Business career of Donald Trump
Donald Trump is an American businessman, former television personality, and the 45th president of the United States. He began his real estate career at his father's company, Elizabeth Trump and Son, which he later renamed the Trump Organization. He rose to public prominence after concluding a number of successful real estate deals in Manhattan and New York City, and his company now owns and develops lodging and golf courses around the world. Trump partly or completely owned several beauty pageants between 1996 and 2015. He has marketed his name to many building projects and commercial products. Trump's unsuccessful business ventures have included several casino and hotel bankruptcies, the folding of his New Jersey Generals football team, and the now-defunct Trump University.
After being inaugurated as U.S. president in January 2017, Trump resigned all management roles within the Trump Organization, and delegated company management to his sons Donald Jr. and Eric. However, Trump retained his financial stake in the work document, leaving ongoing concerns about possible conflicts of interest.
While in college, Trump began his real estate career at his father's company, Elizabeth Trump and Son, which focused on middle-class rental housing in the New York City boroughs of Brooklyn, Queens, and Staten Island. One of Trump's first projects was the attempted turnaround of the troubled Swifton Village apartment complex in Cincinnati, Ohio, which his father, Fred Trump, had purchased at foreclosure for $5.7 million in 1962, equivalent to $46 million in 2017. Fred and Donald Trump became involved in the project. By the time Trump graduated from college in 1968, he was receiving the 2019 equivalent of $1,000,000 a year in untaxed gifts from his father. At age 23, he made an unsuccessful commercial foray into show business, investing $70,000 to become co-producer of the 1970 Broadway comedy Paris Is Out!
He was made the president of the company in 1971 and, in one of his first acts, renamed the company the Trump Organization. In that year, he also moved to Manhattan, where he took part in larger construction projects and used attractive architectural design to win public recognition. In 1973, the Justice Department alleged that the Trump Organization discriminated against prospective black tenants, rather than just screening out low-income applicants as they said. The Department of Justice said that black "testers" were sent to more than half a dozen buildings and were denied apartments, but a similar white tester would then be offered an apartment in the same building. Ultimately the Trumps' company and federal officials signed an agreement under which the Trumps made no admission of wrongdoing, and under which qualified minority applicants would be presented by the Urban League.
By 1973, Trump as president of the Trump Organization oversaw 14,000 apartments across Brooklyn, Queens, and Staten Island. In 1978, the city selected his site on the West Side of Manhattan as the location for its Jacob Javits Convention Center, after finding that he was the only bidder who had a site ready for the project. He received a broker's fee on the property sale.
Trump's first major deal in Manhattan was the development of the Grand Hyatt Hotel in 1978 next to Grand Central Terminal. The aging brick facade of the Commodore Hotel was sheathed in glass, and the existing lobby of the hotel was replaced by an atrium. The Commodore was thus presented as a remodeled Hyatt hotel at its opening in September 1980, helping to bring Trump to public prominence. Part of this deal was a $1 million loan Fred Trump's Village Construction Corp. made to help repay draws on a Chase Manhattan credit line Fred had arranged for Donald as he built the hotel, as well as a $70 million construction loan jointly guaranteed by Fred and the Hyatt hotel chain. Fred was a silent partner in the initiative, due to his reputation having been damaged in New York real estate circles, after investigations into windfall profits and other abuses in his real estate projects, making Donald the front man in the deal. According to journalist Wayne Barrett, Fred's two-decade friendship with a top Equitable officer, Ben Holloway, helped convince them to agree to the project. Donald negotiated a 40-year tax abatement for the hotel with the city, in exchange for a share of the venture's profits. The deal helped reduce the risk of the project and provided an incentive for investors to participate.
In 1981, Trump purchased and renovated a building that would become the Trump Plaza, on Third Avenue in New York City. Trump made this into an apartment cooperative, in which tenants partly owned the building.
In 1983, Trump completed development of Trump Tower, a 58-story skyscraper in Midtown Manhattan. The project involved complicated negotiations with different parties for the Bonwit Teller building, the land, and the airspace above a neighboring building. When negotiations were completed in 1978, The New York Times wrote "That Mr. Trump was able to obtain the location ... is testimony to [his] persistence and to his skills as a negotiator."
Trump Tower occupies the former site of the architecturally significant Bonwit Teller flagship store, which Trump demolished in 1980 after purchasing the site. There was controversy when valuable Art Deco bas-relief sculptures on its facade, which had been promised to the Metropolitan Museum of Art by Trump, were destroyed on the orders of the Trump Organization during the demolition process. In addition, the demolition of the Bonwit Teller store was criticized for a contractor's use of some 200 illegal Polish immigrant workers, who, during the rushed demolition process, were reportedly paid 4–5 dollars per hour for work in 12-hour shifts. Trump testified in 1990 that he rarely visited the site and was unaware of the illegal workers, some of whom lived at the site and who were known as the "Polish Brigade". A judge ruled in 1991 that the builders engaged in "a conspiracy to deprive the funds of their rightful contribution", referring to the pension and welfare funds of the labor unions. However, on appeal, parts of that ruling were overturned, and the record became sealed when the long-running labor lawsuit was settled in 1999, after 16 years in court.
Trump Tower was developed by Trump and the Equitable Life Assurance Company, and was designed by architect Der Scutt of Swanke Hayden Connell. Trump Tower houses both the primary penthouse condominium residence of Donald Trump and the headquarters of the Trump Organization. The building includes shops, cafés, offices, and residences. Its five-level atrium features a 60-foot-high waterfall spanned by a suspended walkway, below a skylight. Trump Tower was the setting of the NBC television show The Apprentice including a fully functional television studio set. When the building was completed, its condominiums sold quickly and the tower became a tourist attraction.
Harrah's at Trump Plaza opened in Atlantic City in 1984. The hotel/casino was built by Trump with financing by Holiday Corp. and operated by the Harrah's gambling unit of Holiday Corp. The casino's poor results exacerbated disagreements between Trump and Holiday Corp. Trump also acquired a partially completed building in Atlantic City from the Hilton Corporation for $320 million. When completed in 1985, the hotel/casino became Trump Castle. Trump's wife, Ivana, managed the property.
Trump acquired the Mar-a-Lago estate in Palm Beach, Florida, in 1985 for $5 million, plus $3 million for the home's furnishings. In addition to using the home as a winter retreat, Trump also turned it into a private club with membership fees of $150,000. At about the same time, he acquired a condominium complex in West Palm Beach with Lee Iacocca that became Trump Plaza of the Palm Beaches.
In 1980, repairs began on Central Park's Wollman Rink, with an anticipated two-and-a-half year construction time frame. Because of flaws in the design and numerous problems during construction, the project remained unfinished by May 1986 and was estimated to require another 18 months and $2 million to $3 million to complete. Trump was awarded a contract as the general contractor in June 1986 to finish the repairs by December 15 with a cost ceiling of $3 million, with the actual costs to be reimbursed by the city. Trump hired an architect, a construction company, and a Canadian ice-rink manufacturer and completed the work in four months, $775,000 under budget. He operated the rink for a year and gave some of the profits to charity and public works projects in exchange for the rink's concession rights. Trump managed the rink from 1987 to 1995. He received another contract in 2001 which was extended until 2021. According to journalist Joyce Purnick, Trump's "Wollman success was also the stuff of a carefully crafted, self-promotional legend." While the work was in progress, Trump called numerous press conferences, for example for the completion of the laying of the pipes and the pouring of the cement. In 1987, he also unsuccessfully tried to get the city to rename the landmark after him; the Trump logo is prominently displayed on the railing encircling the rink, on the Zamboni, on the rental skates, and on the rink's website.
Later in 1988, Trump acquired the Taj Mahal Casino in Atlantic City, New Jersey, in a transaction with Merv Griffin and Resorts International. The casino was opened in April 1990, and was built at a total cost of $1.1 billion, which at the time made it the most expensive casino ever built. Financed with $675 million in junk bonds at a 14% interest rate, the project entered Chapter 11 bankruptcy the following year. Banks and bondholders, facing potential losses of hundreds of millions of dollars, opted to restructure the debt.
