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The New York Times exposes Trump's lies about his wealth…


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Kiwithrottlejockey
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« on: October 03, 2018, 12:55:49 pm »


from The New York Times…

SPECIAL INVESTIGATION: Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father

THE TRUMP INHERITANCE: 4 Ways Fred Trump Made Donald Trump and His Siblings Rich

11 Takeaways From The New York Times' Investigation Into Trump's Wealth



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Kiwithrottlejockey
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« Reply #1 on: October 03, 2018, 07:01:48 pm »


from The New York Times…

EDITORIAL: Donald Trump and the Self-Made Sham

Now let's see your tax returns, Mr. President.

By THE NEW YORK TIMES EDITORIAL BOARD | Tuesday, October 02, 2018

President Donald J. Trump. — Photograph: Tom Brenner/for The New York Times.
President Donald J. Trump. — Photograph: Tom Brenner/for The New York Times.

“I BUILT WHAT I BUILT MYSELF.”

This boast has long been at the core of the mythology of Donald Trump, Self-Made Billionaire. As the oft-told story goes, young Mr. Trump accepted a modest $1 million loan from his father, Fred, a moderately successful real estate developer from Queens, and — through smarts, hard work and sheer force of will — parlayed that loan into a multibillion-dollar global empire.

It's a classic American tale of ambition and self-determination. Not Horatio Alger, exactly, but appealing, and impressive, nonetheless.

Except that, like so much of what Mr. Trump has been selling the American public in recent years, this origin story was a sham — a version of reality so elaborately embellished that it qualifies as fan fiction more than biography. Also, as we've come to expect from Mr. Trump, the creation of this myth involved a big dose of ethically sketchy, possibly even illegal activity.

As an in-depth investigation by The New York Times has revealed, Mr. Trump is only self-made if you don't count the massive financial rewards he received from his father's business beginning as a toddler. (By age 3, little Donald was reportedly pulling in an annual income of what today would be $200,000 a year.) These benefits included not only the usual perks of hailing from a rich, well-connected family — the connections, the access to credit, the built-in safety net. For the Trumps, it also involved direct cash gifts and tens of millions in “loans” that never charged interest or had to be repaid. Fred Trump even purchased several properties and business ventures, putting ownership either fully or partly in the names of his children, who reaped the profits.

As Donald Trump emerged as the favorite son, Fred made special deals and arrangements to increase Donald's fortunes in particular. The N.Y. Times found that, before Donald had turned 30, he had received close to $9 million from his father. Over the longer haul, he received upward of what, in today's dollars, would be $413 million.

Along the way, it seems that certain liberties were taken with tax laws. The Times found that concocting elaborate schemes to avoid paying taxes on their father's estate, including greatly understating the value of the family business, became an important pastime for Fred's children, with Donald taking an active role in the effort. According to tax experts, the activities in question show a pattern of deception, a deliberate muddying of the financial waters. Asked for comment on The New York Times's findings, a lawyer for the president provided a written statement denying any wrong-doing and asserting that, in fact, Mr. Trump had little to do with the dizzying transactions involving his family's wealth.

Everyone can understand the impulse to polish one's background in order to make a good impression. For Mr. Trump, whose entire life has been about branding and selling a certain type of gaudy glamour, this image-polishing has been all the more vital to his success. And he has pursued it with a shameless, at times giddy, abandon.

Veterans of New York news media still laugh to recall how Mr. Trump would call them up, pretending to be a publicist named John Barron, or sometimes John Miller, in order to regale them with tales of Mr. Trump's glamorous personal life — how many models he was dating, which actresses were pursuing him, which celebrities he was hanging out with. As gross and tacky and bizarre as this all seemed, it was aimed squarely at fostering the image of Donald Trump as a master of the universe who, as the cliché goes, women wanted and men wanted to be.

This mythos was burnished and expanded by Mr. Trump's years on “The Apprentice”, where he played the role of an all-powerful, all-knowing business god who could make or break the fortunes of those who clamored for his favor. Occasionally he could be harsh or even insulting, but it was always in the context of delivering the tough love that the contestants so needed to hear. And who was more qualified to deliver those lessons than Donald Trump? As with all reality TV, it was total bunk. But it promoted precisely the golden image that Mr. Trump — with a multimillion-dollar assist from his father — had carefully cultivated for his entire life.

With this glimpse into the inner workings of the Trump family finances, some of the grimier, ethically suspect aspects of Mr. Trump's myth-making begin to emerge — and with them, many questions about all that we still do not know about the man and his business empire. Seeing as how that empire and his role in building it are so central to who Mr. Trump claims to be — the defining feature of his heroic narrative — the American public has a right to some answers. For starters, now would be an excellent time for Mr. Trump to hand over those tax returns on which he has thus far kept a death grip.

In his 1987 memoir “The Art of the Deal”, Mr. Trump famously offered his take on the origins of his success: “I play to people's fantasies. People may not always think big themselves, but they can still get very excited by those who do. That's why a little hyperbole never hurts. People want to believe that something is the biggest and the greatest and the most spectacular. I call it truthful hyperbole. It's an innocent form of exaggeration — and a very effective form of promotion.”

But increasingly, Mr. Trump's willingness to bend the truth — and the rules — in the service of his myth looks less like innocent exaggeration than malicious deception, with a dollop of corruption tossed in for good measure. It's not the golden, glittering success story he has been peddling. It's shaping up to be something far darker.


__________________________________________________________________________

The editorial board represents the opinions of the board, its editor and the publisher. It is separate from the newsroom and the Op-Ed section.

• A version of this editorial appears in The New York Times on Wednesday, October 3, 2018, on Page A26 of the New York print edition with the headline: “Donald Trump and the Self-Made Sham”.

__________________________________________________________________________

The investigation into Mr. Trump's wealth:

 • SPECIAL INVESTIGATION: Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father

 • THE TRUMP INHERITANCE: 4 Ways Fred Trump Made Donald Trump and His Siblings Rich

 • 11 Takeaways From The New York Times' Investigation Into Trump's Wealth


https://www.nytimes.com/2018/10/02/opinion/donald-trump-tax-fraud-fred.html
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Kiwithrottlejockey
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« Reply #2 on: October 03, 2018, 07:14:09 pm »


All good stuff pointing the FBI and the Bureau of Internal Revenue in the right direction when the Democrats gain control of Congress and start the public investigations into the Trump crime family.

