>>> WELCOME BACK. LATE TODAY THE "NEW YORK TIMES"
DROPPED A BOMBSHELL REPORT ABOUT
THE SOURCE OF PRESIDENT TRUMP’S
MONEY, A REPORT THAT
DRAMATICALLY CHALLENGES TRUMP’S
CAREFULLY CRAFTED IMAGE.
THE TIMES INVESTIGATION BASED ON
A VAST TROVE OF CONFIDENTIAL TAX
RETURNS REVEALS THAT MR. TRUMP
RECEIVED EQUIVALENT TODAY OF
$413 MILLION OF HIS FATHER’S
REAL ESTATE EMPIRE STARTING WHEN
HE WAS A TODDLER.
THIS DETAILS THE LENGTHS HIS
FATHER WOULD GO TO TRANSFERRING
OVER $1 BILLION WHILE MANAGING
TO PAY ONLY FIVE PERCENT IN GIFT
AND INHERITANCE TAXES.
IT SHOULD BE 55%.
MOST DAMAGING IN THAT, PRESIDENT
TRUMP PARTICIPATED IN DUBIOUS
TAX SCHEMES DURING THE 1990s
INCLUDING INSTANCES OF OUTRIGHT
FRAUD THAT GREATLY INCREASED THE
FORTUNE HE RECEIVED FROM HIS
PARENTS.
PARENTS. IN A STATEMENT TO THE TIMES A
LAWYER CALLED THE REPORT 100%
FALSE SAYING THERE WAS NO FRAUD
OR TAX EVASION BY ANYONE.
IT COULD BE ACCURATE.
THE ATTORNEY ADDED PRESIDENT
TRUMP HAD VIRTUALLY NO
INVOLVEMENT WITH THE MATTERS.
I AM JOINED BY THE AUTHOR AND
ONE OF THE "NEW YORK TIMES"
REPORTERS WHO BROKE THIS STORY.
THIS STORY DOES OPEN UP THE
QUESTION, I WAS DOING THE MATH,
$400 MILLION -- IT’S ABOUT 50
MILLION BACK THEN.
IT IS STILL A HELL OF A LOT OF
MONEY BACK THEN.
HOW DID HE GET THAT MONEY TO HIS
SON?
SON? >> WE DOCUMENTED 295 DIFFERENT
WAYS THAT FRED TRUMP FOUND WAYS
TO FUNNEL MONEY TO HIS CHILDREN
AND ESPECIALLY TO DONALD TRUMP.
IT STARTED WHEN DONALD WAS A
TODDLER, AGE 3.
AND IT HAS CONTINUED THROUGHOUT
DONALD TRUMP’S ADOLESCENCE INTO
ADULTHOOD AND WELL INTO HIS 40s
AND 50s.
AND 50s. AND WHAT FRED TRUMP DID WAS AS
MUCH AS A GENIUS AS HE WAS ABOUT
REAL ESTATE, HE WAS ALSO
ENDLESSLY CREATIVE AND KIND OF
CONCOCTING NEW WAYS TO GET MONEY
TO HIS SON.
SO HE DIDN’T JUST PUT HIM ON HIS
PAYROLL, BUT HE ALSO MADE HIM
HIS BANKER AND HIS LANDLORD AND
A CONSULT SKPNTLTULTANT AND PURC
AGENT.
AGENT. HE GAVE HIM LAUNDRY MONEY FROM
HIS BUILDINGS.
HIS BUILDINGS. ONE BIG COMPONENT IS TO DESCRIBE
THE EXTENT TO WHICH DONALD
TRUMP’S WEALTH WAS REALLY
INTERTWINED VERY MUCH SO WITH
HIS FATHER’S WEALTH.
THE SECOND REALLY IMPORTANT
POINT IS THAT THE AMOUNT OF
MONEY THAT FRED TRUMP PASSED TO
HIS SON THROUGH GIFT AND
INHERITANCE WAS GREATLY
INCREASED BY A NUMBER OF VERY
DUBIOUS TAX SCHEMES INCLUDING
INSTANCES OF OUTRIGHT FRAUD.