The Taj Mahal emerged from bankruptcy on October 5, 1991, with Trump ceding 50 percent ownership in the casino to the bondholders in exchange for lowered interest rates and more time to pay off the debt. He also sold his financially challenged Trump Shuttle airline and his 282-foot (86 m) megayacht, the Trump Princess. The property was repurchased in 1996 and consolidated into Trump Hotels & Casino Resorts, which filed for bankruptcy in 2004 with $1.8 billion in debt, filing again for bankruptcy five years later with $50 million in assets and $500 million in debt. The restructuring ultimately left Trump with 10% ownership in the Trump Taj Mahal and other Trump casino properties. Trump served as chairman of the organization, which was renamed Trump Entertainment Resorts, from mid-1995 until early 2009, and served as CEO from mid-2000 to mid-2005.
Although Trump has never filed for personal bankruptcy, hotels and casino businesses of his have declared bankruptcy six times between 1991 and 2009 due to its inability to meet required payments and to re-negotiate debt with banks, owners of stock and bonds and various small businesses (unsecured creditors). Because the businesses used Chapter 11 bankruptcy, they were allowed to operate while negotiations proceeded. Trump was quoted by Newsweek in 2011 saying, "I do play with the bankruptcy laws—they're very good for me."
The six bankruptcies were the result of over-leveraged hotel and casino businesses in Atlantic City and New York: Trump Taj Mahal (1991), Trump Plaza Hotel and Casino (1992), Plaza Hotel (1992), Trump Castle Hotel and Casino (1992), Trump Hotels and Casino Resorts (2004), and Trump Entertainment Resorts (2009). Trump said "I've used the laws of this country to pare debt. ... We'll have the company. We'll throw it into a chapter. We'll negotiate with the banks. We'll make a fantastic deal. You know, it's like on The Apprentice. It's not personal. It's just business."
Inheritance and further acquisitions
Trump acquired an old, vacant, 70-story office building at 40 Wall Street in Manhattan in 1996. After a complete renovation, it became the Trump Building. In 1998, Conseco and Donald Trump purchased the General Motors Building for $878 million from Corporate Property Investors. The group received a $700 million loan from Lehman Brothers for the purchase and Trump reportedly only committed $15 to $20 million of his own money to the deal. Trump raised the controversial sunken plaza where few pedestrians had ventured, which had been criticized by Huxtable, and installed his name in four-foot gold letters. In 2003, Trump and partners sold the building for $1.4 billion, then the highest price paid for a North American office building, to Macklowe Organization.
In 2001, Trump completed Trump World Tower, a 72-story residential tower across from the United Nations Headquarters. Trump also began construction on Riverside South, which he dubbed Trump Place, a multi-building development along the Hudson River. He continued to own commercial space in Trump International Hotel and Tower, a 44-story mixed-use (hotel and condominium) tower on Columbus Circle which he acquired in 1996, and also continued to own millions of square feet of other prime Manhattan real estate.
Trump has owned a house on North Rodeo Drive in the Beverly Hills, California/Los Angeles area, bought for $7 million, since 2007. He bought a home next door in 2008 from Omar Bongo, the president of Gabon who would die in office in 2009, for $10.35 million. Trump sold the second LA home, built in 1981, for $9,500,095 in 2009 for an $850,000 (8%) loss. The second house went back on the market in mid-2016 listed at nearly $30 million.
Trump has licensed his name and image for the development of a number of real estate projects including two Trump-branded real estate projects in Florida that have gone into foreclosure. The Turkish owner of Trump Towers Istanbul, who pays Trump for the use of his name, was reported in December 2015 to be exploring legal means to dissociate the property after the candidate's call to temporarily ban Muslims from entering the United States.
Trump also licensed his name to son-in-law Jared Kushner's 50-story Trump Bay Street, a Jersey City luxury development that has raised $50 million of its $200 million capitalization largely from wealthy Chinese nationals who, after making an initial down payment of $500,000 in concert with the government's expedited EB-5 visa program, can usually obtain United States permanent residency for themselves and their families after two years. Trump is a partner with Kushner Properties only in name licensing and not in the building's financing.
In 2012, the 1290 Avenue of the Americas skyscraper in Manhattan was refinanced; Trump had a 30% stake in the building. The refinancing led to $211 million of debt being accrued with the state-owned Bank of China. This was the first instance of a Chinese bank engaging in commercial mortgage-backed securities in the United States. The Bank of China sold the debt in 2012 into the market, and thus no longer had "any ownership interest in that loan" thereafter, it stated. A 2017 document filed in New York City erroneously listed the Bank of China as a current creditor due to a mistake by loan servicer organization Wells Fargo.
The Trump Organization operates many golf courses and resorts in the United States and around the world. The number of golf courses that Trump owns or manages is about 18, according to Golfweek. Trump's personal financial disclosure with the Federal Elections Commission stated that his golf and resort revenue for the year 2015 was roughly $382 million.
In 2006, Trump bought the Menie Estate in Balmedie, Aberdeenshire, Scotland, creating a golf resort against the wishes of local residents on an area designated as a Site of Special Scientific Interest. A 2011 independent documentary, You've Been Trumped, by British filmmaker Anthony Baxter, chronicled the golf resort's construction and the subsequent struggles between the locals and Donald Trump. Despite Trump's promises of 6,000 jobs, in 2016, by his own admission, the golf course has created only 200 jobs. In June 2019, Scottish Natural Heritage ruled that the golf course had "destroyed" the sand dune system, causing permanent habitat loss, and recommended that the SSSI status be revoked.
In April 2014, Trump purchased the Turnberry hotel and golf resort in Ayrshire, Scotland, which is a regular fixture in the Open Championship rota. In June 2015, Trump's appeal objecting to an offshore windfarm (Aberdeen Bay Wind Farm) within sight of the golf links was denied. In December 2015, Trump's attempt to prevent the windfarm being built within sight of his golf course was dismissed by five justices at the UK Supreme Court in the case of Trump International Golf Club Scotland Ltd v The Scottish Ministers.
In 1983, Trump's New Jersey Generals became a charter member of the new United States Football League (USFL). Before the inaugural season began in 1983, Trump sold the franchise to Oklahoma oil magnate J. Walter Duncan, and bought it back after the season. He then attempted to hire longtime Miami Dolphins coach Don Shula, but the deal fell apart because he was unwilling to meet Shula's demand for an apartment in Trump Tower. Trump ended up hiring former New York Jets coach Walt Michaels. The USFL played its first three seasons during the spring and summer, but Trump convinced the majority of the owners of other USFL teams to move the USFL 1986 schedule to the fall, directly opposite the National Football League (NFL), arguing that it would eventually force a merger with the NFL, which would supposedly increase their investment significantly.
Before the 1985 season, Trump signed Heisman Trophy-winning quarterback Doug Flutie to a $7 million 5-year personal-services contract. That made Flutie the highest-paid pro football player at the time, as well as the highest-paid rookie in any professional sport. After the season, the Generals merged with the Houston Gamblers. Trump owned 50% of the newly merged team, which would stay in New Jersey and retain the Generals nickname. At the time, Trump boasted "it's probably the best team in football." (New Jersey and Houston both had good but not great seasons in 1985: they each made the playoffs but lost first-round games.)
The Generals never played another game. The 1986 season was cancelled after the USFL won a pyrrhic victory in an antitrust lawsuit against the NFL: the NFL technically lost the suit, but the USFL was awarded just $3.00 in cash damages. The USFL, which was down to just 7 active franchises from a high of 18, folded soon afterward.
Trump had expressed an interest in purchasing the Cleveland Indians for $13 million in a February 15, 1983 letter sent by Kenneth Molloy to team president Gabe Paul. Trump increased his offer to $34 million later that same year. His lack of commitment to keep the franchise in Cleveland beyond three years cost him any chance of completing the acquisition.
Trump remained involved with other sports after the Generals folded, operating golf courses in several countries. He also hosted several boxing matches in Atlantic City at the Trump Plaza, including Mike Tyson's 1988 fight against Michael Spinks, and at one time acted as a financial advisor for Tyson.