The world's funniest comedy act is about to become even more entertaining and Trump won't have the power to even threaten to sack the investigators.

Hilarious, eh?

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« Reply #3 on: October 04, 2018, 01:40:34 pm »

Hillary Clinton Always Tells The Truth hahahahahahaha Grin

anyway try and find anyone in this world that tells the truth
good luck with your fools mission

more msn fake news that most people dont believe anymore

haha its so funny you think the dems can win a one legged man arse kicking contest
the left have gone so crazy everyone hates their pc moronic clowns


THE RED WAVE IS COMMING TO AMERICA


Wake Up look in the mirror and chant this


KTJ IS AN IDIOT WITH NO CLUES  KTJ IS AN IDIOT WITH NO CLUES  KTJ IS AN IDIOT WITH NO CLUES  KTJ IS AN IDIOT WITH NO CLUES
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Kiwithrottlejockey
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« Reply #4 on: October 04, 2018, 02:12:44 pm »


from The New York Times…

Trump Attacks ‘Failing New York Times’ Over Tax Scheme Reporting

Responding to an article published online on Tuesday, President Trump
did not offer an outright denial of the facts it reported.


By EILEEN SULLIVAN | Wednesday, October 03, 2018

President Trump called The New York Times's report on his taxes an “old, boring and often told hit piece” in a Twitter post on Wednesday. — Photograph: Al Drago/for The New York Times.
President Trump called The New York Times's report on his taxes an “old, boring and often told hit piece” in a Twitter post on Wednesday.
 — Photograph: Al Drago/for The New York Times.


WASHINGTON D.C. — President Trump on Wednesday criticized a New York Times investigation into his and his family's use of dubious tax schemes over the years and the origins of his own wealth, calling the article an “old, boring and often told hit piece.”



Referring to The Times as the “Failing New York Times,” Mr. Trump did not offer an outright denial of the facts in the report, such as that the money he made during his decades in real estate came from tax schemes of dubious legality, the existence of records of deception in documenting the family's financial assets, and that the beginning of the president's so-called self-made fortune dates back to his toddler years when, by the time he was 3 years old, Mr. Trump earned $200,000 a year in today's dollars from his father.

Nor did Sarah Huckabee Sanders, the White House press secretary, during a subsequent briefing with reporters. Asked to identify what in the article was incorrect, she said, “I won't go through every line of a very boring 14,000-word story.”

Instead, she said the article demonstrated that Mr. Trump's father believed in him. “One thing the article did get right is it showed that the president's father actually had a great deal of confidence in him,” she said. “In fact, the president brought his father into a lot of deals and made a lot of money together.”

Mr. Trump has consistently refused to release his tax returns — although making returns public has been a common practice by every president and most presidential candidates dating back decades. That has left questions about his personal finances, business practices and taxes paid to the federal government. The 18-month New York Times investigation was based on reams of records and documents about the Trump family empire, though it did not unearth the president's tax returns.

In the Twitter post, Mr. Trump singled out the notion of “time value of money,” an economic concept about how the value of one dollar today is worth more than the value of one dollar tomorrow. Among The N.Y. Times's findings was that Mr. Trump received today's equivalent of $413 million from his father's real estate empire, far more than a $1 million loan, to be repaid with interest, that Mr. Trump has regularly cited as the one-time loan that he shrewdly used to amass his eventual wealth and success.

The New York Times Times found that the original loan from his father was a series of loans totaling $60.7 million, today's equivalent of $140 million.

The Times report also showed how Mr. Trump and his family took part in fraudulent schemes, such as how Mr. Trump and his siblings set up fake corporations to disguise millions of dollars' worth of gifts from their parents, in order to evade taxes.

On Monday, the president declined to comment on the article, despite several requests over a period of weeks. A lawyer for Mr. Trump, Charles J. Harder, provided a statement with broad denials for the investigation's findings.

The New York Times's allegations of fraud and tax evasion are 100 percent false, and highly defamatory,” Mr. Harder said. “There was no fraud or tax evasion by anyone. The facts upon which The Times bases its false allegations are extremely inaccurate.”

The Times defended the reporting and findings in the article. “This is a powerful piece of investigative journalism, the result of 18 months of inquiry and a review of over 100,000 pages of records,” said Eileen Murphy, a New York Times spokeswoman. “It is accurate and fair and we stand behind it.”


__________________________________________________________________________

Binyamin Appelbaum and Neil Irwin contributed reporting to this article.

Eileen Sullivan is the early breaking news correspondent for The New York Times in Washington D.C. She previously worked for the Associated Press for nearly a decade, covering national security and criminal justice issues. She was on a team of Associated Press reporters who won the 2012 Pulitzer Prize for Investigative Reporting for their stories that revealed the New York Police Department's Muslim spying programs.

https://www.nytimes.com/2018/10/03/us/politics/donald-trump-nyt-taxes.html
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« Reply #5 on: October 04, 2018, 02:46:41 pm »


from The Washington Post…

Trump's attorney suggests he may sue The New York Times.
Don't bet on it.


By PAUL FARHI | 5:14PM EDT — Wednesday, October 03, 2018

The president has a long history of threatening — but never delivering on — lawsuits. — Photograph: Jabin Botsford/The Washington Post.
The president has a long history of threatening — but never delivering on — lawsuits. — Photograph: Jabin Botsford/The Washington Post.

A CABLE NEWS HOST. Sexual assault accusers. The New York Times and The Washington Post. Stephen K. Bannon. The Associated Press. A book publisher.

Donald Trump has threatened to sue all of them for something they wrote or said about him. In each case, the threat proved hollow, sound and fury signifying nothing more than Trump's peeve at a critic. Trump has sued on occasion, though far less often than he says he will.

Now Trump has a new would-be target. Or rather an old would-be target that has given him a new reason to rattle the prospect, if not the reality, of a lawsuit.

