THANK YOU FOR WATCHING. "DEADLINE WHITE HOUSE" WITH
NICOLELE WALLACE STARTS NOW.
>>> HELLO, EVERYONE, IT’S 4:00
IN WASHINGTON.
IN WASHINGTON. IN-DEPTH INVESTIGATION INTO
DONALD TRUMP’S FINANCES, FROM
"THE NEW YORK TIMES," DROPPING
IN JUST THE LAST HOUR.
IMPLYICATES PRESIDENT TRUMP IN
SUSPECTED TAX EVASION AND
INSTANCES OF OUTRIGHT FRAUD.
THAT, QUOTE, GREATLY INCREASE
THE FORTUNE HE RECEIVED FROM HIS
PARENTS.
PARENTS. A POTENTIALLY DEVASTATING
REVELATION FOR A PRESIDENT WHO
HAS BASED HIS ENTIRE IDENTITY IN
THE PUBLIC AND PRIVATE SECTORS
ON THE CONTENTION THAT HE’S A
SELF-MADE BILLIONAIRE.
SELF-MADE BILLIONAIRE. THE STUNNING REPORT IS THE
RESULT OF AN EXHAUSTIVE
INVESTIGATION BY THE NOOIM"THE N
TIMES," BASED ON WHAT IT
DESCRIBES AS A VAST TROVE OF
CONTROVERSIAL TAX RETURNS AND
FINANCIAL RECORDS.
FINANCIAL RECORDS. IT’S THE FIRST COMPREHENSIVE
LOOK AT THE PRESIDENT’S ENTIRE
FINANCIAL HISTORY.
FINANCIAL HISTORY. THE REPORT REVEALS TRUMP
RECEIVED THE EQUIVALENT TODAY OF
AT LEAST $413 MILLION FROM HIS
FATHER’S REAL ESTATE EMPIRE.
STARTING WHEN HE WAS A TODDLER
AND CONTINUING TO THIS DAY.
ADDING THAT MUCH OF THIS MONEY
CAME TO MR. TRUMP BECAUSE HE
HELPED HIS PARENTS DODGE TAXES.
HE AND HIS SIBLINGS SET UP A
SHAM CORPORATION TO DISGUISE
MILLIONS OF DOLLARS IN GIFTS
FROM THEIR PARENTS.
RECORDS AND INTERVIEWS SHOW.
RECORDS INDICATE THAT MR. TRUMP
HELPED HIS FATHER TAKE IMPROPER
TAX DEDUCTIONS WORTH MILLIONS
MORE.
MORE. AN ATTORNEY FOR PRESIDENT TRUMP
FORCEFULLY DENIES THE LITANY OF
ALLEGATIONS LAID OUT BY THE
"TIMES" SAYING, ""THE NEW YORK
TIMES" ALLEGATIONS OF FRAUD AND
TAX EVASION ARE 100% FALSE AND
HIGHLY DEFAMATORY.
HIGHLY DEFAMATORY. THERE WAS NO FRAUD OR TAX
EVASION BY ANYONE.
THE FACTS UPON WHICH THE "TIMES"
BASES ITS FALSE ALLEGATIONS ARE
EXTREMELY INACCURATE.
EXTREMELY INACCURATE. SHOULD THE "TIMES" STATE OR
IMPLY THAT PRESIDENT TRUMP
PARTICIPATED IN FRAUD, TAX
EVASION, OR ANY OTHER CRIME, IT
WILL BE EXPOSING ITSELF TO
SUBSTANTIAL LIABILITY AND
DAMAGES FOR DEFAMATION."
HERE TO HELP US SIFT THROUGH
THIS MASSIVE STORY, JENNIFER
RUBEN, "WASHINGTON POST" OPINION
WRITER, HAPPENSES TO BE A FORMER
TAX ATTORNEY.
TAX ATTORNEY. MATT MILLER, FORMER CHIEF
SPOKESMAN FOR THE JUSTICE
DEPARTMENT.
