Wednesday, May 25, 2016

In Lawsuit Deposition, Trump Repeatedly Called Out For Exaggerating Wealth

In a weekend interview, Hillary Clinton said the only way to know whether Donald Trump is "really successful" is if he reveals his tax returns.
Forbes magazine estimates Trump is worth $4.5 billion, but Trump's latest financial disclosure, filed last week, said he's worth more than $10 billion.
In 2005, New York Times reporter Tim O'Brien claimed in a book called "Trump Nation" that Trump was worth at best $250 million, when Trump and others said he was a billionaire. Trump sued the reporter for over $2 billion, but the lawsuit opened him up to a close scrutiny of his finances, reports CBS News correspondent Julianna Goldman.
When he filed the 2006 lawsuit, Trump claimed that a major part of his success was based on the "accurate perception by the financial community and public that [he] is a billionaire."
During a two-day deposition, he was repeatedly called out for exaggerating his wealth -- like when Trump told Larry King he was paid $1 million for a speech to The Learning Annex. But in the deposition, Trump conceded the actual payment was $400,000. The rest he attributed to The Learning Annex's promotional expenses.
During questioning, he acknowledged he didn't fully explain how he came up with the million dollar value.
"I don't break it down," Trump said.
The discrepancies between what Trump says his net worth is and what others estimate it to be often rests on the valuation of his brand. Over the years, Trump's international real estate developments have grown, but many of those buildings are licensed and not owned.
In 2014, Trump said his brand was worth $3.3 billion. Last year, Forbes magazine listed it at $125 million.
Read the rest of the story HERE.

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