The New York Times on Tuesday published a sweeping investigation that documented decades of elaborate, and possibly fraudulent, maneuvering by Trump and his family to avoid paying taxes on hundreds of millions of dollars of their wealth. If anything, the article punctures a common myth Trump has promoted — that he is a self-made billionaire who started off with “a small loan” from his father, Fred C. Trump, a New York real estate developer. The story's headline lays out the essence of The N.Y. Times's 18 months of digging: “Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father”.

The story, like many others, drew a Trumpian response. His attorney, Charles Harder, issued a statement to the paper warning that Trump might sue.

“The … allegations of fraud and tax evasion are 100 percent false, and highly defamatory,” wrote Harder, a feared libel lawyer who represented Hulk Hogan in winning a $140 million judgment against the gossip site Gawker in 2016. He added, “Should The New York 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.”

Though it probably won't, primarily for legal reasons.

Not only would Trump be unlikely to win such a claim, according to legal experts, he would be required as part of the discovery process to provide private financial documents that he has long resisted making public.

Nevertheless, The N.Y. Times is among the many organizations and individuals that Trump has suggested he'd take legal action against. During the 2016 presidential campaign, he issued a legal fatwa against The Times for an article that reported two women's allegations of unwanted touching who had met Trump years earlier.

The threat elicited a sharp-edged response from the newspaper's lawyer, David E. McCraw: “If Mr. Trump … believes that American citizens had no right to hear what these women had to say and that the law of this country forces us and those who would dare to criticize him to stand silent or be punished, we welcome the opportunity to have a court set him straight.”

Trump didn't sue.

The same thing happened (or actually didn't happen) on at least a dozen other occasions in which Trump made threats.

Trump made noises about suing MSNBC host Lawrence O'Donnell in 2011 after O'Donnell questioned Trump's claims of vast wealth; no lawsuit was filed.

Trump vowed action during the campaign against a dozen women who had accused him of sexual assault. “The events never happened,” he said in a speech. “Never. All of these liars will be sued after the election is over.”

They haven't been.

More empty threats have been leveled against — among others — The Washington Post (for reporting on the failure of one of his casinos in Atlantic City); publisher Simon and Schuster (over Michael Wolff's book, Fire and Fury); Bannon, the former White House adviser (for talking to Wolff); the Associated Press (for an October 2015 article reporting that a condo-management team appointed by the Trump family had cheated residents); and Tony Schwartz, co-author of the Trump book Art of the Deal (for comments about Trump that Schwartz made to The New Yorker).

As a legal matter, Trump faces a very high bar in winning a defamation lawsuit, and he appears to know it. Public figures such as Trump not only must show that the statements at issue are false but that a publication knew they were false and published them anyway. Trump has called this “reckless disregard” standard “a sham and a disgrace” and has repeatedly said he wants to “open up” libel laws so that he could more easily win a lawsuit. (He has never won any such case in court.)

Even if he stands little chance in court and has no intention of proving a story is wrong, Trump's lawsuit threats serve another purpose, said RonNell Andersen Jones, a law professor at the University of Utah.

“Neither the court nor The New York Times is the intended audience of these sorts of statements,” she said in an email on Wednesday. “The president's political base — ordinary Americans who surely cannot be expected to know the ins and outs of constitutional standards for defamation plaintiffs — will hear the threat of lawsuit and register only that the news organization has so crossed the line that the president is going to sue it. This serves to further delegitimize the press and construct it as an enemy that is not to be trusted.”

Jones said this “othering” of the press casts Trump as the source of truth and news organizations as sources of falsehood.

Trump actually has sued for libel on occasion, although typically without much to show for it.

He filed against author Tim O'Brien, a former New York Times journalist, in 2006 for O’Brien's assertion in a book that Trump was worth far less than he had publicly claimed. Trump pursued the claim for five years, spent about $1 million in legal fees — and lost in court twice.

Trump also sued comic Bill Maher in 2013 for joking — amid Trump's “birtherism” phase — that he would donate $5 million to a charity if Trump could provide documentary evidence that he wasn't “the spawn of his mother having sex with an orangutan.” The comment followed Trump's offer to give $5 million to charity if President Barack Obama publicly released his college transcripts and passport records to prove that he was an American citizen. Trump withdrew the suit a few weeks later, vowing to refile it. He didn't.

On the other hand, Melania Trump sued the Daily Mail and a Maryland blogger last year after both falsely suggested that she had worked as an escort before meeting Trump. The first lady agreed to a $2.9 million settlement with the Daily Mail and an undisclosed monetary settlement with the blogger, Webster Tarpley.

Harder, who handled those lawsuits and is also representing the president, declined to comment on The New York Times story on Wednesday, beyond the statement included in the story.

A N.Y. Times spokesman, Eileen Murphy, stuck to a statement calling the newspaper's story “a powerful piece of investigative journalism” that is “accurate and fair and we stand behind it.” She added, “we're not going to speculate on what may or may not happen” as far as litigation.


__________________________________________________________________________

Paul Farhi started at The Washington Post in 1988 and has been a financial reporter, a political reporter and a Style reporter. Since 2010, he has covered the news media for Style.

__________________________________________________________________________

Related to this topic:

 • Trump dismisses New York Times story on ‘dubious tax schemes’ as both a ‘hit piece’ and ‘boring’


https://www.washingtonpost.com/lifestyle/style/trumps-attorney-suggests-he-may-sue-the-new-york-times-dont-bet-on-it/2018/10/03/04df303c-c70d-11e8-b1ed-1d2d65b86d0c_story.html
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« Reply #6 on: October 04, 2018, 02:49:38 pm »


Trump is full-of-shit. All piss & wind!

He won't sue The New York Times because they have the money to hire their own big-time lawyers and fight back with the truth.

And Trump's biggest fear is a court declaring the truth, namely that he is a liar, a fraudster and a huckster.

The New York Times should play Trump at his own game and sue him for defamation for insinuating that their investigative reporters are liars.

All they'd have to do would be to produce Trump's tweet in court, along with the tens of thousands of documents they have gathered up over the past year-and-a-half.

That would turn out to be Trump's worst nightmare.

