a sprawling business.
Trump’s lawyers have argued that a president shouldn’t be subject to investigation while in office. “We're asking for temporary presidential immunity,” attorney Jay Sekulow said.
Andrea Bernstein of Trump, Inc. and NYU law professor Melissa Murray listened to the oral arguments and chatted with co-host Ilya Marritz about what struck them. A few takeaways:
• Fights between the legislative and executive branch are not normally heard in front of the Supreme Court. Congress and the White House have typically negotiated solutions to such disputes. “And the fact that we're in court is because this president hasn’t acceded to those norms,” Murray said.
• A phrase that came up repeatedly: “presidential harassment.” It’s language that Trump frequently uses on Twitter and his lawyers raised in court. The assertion, Murray said, “has transformed what would be considered, I think in other times, ordinary and essential legislative oversight into what accounts to bullying, harassment and mere partisan politics.”
• A number of the justices — including the liberal Stephen Breyer — expressed sympathy for the White House’s arguments against the House’s demands for documents, but they were far more skeptical about the claim that the president is immune from even criminal investigation. “The court seemed not to be amenable to that kind of argument at all,” Murray said.
The justices are expected to deliver a decision in the cases — Trump v. Mazars, Trump v. Deutsche Bank and Trump v. Vance — this summer.
Related reporting:• The Accountants• Trump and Deutsche Bank: It's Complicated• How Ivanka Trump and Donald Trump, Jr., Avoided A Criminal Indictment
30:4813/05/2020
The Accountants
On May 12, after a six-week delay caused by the pandemic, the U.S. Supreme Court will hear arguments in the epic battle by congressional committees and New York prosecutors to pry loose eight years of President Donald Trump’s tax returns.
Much about the case is without precedent. Oral arguments will be publicly broadcast on live audio. The nine justices and opposing lawyers will debate the issues remotely, from their offices and homes. And the central question is extraordinary: Is the president of the United States immune from congressional — and even criminal — investigation?
The arguments concern whether Trump’s accounting firm, Mazars USA, must hand over his tax returns and other records to a House committee and the Manhattan district attorney, which have separately subpoenaed them. (There will also be arguments on congressional subpoenas to two of Trump’s banks.)
Trump’s accountants have been crucial enablers in his remarkable rise. And like their marquee client, they have a surprisingly colorful and tangled story of their own. It’s dramatically at odds with the image Trump has presented of his accountants as “one of the most highly respected” big firms, solemnly confirming his numbers after months of careful scrutiny. For starters, it’s only technically true to say Trump’s accounting work is handled by a large firm.
In fact, Trump entrusts his taxes and planning to a tiny, secretive team of CPAs who have operated at various times from humble quarters in Queens and two Long Island office parks. That team, which has had two leaders with back-to-back multidecade terms, has been working for the Trumps since Fred Trump began using the firm back in the 1950s. It was eventually subsumed into Mazars USA, the American arm of a large international firm, through a series of mergers over decades.
One theme has been consistent: partners and sometimes the firm itself have faced accusations of fraud, misconduct, and malpractice on multiple occasions, an investigation by ProPublica and WNYC has found.
This story was co-published with ProPublica; visit their website to read Peter Elkind's full text story on President Trump's relationship with his accounting firm. Stay up to date with email updates about our investigations into the president’s business practices.
37:4806/05/2020
He Went To Jared
On April 2, Jared Kushner uncharacteristically took to the podium to speak at the White House’s daily coronavirus briefing. He’d been given the task, he said, of assisting Vice President Mike Pence’s Coronavirus Task Force with supply chain issues. “The president,” Kushner said, “wanted us to make sure we think outside the box, make sure we’re finding all the best thinkers in the country, making sure we’re getting all the best ideas, and that we’re doing everything possible to make sure that we can keep Americans safe.”
That very day, he said, President Donald Trump told him that “he was hearing from friends of his in New York that the New York public hospital system was running low on critical supply.” So Kushner called Dr. Mitchell Katz, who runs the 12-hospital system, which serves, in a normal year, over a million patients. Kushner said he’d asked Katz which supply he was most nervous about: “He told me it was the N95 masks. I asked what his daily burn was. And I basically got that number.”
In a chaotic environment, the New Jersey boy turned Manhattan businessman turned senior White House adviser is using his clout to help the cities and states at the epicenter of a global pandemic get the aid they need.