In 1989 and 1990, Trump lent his name to the Tour de Trump cycling stage race which was an attempt to create an American equivalent of European races such as the Tour de France or the Giro d'Italia. The name was suggested by his business partner, basketball commentator Billy Packer, who originally planned to call the race the Tour de Jersey. The first stage of the inaugural race ended in the college town of New Paltz, New York where picketers greeted the riders with anti-Trump signs. The second stage began in New York City, and Mayor Ed Koch, who had denounced Trump as "one of the great hucksters", boycotted the event. The last stage of the 10-stage 837-mile race was even more controversial. Going into the last stage, Belgian rider Eric Vanderaerden was favored to win the tour championship, but lost at least 1 minute 20 seconds when he took a wrong turn on a poorly marked course in Atlantic City, riding a quarter-mile or more out of his way. He ended up finishing third overall, behind tour winner Dag-Otto Lauritzen (a Norwegian rider with the American-owned 7-Eleven team) and runner-up Henk Lubberding, who also took a wrong turn during the last stage. Trump withdrew his sponsorship after the second Tour de Trump in 1990, because his other business ventures were experiencing financial woes. The race continued for several more years as the Tour DuPont.
Trump submitted a stalking-horse bid on the Buffalo Bills when it came up for sale following Ralph Wilson's death in 2014; he was ultimately outbid, as he expected, and Kim and Terrence Pegula won the auction. During his 2016 presidential run, he was critical of the NFL's updated concussion rules, complaining on the campaign trail that the game has been made "soft" and "weak", saying a concussion is just "a ding on the head." He accused referees of throwing penalty flags needlessly just to be seen on television "so their wives see them at home."
Miss Universe debuted on CBS, and both Miss Universe and Miss USA moved to NBC in 2002. In 2012, Trump won a $5 million arbitration award against a contestant who claimed the show was rigged. In 2015, NBC and Univision both ended their business relationships with the Miss Universe Organization during Trump's presidential campaign . Trump later announced that he had become the sole owner of the Miss Universe Organization by purchasing NBC's stake. He sold his own interests in the pageant shortly afterwards, to WME/IMG.
In 1999, a few years after buying into Miss Universe, Trump founded a modeling company, Trump Model Management, which operates in the SoHo neighborhood of Lower Manhattan. Together with another Trump company, Trump Management Group LLC, Trump Model Management has brought hundreds of foreign fashion models into the United States to work in the fashion industry since 2000. This business and the beauty pageants overlapped somewhat, with various pageant contestants getting modelling contracts.
Trump University LLC was an American for-profit education company that ran a real estate training program from 2005 until at least 2010. After multiple lawsuits, it is now defunct. It was founded by Donald Trump and his associates, Michael Sexton and Jonathan Spitalny. The company offered courses in real estate, asset management, entrepreneurship, and wealth creation, charging between $1,500 and $35,000 per course. In 2005 the operation was notified by New York State authorities that its use of the word "university" violated state law. After a second such notification in 2010, the name of the operation was changed to the "Trump Entrepreneurial Institute". Trump was also found personally liable for failing to obtain a business license for the operation.
In 2013 the state of New York filed a $40 million civil suit claiming that Trump University made false claims and defrauded consumers. In addition, two class-action civil lawsuits relating to Trump University were filed in federal court; they named Donald Trump personally as well as his companies. All three cases were settled in November 2016, after Trump's election to the presidency, for a total of $25 million.
Trump repeatedly criticized a judge, Gonzalo P. Curiel, who is overseeing two of the Trump University cases. During campaign speeches and interviews up until June 2016, Trump called Curiel a "hater of Donald Trump", saying his rulings have been unfair, and that Curiel "happens to be, we believe, Mexican, which is great. I think that's fine", while suggesting that the judge's ethnicity posed a conflict of interest in light of Trump's proposal to build a wall on the United States–Mexican border. Many legal experts were critical of Trump's attacks on Curiel, often viewing them as racially charged, unfounded, and an affront to the concept of an independent judiciary. On June 7, 2016, Trump issued a lengthy statement saying that his criticism of the judge had been "misconstrued" and that his concerns about Curiel's impartiality were not based upon ethnicity alone, but also upon rulings in the case.
Donald J. Trump Foundation
The Donald J. Trump Foundation was a U.S.-based private foundation established in 1988 for the initial purpose of giving away proceeds from the book Trump: The Art of the Deal by Trump and Tony Schwartz. The foundation's funds mostly came from donors other than Trump, whose last personal contribution to the charity was in 2008. The top donors to the foundation from 2004 to 2014 were Vince and Linda McMahon of World Wrestling Entertainment, who donated $5 million to the foundation after Trump appeared at WrestleMania in 2007.
Per the foundation's tax returns, its benefactors included healthcare and sports-related charities, as well as conservative groups. In 2009, for example, the foundation gave $926,750 to about 40 groups, with the biggest donations going to the Arnold Palmer Medical Center Foundation ($100,000), the New York Presbyterian Hospital ($125,000), the Police Athletic League ($156,000), and the Clinton Foundation ($100,000).
Starting in 2016 The Washington Post began reporting on how the foundation raised and granted money. The Post uncovered several potential legal and ethical violations, such as alleged self-dealing and possible tax evasion. The New York State attorney general is investigating the foundation "to make sure it is complying with the laws governing charities in New York." A Trump spokesman called the investigation a "partisan hit job". On October 3, 2016, the New York attorney general's office notified the Trump Foundation that it was in violation of New York laws regarding charities and ordered it to immediately cease its fundraising activities in the state of New York. The foundation, which had also admitted to engaging in self-dealing on its 2015 IRS form, agreed to this order.
A 2018 suit by the New York State attorney general alleged that Trump had illegally used foundation funds to buy self-portraits, pay off his businesses' legal obligations, and boost his presidential campaign. The judge ruled against the Donald J. Trump Foundation and ordered Trump to pay $2 million in damages. Trump agreed to give that money and the foundation's remaining $1.8 million to 8 charities ranging from Army Emergency Relief to the United Negro College Fund to the US Holocaust Memorial Museum and to dissolve the foundation.
Branding and licensing
Trump has marketed his name on a large number of building projects as well as commercial products and services, achieving mixed success doing so for himself, his partners, and investors in the projects.[nb 1] In 2011, Forbes' financial experts estimated the value of the Trump brand at $200 million. Trump disputed this valuation, saying his brand was worth about $3 billion.
Many developers pay Trump to market their properties and to be the public face for their projects. For that reason, Trump does not own many of the buildings that display his name. According to Forbes, this portion of Trump's empire, actually run by his children, is by far his most valuable, having a $562 million valuation. According to Forbes, there are 33 licensing projects under development including seven "condo hotels" (the seven Trump International Hotel and Tower developments). In June 2015, Forbes pegged the Trump brand at $125 million as retailers like Macy's Inc. and Serta Mattresses began dropping Trump-branded products.
The value of the Trump brand may have fallen due to his presidential campaign. After his 2016 campaign started, an internal Young & Rubicam study of Trump's brand among high-income consumers showed "plummeting" ratings for traits such as "prestigious", "upper class", and "glamorous" at the end of 2015, suggesting that Trump's various businesses could face market difficulties and financing challenges in the future. Some consumers say they are avoiding purchasing Trump-branded products and services as a protest against Trump and his campaign. Bookings and foot traffic at Trump-branded hotels and casinos fell off sharply in 2016, primarily driven by a decrease in visits to the properties by women. Following the release of the Access Hollywood tape recordings in October 2016, the value of the Trump brand was reported to have taken a further hit, with estimates of the reduction in the brand's added value of up to 13 percentage points.