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Im2Sexy4MyPants
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« Reply #7 on: October 04, 2018, 05:49:01 pm »

like i said before Grin

Hillary Clinton Always Tells The Truth hahahahahahaha Grin

anyway try and find anyone in this world that tells the truth
good luck with your fools mission

more msn fake news that most people dont believe anymore

haha its so funny you think the dems can win a one legged man arse kicking contest
the left have gone so crazy everyone hates their pc moronic clowns


THE RED WAVE IS COMMING TO AMERICA


Wake Up look in the mirror and chant this


KTJ IS AN IDIOT WITH NO CLUES  KTJ IS AN IDIOT WITH NO CLUES  KTJ IS AN IDIOT WITH NO CLUES  KTJ IS AN IDIOT WITH NO CLUES



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Kiwithrottlejockey
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« Reply #8 on: October 05, 2018, 11:38:27 am »


Please keep displaying your stupidity.

It makes us ordinary folks look super intelligent.
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« Reply #9 on: October 05, 2018, 05:48:31 pm »


from The New York Times…

New York Regulators Examine the Trump Family's Tax Schemes

State and city officials announced they were looking into the maneuvers
after an investigative report in The New York Times.


By RUSS BUETTNER, SUSANNE CRAIG and DAVID BARSTOW | Thursday, October 04, 2018

Donald J. Trump with his father, Fred C. Trump, in 1988. An investigation by The New York Times this week uncovered dubious financial maneuvers that increased the president's inherited wealth. — Photograph: Ron Galella/WireImage/via Getty Images.
Donald J. Trump with his father, Fred C. Trump, in 1988. An investigation by The New York Times this week uncovered dubious
financial maneuvers that increased the president's inherited wealth. — Photograph: Ron Galella/WireImage/via Getty Images.


NEW YORK CITY said on Thursday that they had joined state regulators in examining whether President Trump and his family underpaid taxes on his father's real estate empire over several decades.

The announcement came in response to an investigation published this week in The New York Times that showed how Mr. Trump had participated in dubious tax schemes during the 1990s, including instances of outright fraud, that greatly increased the fortune he received from his parents.

“We are now just starting to pore through the information,” said Dean Fuleihan, the city's first deputy mayor.

One type of tax that the city will examine is the real estate transfer tax. Officials said the extremely low valuations the Trump family placed on buildings that passed from Fred C. Trump to his children through trusts could have resulted in underpaid transfer taxes.

The N.Y. Times reported that through several aggressive and potentially illegal maneuvers, the Trumps claimed that 25 apartment complexes transferred to Donald Trump and his siblings from their father were worth just $41.4 million. The Trumps sold those buildings within a decade for more than 16 times that amount.

Mr. Fuleihan said the city would also explore whether another tax avoidance maneuver by Mr. Trump and his siblings resulted in Fred Trump's empire underpaying property taxes.

That maneuver involved a company, created by the Trump family in 1992, called All County Building Supply & Maintenance. All County existed largely on paper, The Times found. Its work, such as it was, consisted of adding 20 percent or more to the cost of goods and services bought by Fred Trump. The padded amount was split between Donald Trump and his siblings, essentially a gift from their father that avoided the 55 percent gift tax at the time.

Mr. Fuleihan said the scheme as described by The Times would have artificially driven down the profitability of Fred Trump's buildings. And because city property taxes on rental buildings are based in part on profits reported by owners, All County would have had the effect of lowering the property tax burden.

Mr. Fuleihan said city and state agencies are cooperating on the effort. The State Department of Taxation and Finance announced on Wednesday that it was “pursuing all appropriate avenues of investigation.”

Another state agency is looking into whether tenants in Fred Trump's rent-regulated apartments saw their rents unduly increased because the Trumps used the padded All County invoices to apply for rent increases, as The Times found. State regulations allow owners of rent-regulated buildings to apply for increases to recover the “actual and verified cost” of some improvements to buildings, said Freeman Klopott, a spokesman for the State Division of Housing and Community Renewal.

The agency can refer cases of landlords found to be submitting false receipts to the state attorney general.

A growing number of Democrats in Congress, meanwhile, cited the article in renewing their long-standing demands for Mr. Trump to release his income tax returns, something he has steadfastly declined to do, breaking with four decades of practice by previous presidents.

And Ron Wyden, a Democratic senator from Oregon and the ranking member of the Finance Committee, asked the I.R.S. on Wednesday to open an investigation into The New York Times's findings. “It is imperative that I.R.S. fully investigate these allegations and prosecute any violations to the fullest extent of the law,” Mr. Wyden said in a statement.

A spokesman for the I.R.S. said the agency would not comment on whether it was taking any action in response to The Times's investigation.

Some of the Trumps' tax evasion maneuvers uncovered by The Times warranted investigation as potential crimes, former prosecutors said, but the statute of limitations on any such charges has long since expired.

The inquiries will explore whether civil penalties and bills for back taxes are warranted. City officials said interest and penalties of up to 25 percent could be added to any unpaid taxes.


__________________________________________________________________________

Russ Buettner is an investigative reporter for The New York Times's Metro Desk. He has been reporting on the New York City region since 1992. He joined the The Times in 2006 after working on investigations teams at the New York Daily News and New York Newsday. In 2012, he and colleague Danny Hakim were named finalists for the Pulitzer Prize for Public Service for a series of articles highlighting abuse, neglect and deadly mistakes in New York's system of caring for developmentally disabled people. He graduated from California State University, Sacramento, and attended the University of Missouri Graduate School of Journalism.

Susanne Craig is an investigative reporter at The New York Times who writes about the intersection of politics, money and government. She has covered Wall Street for The Times and has served as Albany bureau chief. Previously, Ms. Craig was a reporter at The Wall Street Journal and worked at The Globe and Mail, Canada's national newspaper. Since joining The N.Y. Times in 2010, Ms. Craig has produced in-depth articles on a wide range of subjects, including presidential politics and state-house corruption. Ms. Craig has won numerous awards during her career. At The Journal, she was the lead reporter on a team of writers who were finalists for the Pulitzer Prize for national affairs reporting for their coverage of the fall of Lehman Brothers and the financial crisis. She graduated from the University of Calgary and lives in New York City.