IN ONE CASE AS WE DESCRIBE IN
THE STORY, THE TRUMP FAMILY SET
UP A SHAM CORPORATION THAT WAS
BASICALLY DESIGNED TO SIPHON
CASH OUT OF FRED TRUMP’S EMPIRE
AND INTO THE POCKETS OF THE
TRUMP CHILDREN IN A WAY THAT
WOULD EVADE THE 55% TAX ON
GIFTS.
GIFTS. THERE ARE A NUMBER OF OTHER
THINGS THAT WE LAY OUT IN THIS
STORY WHICH WE ALSO, I SHOULD
NOTE, WENT TO GREAT LENGTHS TO
ACTUALLY MAKE AVAILABLE TO OUR
READERS THE SOURCE DOCUMENTS,
THE ACTUAL TAX RETURNS AND
FINANCIAL DOCUMENTS THAT FORM
THE BASIS OF THIS INVESTIGATION.
>> A HELL OF A STORY.
THANK YOU FOR JOINING US BY
PHONE.
PHONE. IT SEEMS TO ME THAT ONE OF THE
ALFRED HITCHCOCK QUESTIONS GOING
IN TO THIS WAS HOW COME UNLIKE
EVERY OTHER PRESIDENTIAL
CANDIDATE INCLUDING HILLARY
CLINTON WE NEVER GET TO SEE HIS
TAX RETURNS.
TAX RETURNS. HERE WE ARE, A CLASSIC EXAMPLE,
IF THIS IS ALL TRUE, HE WAS
HIDING THIS.
HIDING THIS. HE WASN’T A SELF-MADE
BILLIONAIRE.
BILLIONAIRE. HE WAS AN INHERITED RICH KID.
>> WE ALWAYS THOUGHT DONALD
TRUMP WAS BORN ON THIRD BASE,
BUT THIS SHOWS HE WAS BORN IN
THE TROPHY CASE.
DONALD TRUMP CAN COME CLEAN AND
RELEASE HIS TAX RETURNS OR HOUSE
REPUBLICANS COULD DEMAND THAT.
>> DOES MUELLER HAVE THEM?
>> I SUSPECT HE DOES.
I DON’T THINK HE NEEDS THEM.
IF WE WIN THE HOUSE WE WILL DO
ALL THE INVESTIGATIONS THAT THEY
HAVE BEEN UNWILLING TO DO.
>> THE ISSUE WITH KAVANAUGH,
DONALD TRUMP HAS REPEATED AGAIN
AND AGAIN THE CLAIM THAT HE ONLY
RECEIVED A SMALL LOAN FROM HIS
FATHER WHICH HE TURNED INTO THIS
VAST FORTUNE OF HIS.
LET’S WATCH HIM DOING THAT
PROMISE AGAINST THE REALITY WE
JUST DISCOVERED THANKS TO THE
TIMES PIECE.
TIMES PIECE. >> IT HAS NOT BEEN EASY FOR ME.
I STARTED OFF IN BROOKLYN.
MY FATHER GAVE ME A SMALL LOAN
OF A MILLION DOLLARS.
I CAME INTO MANHATTAN AND I HAD
TO PAY HIM BACK WITH INTEREST.
I STARTED BUYING UP PROPERTIES
AND I DID GREAT.
>> WHAT DO YOU MAKE OF THAT
CLAIM?
CLAIM? ACCORDING TO THE TIMES IN THIS
ARTICLE, TRUMP’S FATHER GAVE HIM
LOAN OVER LOAN AGAIN AND AGAIN
AND PROVIDED MONEY FOR HIS CAR,
EMPLOYEES, MONEY FOR HIS FIRST
MANHATTAN OFFICES, GAVE HIM
THREE TRUST FUNDS, SHARES OF
MULTIPLE PARTNERSHIPS, $10,000
CHRISTMAS CHECKS, LAUNDRY
REVENUE FROM HIS BUILDINGS.