Stocks, bonds, funds, and similar holdings
Trump's personal financial market investment portfolio is concentrated in the financial and commodities markets. The investment portfolio generates income and cash flow from a variety of mechanisms as dividends, capital gains, and compounded carried interest. He invested a minimum of $70 million in stocks. Though real estate is still his most preferred asset class, Trump became an active financial market investor in 2011 following disappointment from depressed American real estate market and various investments in the Federal Reserve's interest yields on CDs were next to nothing. Trump stated that he was not enthusiastic to be a stock market investor, but that prime real estate at good prices was hard to find at that time and that stocks and equity securities were cheap and generating good cash flow from dividends. He profited from 40 of the 45 stocks he purchased which he sold in 2014, making it almost a 90% success rate in capital appreciation in addition to millions in earned dividends. The biggest gainers in his stock portfolio were Bank of America Corporation, The Boeing Company and Facebook, Inc earning a windfall profit of $6.7 million, $3.96 million and $3.85 million, respectively.
Trump's stock portfolio was valued somewhere between $33.4 million and $87.9 million in 2015 and was invested in many sectors, including public companies such as tobacco distributors, retail outlets, pharmaceutical companies, industrial manufacturing companies, financial conglomerates, oil companies, high technology firms and defense contractors. Public stock investments within his portfolio include General Electric, Chevron, UPS, Coca-Cola, Home Depot, Comcast, Sanofi, Ford, ConocoPhillips, Energy Transfer Partners, Altera, Verizon Communications, Procter & Gamble, Bank of America, Nike, Google, Apple Inc., Philip Morris, Citigroup, Morgan Stanley, Whole Foods, Intel, IBM, Bristol-Myers Squibb, Johnson & Johnson, Caterpillar, Kinder Morgan, AT&T and Facebook. He has at least $78 million invested in a variety of paper assets such as stocks, bonds, mutual funds, private equity funds, fund of funds, and hedge funds. His financial market investment accounts are kept at JPMorgan, Barclays, Deutsche Bank and Oppenheimer. His Barclays account includes investments in 32 entities and cash worth between $49,021 and $396,001 and having stock in two accounts at Deutsche Bank that contain cash, treasury bills, and stock in 173 entities. His investment account with Oppenheimer contains cash and has 31 positions worth between $10,380,031 and $33,301,000. His account with JPMorgan contains stock in 60 firms valued between $1,251,008 and $2,617,000.
Trump has also invested in funds that focus on middle and smaller sized businesses such as Tesla Motors, the electric car maker and has invested internationally in a number of emerging market, growth and hedge funds located in Europe and Asia. He has also invested in a number of private equity and hedge funds including $1 to $5 million in Advantage Plus, $1 to $5 million in AG Diversified Funds, $2 million in MidOcean Credit Opportunities, $4 million in Paulson & Co., and around $5 million with Angelo, Gordon & Co.. Trump's biggest fund holding has been in Black Rock's Obsidian Fund, where his stake is estimated to be between $25 million to $50 million. Nearly all of Trump's open end mutual fund investments are concentrated in Baron Capital Management, a mid-sized mutual fund family headed by mutual fund mogul Ronald S. Baron. Trump invested $16.2 million in Baron Capital Management, making him a significant minority shareholder. He revealed that he earned over $22 million with his private equity, hedge fund, and mutual fund investments and generated between $1.5 million and $10 million in income almost all of it from investments such as dividends, capital gains, and carried interest. Trump also has a portion of his portfolio invested in U.S. Treasury bonds.
On a government form submitted in 2015, Trump reported holding an amount of physical gold, valued at between $100,001 to $250,000.
Taxes and income
Trump has released some financial information, but has declined to publicly release any of his full tax returns, saying that he will do so before the 2016 election if what his attorneys described as an ongoing audit by the Internal Revenue Service (IRS) is completed covering tax returns for the years 2009 through 2016. According to a July 2015 press release from his campaign manager, Trump's "income" for the year 2014 was $362 million ("which does not include dividends, interest, capital gains, rents and royalties"). His disclosure filings for the year 2015 stated that his total gross revenue was in excess of $611 million.
Fortune magazine has reported that the $362 million figure as stated on his Federal Election Commission (FEC) filings is not "income" but gross revenue before salaries, interest payments on outstanding debt, and other business-related expenses; Trump's net income was "most likely" about one-third of that. According to public records, Trump received a $302 New York tax rebate in 2013 (and in two other recent years) given to couples earning less than $500,000 per year, who submit as proof their federal tax returns. Trump's campaign manager has suggested that Trump's tax rebate was an error.
In October 2016, it was revealed that Trump had claimed a loss of $916 million on his 1995 tax returns. As tax losses from one year can be applied to offset income from future years, the $916 million loss allowed him to reduce or eliminate his taxable income (and consequently his US federal income taxes) during the eighteen year carry forward period. Trump acknowledged he used the loss but declined to provide details such as the specific years the loss was applied.
An investigative story by the New York Times found that in the early 1990s in order to avoid "financial ruin" Trump's businesses used methods which were "legally dubious" to avoid paying taxes, and that Trump's own lawyers described these activities as "improper". Independent tax experts stated that "Whatever loophole existed was not 'exploited' here, but stretched beyond any recognition" and that it involved "sleight of hand". Since the taxes were related to the reduction in Trump's extensive junk bond debt at the time and the bankruptcies of three of Trump's casinos, the methods used were probably related, according to the report, to Trump's reported $916 million loss reported on his 1995 tax return.
- His external entrepreneurial and investment ventures include Trump Financial (a mortgage firm), Trump Sales and Leasing (residential sales), Trump International Realty (a residential and commercial real estate brokerage firm), The Trump Entrepreneur Initiative (a for profit business education company, formerly called the Trump University), Trump Restaurants (located in Trump Tower and consisting of Trump Buffet, Trump Catering, Trump Ice Cream Parlor, and Trump Bar), GoTrump (an online travel search engine), Select By Trump (a line of coffee drinks), Trump Drinks (an energy drink for the Israeli and Palestinian markets) Donald J. Trump Signature Collection (a line of menswear, men's accessories, and watches), Donald Trump The Fragrance (2004), SUCCESS by Donald Trump (a second fragrance launched by The Trump Organization and the Five Star Fragrance Company released in March 2012), Trump Ice bottled water, the former Trump Magazine, Trump Golf, Trump Chocolate, Trump Home (home furnishings), Trump Productions (a television production company), Trump Institute, Trump: The Game (1989 board game with a 2004 re-release version tied to The Apprentice), Donald Trump's Real Estate Tycoon (a business simulation video game), Trump Books, Trump Model Management, Trump Shuttle, Trump Mortgage, Trump Network (a multi-level vitamin, cosmetic, and urinalysis marketing company), Trump Vodka, Trump Steakhouse and Trump Steaks. In addition, Trump reportedly received $1.5 million for each one-hour presentation he did for The Learning Annex. Trump also endorsed ACN Inc., a multi-level marketing telecommunications company. He has spoken at ACN International Training Events at which he praised the company's founders, business model and video phone. He earned a total $1.35 million for three speeches given for the company, amounting to $450,000 per speech.
- "Trump hands over business empire to sons". BBC News. January 11, 2017. Retrieved January 11, 2017.
- Blumenthal, Paul (January 11, 2017). "Donald Trump Won't Divest From His Business Interests, Opening Door To Years Of Ethics Conflicts". Huffington Post. Retrieved January 11, 2017.
- "In Step With: Donald Trump". Parade. November 14, 2004. Archived from the original on October 14, 2010.
- Trump, Donald J.; Schwartz, Tony (January 1989) [First published 1987]. Trump: The Art of the Deal. Warner Books. p. 46. ISBN 978-0-446-35325-0.
He called his company Elizabeth Trump & Son ...
- "Donald Trump's Bond Hill connection". The Enquirer. August 12, 2015.
- David, Barstow (October 2, 2018). "Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father". The New York Times. Retrieved June 29, 2019.
- Paulson, Michael (March 6, 2016). "For a Young Donald J. Trump, Broadway Held Sway". The New York Times. Retrieved March 7, 2016.
- Blair, Gwenda (2005). Donald Trump: Master Apprentice. Simon & Schuster. p. 23. ISBN 978-0-7432-7510-1.