David Barstow, a senior writer at The New York Times, is a winner of three Pulitzer Prizes. In 2013, he and Alejandra Xanic von Bertrab were awarded the Pulitzer Prize for Investigative Reporting for “Walmart Abroad”, a series that exposed Walmart's aggressive use of bribery to fuel its rapid expansion in Mexico. In 2009, he was awarded the Pulitzer Prize for Investigative Reporting for “Message Machine”, his series about the Pentagon's hidden campaign to influence news coverage of the wars in Iraq and Afghanistan. In 2004, he and Lowell Bergman were awarded the Pulitzer Prize for Public Service for articles about employers who committed egregious workplace safety violations that killed or injured hundreds of American workers. Mr. Barstow joined The N.Y. Times in 1999 and he has been a member of the paper's investigative unit since 2002. He is also the recipient of three Polk Awards, the Goldsmith Prize, the Alfred I. duPont Silver Baton, the Barlett and Steele Gold Medal, a Loeb Award, the Sidney Hillman Award, the Daniel Pearl Award for Investigative Reporting, two Sigma Delta Chi awards for distinguished service, the Peabody Award, the Investigative Reporters and Editors Award, the Mirror Award, an Overseas Press Club Citation, two Society of American Business Editors and Writers awards, and the Gold Keyboard. Prior to joining The Times, Mr. Barstow was a reporter for The St. Petersburg Times in Florida, where he was a finalist for three Pulitzer Prizes. Before that, he was a reporter at the Rochester Times-Union in New York and the Green Bay Press-Gazette in Wisconsin. Mr. Barstow, a native of Concord, Massachusetts, is a graduate of Northwestern University, which honored him with a Distinguished Alumni Award in 2010. He was inducted into the Hall of Achievement at the university's Medill School of Journalism in 2015.

• A version of this article appears in The New York Times on Friday, October 5, 2018, on Page A20 of the New York print edition with the headline: “City Officials Join Effort To Examine Trump Taxes”.

__________________________________________________________________________

Related to this topic:

 • How New York Times Journalists Uncovered the Original Source of the President’s Wealth


https://www.nytimes.com/2018/10/04/us/politics/donald-trump-fred-trump-tax-schemes.html
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« Reply #10 on: October 05, 2018, 09:04:18 pm »

ktj lies about how stupid he is

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« Reply #11 on: October 06, 2018, 05:13:52 am »


from The New York Times…

Trump and the Aristocracy of Fraud

Government of tax cheats, by tax cheats, for tax cheats.

By PAUL KRUGMAN | Thursday, October 04, 2018

Donald Trump with his father, Fred, in 1987. — Photograph: Ron Galella/WireImage/via Getty Images.
Donald Trump with his father, Fred, in 1987. — Photograph: Ron Galella/WireImage/via Getty Images.

IT TURNS OUT that I may have done Donald Trump an injustice.

You see, I've always been skeptical of his claims to be a great deal-maker. But what we've just learned is that his negotiating prowess began early. Indeed, it was so amazing that he was already making $200,000 a year in today's dollars at a very young age.

Specifically, that's what he was making when he was 3 years old. He was a millionaire by the age of 8. Of course, the money came from his father — who spent decades evading the taxes he was legally required to pay on money given to his children.

The blockbuster New York Times report on the Trump family's history of fraud is really about two distinct although linked kinds of fraudulence.

On one side, the family engaged in tax fraud on a huge scale, using a variety of money-laundering techniques to avoid paying what it owed. On the other, the story Donald Trump tells about his life — his depiction of himself as a self-made businessman who made billions starting from humble roots — has always been a lie: Not only did he inherit his wealth, receiving the equivalent of more than $400 million from his father, but Fred Trump bailed his son out after deals went bad.

One implication of these revelations is that Trump supporters who imagine that they've found a straight-talking champion who will drain the swamp while using his business acumen to make America great again have been suckered, bigly.

But the tale of the Trump money is part of a bigger story. Even among those unhappy at the extent to which we live in an era of soaring inequality and growing concentration of wealth at the top, there has been a tendency to believe that great wealth is, more often than not, earned more or less honestly. It's only now that the amounts of sheer corruption and lawbreaking that underlie our march toward oligarchy have started to come into focus.

Until recently, my guess is that most economists, even tax experts, would have agreed that tax avoidance by corporations and the wealthy — which is legal — was a big issue, but tax evasion — hiding money from the tax man — was a lesser one. It was obvious that some rich people were exploiting legal if morally dubious loopholes in the tax code, but the prevailing view was that simply defrauding the tax authorities and hence the public wasn't that widespread in advanced countries.

But this view always rested on shaky foundations. After all, tax evasion, almost by definition, doesn't show up in official statistics, and the super-wealthy aren't in the habit of mouthing off about what great tax cheats they are. To get a real picture of how much fraud is going on, you either have to do what The N.Y. Times did — exhaustively investigate the finances of a particular family — or rely on lucky breaks that reveal what was previously hidden.


Internal Revenue Service. — Photograph: Andrew Harrer/Bloomberg .
Internal Revenue Service. — Photograph: Andrew Harrer/Bloomberg .

Two years ago, a huge lucky break came in the form of the Panama Papers, a trove of data leaked from a Panamanian law firm that specialized in helping people hide their wealth in offshore havens, and a smaller leak from HSBC. While the unsavory details revealed by these leaks made headlines right away, their true significance has only become clear with work done by Berkeley's Gabriel Zucman and associates in cooperation with Scandinavian tax authorities.

Matching information from the Panama Papers and other leaks with national tax data, these researchers found that outright tax evasion actually is a big deal at the top. The truly wealthy end up paying a much lower effective tax rate than the merely rich, not because of loopholes in tax law, but because they break the law. The wealthiest taxpayers, the researchers found, pay on average 25 percent less than they owe — and, of course, many individuals pay even less.

This is a big number. If America's wealthy evade taxes on the same scale (which they almost surely do), they're probably costing the government around as much as the food stamp program does. And they're also using tax evasion to entrench their privilege and pass it on to their heirs, which is the real Trump story.