THIS GUY WAS NOT BORN ON FIRST
BASE.
BASE. >> THAT’S RIGHT.
SINCE WHEN IS ONE MILLION
DOLLARS A SMALL LOAN.
IF THE REPORTING IS TRUE THERE
DOES SEEM TO BE A DECADES LONG
PATTERN AND PRACTICE OF NOT JUST
OUTRIGHT FRAUD BUT SORT OF DEATH
BY A THOUSAND CUTS OF THE TAX
CODE AND SMALL WAYS OF
OUTSMARTING AND PERFORMING
ILLEGAL SORT OF MANEUVERS IN
MANY CASES UNDER VALUING THE
PRICE OF CERTAIN PROPERTIES WHEN
IT BEHOOVES THEM.
SO THE HALL MARK OF ANY CRIMINAL
PROSECUTION IS A KNOWING AND
WILLFUL VIOLATION OF THE LAW
EVEN THOUGH THE STATUTE OF
LIMITATIONS HAS LONG SINCE
PASSED ON A CRIMINAL CHARGE.
CERTAINLY THERE STILL COULD BE
CIVIL CHARGES UP FOR DEBATE IN
HERE.
HERE. >> HE HAS AN AMAZING ABILITY TO
SLIP OUT FROM UNDER CLAIMS.
HE IS A LITTLE GUY WHO MADE IT
BIG AND THEN YOU FIND THAT HE IS
NOT.
NOT. HE SLIPS RIGHT THROUGH THESE
THINGS.
THINGS. LET ME JUST SAY SOMETHING
ELSE --
ELSE -- >> TO BE AN EFFECTIVE PRESIDENT
YOU HAVE TO BE A TRUSTED
PRESIDENT.
PRESIDENT. RIGHT NOW THE AMERICAN PEOPLE
DESERVE TO KNOW IF HE IS A
FRAUD.
FRAUD. IF THE PRESIDENT HAS CONVINCED
THEM THAT HE WAS SUCCESSFUL AND
THE WAY HE BECAME SUCCESSFUL IS
FRAUDULENT, HOW CAN THEY BELIEVE
HE WILL MAKE THEM SUCCESSFUL?
>> DO YOU THINK SOMEBODY RUNNING
AGAINST HIM FOR PRESIDENT WILL
BE ABLE TO MAKE A CASE THAT HE
IS THE GUY WHO PULLED THE CON?
>> HE HEARD AND SAW A LOT OF
PEOPLE WHO WERE NOT HEARD AND
SEEN.
SEEN. BECAUSE HE IS SO FRAUDULENT AND
A CHEAT HE NOT THE ABLE TO
DELIVER FOR THEM.
THOSE ISSUES ARE STILL THERE.
>> I WONDER WHETHER THAT OLD
PHRASE FOR THE AVERAGE GUY OR
AVERAGE WOMAN WILL BUY THE FACT
THAT HE IS ONE OF THEM NOW.
>> IT LOOKS LIKE BASED ON THE
STATEMENT THAT CHARLES HARDER
GAVE ABOUT THE TIMES REPORTING,
IT LOOKS LIKE THEY ARE GOING TO
EMPLOY SOME SORT OF ADVICE OF
COUNSEL DEFENSE WHICH IS THE TAX
CODE IS ENDLESSLY COMPLICATED
FOR THE AVERAGE MAN TO
UNDERSTAND.
UNDERSTAND. IT IS BASICALLY HIDING BEHIND
YOUR LAWYERS SAYING I HAD NO
IDEA WHAT WAS GOING ON HERE.
WE EMPLOYED LEGITIMATE PEOPLE
FOR THE PURPOSES OF DOING OUR
TAXES AND SO ON AND SO FORTH.