DEPARTMENT. ASHLEY PARKER, WHITE HOUSE
REPORTER FOR THE "WASHINGTON
POST."
POST." SAM STEIN, POLITICS EDITOR FOR
THE DAILY BEAST.
ASHLEY, LET ME START WITH YOU ON
THE SHEER POLITICAL ENORMITY OF
THE ENTIRE TRUMP BRAND, THE
SELF-MADE BILLIONAIRE, FALLING
APART BASED ON THIS
INVESTIGATION.
INVESTIGATION. >> WELL, IT CERTAINLY DOES
UNDERCUT HIS INCEPTION STORY AND
HIS NARRATIVE WHICH IS SORT OF
THE CRUX OF BEING DONALD TRUMP.
RIGHT?
RIGHT? AND THE IRONY IS THAT STORY
REALLY COMES FROM FOR A LOT OF
VOTERS WHAT THEY LEARNED ABOUT
THE PRESIDENT ON "THE
APPRENTICE" WHICH IS ACTUALLY
SORT OF -- IT IS REALITY
TELEVISION, AND IT’S QUITE
FICTITIOUS.
FICTITIOUS. SO NOW YOU HAVE ACTUAL REALITY
BUMPING UP WITH THE FICTION OF
REALITY TV.
REALITY TV. AND SO THAT IS HUGE AND CANNOT
BE OVERSTATED.
BE OVERSTATED. AT THE SAME TIME, AGAIN, WHAT
WE’LL HAVE TO WAIT AND SEE, THIS
LITERALLY JUST BROKE, ONE THING
THAT STRUCK ME ESPECIALLY ABOUT
THE PRESIDENT’S CORE GROUP OF
SUPPORTERS, THE PRESIDENT HAS
OFTEN BEEN ABLE TO SAY TO THINGS
LIKE MAKING PRODUCTS OVERSEAS
THAT OTHERWISE WOULD BE
UNACCEPTABLE
UNACCEPTABLE UNACCEPTABLE, WOULDN’T YOU HAVE
DONE THE SAME THING?
WOULDN’T YOU, TOO, HAVE AVOIDED
TAXES IF YOU COULD?
THAT’S SMART BUSINESS.
WE DON’T KNOW WHAT HIS RESPONSE
WILL BE.
WILL BE. ON ONE HAND, YOU’RE RIGHT, IT
TOTAL HE UNDERCUTS THE MYTH OF
PRESIDENT TRUMP, DEALMAKER, THE
BUSINESSMAN.
BUSINESSMAN. ON THE OTHER HAND, IT WILL BE
INTERESTING TO SEE IF THE
PRESIDENT CAN FIND A WAY TO TALK
HIS WAY OUT OF THIS.
>> LET’S SEE, IT’S NOT JUST HIS
IDENTITY BASED ON HIS TIME IN
REALITY TELEVISION, IT WAS ONE
OF THESE CENTRAL MESSAGES ON THE
CAMPAIGN TRAIL.
CAMPAIGN TRAIL. HERE’S DONALD TRUMP TALKING
ABOUT BEING SELF-MADE.
>> I MEAN, MY WHOLE LIFE REALLY
HAS BEEN A NO, AND I FOUGHT
THROUGH IT.
THROUGH IT. I HAVE BEEN -- YOU KNOW, I TALK
ABOUT IT.
ABOUT IT. IT’S NOT BEEN EASY FOR ME.
IT HAS NOT BEEN EASY FOR ME.
YOU KNOW, I STARTED OFF IN
BROOKLYN.
BROOKLYN. MY FATHER GAVE ME A SMALL LOAN
OF $1 MILLION.
MY FATHER GAVE ME A VERY SMALL
LOAN IN 1975 AND I BUILT IT INTO
A COMPANY THAT’S WORTH MANY H,,
MANY BILLIONS OF DOLLARS WITH
SOME THE GREATEST ASSETS IN THE
WORLD.
WORLD. I SAY THAT ONLY BECAUSE THAT’S
THE KIND OF THINKING OUR COUNTRY
FEEDS.