Yet there’s another side to the equation. Kushner’s role is also a symptom of the dysfunction of the Trump administration, according to critics, some of whom worked in emergency management under Republican and Democratic administrations. The ad hoc nature of Kushner’s mission and its lack of transparency make it hard for people — and government agencies — to know exactly what he’s doing. So far, those officials say, there's little sign Kushner or anyone at the White House is helping New York or New Jersey with their urgent longer-term needs, particularly more testing and billions from Congress to ease the gaping holes that have emerged in local budgets.
”If you can reach Jared, if you can applaud Jared, if you can convince him that you're the most needy, he will deliver for you,” said Juliette Kayyem, faculty chair of the homeland security project at Harvard University’s Kennedy School of Government and a former assistant secretary of homeland security in the Obama administration. But his role bypasses long-held tenets of how the federal government should work in a national emergency, she said, without addressing systemic problems, much less reinventing the bureaucracy. “What's outside the box? What process is outside the box? It can't possibly be Kushner's [giving out his] cellphone number,” Kayyem said. “But that's what it appears to be.”
Read the text version of this story at ProPublica.
Related episodes:• Dirt• How Trump Is Eligible For A Coronavirus Rescue• What To Look Out For
33:4322/04/2020
How Trump Is Eligible for a Coronavirus Rescue
In a late March press briefing on the coronavirus, President Trump turned the microphone over to Mike Lindell, the founder and CEO of a company called MyPillow. Lindell — a regular on Fox News and at Trump properties, and a high-dollar donor to Republican causes — talked about how his company was pivoting from pillows to protective masks — and effusively praised the president's leadership.
We've been thinking about who stands to benefit from the coronavirus bailout, and that unusual moment highlights the close links between Trump and allies who stands to benefit (often in more ways than just publicity) from the government response to the pandemic. On this episode of the show we're examining:
• How the Trump family business qualifies for the two trillion dollar bailout• How businesses close to Trump are getting regulatory rollbacks and other long-sought goals• And what kind of oversight we should be expect in this new and uncertain era
Check out reporter Meg Cramer's story about how businesses within the Trump Organization stand to benefit from the coronavirus bailout and Peter Elkind's reporting on how Trump Org properties are responding to the crisis. And visit our tips page to learn how to securely share what you know.
Sign up for email updates from Trump, Inc. to get the latest on WNYC and ProPublica's investigations.
30:5208/04/2020
What To Look Out For
The “Trump, Inc.” podcast has long explored how people have tried to benefit through their proximity to the Oval Office. And we're going to continue digging into that as the Trump administration is tasked with rolling out more than $2 trillion in bailout money.
We spoke to two people this week to help us understand the stakes. “Some policymakers sitting in the Treasury Department or some other government agency have this awesome power to say, ‘You get the money, you go out of business,.’” said Neil Barofsky, who served as the government’s watchdog for the 2008 bank bailout. “One of the most important things we can do is make sure that power is exercised fairly, consistently, and, most importantly, consistent with the policy goals that underlie this extraordinary outpouring of taxpayer money.”
We also spoke with journalist Sarah Chayes, a former NPR correspondent who has reported on corruption and cronyism in countries experiencing economic shock. She said powerful players often “take advantage of adversity and uncertainty to enrich themselves.”
But Chayes also described something else. She coined it “disaster solidarity.” That’s when there’s so much suffering, so much adversity, “that people's tolerance for selfish, hogging, me-first behavior is really low.”
And that’s where you come in. We want your help to dig into the coming bailout. If you know something, please tell us.
Sign up for email updates from Trump, Inc. for the latest on WNYC and ProPublica's investigations.
22:2727/03/2020
Trump’s Company Paid Bribes to Reduce Property Taxes, Assessors Say
The Trump Organization paid bribes, through middlemen, to New York City tax assessors to lower its property tax bills for several Manhattan buildings in the 1980s and 1990s, according to five former tax assessors and city employees as well as a former Trump Organization employee.
Two of the five city employees said they personally took bribes to lower the assessment on a Trump property; the other three said they had indirect knowledge of the payments. The city employees were among 18 indicted in 2002 for taking bribes in exchange for lowering the valuations of properties, which in turn reduced the taxes owed for the buildings. All of the 18 eventually pleaded guilty in U.S. District Court in Manhattan except for one, who died before his case was resolved.