The obvious question is, what are our elected representatives doing about this epidemic of cheating? Well, Republicans in Congress have been on the case for years: They've been systematically defunding the Internal Revenue Service, crippling its ability to investigate tax fraud. We don't just have government by tax cheats; we have government of tax cheats, for tax cheats.

What we're learning, then, is that the story of what's happening to our society is even worse than we thought. It's not just that the president of the United States is, as veteran tax reporter David Cay Johnston put it, a “financial vampire”, cheating taxpayers the way he has cheated just about everyone else who deals with him.

Beyond that, our trend toward oligarchy — rule by the few — is also looking more and more like kakistocracy — rule by the worst, or at least the most unscrupulous. The corruption isn't subtle; on the contrary, it's cruder than almost anyone imagined. It also runs deep, and it has infected our politics, quite literally up to its highest levels.


__________________________________________________________________________

Paul Krugman joined The New York Times in 1999 as an Op-Ed columnist. He is distinguished professor in the Graduate Center Economics Ph.D. program and distinguished scholar at the Luxembourg Income Study Center at the City University of New York. In addition, he is professor emeritus of Princeton University’s Woodrow Wilson School. In 2008, Mr. Krugman was the sole recipient of the Nobel Memorial Prize in Economic Sciences for his work on international trade theory. Mr. Krugman received his B.A. from Yale University in 1974 and his Ph.D. from M.I.T. in 1977. He has taught at Yale, M.I.T. and Stanford. At M.I.T. he became the Ford International Professor of Economics. Mr. Krugman is the author or editor of 27 books and more than 200 papers in professional journals and edited volumes. His professional reputation rests largely on work in international trade and finance; he is one of the founders of the “new trade theory,” a major rethinking of the theory of international trade. In recognition of that work, in 1991 the American Economic Association awarded him its John Bates Clark medal. Mr. Krugman's current academic research is focused on economic and currency crises. At the same time, Mr. Krugman has written extensively for a broader public audience. Some of his articles on economic issues, originally published in Foreign Affairs, Harvard Business Review, Scientific American and other journals, are reprinted in Pop Internationalism and The Accidental Theorist. His column appears every Tuesday and Friday. Read his blog, The Conscience of a Liberal, and follow him on Twitter.

• A version of this article appears in The New York Times on Friday, October 5, 2018, on Page A29 of the New York print edition with the headline: “Trump and The Aristocracy Of Fraud”.

https://www.nytimes.com/2018/10/04/opinion/donald-trump-fred-taxes-fraud.html
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« Reply #12 on: October 06, 2018, 03:02:32 pm »


from The New York Times…

Trump Is Just Another Crooked New York City Landlord

I see his type all the time.
Here's what tenant advocates in the city have learned about how to fight him.


By JOHN WHITLOW | Thursday, October 04, 2018

Donald J. Trump in his office at Trump Tower in New York in 1983. — Photograph: John Iacono/Sports Illustrated/via Getty Images.
Donald J. Trump in his office at Trump Tower in New York in 1983. — Photograph: John Iacono/Sports Illustrated/via Getty Images.

THE folk singer Woody Guthrie once wrote a song about life in an apartment owned by a particularly odious landlord whose business practices consisted of a brew of dodgy bookkeeping, race-baiting and corporate welfare: “Beach Haven ain't my home!/No, I just can't pay this rent!/My money's down the drain, And my soul is badly bent!

Beach Haven, of course, is the apartment complex built by Fred Trump, a place that Guthrie called “Trump's Tower.” Fred Trump's management of Beach Haven is also one example among many of the shady dealings and outright deceptions documented in the recent exposé about the Trump family's real estate empire.

The story proved what anyone familiar with New York real estate has long known. Donald Trump is a homegrown creature, a species well known and justifiably loathed by most New Yorkers — the unscrupulous landlord. The rest of the country may be in a constant state of shock when confronted with the tornado of news that whirls around the Trump administration. But tenant advocates know what he is doing. More than a stooge for Vladimir Putin or the embodiment of a disgruntled — and mythical — white working class, Mr. Trump is at his core a landlord, turning a handsome profit while the rest of us live in increasingly precarious conditions.

As a tenant attorney, I regularly interact with landlords in the city's housing courts. They make a killing by taking advantage of a rigged system. They extract as much wealth as possible from hardworking people trying to hang on to the places they call home, with little regard for the common good or the social fabric of our city. They take advantage of tax subsidies to renovate old buildings and construct new ones, and they engage in a range of practices, lawful and unlawful, to raise rents above the threshold beyond which tenants lose the protections of rent stabilization. And they regularly discriminate against tenants on the basis of race, language, national origin and immigration status.

Much of the outrage generated by the reporting on the Trump family's finances has focused on tax evasion, which is immense and possibly criminal, and on the myth that Mr. Trump is a self-made man. But it is no small thing that the Trump empire is built on the same kinds of predatory practices that tenants and tenant advocates deal with every day: inflated costs for repairs, which are passed on to tenants in the form of rent increases; lax government oversight over building conditions and rent levels; and racial divisiveness.

Just as the Trump family built its wealth through price-gouging and discrimination against tenants in the complex and easily manipulated regulatory environment of New York City, the Trump administration is now engaged in a scaled-up version of the same project: tax cuts for the already wealthy, the gutting of the administrative state and a white-nationalist-inspired immigration policy.

I once represented a group of tenants in Bushwick, Brooklyn, who came home one day to find that major sections of their rent-stabilized building had been gutted. Their landlord cared little about the health and safety of his tenants — he wanted to force them out and convert the building to high-end apartments. When the residents didn't accept the paltry buyouts he offered, he took them to court. But the tenants decided to stay and fight. They made connections with neighbors whom they barely knew. They joined a community-based organization that worked for tenants. After months of organizing, litigation and news conferences, we won, and the tenants were able to stay in their apartments, with rent abatements to compensate for the conditions they endured.

There is a long history of New York City tenants coming together to organize against landlords like the Trump family. These efforts have been most effective when tenants have constructed multi-racial coalitions and have relied on tactics from rent strikes to eviction blockades to cooperative housing to strategic litigation. As we confront America's landlord, the lesson we can draw from this history is that we must organize creatively and fight to save the place we call home.


