Tag Archives: assets

Records show Trump released tax returns when he stood to gain

Donald Trump won’t publicly release his income tax returns but records reveal the New York businessman turned them over when it suited his needs.

The Associated Press is reporting that Trump provided his returns when he stood to make a profit, needed a loan or when dealing with legal matters.

The news service reports that Pennsylvania gaming regulators were given at least five years’ worth and eight boxes full of Trump’s tax documents.

Also, Nevada, Michigan, Missouri, Indiana and other state gaming officials had access to multiple years of Trump’s returns.

And large banks that lent Trump money over the years have obtained Trump’s returns.

In all cases reviewed by The Associated Press, each person, organization, company or government office that has seen Trump’s tax returns is barred from discussing their full contents by professional or legal restrictions.

So the public still knows little about Trump’s more recent finances.

At a press event today in Waukesha, Wisconsin Democrats plan to call on Trump to release his tax returns.

An announcement from Hillary Clinton’s campaign said the event at noon at the Waukesha DNC headquarters would involve Democratic supporters, including state Rep. Mandela Barnes.

In the debate earlier this week, Clinton questioned whether Trump’s tax returns might reveal that he has paid little or no taxes. Trump said he was “smart” for not paying federal income taxes in some years.

Documents first reported on by Politico show Trump didn’t pay any federal income tax during at least two years in the early 1990s because he lost more money than he earned.

Other documents show he didn’t pay any federal income taxes in 1978, 1979 and 1984.

Trump has repeatedly refused to release his tax returns citing an IRS audit, but the IRS and tax experts have said an audit doesn’t bar Trump from making the documents public.

Since 1976, every major party nominee has released the returns and Clinton has publicly released nearly 40 years’ worth.

Trump’s tax returns would reveal his charitable contributions. The AP has reported that there is little record of substantial personal philanthropy from Trump.

The returns would also reveal how much Trump earned from his assets, helping someone work back to an approximation of his net worth to compare to his own estimation.

Investors representing $2.1 trillion join call to repeal anti-LGBT law

Some 60 investors representing $2.1 trillion in managed assets joined the NCAA, entertainers and more than 200 businesses in calling for North Carolina to repeal its law limiting LGBT protections against discrimination.

“While the U.S. economy continues to grow, quite frankly North Carolina appears to be headed for what I would call a state-government-inflicted recession,” said Matt Patsky, chief executive officer of Trillium Asset Management. Trillium has more than $2 billion in assets under management.

Patsky spoke this week at a news conference alongside some of the investors who signed a statement calling for repeal of the law known as HB2. Trillium was one of the organizers of the statement, along with environmental research group Croatan Institute and the New York City comptroller, Scott Stringer. Stringer was unable to attend because of a New York ban on travel to North Carolina, Patsky said.

“As long-term investors, we can’t sit idly by as HB2 undermines fundamental human rights at our expense,” Stringer said in the statement. “For the last 25 years, New York City’s pension funds have pushed more than 100 companies to enact non-discrimination policies that protect LGBTQ individuals and ensure they attract, retain, and promote the best and the brightest. These policies are essential if we want companies — and our economy — to succeed, and we can’t let a hate-filled law get in the way.”

State legislators were enraged when the Charlotte City Council passed an ordinance expanding protections for lesbian, gay, bisexual and transgender people. During a one-day special session in March, Republicans passed a state law that blocks any municipality from expanding protections against sexual discrimination in public accommodations to LGBT people and ordered public schools and universities to ensure that students use restrooms corresponding to the sex on their birth certificates.

Earlier this month, Gov. Pat McCrory and GOP legislators offered to consider rescinding the law, but only if the Democrats who pushed for Charlotte’s ordinance would essentially admit they were wrong, something the council hasn’t done.

Meanwhile, the NBA pulled its All-Star Game from Charlotte. The NCAA earlier this month took the unprecedented step of pulling seven championship events from the state over its objection to the law. Two days later, the ACC did the same thing — relocating all 10 of its neutral-site championships from the state the conference has called home since its founding in 1953.

Performers including Bruce Springsteen, Pearl Jam and Maroon 5 canceled concerts in North Carolina, and more than 200 business leaders signed a letter to McCrory. The Williams Institute, which is part of the UCLA School of Law, has said HB2 could cost the state as much as $5 billion in lost federal funding and business investment.

“This latest attack on North Carolina values is being coordinated by the same people who manage the New York City pension fund that is on the verge of an ‘operational failure,’ according to a recent report,” McCrory said in a statement released by his campaign. “For New York hedge fund billionaires to lecture North Carolina about how to conduct its affairs is the height of hypocrisy.

McCrory is seeking re-election in a campaign against Democratic Attorney General Roy Cooper, who opposes the law.

Some clients are seeking “North Carolina-free portfolios,” including divestment of municipal bonds, Patsky said, and he expects that number to grow if the law isn’t repealed.

Those who signed the letter include representatives of North Carolina-based groups such as Investors’ Circle and the Mary Babcock Reynolds Foundation. Others who signed are from Morgan Stanley Investment Management, John Hancock Investments and RBC Wealth Management.

“This fallout is real,” said Bonny Moellenbrock, executive director of Investors Circle, which she said has invested $200 million in more than 330 start-ups. “It has had a devastating impact on our reputation and that has a direct impact on entrepreneurs’ ability to grow their business here.”