- Kelly, Conor (July 27, 2015). "Meet Donald Trump: Everything You Need To Know (And Probably Didn't Know) About The 2016 Republican Presidential Candidate". ABC News.
- Resnick, Gideon (December 15, 2015). "DOJ: Trump's Early Businesses Blocked Blacks". The Daily Beast. Retrieved March 2, 2016.
- Dunlap, David (July 30, 2015). "1973: Meet Donald Trump". The New York Times. Archived from the original on July 31, 2015.
Trump Management ... was also to allow the league to present qualified applicants for every fifth vacancy... Trump himself said he was satisfied that the agreement did not 'compel the Trump Organization to accept persons on welfare as tenants unless as qualified as any other tenant.'
- Kranish, Michael; O'Harrow, Robert (January 23, 2016). "Inside the government's racial bias case against Donald Trump's company, and how he fought it". The Washington Post.
Civil rights groups in the city viewed the Trump company as just one example of a nationwide problem of housing discrimination. But targeting the Trumps provided a chance to have an impact, said Eleanor Holmes Norton, who was then chairwoman of the city's human rights commission. 'They were big names.'
- Kessler, Glenn (March 3, 2016). "Trump's false claim he built his empire with a 'small loan' from his father". The Washington Post.
- Van Zuylen-Wood, Simon (May 12, 2016). "Trump and the Artifice of the Deal". Politico. Retrieved October 28, 2016.
- Wooten, Sara McIntosh (2009). Donald Trump: From Real Estate to Reality TV. pp. 32–35. ISBN 978-0-7660-2890-6.
- Wooten, Sara McIntosh (2009). Donald Trump: From Real Estate to Reality TV. pp. 34–35. ISBN 978-0-7660-2890-6.
- Wooten, Sara McIntosh (2009). Donald Trump: From Real Estate to Reality TV. pp. 51–52. ISBN 978-0-7660-2890-6.
- "The Expanding Empire of Donald Trump". The New York Times. April 8, 1984.
- Gray, Christopher (October 3, 2014). "The Store That Slipped Through the Cracks". The New York Times. Retrieved August 22, 2015.
- Leccese, Michael (July 1, 1980). "New York City Trumped: Developer Smashes Panels". Preservation News. Retrieved August 22, 2015.
- Baquet, Dean (July 13, 1990). "Trump Says He Didn't Know He Employed Illegal Aliens". The New York Times. Retrieved August 23, 2015.
- Daly, Michael (July 8, 2015). "Trump Tower Was Built on Undocumented Workers' Backs". The Daily Beast. Retrieved August 24, 2015.
- Hays, Constance L. (April 27, 1991). "Judge Says Trump Tower Builders Cheated Union on Pension Funds". The New York Times. Retrieved March 9, 2016.
- Raab, Selwyn (June 14, 1998). "After 15 Years in Court, Workers' Lawsuit Against Trump Faces Yet Another Delay". The New York Times. Retrieved August 24, 2015.
Both sides, however, appealed the findings and each won partial victories. A Federal appeals court upheld most of Judge Stewart's decisions but ruled that Trump-Equitable had been denied a full opportunity to rebut the charge that the funds had been damaged by the loss of contributions for the Polish workers. The appeals court also ruled that Judge Stewart wrongly dismissed a claim by the plaintiffs that the Trump group was responsible for payments to the funds because it had been the workers' actual employer.
- Bernstein, Fred A. (March 16, 2010). "Der Scutt, Modernist Architect, Dies at 75". The New York Times. Retrieved August 23, 2015.
- Flegenheimer, Matt; Haberman, Maggie (March 29, 2016). "With the New York Presidential Primary, the Circus Is Coming Home". The New York Times. Retrieved March 29, 2016.
- "About Trump Tower". Trump Tower New York. n.d. Retrieved May 24, 2016.
- "History". Trump Tower New York. n.d. Archived from the original on January 29, 2017. Retrieved May 24, 2016.
- Wooten, Sara McIntosh (2009). Donald Trump: From Real Estate to Reality TV. pp. 43–53. ISBN 978-0-7660-2890-6.
- Wooten, Sara McIntosh (2009). Donald Trump: From Real Estate to Reality TV. pp. 57–58. ISBN 978-0-7660-2890-6.
- Swartz, Steve (November 11, 1985). "Holiday, Trump drafting terms to end rocky alliance over Atlantic City casino". The Wall Street Journal. ProQuest 397993833. – via ProQuest (subscription required)
- Wooten, Sara McIntosh (2009). Donald Trump: From Real Estate to Reality TV. pp. 59–60. ISBN 978-0-7660-2890-6.
- Wooten, Sara McIntosh (2009). Donald Trump: From Real Estate to Reality TV. p. 62. ISBN 978-0-7660-2890-6.
- "New York Hopes to Learn From Rink Trump Fixed; Wollman Rink Scorecard". The New York Times. November 21, 1986. Retrieved May 9, 2018.
- Freedlander, David (September 29, 2015). "A 1980s New York City Battle Explains Donald Trump's Candidacy". Bloomberg News. Retrieved October 23, 2016.
- Rosenthal, Andrew (April 1, 1987). "Trump reports large profit from Wollman Rink". The New York Times. Retrieved November 27, 2017.
- Fahrenthold, David A. (October 29, 2016). "Trump boasts about his philanthropy. But his giving falls short of his words". The Washington Post. Retrieved July 3, 2018.
- Purnick, Joyce (May 1, 2011). "The Donald Trump we know (and don't love): He's riding high in polls, but NYC's seen his bad side". New York Daily News. Retrieved May 10, 2018.
- Kravitz, Derek; Podkul, Cezary (February 28, 2017). "Trump Said He Made $21 Million in Income From His New York Contracts. He Actually Made a Lot Less". ProPublica. Retrieved May 10, 2018.
- Geist, William E. (November 15, 1986). "Trump reports large profit from Wollman Rink". The New York Times. Retrieved May 10, 2018.
- Kula, Irwin; Hatkoff, Craig (August 24, 2015). "Donald Trump And The Wollman Rinking of American Politics". Forbes. Retrieved May 10, 2018.
- Wooten, Sara McIntosh (2009). Donald Trump: From Real Estate to Reality TV. pp. 65–66. ISBN 978-0-7660-2890-6.
- Cuff, Daniel (December 18, 1988). "Seven Acquisitive Executives Who Made Business News in 1988: Donald Trump – Trump Organization; The Artist of the Deal Turns Sour into Sweet". The New York Times. Retrieved May 27, 2011.
- Glynn, Lenny (April 8, 1990). "Trump's Taj — Open at Last, With a Scary Appetite". The New York Times. Retrieved August 14, 2016.
- Parry, Wayne (May 20, 2016). "New owner wants to make Trump's Taj Mahal casino great again". PBS NewsHour. Associated Press. Retrieved August 14, 2016.
- "Trump reaches agreement with bondholders on Taj Mahal". United Press International. April 9, 1991. Retrieved March 21, 2016.
- Bingham, Amy (April 21, 2011). "Donald Trump's Companies Filed for Bankruptcy 4 Times". ABC News. Retrieved February 20, 2015.
- "Taj Mahal is out of Bankruptcy". The New York Times. October 5, 1991. Retrieved May 22, 2008.
- Schneider, Karen S. (May 19, 1997). "The Donald Ducks Out". People. Retrieved September 10, 2015.
- McQuade, Dan (August 16, 2015). "The Truth About the Rise and Fall of Donald Trump's Atlantic City Empire". Philadelphia Magazine. Retrieved March 21, 2016.
- Tully, Shawn (March 10, 2016). "How Donald Trump Made Millions Off His Biggest Business Failure". Fortune. Retrieved March 21, 2016.
- Winter, Tom. "Trump Bankruptcy Math Doesn't Add Up". NBC News. Retrieved October 8, 2016.
- Hood, Bryan (June 29, 2015). "4 Times Donald Trump's Companies Declared Bankruptcy". Vanity Fair. Retrieved January 17, 2016.
- Li, Hao (April 12, 2011). "Donald Trump Questioned on His Bankruptcies". International Business Times. Retrieved February 19, 2015.