__________________________________________________________________________

John Whitlow is a tenant attorney and a professor at the City University of New York School of Law.

https://www.nytimes.com/2018/10/04/opinion/trump-family-real-estate.html
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« Reply #13 on: October 09, 2018, 03:59:17 pm »


from The Washington Post…

After selling off his father's properties, Trump embraced
unorthodox strategies to expand his empire


His decade-long buying spree was fueled by $400 million in cash and loans
from the private banking office of Deutsche Bank, records show.


By DAVID A. FAHRENTHOLD and JONATHAN O'CONNELL | 3:51PM EDT — Monday, October 08, 2018

The Trump Turnberry golf resort in Scotland, shown in 2016. — Photograph: Tom Bergin/Reuters.
The Trump Turnberry golf resort in Scotland, shown in 2016. — Photograph: Tom Bergin/Reuters.

IN 2005, Donald Trump kicked off a decade-long buying and spending spree, vastly expanding his hotel and golf-course empire and cementing his image as a brash impresario.

The unorthodox approach Trump took in making those bold bets — racing through hundreds of millions in cash and drawing loans from the private-wealth office of Deutsche Bank — came when he was on new terrain as a developer.

For the first time, he was operating without the safety net of his late father Fred's real estate empire, which had been sold off in 2004, according to a New York Times investigation published last week.

That means that between 2005 and 2015, when Trump expanded his hotel chain from three locations to 12 and increased his golf courses from four to 15, he was finally on his own.

“Fred was a piggy bank that Trump could routinely go to when he needed a cash infusion. [But then] the piggy bank disappeared,” said Tim O'Brien, a journalist who researched Trump's business extensively for his 2005 book Trump Nation: The Art of Being The Donald.

Trump received $177.3 million from the sale of his father's remaining holdings, of which he quickly used $149 million for pressing needs at his own ventures, according to The New York Times. After that, he bought 14 properties with cash alone, without taking on loans, in a $400 million spending spree that defied industry norms, as The Washington Post previously reported. To buy other properties, he got more than $300 million in loans from an unusual source — the private-wealth management office of Deutsche Bank, according to public documents. And Trump ended up with a loan of more than $50 million that he still owes himself, according to financial disclosures.

The Trump Organization — the private company that President Trump still owns but does not manage — did not respond to requests for comment. The White House did not respond to a request for comment.

Company officials have rejected the idea that it needed outside financial help during this period of expansion. Trump's son Eric, who now helps run the Trump Organization, said his father's businesses produced so much cash that there was plenty to make large purchases.

“He had incredible cash flow and built incredible wealth,” Eric Trump told The Post earlier this year. “He didn't need to think about borrowing for every transaction. We invested in ourselves.”

Trump's unusual financial tactics — about which the Trump Organization has provided few details — are poised to come under scrutiny from Congress next year if Democrats take over one or both chambers.

“The only way to check on this is to get his tax returns,” said Rep. Bill Pascrell Jr. (Democrat-New Jersey), a member of the tax-writing House Ways and Means Committee.

If Democrats take control of the House in this fall's mid-term elections, Pascrell said, the committee will seek to obtain his returns to scrutinize Trump's business partners and creditors.

Meanwhile, tax officials in New York state are assessing whether to open an investigation into the tax practices detailed in The New York Times story. And New York Mayor Bill de Blasio (Democrat) said last week that the city government “is looking to recoup any money that Donald Trump owes the people of New York City, period,” according to news reports.

The N.Y. Times, relying on hundreds of thousands of documents from Fred Trump's business empire, reported that the New York developer had funneled at least $413 million to his son over his lifetime, using what the paper called “dubious tax schemes” to avoid taxes on gifts.

The Times said that those payments had helped Donald Trump's business survive crises of its own making. The most dramatic example came in 1990, when one of Donald Trump's Atlantic City casinos was struggling to make its payments. Fred Trump bought $3.5 million in casino chips and then didn't use them, effectively giving his son's casino an interest-free loan, The Times reported.

The details contradict Donald Trump's claim that his father “gave me a very small loan in 1975,” as he put it during a 2016 presidential debate. At other times, Trump has said the amount of the loan was $1 million.

In a statement to The Times, Trump attorney Charles Harder said that its findings were “100 percent false, and highly defamatory.”

“There was no fraud or tax evasion by anyone,” Harder told the newspaper. “The facts upon which The New York Times bases its false allegations are extremely inaccurate.”

Some details in the report surprised even Trump's biographers, who had spent years trying to understand the family's finances.

“It never really kind of added up,” how Trump had escaped financial trouble so many times, said Gwenda Blair, who wrote a 2001 history of the family called The Trumps: Three Generations of Builders and a President. The answer, she said: “There was dad. The Bank of Dad.”

Fred Trump died in 1999. In 2004, The N.Y. Times said, Donald Trump induced his siblings to sell their father's remaining apartment buildings for $737.9 million — giving up a steady stream of income for a one-time infusion of cash. Trump used his share to buy out a partner in a Chicago hotel, to buy a house in Florida and to pay off casino creditors in New Jersey, The Times reported.

Around that time, Trump found a new source of cash — selling his name, parlaying fame from his reality-TV show “The Apprentice” into deals to put the Trump brand on everything from hotels to cologne.

Last year, Yahoo Finance — citing internal documents from the show — said “The Apprentice” made Trump at least $65 million between 2004 and 2007.

By 2015, Trump was earning more than $2.4 million annually by merchandising products with his name — including a Trump-branded urine test, according to Trump's financial disclosures. He was also paid to put his name on other people's projects, including a hotel in Vancouver, British Columbia, and golf courses in Dubai.

At the same time that Trump's income from his TV career was growing, he was facing challenges in other parts of his business. His Atlantic City casino company filed for bankruptcy in 2004, facing $1.8 billion in debt. A few years later, the financial crisis hurt the value of his newer holdings, such as the Chicago tower where he was trying to sell condos. Then Trump actually sued his own lender — the commercial-lending arm of Deutsche Bank — in an attempt to avoid a loan payment in 2008, according to legal documents.

Nevertheless, around the same time, Trump had enough cash to start buying up real estate in an unorthodox way — without borrowing money through a mortgage.

