The details of the Trump Organization’s finances are looking worse and worse:
Donald Trump returns to his company this week as it faces a deepening crisis, with key properties bleeding revenue and its bankers, lawyers and customers fleeing the company.
Financial disclosure forms, filed by the former president as he left office, revealed that his hotels, resorts and other properties had lost more than $120 million in revenue last year, as the pandemic forced long-term closures and kept customers home.
Those losses were worst in the places where Trump could least afford it: His Washington hotel, which has a $170 million loan outstanding, saw revenue drop more than 60 percent. His Doral resort in Miami — also carrying a huge debt load — saw a 44 percent drop.
On Thursday, the company’s troubles grew: One of its banks and one of its law firms said they would cut their ties with the Trump Organization. They are the latest in a string of vendors and customers who severed their relationships with the company after Jan. 6, when a mob of Trump supporters attacked the U.S. Capitol directly after he addressed them at a rally.
The picture emerging shows the inversion of Trump’s fortunes since 2015, when he entered politics promising to remake the country in the image of his growing, swaggering business.
Now, Trump returns to a business remade in the image of the country he led: beleaguered, indebted and toxically politicized.
You never want to count a plutocrat (or even ersatz plutocrat) out — this is America — but what bank will be willing to line up to get taken to the cleaners by Trump when he has no ability to give them anything is…not obvious. Although I’m sure there’s a Russian bank that’s trying to line up Amthony Kennedy’s kid as we speak.