FEEDS. >> I MAY HAVE TO WATCH THAT A
FEW TIMES TO GET THROUGH THIS
HOUR.
HOUR. LET ME CONTRAST HIS PUBLIC
STATEMENTS, WHICH OFTEN STRUGGLE
WITH THE TRUTH, WITH THE FIRST
COUPLE PARAGRAPHS OF THIS NEW
"TIMES" INVESTIGATION.
"TIMES" INVESTIGATION. "THE PRESIDENT LONG SOLD HIMSELF
AS A SELF-MADE BILLIONAIRE.
A "TIMES" INVESTIGATION FOUND HE
RECEIVED AT LEAST $413 MILLION
IN TODAY’S DOLLARS FROM HIS
FATHER’S REAL ESTATE EMPIRE,
MUCH OF IT THROUGH TAX DODGES.
PRESIDENT TRUMP PARTICIPATED IN
DUBIOUS TAX SCHEMES DURING THE 9
’90s INCLUDING INSTANCES OF
OUTRIGHT FRAUD THAT INCREASED
THE FORTUNE HE RECEIVED FROM HIS
PARENTS."
PARENTS." SAM?
SAM? >> YEAH.
>> YEAH. >> HERE’S THE THING.
I THINK YOU CAN SAY YOU’RE GOING
TO, YOU KNOW, HAVE A CERTAIN
POSITION, YOU CAN SAY YOU’RE
GOING TO BUILD A WALL AND NEVER
BUILD THE WALL.
YOU CAN SAY YOU’RE GOING TO, YOU
KNOW, DO THIS OR THAT.
I DON’T THINK YOU CAN SAY YOU’RE
SELF-MADE AND ACTUALLY BE
SOMEONE WHO INHERITED $433
MILLION.
MILLION. >> YOU WANT TO BET?
I BET TRUMP WILL DO IT.
NO, I MEAN, FOR A LOT OF PEOPLE
WHO WATCH THIS OPEN MINDEDLY,
THIS IS NOTHING NEW.
WE KNEW THAT, YOU KNOW, HE WAS
AN INHERITER OF IMMENSE WEALTH,
THAT HIS FATHER HELPED BAIL HIM
OUT ON NUMEROUS OCCASIONS.
>> HE WAS 8 WHEN HE BECAME A
MILLIONAIRE.
MILLIONAIRE. >> ACCORDING TO THE STORY.
BY AGE 3, HE WAS EARNING
$200,000 A YEAR.
IN TODAY’S MONEY, A MILLIONAIRE
BY AGE 8.
BY AGE 8. MAYBE HE, YOU KNOW, I DON’T
KNOW, MAYBE --
>> HARD KNOCKS.
>> BUILDING THOSE TRAIN SETS.
BUT, YOU KNOW, TO ASHLEY’S
POINT, VOTERS SEEM TO NOT REALLY
CARE.
CARE. FOR ME, YOU KNOW, WHAT’S
REMARKABLE ABOUT THIS, AND I’M
LOOKING AT IT IN A META SENSE,
YOU KNOW, ONE OF THE THINGS THAT
IS REMARKABLE, WHY DID IT TAKE
SO LONG FOR SOMETHING LIKE THIS
TO COME OUT ABOUT HIS
BACKGROUND?
BACKGROUND? THIS IS INSTRUCTIONAL, ABOUT WHO
HE IS, FOUNDATIONAL TO HIS
STORY.
STORY. WE’RE JUST NOW GETTING THIS
STUFF.
STUFF. THE REASON IS BECAUSE DONALD
TRUMP UNLIKE ANY OTHER PERSON
WHO’S EVER RUN FOR PRESIDENT
BEFORE COMES FROM ARE A
DIFFERENT TYPE OF UNIVERSE.
SO PEOPLE WHO ARE ALWAYS LOOKING
INTO HIS PAST, THE OPPOSITION
RESEARCHERS ON DIFFERENT
CAMPAIGNS, HAD A LOT OF TROUBLE
DIGGING INTO STUFF BECAUSE THE
PAPER TRIAL IS SO BYZANTINE AND
COMPLEX.
