Donald Trump, Fred Trump, Trump Tower discussed on Fresh Air
This is fresh air. And if you're just joining us, my guest or New York Times reporter, Suzanne, Craig and David Barstow, two of the three writers who reported just a couple of weeks ago on how Donald Trump engaged in suspect tax schemes as he reaped riches from his father and deconstructs the whole Donald Trump myth about how is a self made millionaire billionaire and our chose like how much money Fred Trump, Donald's father funnel to him and his other siblings, and how they came up with schemes to avoid paying taxes making Donald Trump, a very very wealthy, man. By the time, he was a teenager. Okay. So in addition to you from the tax games, we talked about Fred Trump made a lot of loans to Donald Trump. Donald Trump has always said that he got a million dollar loan from his father and help parlay that into his into his own empire. So how much money would you estimate? Fred Trump gave Donald Trump. Jump in loans. We were able to document in real dollars sixty million dollars in loans. Not one million in today's dollars equates two hundred and forty million dollars in loans, which is on top of the four hundred thirteen million dollars in direct wealth that we saw transferred to Donna what we what we also saw a wedding. What is important? Also is that in many cases, these were loans that were never repaid would take out. We were looking at one particular year, and it was like every month. He's going back to that. And he's borrowing another couple of hundred thousand bucks, and then another five hundred thousand bucks, and then a million dollars. It was just like a monthly run to to Fred Trump to get more money, and we saw especially that the flow of loans increase as Donald Trump took on big new projects or they increase when she was suddenly in trouble you run into another financial Dench. So it was really a steady stream that went well beyond. You know, the notion of a guy in his early twenty s getting a million dollars from dad and then being off to the rays of these are loans that actually extended well into his forties and fifties. So so how did Donald Trump use the money that was loaned from his father? Yeah. He used the money for many of his ventures. He had Trump Tower money that he got from Fred Trump was used to support thought it was used to support his ventures in Atlantic City and elsewhere many of them went under. I mean, especially you look at Donald Trump's history and Atlantic City, he's got several several bankruptcies at one point he was hundreds of millions of dollars in debt. And this is a time he not only the banks hundreds of millions of dollars. He was in debt to his father and was going to his father at these very crucial times for more support. So he gets a lot of money from his father tries to build his own empire and end up in debt in a lot of instances instead of making a fortune from his own investments. It also see that when he fell, you know, when he would fall down the safety net. Was there the Fred Trump safety net was there to catch him? There's one Specht just almost unbelievable moment in the store, and you see it in nineteen ninety and this is a time in the back end of nineteen ninety Donald Trump is incredible financial distress number of his companies are either in trouble. They're facing bankruptcy. And Fred Trump had been there for him at every turn. According to the documents. We can see he's assisting him with money in one case Donald Trump's casinos. They're facing a debt payment, and Fred Trump has a lawyer going to the casino and by casino chips and walk out without placing about. It was simply a way to give Donald Trump money experience million dollars worth of and a half million dollars worth of casino chips and at this period. His father is there for him at every turn, and every document that we can see and Donald Trump at this period has a lawyer. Or one of his lawyers draft a cortisol to his father's, well, essentially, a new well, and this codicil to the will is taken to Fred Trump's house in December nineteen ninety and Fred Trump immediately sees this cortisol as an attempt by Donald to take control of his empire into potentially put it at risk and Fred Trump. Immediately says no he freaks out, and he makes a call to his daughter who is a federal judge in a lawyer and a new Cottesloe within months is drafted. That removes Donal is the sole executor of fried Trump's well inputs, Donald and Robert Trump, an Maryanne Trump in charge of his affairs. And then ultimately a new well is drafted, but you see in the depth of Donald Trump's financial life after all his father has done for him that he makes this move that's incredibly dramatic move and scarring to the family what he did. So what you're saying? I think is that at the end of Fred Trump's life were toward the. The end of Fred Trump's live. Donald Trump tried to take advantage of him for his first Donald Trump's own good to help Donald Trump bail himself out and Fred Trump, Donald father became suspicious of the sun that he had helped with so much money over so many years. What we know for sure is that Fred Trump perceived this as an attempt by his son to gain complete control over his estate in potentially to us. The the the empire that Fred Trump head doggedly impatiently built over many decades to use that empire as potentially as collateral to help bail Donald Trump out of his own financial difficulties. My guess are New York Times reporters, David Bar sto and Suzanne crag after a break. We'll talk about another scheme used to transfer wealth from Fred Trump's real estate empire to his children. I'm Terry gross. And this is fresh air..