No building owners were charged, though the addresses of some of the properties involved became public. Trump’s buildings were not on that list. No evidence has emerged that Donald Trump personally knew of or participated in the alleged bribery.
Trump denied any wrongdoing at the time, and the Trump Organization reiterated that position in response to questions for this article. “To be clear, at no time did the Trump Organization or any of its employees or principals ever pay anyone for the purpose of unlawfully obtaining a lower tax valuation,” Alan Garten, the Trump Organization’s chief legal officer, wrote in a statement. “This was corroborated by multiple investigations which found no evidence of any wrongdoing by the company or any of its principals. ... If anything, the Trump Organization was a victim of the scandal.” (Here is the company’s full statement.)
Read the full print version of this story at ProPublica. Special thanks to former New York Times reporter Charles Bagli, who first reported on the bribery scheme in 2002. Sign up for email updates from Trump, Inc. for the latest on WNYC and ProPublica's investigations
Related episodes:• The Numbers Don't Match• Trump’s Company Is Suing Towns Across the Country to Get Breaks on Taxes• Pump and Trump
37:1911/03/2020
The Family Business (rerun)
This episode of Trump, Inc. was originally released on September 18, 2019. We’ll be back next week with a new episode of Trump, Inc.
We've done dozens of episodes over since Donald Trump took office, detailing how predatory lenders are paying the president, how Trump has profited from his own inauguration and how Trump's friends have sought to use their access in pursuit of profit.
We've noticed something along the way. It's not just that the president has mixed his business and governing. It's that the way Trump does business is spreading across the government.
Trump's company isn't like most big businesses. It is accountable to only one man, it has broken the rules, and those promoting it have long engaged in what Trump has dubbed, ahem, "truthful hyperbole."
Those traits are now popping up in the government. It may seem like the news from Washington is a cacophony of scandals. But they fit clear patterns — patterns that Trump has brought with him from his business.
35:0104/03/2020
Paying to Protect the President
Last year, Eric Trump defended his father’s frequent visits to properties owned by the family business, saying that Trump hotels charge far less than others would. “If they were to go to a hotel across the street, they’d be charging them $500 a night, whereas, you know we charge them, like 50 bucks,” Eric Trump told Yahoo Finance.
But recent reporting by The Washington Post’s David Fahrenthold revealed that’s not the case: records show that the Secret Service was charged rates as high as $650 a night to stay at Trump properties — then tried to keep that information secret.
“It’s not only that Trump has control over this - he’s paying money to himself - but also that we weren’t told,” Fahrenthold said. “You could make the case that if they publicly advertise this and listed these things in public spending databases and you and I knew about this from the beginning, they might be able to make the argument that like, ‘Oh well, the public knows and they're okay with it.’ But we didn't know. They didn't tell us. So there's a real moral distinction.”
Related episodes:• The Government's Bar Tab at Mar-a-Lago• How a Nigerian Presidential Candidate Hired a Trump Lobbyist and Ended Up in Trump’s Lobby• Government Employees Spend Your Money at Trump Hotels
Learn more about Fahrenthold and The Post's unanswered questions about government spending at Trump properties. Stay up to date with email updates about WNYC and ProPublica's investigations into the president's business practices.
27:2819/02/2020
An Intimate Dinner with President Trump
Lev Parnas and Igor Fruman have attained notoriety for their parts in the Ukraine mess. They’re both Soviet-born U.S. citizens who worked closely with the president’s personal lawyer, Rudy Giuliani, serving as emissaries in the campaign to oust then-U.S. Ambassador Marie Yovanovitch and press Ukraine’s government to investigate Joe Biden’s son.
But Parnas and Fruman also exemplify the shattering of norms when it comes to the influence of big money in politics during the administration of President Donald Trump.
“Parnas and Fruman are not the first people that we've seen fit this mold of someone with deep foreign connections, who's never given campaign contributions before, suddenly starts giving large amounts of political contributions and then shows up at exclusive events,” said Robert Maguire, the research director at Citizens for Responsibility and Ethics in Washington, or CREW. But he says they can be a model for what to look for: political newcomers suddenly making big donations, often using an LLC to obscure their identity.
Parnas and Fruman now face federal criminal charges for, among other things, allegedly funneling foreign money into U.S. elections and trying to hide its source. (They’ve pleaded not guilty.)