COMPLEX. AS OPPOSED TO A POLITICIAN WHO
HAS VOTES OR TOOK DONATIONS.
>> PUBLIC LIFE.
THE "TIMES" ADDRESSES YOUR
POINT.
POINT. LET ME READ THAT.
THEY REPORT, THE TOP OF THE
STORY, "A HANDFUL OF JOURNALISTS
AND BIOGRAPHERS, WAYNE BARRETT,
DAVID K. JOHNSON, TIM O’BRIEN,
HAVE CHALLENGED TRUMP’S STORIES,
ESPECIALLY THE CLAIM OF BEING
WORTH $10 BILLION."
DESCRIBED HOW MR. TRUMP
PIGGYBACKED OFF HIS FATHER TO
GAIN A FOOT HOLD IN REAL ESTATE.
CITING EVIDENCE HE ACTUALLY GOT
$14 MILLION.
$14 MILLION. THEY TOLD HOW FRED TRUMP HELPED
HIS SON MAKE A BOND PAYMENT AT
AN ATLANTIC CITY CASINO, BYING
$3.5 BILLION IN CASINO CHIPS.
THE "TIMES" INVESTIGATION OF THE
TRUMP FAMILY FINANCES IS
UNPRECEDENTED IN SCOPE AND
PRECISION OFFERING THE FIRST
COMPREHENSIVE LOOK AT THE
INHERITED FORTUNES AND TAX
DODGES THAT OFFERED DONALD J.
TRUMP A GILDED LIFE.
IN EVERY AREA OF HIS LIFE, HIS
FINANCES WERE DEEPLY
INTERTWINED, ON HIS FATHER’S
WEALTH.
WEALTH. >> THERE ARE SOME ANECDOTES IN
HERE THAT BOGGLE THE MIND.
FOR INSTANCE, SETTING UP THIS,
ESSENTIALLY WHAT IS A SHELL
COMPANY, OSTENSIBLY DESIGNED TO
DO ALL THE PURCHASES FOR THE
PROPERTIES THEY HAD IN FRED
TRUMP’S EMPIRE, BUT REALLY
MAKING INMAKE
MAKING INMAKE ING NO PURCHASES AT ALL.
CLAIMING THE PURCHASES WERE MADE
AND TRANSFERRING THE MONEY TO
DONALD TRUMP AND HIS SIBLINGS.
THAT’S GROSS EVASION OF
TAXATION.
TAXATION. THERE’S ANOTHER ANECDOTE ABOUT
DONALD TRUMP TRYING TO
ESSENTIALLY TAKE HIS FATHER’S
WILL, MANIPULATE IT TO BECOME
THE SOLE ENHARTER AND HIS OWN
SISTER AT HIS FATHER’S
INSTRUCTIONS LOOKING AT IT
SAYING THIS DOESN’T PASS THE
SMELL TEST.
SMELL TEST. THOSE ARE BIOGRAPHICAL CHARACTER
ASSESSMENTS THAT COULD RESONATE
WITH VOTERS BUT MIGHT GET LOST
IN THE BUSINESS --
>> ON THE PHONE WE HAVE ONE OF
THE REPORTERS WHO BROKE THE
STORY, DAVID BARSTOW, POLITICAL
PRIZE WINNING SENIOR WRITER AT
"THE NEW YORK TIMES."
WE’RE DIVING THROUGH THIS IN
REALTIME.
REALTIME. TAKE US THROUGH NOT JUST THE
REVELATIONS IN YOUR REPORTING,
BUT THE BREADTH AND THE DEPTH
AND THE TIME INVESTED IN THIS
INVESTIGATION.
INVESTIGATION. >> YEAH, WE SPENT AN ENORMOUS
AMOUNT OF TIME, I THINK AS YOU
CAN SEE, FROM JUST THE SHEER
LENGTH OF THE STORY.
