President Trump’s son Eric Trump recently denied confessing to a golf reporter that his father renovated some of his golf courses with Russian money when U.S. banks refused to fund his projects.
Russians ‘Interested’ in the Trumps’ Golf Business
According to sportswriter James Dodson, the younger Trump told him three years ago that his family had all the funding they needed out of Russia. “Well, we don’t rely on American banks,” Trump reportedly told the reporter in 2014.
Dodson also said he learned Russians were really “interested” in Trump family’s golf business, so the Trumps “just [went] there all the time”. On Monday, however, the young businessman denied ever saying such thing. He dismissed the story as “completely fabricated”.
The president himself has repeatedly denied having any business connections with Russia.
Russia has never tried to use leverage over me. I HAVE NOTHING TO DO WITH RUSSIA – NO DEALS, NO LOANS, NO NOTHING!
— Donald J. Trump (@realDonaldTrump) January 11, 2017
However, his oldest son, Trump Jr., once said that his family saw a lot of funds “pouring in from Russia”.
Dodson said in an interview Sunday that in 2014, Eric Trump told him his family’s golf business got a $100 million investment from Russian for “renovations”. Trump reportedly made the confession after Dodson had asked him who would sponsor such endeavor when U.S. banks were turning down clients because of the Great Recession.
“As we were setting off, I said, ‘Eric, who’s funding? I know no banks — because of the recession, the Great Recession — have touched a golf course,”
the reporter recalled.
Trump replied that his family didn’t need U.S. banks as they could access the funding in Russia. When Dodson expressed surprise over the revelation, Trump reportedly confirmed that some Russian “guys” who “really, really love golf” provided the necessary funding all the time.
In 2008, president Trump’s eldest son told a large crowd of real estate entrepreneurs that Russian cash was “pouring in” to his dad’s business. Trump Jr. said that a lot of the family business’ assets came from Russia. He mentioned the real estate developments in Dubai and New York City’s SoHo were built on Russian money.
Donald Trump’s Troubling Foreign Bank Reliance
Nevertheless, the revelations should not come as a surprise as Trump has routinely resorted to the help of foreign banks when American bankers wouldn’t lend him because of his reckless investing behavior.
For instance, he heavily borrowed money from the German banking giant Deutsche Bank to which he is still indebted. As of December, the president owed the German bank over $340 million. Trump had to borrow the sum because a $950 million real estate partnership he got into several years ago. The real estate tycoon got impressive loans from the state-controlled Bank of China too.
The recent revelations along with the fact that the president owes his international creditors bigly raised concerns that he might get caught in a series of conflicts of interest. For instance, his decisions could benefit his creditors more than the American people. And this is a really concerning fact if one of Trump family’s creditors is Russia.
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