Donald Trump’s massive fortune under attack as banks turn on US President

As he watches his supporters turn their back on him and some of his closest allies walk away, Donald Trump’s famous financial empire is coming under sustained attack.

With an estimated net worth of US$2.5 billion, Trump is America’s first billionaire president, raking in a fortune through his real estate empire, which spans golf courses, wineries and several Manhattan hotels.

However, his brand has taken a further hammering this week after the riots in Washington DC and a move by the Democrats for a second impeachment.

As a result, major stakeholders in his key operations – including the banks that keep them going – are severing ties with Trump. He also stands to lose US$12 million over 10 years in former presidential benefits alone if he is impeached and removed from office.

Another crucial blow could be manifesting in Trump’s hometown of New York City, where he has major contracts with the city council – running two ice skating rinks at Central Park and the Trump Golf Links at Ferry Point, a city-owned golf course in the Bronx.

Overnight, Democrat NYC Mayor Bill de Blasio said the events of the past week are the final straw and he is now considering cancelling the Trump Organisation’s contracts.

“We are looking at that very, very carefully and very quickly,” he said when asked about the contracts at a news conference overnight.

“The President incited a rebellion against the United States government – clearly an unconstitutional act – and people died. That’s unforgivable.”

In other developments, major global bank Deutsche Bank said it will no longer do business with Trump.

Deutsche Bank, which the Trump Organisation owes US$300m has “decided to refrain from personal business with Trump and his money”, a source told Bloomberg.

A spokesman for the bank told The New York Times said there was no other way to end its relationship with Trump before the loans become due in the next few years, other than forgiving the massive sum.

It has been lending to Trump since the late 1990s, and had lent more than US$2b in the two years to November 2020.

Source: nzherald.co.nz