TRYING TO PIECE TOGETHER USING,
YOU KNOW, OVER 100,000 PIECES OF
PAPER THAT WE SWEPT UP OVER
MANY, MANY MONTHS OF REPORTING.
AND -- AND TRYING TO REALLY PEEL
BACK A WHOLE BUNCH OF MORE
LAYERS OF THE ONION IN TERMS OF
LOOKING AT THE FINANCIAL
BIOGRAPHY OF THE 45th PRESIDENT.
I THINK THE MOST, YOU KNOW,
THINK SOME OF THE NOTABLE THINGS
THAT HELP GIVE OUR REPORTING
BOTH ITS PRECISION AND ITS
DETAIL IS THAT WE WERE ABLE TO
ULTIMATELY SWEEP UP TENS OF
THOUSANDS OF PAGES OF PREVIOUSLY
CONFIDENTIAL FINANCIAL RECORDS
THAT REALLY DETAIL THE INNER
WORKINGS OF THE VERY IMPRESSIVE
REAL ESTATE EMPIRE THAT THE
PRESIDENT’S FATHER CONSTRUCTED
OVER MANY YEARS IN BROOKLYN AND
QUEENS, INCLUDING MORE THAN 200
TAX RETURNS THAT ARE NOT THE
PRESIDENT’S TAX RETURNS, BUT
THESE ARE TAX RETURNS THAT
ACTUALLY FOR THE FIRST TIME GIVE
US A SENSE OF THE MONEY THAT
FLOWED FROM FRED TRUMP’S REAL
ESTATE EMPIRE TO THE PRESIDENT
THROUGH VARIOUS FAMILY
PARTNERSHIPS AND TRUSTS.
>> DAVID, IT’S EXTRAORDINARY AS
YOU’RE TALKING ABOUT IT IN ITS
DETAIL, BUT I WONDER IF WE CAN
START AT THE BEGINNING OF DONALD
TRUMP ICE
TRUMP ICE TRUMP’S LIFE.
TRUMP’S LIFE. YOU REPORT BY AGE 3, MR. TRUMP
WAS EARNING $200,000 A YEAR IN
TODAY’S DOLLARS FROM HIS
FATHER’S EMPIRE.
FATHER’S EMPIRE. HE WAS A MILLIONAIRE BY AGE 8.
BY THE TIME HE WAS 17, HIS
FATHER HAD GIVEN HIM PART
OWNERSHIP OF A 52-UNIT APARTMENT
BUILDING.
BUILDING. SOON AFTER, MR. TRUMP GRADUATED
FROM COLLEGE.
FROM COLLEGE. HE WAS RECEIVING THE EQUIVALENT
OF $1 MILLION A YEAR FROM HIS
FATHER.
FATHER. THE MONEY INCREASED WITH THE
YEARS TO MORE THAN $5 MILLION IN
HIS 40s AND 50s."
SO THE LIE -- DID YOU UNCOVER
WHEN THE LIE ABOUT BEING
SELF-MADE AND ONLY RECEIVING $1
MILLION TOTAL FROM HIS FATHER,
WHERE THAT CAME FROM?
>> INCREDIBLY CREATIVE WAYS THAT
FRED TRUMP CAME UP WITH TO
FUNNEL MONEY TO -- TO ALL OF HIS
CHILDREN, BUT ACTUALLY TO DONALD
TRUMP IN PARTICULAR.
WE ACTUALLY HAVE BEEN ABLE TO
DOCUMENT 295 DIFFERENT STREAMS
OF REVENUE THAT FRED TRUMP
CREATED TO ENRICH DONALD TRUMP
OVER A 50-YEAR PERIOD OF TIME.
I MEAN, IT WAS KIND OF
ASTONISHING THE DIFFERENT WAYS
THAT FRED TRUMP FUNNELED MONEY
TO DONALD.
TO DONALD. HE DIDN’T JUST PUT HIM ON HIS
PAYROLL.
PAYROLL. HE MADE HIM HIS BANKER.
