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WNYC Studios

He’s the President, yet we’re still trying to answer basic questions about how his business works: What deals are happening, who they’re happening with, and if the President and his family are keeping their promise to separate the Trump Organization from the Trump White House. “Trump, Inc.” is a joint reporting project from WNYC Studios and ProPublica that digs deep into these questions. We’ll be layout out what we know, what we don’t and how you can help us fill in the gaps. 
WNYC Studios is a listener-supported producer of other leading podcasts, including On the Media, Radiolab, Death, Sex & Money, Here’s the Thing with Alec Baldwin, Nancy and many others. ProPublica is a non-profit investigative newsroom.
© WNYC Studios

Trump, Inc.

As president, he says he can’t have a conflict of interest with his businesses. But that interpretation turns the ethics laws on their head.

Trump's 'No Conflict Situation'

Forbes investigative reporter Dan Alexander found the president's company is collecting at least $175 million in commercial rents. And Trump doesn't have to tell us who's paying.

Open For Business

The casino’s money laundering controls were so lacking, regulators found, it amounted to “willful" violations of the law.

Money Laundering and the Trump Taj Mahal

After Special Counsel Robert Mueller indicted 13 Russians for an intensive, elaborate effort to interfere with the 2016 elections, President Trump reacted as he has before — with bluster and bellicosity, at everyone but Russia.

This week on Trump Inc., we’re exploring the president’s, persistent weirdness around Russia: Why has Trump been so quiet about Russia and its interference?

Glenn Simpson has a theory—that one cannot understand the Russian collusion scandal without understanding Trump’s business.

Simpson is the head of Fusion GPS, the investigative firm behind the now-famous Trump dossier. Before that, he was a Wall Street Journal reporter who specialized in the nexus of money, politics and international skullduggery. Simpson was hired, first by conservatives and then by Democrats, to dig into Trump’s business record.

Simpson has been pilloried on the right as a tool of the Clinton campaign — or worse. He’s been sued multiple times. But amid all the charges, few have followed the details of what Simpson concluded: After a string of Trump failures, disappointments, and bankruptcies, Western financiers shut him off. Trump still needed money to fund his projects. Where did he get it? Simpson came to believe it came from Russia and Russian-connected sources. It came via golf courses, condos, and other conduits.

The eventual result, Simpson suggests, is that Trump ended up beholden to those providing his businesses with “alternative financing.”

One note: The Trump Organization and White House declined to answer our questions for the podcast.

And remember, we want to hear from you: We’re always eager for tips. We also want to hear your questions. What would you like to know about Trump’s businesses? What confuses you? Contact us.

“Trump, Inc.” is a production of WNYC Studios and ProPublica. Support our work by becoming a supporting member of WNYC or visiting donate.propublica.org. Subscribe here or wherever you get your podcasts.

Trump, Russia and 'Alternative Financing'

David Fahrenthold with the Washington Post answers your questions — and then asks one himself.

The Mysterious Loan Trump Made to Himself and More

The president’s company placed an order to manufacture replicas of the Presidential Seal, raising new ethics questions.

Trump Org Ordered Golf Markers With the Presidential Seal. That May Be Illegal.

We’ve seen headline after head-spinning headline about Jared Kushner, son-in-law of President Donald Trump. We’ve heard that his company has been on a global search for cash, that it got giant loans from two big financial institutions after Kushner met with officials from those companies at the White House, and that countries believed they could manipulate Kushner through his “complex” business arrangements.

Like his father-in-law, Kushner has not fully divested from his family’s business, Kushner Companies. His disclosure forms show he owns at least $761 million in assets. Meanwhile, the company owes hundreds of millions of dollars in debt that comes due in less than a year. 

All of this while Kushner Companies has worked very hard to keep some of its partners a secret. 

It gets back to a familiar question: How can we know whether Kushner is operating in the interests of the country or his company? 

A spokeswoman for the Kushner Companies said in an email that it “is financially very strong” and that “Jared Kushner is not in any way involved in the management of the business.” 