The law is clear on this: “At the most basic level, one is not allowed to solicit, accept, or receive any foreign money in connection with a US election at the state, federal, or local level,” said Ellen Weintraub, a member of the Federal Election Commission. In practice, though, it’s perhaps easier than ever for foreign money to enter the American political system undetected.
Learn more about how you can dig into campaign finance documents yourself with our new Reporting Recipe. Read about how watchdogs identified Parnas and Fruman’s suspicious campaign contributions at ProPublica. An earlier version of this story incorrectly identified FEC vice-chair Steven Walther as a Republican; he is an independent.
38:5705/02/2020
Read Everything, Talk to Everyone: Reporting on Trump, Inc.
Andrea Bernstein discusses the reporting process behind Trump, Inc. and her new book, American Oligarchs: The Kushners, The Trumps, and the Marriage of Money and Power, with Death, Sex & Money host Anna Sale.
This bonus episode was recorded at the Commonwealth Club in San Francisco.
22:3503/02/2020
The Trump Inauguration’s ‘Unconscionable Contract’
Reporters Ilya Marritz and Justin Elliott have been reporting on Trump's inauguration since 2018. They looked at how the inaugural committee raised a record $107 million (and the big questions behind where that money went) and examined the role Ivanka Trump played in negotiations over space at the Trump International Hotel, located just blocks from the White House.
Those negotiations, first reported by Trump, Inc. in 2019, are now the subject of a civil suit filed by the District of Columbia’s attorney general. “Members of the Trump family were aware of and involved in the negotiation of this unconscionable contract,” D.C. Attorney General Karl Racine wrote in the complaint charging the Trump inaugural committee and the Trump Organization with using around $1 million of charitable funds to improperly enrich the Trump family, filed Wednesday, January 22.
A spokesperson for the Trump Organization dismissed the D.C. suit in an emailed statement: “The AG’s claims are false, intentionally misleading and riddled with inaccuracies. The rates charged by the hotel were completely in line with what anyone else would have been charged for an unprecedented event of this enormous magnitude and were reflective of the fact that [sic] hotel had just recently opened, possessed superior facilities and was centrally located on Pennsylvania Avenue. The AG’s after the fact attempt to regulate what discounts it believes the hotel should have provided as well as the timing of this complaint reeks of politics and is a clear PR stunt.”
This episode of Trump, Inc. was originally released on February 20, 2019.
32:0623/01/2020
Turning Politics Into Money
For generations, the Trump family has used government and politicians as a path to profit. As president, Donald Trump has taken things even further.
“This guy is a state capitalist,” said Trump’s first biographer, reporter Wayne Barrett, in a 1992 WNYC interview, cited extensively in this episode. “[In] every single one of his major deals, he was designated to be a millionaire and subsequently a billionaire by the government officials that he co-opted and compromised.”
“The Trump family is not shy on transforming their wealth into power in a very crude and brutal way,” says economist Gabriel Zucman, co-author of the book “The Triumph of Injustice: How the Rich Dodge Taxes and How to Make Them Pay.” “But that's the nature of extreme wealth. When you're extremely wealthy what do you do? You spend your wealth and your time trying to defend your established position.”
This episode is based on reporting from host Andrea Bernstein’s new book “American Oligarchs: the Kushners, the Trumps, and the Marriage of Money and Power.” Read about the history of a 40-year tax break Trump negotiated for his Grand Hyatt hotel at ProPublica.
33:1022/01/2020
Dirt
In 1996, an 83-year-old Holocaust survivor and refugee to America sat down with an interviewer from the USC Shoah Foundation to recount what she had experienced.
“If we’re not going to tell now, in 20 years I don’t know who’s going to be to tell,” Rae Kushner said in her Yiddish-accented English. “And now we have still the strength and we have the power to do this and to warn the rest of the world to be careful who is coming up on top of your government.”
Rae’s grandson Jared is now one of the most powerful people in the U.S. government. President Trump’s son-in-law and a senior White House adviser, he is an influential voice on some of the nation’s most pressing issues, including immigration across the southern border. And to understand him, you need to understand his family story.
This episode is based on reporting from host Andrea Bernstein’s new book “American Oligarchs: the Kushners, the Trumps, and the Marriage of Money and Power.” Read more about the Kushner family at ProPublica and find an excerpt of Bernstein’s book at The New Yorker.
41:0408/01/2020
Mongolia
In the summer of 2019, Donald Trump Jr. traveled to Mongolia. On Instagram, he wrote "Guys I'm back after living the Yurt Life...We covered many miles on horseback and 4WD...Truly one of the most beautiful places I've ever seen."