HE MADE HIM HIS LANDLORD.
HE MADE HIM HIS CONSULTANT.
HE MADE HIM HIS PROPERTY
MANAGER.
MANAGER. HE MADE HIM HIS PURCHASING
AGENT.
AGENT. HE GAVE HIM LAUNDRY REVENUE.
SORT OF ON AND ON AND ON AND ON.
THE VARIOUS METHODS AND
STRATEGIES THAT FRED TRUMP USED
TO FUNNEL MONEY TO -- TO
PRESIDENT TRUMP.
PRESIDENT TRUMP. AND NOT JUST AT THE BEGINNING OF
THE PRESIDENT’S CAREER, BUT
ACTUALLY THROUGHOUT HIS
ADULTHOOD.
ADULTHOOD. YOU KNOW, WE COULD SEE AND TRACE
THROUGH THE DOCUMENTS THAT WE
OBTAINED THAT WHEN THE PRESIDENT
WAS IN TROUBLE, FRED TRUMP WAS
THERE AND, YOU KNOW, SUPPORTING
HIM, TRACE TO THE DOCUMENTS THAT
WE
WE --
LOANS, ET CETERA. WE’VE TRACED $413 MILLION IN
DIRECT FINANCIAL SUPPORT THAT
FRED TRUMP GAVE TO HIS SON OVER,
YOU KNOW, OVER MULTIPLE DECADES.
THIS, OF COURSE, IS ALSO THE
PRESIDENT WHO I THINK WE ALL GOT
VERY FAMILIAR WITH ON THE
CAMPAIGN TRAIL SAYING HE STARTED
WITH A $1 SMLMILLION LOAN FROM H
FATHER AND PARLAYED THAT INTO
THIS $10 BILLION EMPIRE.
>> A COMPLETE FICTION.
I FOUND THIS SECTION OF THE
PIECE THAT YOU WERE JUST TALKING
ABOUT.
ABOUT. I WANT TO READ THIS TO YOU AND
TALK ABOUT IT SOME MORE.
ALL TOLD, THE "TIMES" DOCUMENTED
295 STREAMS OF REVENUE THAT FRED
TRUMP CREATED OVER FIVE DECADES
TO ENRICH HIS SON.
IN MOST CASES HIS FOUR OTHER
CHILDREN BENEFITED EQUALLY, BUT
OVER TIME, AS DONALD TRUMP
CAREENED FROM ONE FINANCIAL
DISASTER TO THE NEXT, HIS FATHER
FOUND WAYS TO GIVE HIM
SUBSTANTIAL EMPIRES BEING USED T
OUT HIS SON.
HIS FATHER WAS THERE TO BAIL HIM
OUT FROM HIS FAILURES, IT WOULD
SEEM.
SEEM. >> YEAH.
>> YEAH. I THINK THE OTHER -- I THINK THE
OTHER EXTREMELY IMPORTANT PIECE
OF THIS STORY IS THAT -- IS THAT
THE AMOUNT OF MONEY THAT FLOWED
FROM FRED TRUMP TO DONALD WAS
SIGNIFICANTLY INCREASED BY -- BY
A NUMBER OF CERTAINLY LEGALLY
DUBIOUS AND CERTAINLY IN SOME
CASES OUTRIGHT FRAUDULENT TAX
SCHEMES THAT THE PRESIDENT
PARTICIPATED IN.
PARTICIPATED IN. THAT WAS A KIND OF ANOTHER PIECE
OF THIS WAS UNDERSTANDING THAT
THE INHERITANCE THAT DONALD
TRUMP RECEIVED FROM HIS FATHER
BOTH IN GIFTS AND ULTIMATELY
AFTER FRED TRUMP PASSED AWAY,
THAT INHERITANCE WAS
SIGNIFICANTLY INCREASED BY A
VARIETY OF TAX SCHEMES THAT
VARIOUS TAX EXPERTS WE CONSULTED
WITH DESCRIBED TO US AS IMPROPER