- Kurtz, Howard (April 24, 2011). "Kurtz: The Trump Backlash". Newsweek. Retrieved March 14, 2016.
- Stone, Peter (May 5, 2011). "Donald Trump's lawsuits could turn off conservatives who embrace tort reform". The Center for Public Integrity. Retrieved March 14, 2016.
- O'Connor, Clare (April 29, 2011). "Fourth Time's A Charm: How Donald Trump Made Bankruptcy Work For Him". Forbes. Retrieved February 19, 2015.
- Hirby, James. "How is Donald Trump Able to File for Bankruptcy So Many Times?". The Law Dictionary. Retrieved February 19, 2015.
- Wooten, Sara McIntosh (2009). Donald Trump: From Real Estate to Reality TV. pp. 81–82. ISBN 978-0-7660-2890-6.
- Bagli, Charles V. (February 20, 2002). "Heavenly Match Becomes Real Estate War Over the G.M. Building". The New York Times.
- Yardley, Jim (May 31, 1998). "Trump Buying The Landmark G.M. Building". The New York Times.
- Ross, George H.; McLean, Andrew James; Trump, Donald J. (February 17, 2006). Trump Strategies for Real Estate: Billionaire Lessons for the Small Investor. John Wiley and Sons. p. 129. ISBN 0-471-73643-0.
- Salkin, Allen (April 18, 1999). "Trump: The Smarts Of The Deal; How Donald Uses (Mostly) Other People's Money To Build A Kingdom In His Name". New York Post.
- Dunlap, David W. (June 30, 1999). "Courtyard Is Rising With New Look". The New York Times. Retrieved July 18, 2014.
- Bagli, Charles V. (August 30, 2003). "G.M. Building Sells for $1.4 Billion, a Record". The New York Times. Retrieved July 18, 2014.
- Misonzhnik, Elaine (September 3, 2003). "Macklowe pays $1.4B for GM building, highest ever paid in North America". Real Estate Weekly. Retrieved July 18, 2014.
- Rozhon, Tracy (June 26, 1999). "Fred C. Trump, Postwar Master Builder of Housing for Middle Class, Dies at 93". The New York Times. Retrieved August 19, 2015.
- "Trump World Tower". Emporis. Retrieved May 22, 2008.
- Wooten, Sara McIntosh (2009). Donald Trump: From Real Estate to Reality TV. p. 108. ISBN 978-0-7660-2890-6.
- Fitch, Stephane (September 21, 2006). "What is Trump Worth?". Forbes. Retrieved July 4, 2008.
- Wooten, Sara McIntosh (2009). Donald Trump: From Real Estate to Reality TV. pp. 86–87. ISBN 978-0-7660-2890-6.
- Leitereg, Neal J., "Daren Metropoulos takes ownership of Playboy Mansion, Hef included > A residential 'Trump' card", Los Angeles Times, August 27, 2016. The Trump properties have no relationship to the Playboy Mansion. It is a five-part 'listings and sales' story with the Playboy the lead part and the Trumps the fourth. Retrieved January 15, 2017.
- Hiaasen, Carl (July 11, 2015). "Carl Hiaasen: There will never be a President Trump". The Miami Herald. Retrieved September 1, 2015.
- "Turkish partner condemns Donald Trump's anti-Muslim remarks, reviews ties". Reuters. December 11, 2015. Retrieved December 11, 2015.
- Drucker, Jesse (March 6, 2016). "Trump Tower Funded by Rich Chinese Who Invest Cash for Visas". Bloomberg Politics. Retrieved March 7, 2016.
- Caputo, Marc; McGraw, Meredith; Kumar, Anita (April 25, 2020). "Trump owed tens of millions to Bank of China". Politico. Retrieved April 27, 2020.
- Wei, Lingling; Yoon, Al (February 28, 2013). "China Bank Securitizing U.S. Loans". The Wall Street Journal. Archived from the original on April 24, 2020. Retrieved April 27, 2020.
- "POLITICO's reporting on President Trump and the Bank of China". Politico. April 27, 2020. Retrieved May 1, 2020.
- Romine, Brentley (July 14, 2015). "Donald Trump announces he will run for president in 2016". Golfweek. Archived from the original on March 17, 2016.
- "Donald Trump Personal Financial Disclosure Form 2015" (PDF). The Washington Post.
- Alesci, Cristina; Frankel, Laurie; Sahadi, Jeanne (May 19, 2016). "A peek at Donald Trump's finances". CNN. Retrieved May 20, 2016.
- Lidz, Franz (February 22, 2008). "Landing In The Rough With Trump". Upstart Business Journal. Archived from the original on April 5, 2016. Retrieved March 14, 2016.
- Churchill, Carolyn (February 16, 2010). "First look at Trump plan for 'world's best course'". The Herald. Glasgow. Archived from the original on May 21, 2013. Retrieved June 18, 2012.
- Tuffrey, Laurie. "Trump opens controversial Scottish golf course". Retrieved August 9, 2015.
- Ebert, Roger (October 17, 2012). "You've Been Trumped". Rogerebert.com. Retrieved January 19, 2016.
- Sweeney, John (July 7, 2013). "Donald trump fails to deliver on golf resort jobs pledge". The Independent. Retrieved January 19, 2016.
- Campbell, Glenn (June 28, 2019). "'Destroyed' Trump golf course dunes to lose special status". BBC News. Retrieved June 28, 2019.
- "US property tycoon Donald Trump buys Turnberry resort". BBC News. April 29, 2014. Retrieved April 29, 2014.
- Carter, Iain (April 29, 2014). "Turnberry: Donald Trump deal should not affect Open status". BBC News. Retrieved April 29, 2014.
- Bowcott, Owen; Addley, Esther (December 16, 2015). "Alex Salmond brands Trump 'loser' after judges reject windfarm appeal | Environment". The Guardian. Retrieved December 16, 2015.
- Markazi, Arash (July 14, 2015). "5 things to know about Donald Trump's foray into doomed USFL". ESPN.
- "Sports People; New Jersey Generalities". The New York Times. April 4, 1984. Retrieved February 11, 2011.
- Anderson, Dave (December 12, 1983). "Trump Ace: Michaels". The New York Times.
- Terris, Ben (October 19, 2015). "And then there was the time Donald Trump bought a football team". The Washington Post. Retrieved January 17, 2016.
- Anderson, Dave (February 4, 1985). "Be Honest, Mr. Trump". The New York Times. Retrieved October 7, 2016.
- Thomas, Robert McG. Jr. (August 2, 1985). "Generals-Gamblers merger is official". The New York Times.
- Larkin, Brent. "Donald Trump's failed bid to buy the Cleveland Indians", The Plain Dealer (Cleveland), Thursday, October 8, 2015.
- Anderson, Dave (July 12, 1988). "Sports of The Times; Trump: Promoter Or Adviser?". The New York Times. Retrieved February 11, 2011.
- "Trump Gets Tyson Fight". The New York Times. February 25, 1988. Retrieved February 11, 2011.
- "The Strange Tale of Donald Trump's 1989 Biking Extravaganza".
- Litsky, Frank (May 15, 1989). "Dispute Mars End of the Tour de Trump". New York Times. Retrieved April 12, 2016.
- Kryk, John (July 29, 2014). "Probably few new bidders will bid today for Bills". Toronto Sun. Retrieved July 30, 2014.
- Schilken, Chuck (October 13, 2016). "Video: Donald Trump mocks the NFL for being too soft, calls concussions 'a little ding on the head'". Los Angeles Times.
- "Trump Sells Miss Universe Organization to WME-IMG Talent Agency". The New York Times. September 15, 2015. Retrieved January 9, 2016.
- Rutenberg, Jim (June 22, 2002). "Three Beauty Pageants Leaving CBS for NBC". The New York Times. Retrieved August 14, 2016.
- de Moraes, Lisa (June 22, 2002). "There She Goes: Pageants Move to NBC". The Washington Post. Retrieved August 14, 2016.
