Donald Trump was asked a few days ago if the coronavirus rescue package was going to help his hotels. He said, “I don’t know,” and went on to say about the pandemic, “It’s hurting me. It’s hurting Hilton, all the big chains.” Indeed, the hotel industry is requesting $150 billion as a bailout. Whether they get it or not remains to be seen. But what is carved in stone is that Trump won’t be getting anything. Politico is reporting 

 “Senate Democratic Leader Chuck Schumer has secured a provision in the agreement that will prohibit businesses controlled by the President, Vice President, Members of Congress, and heads of Executive Departments from receiving loans or investments from Treasury programs. The children, spouses and in-laws of the aforementioned principals are also included in this prohibition.” Schumer’s Dear Colleague letter

“Children, spouses and in-laws” — oh noes! Doesn’t Senator Schumer or the GOP controlled senate know that Jared Kushner’s family is in default on their Times Square property? Bisnow:

The economic fallout from the coronavirus crisis, on top of a declining retail real estate market, could cost the Kushner family its Times Square property.  Kushner Cos. failed to make this month’s mortgage payment on the retail space in the old New York Times building, after they were late on the payments for November, January and February, Crain’s New York Business reported.

In addition to the $200M senior mortgage, the company took out an $85M mezzanine loan on the property with two real estate companies, SL Green and Paramount Group. While an SL Green spokesperson told Crain’s that it has divested from the loan, it and Paramount indicated they would look to take control of the property before letting it go into foreclosure, according to CMBS tracking firm Trepp. […]

With most of the city on pause to prevent the spread of the coronavirus — with retailers especially suffering — it would be a major upset if Kushner could find a tenant to fill the empty space. The company, which primarily owned and built suburban apartments before Jared Kushner’s tenure at the helm took it to buying high-priced Manhattan properties, in previous months used alternative loans to finance mortgage payments, like many commercial real estate borrowers in the past few years.

Maybe Jared can hurry up and sell a nuclear reactor or two to Mohammad bin Salman so he can salvage this mess, although frankly I think the Saudi connection is going to dry up soon, if it hasn’t already. MBS is probably yukking it up with Vladimir Putin right now, watching the Trump ship of fools capsize, as they and all of us, always knew that it would.

It looks like Jared will just have to build more slums in Baltimore to make a buck, alas. Congress acted to protect the bedrock of American business, but the termites like Trump and Kushner are on their own. This is what happens when slumlords start believing that they’re masters of the universe. Lesson learned in the Twilight Zone.

 

 

 

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19 Comments on "Rescue Bill Will Not Bail Out Trump Hotels — Nor Kushner Cos. Which Is In Default On Times Square Property"

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Tin woman1
Guest

I do like this. But I hope the house scours this bill for hidden grenades before passing it.

nan
Guest

There passing it too quickly something is hidden that’s what I think

Bareshark
Guest

Times like this, slow costs lives. And we’ve already lost too many of those.

Bareshark
Guest

Mister Bone Saw and Vlad are not exactly on the best of terms right now, given the whole oil thing. And Vlad just order a week of “non-working” to deal with the COVID 19 that supposedly wasn’t affecting his country, which means they may be the new Iran in the same way we’re going to be the new Italy.

As to Trump and Co getting denied a taxpayer bailout…GOOD!

lauran
Member

Ain’t no mezzanine or any other floor loan to save Kushner Enterprises now I suppose. But, wait for it……..wait for it………doesn’t Daddy in Law need to sign off on any CV packages passed by Congress, or is this simply a legislative process? My memory is a little rusty on the procedures here, and 3 weeks of staying home hasn’t seemed to sharpen my thinking. I do like the Schummer introduced caveats but wonder if they can hold up.

Nice reporting Ursula!

CAZ
Guest

He has to sign off, but declining to do so would only reflect badly on his family as the bailout has a little something for everyone else.

CAZ
Guest

Abd the Dow likes it.

lauran
Member

As a senior I’m not ready to die for the DOW quite yet. Maybe with a few more weeks of 1 step forward and 3 steps back I’ll change my tune. But, I doubt it……..

Bareshark
Guest

It’s like this, Laran: Dems are telling any GOP speed bumps that they can accept the offer now or later. They will like it much less later. McConnell didn’t get that memo and that’s why he got sidelined. Trump will sign anything you put in front of him.

chris whitley
Member

Well two things. You are probably right that trumpkins has to sign off on the plan. But you also have Nancy Pelosi that can block any republicans tactics on this. And I do remember MBS heard joking that little old Jared is in his pocket. Jared better hope in MBS is shopping for more mercenaries and nuclear ☢️ crap 💩. Otherwise he’s done ✅. Wonder how they do bankruptcy in Washington.

Denis Elliott
Member
I hate to be the pessimist but I don’t see any reason why some language in this legislation intended to prevent Trump (or his family, or other govt. folks) from getting assistance from this stimulus package will prevent him from gorging at the public trough like a pig. The GOP has already clearly demonstrated the Emoluments clauses in the Constitution don’t mean shit – at least as long as it’s a Republican benefitting. They will let Trump and themselves do whatever they want regardless of what the legislation says – knowing full well that Billy Barr’s DOJ won’t authorize even… Read more »
lauran
Member
Good point! But, there’s one thing I discovered being raised on a farm with lots of different animals and that’s that hogs will challenge one another when its feeding time. They are damn smart and believe me the big hog usually gets what it wants to eat at the trough. Lesser hogs better damn well get out of the way and submit or be prepared to fight for it. There’s usually one or more of the younger, large hogs that either fight on there own or rally up with some other younger ones and provide some type of resistance. Sometimes… Read more »
Bareshark
Guest

They don’t play ball now, they can get prosecuted after. All the above concerns is predicated on Trump winning reelection, not a guarantee no matter what drivel they say on DKos. As one of those low income people you’re talking about, I can safely say even a few hundred would be helpful.

chris whitley
Member

Well there is the fact that trump got 9/11 assistance even though he didn’t have any property even close to World Trade Center.

Joseph
Guest

Yeah but he wasn’t President at the time, just a regular businessman.

chris whitley
Member

Just a regular business man that said now I have tallest building in New York. He didn’t though. Lied then as he lies now!

Rita
Member

It’s not our job to bail out Mutt & Jeff , they have screwed enough people out of money , yeah, what goes around, comes around !