He didn't mention the fact that he shot and killed an endangered argali sheep. Or that the Mongolian government issued him a hunting permit after the shoot.
We learned that in many respects, Trump Jr.'s visit blurred the lines between private citizen and diplomacy. Trump Jr. even had a meeting with the Mongolian President.
25:1011/12/2019
Gordon Sondland
Three women recall Sondland made unwanted sexual contact in business settings. One says he exposed himself. All recall professional retaliation after they rejected him. Sondland denies the allegations.
Sondland is the US Ambassador to the European Union. He also served as a point-man for President Trump in Ukraine, as Trump put a hold on military aid. Then, Sondland became a key witness in the impeachment inquiry.
Long before Sondland moved his residence to a Brussels mansion, he was a high-profile hotelier and philanthropist in the Pacific Northwest. In Portland, he has long been a powerful investor, political donor, and patron of the arts.
Read more about the accusations against Gordon Sondland. Stay up to date with email updates about WNYC and ProPublica's investigations into the president's business practices.
30:2327/11/2019
"Corruption Is Our Achilles Heel"
Glenn Simpson has a lot to say about business corruption and Russian influence in the U.S. In this episode, we speak to him. Simpson first came to these issues as an investigative journalist at The Wall Street Journal. In 2010, he co-founded Fusion GPS, a research firm. During the 2016 campaign, he began to research Donald Trump for two clients: first for a Republican opposed to Trump and then for a lawyer for Democrats.
Fusion is most famous — or infamous — for hiring Christopher Steele, the former British spy who wrote the so-called Steele dossier. We asked Simpson about the dossier, about becoming a part of the story, and about the deposition of former national security aide Fiona Hill, who said that when it comes to Russia, "corruption is our Achilles heel."
Simpson is now the author, with Peter Fritsch, of the new book, "Crime in Progress: Inside the Steele Dossier and the Fusion GPS Investigation of Donald Trump."
39:2026/11/2019
The Diplomat, The Machers, And The Oligarch
The impeachment inquiry focuses on whether or not there was a quid pro quo: Military aid in exchange for an investigation. But what if you look at the same events from a different vantage point? The business interests at play.
This episode: How Rudy Giuliani's associates worked their connections to oust the U.S. Ambassador in Ukraine. How President Trump's personal interests came into alignment with the interests of an indicted foreign businessman. And how all of them have been working to discredit Joe Biden.
39:0013/11/2019
All The President’s Memes
President Trump's Doral resort has been in the news a lot lately. His chief of staff announced from the White House that America would host the next G-7 summit there. Then, Trump backed off. We're looking at a conference that did happen at Doral. A conference that attracted conspiracy theorists, where a violent video featuring a fake Trump massacring members of the media was shown. (The conference organizers say they "condemn political violence.")
Trump, Inc. was there.
So was the President’s son, Donald Trump, Jr.
This week: The business of conspiracies.
30:5230/10/2019
The Numbers Don't Match
Donald Trump’s former campaign chairman, Paul Manafort, is serving prison time for understating his income to the IRS, and for overstating his income to banks. Trump's former executive vice president and special counsel, Michael Cohen, is also serving prison time, for, among other things, making false statements to a bank. And Donald Trump? A lot of people want to see his taxes: At least two congressional committees. The Manhattan District Attorney. Trump doesn’t want ANYONE to see them. He’s gone to court three times to make sure they stay secret. The court fight is ongoing. Trump's tax documents remain walled off. Heather Vogell of ProPublica found some anyway. She compared them to financial documents Trump filed with his lender — and discovered that certain key numbers don't match. Heather spoke with over a dozen experts in accounting, law, and real estate. Not a single one of them could explain the discrepancies away.
30:1916/10/2019
Ukraine
Why Ukraine? It’s the question we at Trump, Inc. have been asking ourselves for over a year. Donald Trump has taken money from Ukrainian oligarchs. Paul Manafort went to prison because of work he did in Ukraine. Michael Cohen has ties to the country. And then there’s Rudy Giuliani, who has been making appearances there for over a decade. Ilya Marritz went to Kiev to meet with the anti-corruption fighters who are being directly targeted by Rudy Giuliani and his associates. And we untangle the new ways that corruption in Ukraine is commingling with corruption in the United States.
33:3102/10/2019