- Ross, Barbara; McShane, Larry (July 5, 2013). "Miss USA contestant ordered to pay $5 million to Donald Trump for calling pageant 'rigged'". New York Daily News.
- Tadena, Natalie (July 2, 2015). "Donald Trump's Miss USA Pageant Lands on Reelz Cable Channel". The Wall Street Journal.
- Washington Post Staff (June 16, 2015). "Full text: Donald Trump announces a presidential bid". The Washington Post.
- Corriston, Michele (September 11, 2015). "Donald Trump Says He Bought Out NBC, Now Owns All of Miss Universe Organization". People. Retrieved September 11, 2015.
- Ellis, Blake; Hicken, Melanie (March 10, 2016). "Trump's modeling agency broke immigration laws, attorneys say". CNN. Retrieved March 17, 2016.
- Rosenberg, Mica; McNeill, Ryan; Twohey, Megan; Conlin, Michelle (August 1, 2015). "Exclusive – Donald Trump's companies have sought visas to import at least 1,100 workers". Reuters UK. Retrieved March 17, 2016.
- Kranish & Fisher 2016, p. 165.
- Gitell, Seth (March 8, 2016). "I Survived Trump University". Politico. Retrieved March 18, 2016.
- Cohan, William D. "Big Hair on Campus: Did Donald Trump Defraud Thousands of Real-Estate Students?". Vanity Fair. Retrieved March 6, 2016.
- Barbaro, Michael (May 19, 2011). "New York Attorney General Is Investigating Trump's For-Profit School". The New York Times.
- Halperin, David (March 3, 2016). "NY Court Refuses to Dismiss Trump University Case, Describes Fraud Allegations". The Huffington Post.
- Freifeld, Karen (October 16, 2014). "New York judge finds Donald Trump liable for unlicensed school". Reuters. Retrieved February 20, 2015.
- Lee, Michelle Ye Hee (February 27, 2016). "Donald Trump's misleading claim that he's 'won most of' lawsuits over Trump University". The Washington Post. Retrieved February 27, 2016.
- McCoy, Kevin (August 26, 2013). "Trump faces two-front legal fight over 'university'". USA Today.
- Carroll, Rory (November 18, 2016). "Donald Trump settles fraud lawsuits relating to Trump University for $25m". The Guardian. Retrieved November 18, 2016.
- Liptak, Adam (June 3, 2016). "Donald Trump Could Threaten U.S. Rule of Law, Scholars Say". The New York Times.
Mr. Trump accused the judge of bias, falsely said he was Mexican and seemed to issue a threat
- Rappeport, Alan (June 3, 2016). "That Judge Attacked by Donald Trump? He's Faced a Lot Worse". The New York Times. Retrieved June 4, 2016.
- Ford, Matt (June 3, 2016). "Why Is Donald Trump So Angry at Judge Gonzalo Curiel?". The Atlantic. Retrieved June 3, 2016.
- Finnegan, Michael (May 27, 2016). "Trump trashes judge overseeing Trump University fraud case, says it's fine that he's Mexican". Los Angeles Times. Retrieved May 29, 2016.
- Kendall, Brent (June 3, 2016). "Trump Says Judge's Mexican Heritage Presents 'Absolute Conflict'". The Wall Street Journal.
Donald Trump on Thursday escalated his attacks on the federal judge presiding over civil fraud lawsuits against Trump University, amid criticism from legal observers who say the presumptive GOP presidential nominee's comments are an unusual affront on an independent judiciary
- DelReal, Jose; Zezima, Katie (June 1, 2016). "Trump's personal, racially tinged attacks on federal judge alarm legal experts". The Washington Post.
Donald Trump's highly personal, racially tinged attacks on a federal judge overseeing a pair of lawsuits against him have set off a wave of alarm among legal experts, who worry that the Republican presidential candidate's vendetta signals a remarkable disregard for judicial independence
- Walshe, Shushannah; Keneally, Meghan (June 3, 2016). "Legal Experts Worry After Trump Attacks Judge for Alleged Bias, Judge's Brother Calls Trump a 'Blowhard'". ABC News.
- Jackson, David (June 7, 2016). "Trump says judge comments 'misconstrued' amid GOP uprising". USA Today. Retrieved June 8, 2016.
I do not intend to comment on this matter any further
- [full text] Trump, Donald J. (June 7, 2016). "Donald Trump's Statement on Trump University". The New York Times.
- ProPublica, Mike Tigas, Sisi Wei. "Nonprofit Explorer – ProPublica". Retrieved September 9, 2016.
- "Donald J Trump Foundation Inc – GuideStar Profile". guidestar.org. Retrieved September 9, 2016.
- Fahrenthold, David A. (September 1, 2016). "Trump pays IRS a penalty for his foundation violating rules with gift to aid Florida attorney general". The Washington Post.
- Fahrenthold, David A.; Helderman, Rosalind S. (April 10, 2016). "Missing from Trump's list of charitable giving: His own personal cash". The Washington Post.
- Solnik, Claude. "Taking a peek at Trump's (foundation) tax returns", Long Island Business News (September 15, 2016): "charitable giving to conservative political groups, healthcare and sports-related charities".
- Fahrenthold, David A.; Rindler, Danielle (August 18, 2016). "Searching for evidence of Trump's personal giving". The Washington Post.
- Qiu, Linda (August 28, 2016). Yes, Donald Trump donated $100,000 to the Clinton Foundation. PolitiFact.com. Retrieved September 16, 2016.
- Cillizza, Chris and Fahrenthold, David. "Meet the reporter who's giving Donald Trump fits", The Washington Post (September 15, 2016).
- "NY attorney general began investigating Trump Foundation practices". CNN. September 14, 2016. Retrieved September 25, 2016.
- "Trump Foundation Falls Under Investigation By New York Attorney General". Fortune. September 14, 2016. Retrieved September 27, 2016.
- Farenthold, David. "Trump Foundation ordered to stop fundraising by N.Y. attorney general's office", The Washington Post (October 3, 2016).
- Fahrenthold, David A. (December 10, 2019). "Trump pays $2 million in damages ordered by judge over misuse of charity funds, according to NY attorney general". Washington Post. Retrieved January 19, 2021.
- Sallah, Michael (March 3, 2016). "From the Herald archives: Donald Trump's tower of trouble". The Miami Herald. Retrieved March 11, 2016.
- Johnson, M. Alex (July 13, 2015). "'The Answer Is No': Bill Cosby's Hollywood Walk of Fame Star Is Staying Put". NBC News. Retrieved August 1, 2015.
- Holodny, Elena (October 10, 2014). "12 Donald Trump businesses that no longer exist". Yahoo Finance. Retrieved January 17, 2016. See also archived website of this business.
- Koffler, Jacob (August 7, 2015). "Donald Trump's 16 Biggest Business Failures and Successes". Time. Retrieved August 29, 2015.
- "Select By Trump". Archived from the original on January 24, 2016. Retrieved January 17, 2016.
- Abelson, Max (September 3, 2015). "How Trump Invented Trump". Bloomberg Business. Retrieved January 17, 2016.
- Levine, Matt (September 3, 2015). "Should Trump Have Indexed?". Bloomberg View. Retrieved January 17, 2016.
- Moore, Heidi (July 22, 2015). "The weirdest ways Donald Trump makes his money". Mashable. Retrieved January 17, 2016.
- "6 ways Trump makes his money". Politico. July 22, 2015. Retrieved January 17, 2016.
- Purcell, Carey (August 14, 2016). "I Survived 'Trump' Magazine — Barely". Politico. Retrieved August 15, 2016.
- "You've Been Trumped – Movie Review – 2011". About.com. May 3, 2011. Archived from the original on January 28, 2017. Retrieved December 12, 2011.
- Pressler, Jessica (January 11, 2011). "'If I Can't Trust Donald Trump, Who Can I Trust?'". New York. Retrieved March 5, 2016.
- Tuttle, Ian (March 8, 2016). "Add Another Yuuge Failure to Trump's Pile: The Trump Network". National Review. Retrieved March 8, 2016.