These all-cash transactions began relatively small. In 2006, Trump paid $12.6 million for a plot of land in Scotland where he later developed a golf course. The deals grew over time, culminating with the $67.8 million purchase of another Scottish course, Turnberry, in 2014.

In all, these all-cash purchases — five houses, eight golf courses and a winery — cost Trump more than $400 million, according to an analysis by The Washington Post.

They defied an axiom of the real estate industry — that borrowing some money is smarter than spending only one's own cash, because it leaves the developer with less at risk.

And they defied Trump's own history. For years he had bragged that he was “the king of debt” and that he loved investing with other people's money.

Eric Trump said there was no secret to this change in his father's buying habits: He had the money to buy, so he did. “It's a very nice luxury to have,” Eric Trump said earlier this year.

Donald Trump also found financing for some projects from an unconventional source for a developer.

In 2012, at the tail end of the Chicago project, Trump received more than $300 million in loans from the private banking arm at Deutsche, a German bank, according to public records.

A private banking office is typically dedicated to managing the finances of wealthy individuals, not to issuing large commercial construction loans.

“It's highly unusual to go through the private bank,” said Jeffrey M. Zell, a D.C. real estate consultant. Among a borrower's reason for doing so, he said, would be to avoid the underwriting criteria or collateral requirements normally employed by commercial bankers who underwrite construction.

“The bank's construction guys will go out and check the contractors’ bids, check the borrowers' reserves,” he said. “The private bank will say, ‘We don't care, as long as the borrower has cash’.”

The loans that Trump's company received from this office of Deutsche Bank helped pay off the last of a Chicago loan that once totaled $640 million and provided Trump with $125 million to renovate the Doral golf resort in Miami and $170 million to develop the Trump hotel in Washington.

During the 2016 campaign, Trump cited an executive in the private banking division, Rosemary Vrablic, as an expert on his finances.

Deutsche Bank declined to comment on its relationship with Trump.

Some of Deutsche's lending practices have drawn scrutiny from regulators in the United States and abroad. Last year, Deutsche agreed to pay $630 million in fines to American and British regulators for “mirror trades” that regulators said allowed Russian investors to launder $10 billion through the bank over four years.

Trump emerged from his decade-long buying spree with another major debt — that oddly, according to records, he owes himself.

Since 2012, according to his financial disclosures, Trump has owed more than $50 million to a company called Chicago Unit Acquisition LLC. The disclosures indicate that the debt is related to the Trump hotel in Chicago but do not require him to reveal the exact amount.

Chicago Unit Acquisition isn't a bank. It doesn't have its own office. Instead, it is headquartered at Trump Tower in New York — and owned by Donald Trump.

So why would Trump owe himself more than $50 million?

The Trump Organization has declined to answer questions from The Post about the loan.

But in 2016, Trump told The New York Times that the loan began as a debt he owed to a group of lenders. Instead of paying it back, however, he bought the loan itself — and kept it on his own books, as a debt one part of his empire owed to the other.

“I have the mortgage. That is all there is. Very simple. I am the bank,” he told The Times.

He did not explain what loan he had purchased.

The Washington Post checked both major loans that were outstanding on the Trump building in Chicago in 2012, but neither appeared to fit Trump's description. There was a $640 million loan owed to Deutsche Bank's commercial-lending side, but public documents show it was paid off and canceled, thanks to money Trump got from the bank's private-wealth side.

And there was a $130 million loan Trump owed to another group of banks. Public documents show that it also ended in 2012. Two people involved in that deal said that Trump did not purchase that loan, either — he simply paid it off at a discount, paying $48 million instead of $130 million.

“The loan was canceled,” said an official at one of the companies that held the debt, who spoke on the condition of anonymity to describe a private transaction, “and therefore did not exist to be bought or sold.”


__________________________________________________________________________

David A. Fahrenthold is a reporter covering the Trump family and their business interests for The Washington Post. He has been at The Post since 2000, and previously covered Congress, the federal bureaucracy, the environment, and the D.C. police.

Jonathan O'Connell covers economic development with a focus on commercial real estate and the Trump Organization for The Washington Post. His stories reflect the relationships between communities and the built environment, whether it's why companies are moving to urban neighborhoods or Amazon's search for a second headquarters. He has written extensively about Donald Trump's business, including how his D.C. hotel has affected Washington and what Trump hotels will mean to the Mississippi Delta. O'Connell is a graduate of the University of Wisconsin at Madison.

__________________________________________________________________________

Related to this topic:

 • VIDEO: Inside the plan to develop a Trump Tower in Moscow

 • N.Y. tax agency weighs probe after report that Trump family built wealth through tax-avoidance schemes and fraud

 • As the ‘King of Debt’, Trump borrowed to build his empire. Then he began spending hundreds of millions in cash.

 • As its stock collapsed, Trump's firm gave him huge bonuses and paid for his jet

 • Donald Trump said ‘university’ was all about education. Actually, its goal was: ‘Sell, sell, sell!’

 • Trump's bad bet: How too much debt drove his biggest casino aground


https://www.washingtonpost.com/politics/after-selling-off-his-fathers-properties-trump-embraced-unorthodox-strategies-to-expand-his-empire/2018/10/08/2179a12e-c806-11e8-9b1c-a90f1daae309_story.html
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« Reply #14 on: October 10, 2018, 03:27:44 am »

envy the green eyed monster deadly sin hahaha

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« Reply #15 on: October 10, 2018, 11:18:21 am »


Envious of what?

Going bankrupt six times?

Face facts: Trump is a useless businessman who has only got rich by sponging off his daddy and ripping off other people multiple times.
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« Reply #16 on: October 11, 2018, 12:56:00 am »

you really hate money hope  you give yours to some poor starving little black babies

« Last Edit: October 11, 2018, 02:15:53 am by Im2Sexy4MyPants » Report Spam   Logged

Are you sick of the bullshit from the sewer stream media spewed out from the usual Ken and Barby dickless talking point look a likes.

If you want to know what's going on in the real world...
And the many things that will personally effect you.
Go to
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AND WAKE THE F_ _K UP

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