- Tuttle, Brad (June 16, 2015). "8 Epic Business Failures with Donald Trump's Name on Them". Time. Retrieved January 17, 2016.
- Snyder, Benjamin (July 6, 2015). "Donald Trump's business fumbles". Fortune. Retrieved January 17, 2016.
- "Trump Steakhouse hit with 51 violations after officials find month-old caviar, expired yogurt". Daily News. New York. November 17, 2012. Retrieved January 17, 2016.
- "That's rich! The Donald cash advice costs 1.5m". Daily News. New York. October 23, 2005. Archived from the original on October 29, 2008. Retrieved July 4, 2008.
- "Donald J. Trump on ACN's Home Based Business". Archived from the original on August 2, 2012. Retrieved July 20, 2012.
- Conlin, Michelle (July 18, 2015). "Presidential hopeful Trump rivals Clinton in speech fees". Reuters. Retrieved January 17, 2016.
- Blankfeld, Keren. "Donald Trump on His Brand Value: Forbes' Numbers Are Ridiculous". Forbes.
- Frangos, Alex (May 18, 2009). "Trump on Trump: Testimony Offers Glimpse of How He Values His Empire". The Wall Street Journal. Retrieved April 14, 2011.
- Carlyle, Erin (June 16, 2015). "Trump Exaggerating His Net Worth (By 100%) In Presidential Bid". Forbes. Retrieved January 27, 2016.
- Lee, MJ (July 1, 2015). "First on CNN: Macy's dumps Donald Trump". CNN. Retrieved January 27, 2016.
- "Serta Mattress Maker Latest to Dump Trump". NBC News. July 2, 2015. Retrieved January 27, 2016.
- Johnson, Will; D'Antonio, Michael (January 11, 2016). "Trump's Campaign Is Damaging His Brand". Politico. Retrieved January 11, 2016.
- Barbaro, Michael (October 17, 2016). "The New Protesters Defying Donald Trump: His Customers". The New York Times. ISSN 0362-4331. Retrieved October 18, 2016.
- Wolff-Mann, Ethan (May 26, 2016). "Hotel Bookings at Donald Trump's Hotels Are Way Down". Money Magazine. Retrieved October 18, 2016.
- "Trump hotels and casino traffic has taken a huge hit since Trump started running for president". CNBC. August 4, 2016. Retrieved October 18, 2016.
- Bruell, Alexandra (October 11, 2016). "Is Trump Teflon? Most Say No as Brand Perception Takes a Hit". Wall Street Journal. ISSN 0099-9660. Retrieved October 12, 2016.
- Castillo, Michelle (October 10, 2016). "Tape release further erodes Trump brand: Survey". CNBC. Retrieved October 12, 2016.
- Feeding Frenzy. New York. New York Media. June 26, 1999. Retrieved January 17, 2016.
- Bogart, Jeff (October 10, 2015). "Stocks or real estate? What Trump can teach us about investing". The Christian Science Monitor. Retrieved January 17, 2016.
- "Why It's Worth Watching Donald Trump's Stock Portfolio". Zacks Equity Research. September 3, 2015. Archived from the original on January 31, 2016. Retrieved January 16, 2016.
- Schaefer, Steve (August 11, 2011). "Trump Grabs Blue-Chips in Battered Market". Forbes. Retrieved January 17, 2016.
- Schaefer, Steve (September 30, 2015). "When Donald Trump Dabbled in Stocks: Why He Started Buying And How Much He Made". Forbes. Retrieved January 17, 2016.
- "6 Stocks That Donald Trump Recently Bought". Seeking Alpha. August 7, 2011. Retrieved January 16, 2016.
- Walker, Hunter (July 22, 2015). "The government just released a document detailing Donald Trump's alleged $10 billion fortune". Business Insider. Retrieved January 17, 2016.
- "Wealth Adviser Daily Briefing: A Peek Inside Donald Trump's Portfolio". The Wall Street Journal. July 24, 2015. Retrieved January 17, 2016.
- Kempner, Matt (August 31, 2015). "Stock market blues? Don't look for Trump's bets to dazzle". Retrieved January 17, 2016.
- Burns, Margie (August 19, 2015). "Donald Trump staying put". Margie Burns. Retrieved January 17, 2016.
- Sanders, Patrick (July 23, 2015). "11 Stocks That Donald Trump Loves". US News Money. Archived from the original on January 9, 2016. Retrieved January 17, 2016.
- "Why It's Worth Watching Donald Trump's Stock Portfolio". Nasdaq. September 3, 2015. Retrieved January 17, 2016.
- Bowsher, Karla (December 9, 2015). "Trump Worth $10 Billion Less Than If He'd Simply Invested in Index Funds". Money Talks News. Retrieved January 17, 2016.
- Hunnicutt, Trevor (July 23, 2015). "Donald Trump's investment portfolio a messy hodgepodge: advisers". Investment News. Retrieved January 17, 2016.
- Walker, Hunter & Myles Udland (July 22, 2015). "Here's what's in Donald Trump's stock portfolio". Business Insider. Retrieved January 16, 2016.
- Jaffe, Chuck (August 1, 2015). "How Donald Trump rates as a fund investor". The Seattle Times. Retrieved January 16, 2016.
- Mcenery, Thornton (July 15, 2015). "President Trump Can't Even Deal With These Financial Disclosure Forms Designed For Poor People". Dealbreaker. Retrieved January 17, 2016.
- Kemmerer, Gillian. "The Donald' trumps expectations in election poll". Hedge Fund Intelligence. Retrieved January 16, 2016.
- Das, Gourab (October 7, 2015). "A Peak into Donald Trump's Mutual Funds". Yahoo Finance. Retrieved January 16, 2016.
- Kempner, Matt (August 31, 2015). "Stock market blues? Don't look for Trump's bets to dazzle". myAJC. Retrieved January 16, 2016.
- Jaffe, Chuck. "Donald Trump fails the fiscal responsibility test in his fund picks". MSN Money. Archived from the original on January 27, 2016. Retrieved January 17, 2016.
- LaRoche, Julia. "Donald Trump has millions invested with 'paper pusher' hedge fund managers". Business Insider. Retrieved January 16, 2016.
- Udland, Myles (July 22, 2015). "Donald Trump owns gold". Business Insider. Retrieved January 16, 2016.
- "Donald Trump's Tax Obligation". The Wall Street Journal. February 19, 2016. Retrieved February 22, 2016.
- Diamond, Jeremy (March 31, 2016). "Trump campaign releases letter confirming IRS audit". CNN.
- Diamond, Jeremy (May 12, 2016). "Donald Trump: I'll release tax returns after audit". CNN.
- Lewandowski, Corey R. (July 15, 2015). "Donald J. Trump Files Personal Financial Disclosure Statement With Federal Election Commission" (PDF). Archived from the original (PDF) on March 9, 2016. Retrieved March 8, 2016.
- Tully, Shawn (March 2, 2016). "Why Donald Trump's Tax Returns May Prove He's Not That Rich". Fortune. Retrieved March 10, 2016.
- Elstein, Aaron (March 8, 2016). "Trump qualified for a tax break for New Yorkers making $500K or less". Crain's. Retrieved March 10, 2016.
- "Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found". The New York Times. October 2, 2016.
- Eder, Steve; Twohey, Megan (October 10, 2016). "Donald Trump Acknowledges Not Paying Federal Income Taxes for Years". The New York Times.
- Salisbury, Ian (November 1, 2016). "Did Trump Really Lose $1 Billion in One Year?". TIME. New York. Retrieved November 1, 2016.
Trump, or his tax advisers, had somehow devised a way to claim large business losses tied to debts that had been forgiven without reporting offsetting income that would have reduced his staggering loss ... documents that appear to show during the early 1990s Trump indeed used a strategy of swapping partnership interests to his creditors in exchange for having his businesses debts forgiven, eliminating the need for him to report this relief as income. There are still plenty of unknowns.
- "Donald Trump Used Legally Dubious Method to Avoid Paying Taxes". The Times. November 1, 2016. Retrieved November 1, 2016.