Peter Mirijanian, spokesman for Jared Kushner’s attorney, said in a statement Kushner’s meetings are “to hear ideas about improving the American economy” and that he “has followed the ethics advice he has received for all of his work which include the separation from his business and recusals when appropriate.”

Joining us on this episode are David Kocieniewski and Caleb Melby of Bloomberg, who’ve broken a series of stories about the Kushner Companies' financial stress. They take WNYC and ProPublica on a tour of some of the real estate company's marquee properties.

Then we take a different kind of tour with ProPublica’s Alec MacGillis. For the past year, he's been tracking the travails of tenants living in apartment complexes in Baltimore owned by Kushner Companies -- and the extent to which the real estate company has gone to keep its partners secret.

Son-in-Law Inc: The (Other) Secretive Real Estate Scion in the White House

Last month, the committee that ran President Donald Trump’s inaugural festivities released basic details about its revenues and spending. Trump raised $107 million, almost twice the previous record, and spent $104 million. The committee’s tax filing showed that $26 million of the spending went to an event planning firm started in December by a friend of the First Lady.

It’s not clear how the firm spent that money, or how most of the money raised for the inauguration was used. The tax filing doesn’t show spending by subcontractors, nor is it required to do so.

In this week’s episode of Trump Inc., we dig into the inauguration. We’ve found that even experienced inaugural planners are baffled by the Trump committee’s massive fundraising and spending operation. We also noticed that two members of the inaugural committee have been convicted of financial crimes, and a third — the committee’s treasurer — was reportedly an unindicted co-conspirator in an accounting fraud.

Greg Jenkins led President George W. Bush’s second inaugural committee in 2005, which raised and spent $42 million (that would be $53 million in today’s dollars). Asked about how Trump’s team managed to spend so much more, Jenkins said, “It's inexplicable to me. I literally don't know.”

“They had a third of the staff and a quarter of the events and they raise at least twice as much as we did,” Jenkins said. “So there's the obvious question: where did it go? I don't know.”

Steve Kerrigan, who led both of President Obama’s inaugural committees, agreed. “There was no need for that amount of money,” said Kerrigan.” We literally did two inaugurations for less than the cost of that.”

According to Trump’s filing, slightly more than half of the money went to four event-planning companies, including the firm owned by the First Lady’s friend, Stephanie Winston Wolkoff. Her company, WIS Media Partners, paid the co-creator of “The Apprentice,” Mark Burnett, to help with the festivities, as the New York Times reported. 

Melania Trump has since cut off her work with Wolkoff after the disclosure of the spending. Wolkoff and WIS Media Partners did not respond to a request for comment.

We asked the White House and the inaugural committee about fundraising and spending related to the inauguration. Officials did not agree to be interviewed on the record.

We also looked at members of the inaugural committee, which had about 30 people in leadership and fundraising roles.

The committee’s treasurer, Doug Ammerman, was named by prosecutors as an unindicted co-conspirator in a tax shelter fraud in the early 2000s, according to the Wall Street Journal. Ammerman was a partner at the accounting firm KPMG, which later admitted criminal liability. A Senate investigation from the time includes emails from Ammerman suggesting he was aware of the scheme.

Ammerman is also currently accused in a shareholder lawsuit of dumping stock in a grilled chicken chain, El Pollo Loco, where he was on the board, ahead of a bad quarterly report. Ammerman did not respond to requests for comment.

The finance vice-chair for the inaugural committee, Elliott Broidy, pleaded guilty in 2009 to paying bribes to get investments from the New York State pension fund. His felony conviction was later downgraded to a misdemeanor. Broidy, a top Trump fundraiser, has also come under scrutiny in Special Counsel Robert Mueller’s investigation. Broidy did not respond to requests for comment.

Another inaugural organizer was Rick Gates, the former deputy to former Trump campaign manager Paul Manafort. Gates pleaded guilty this year to lying to the FBI and to conspiracy in a vast money laundering scheme, charges that came from Mueller’s office.

At the time that Gates worked on the inauguration, he had not been indicted, but his dealings with former Ukrainian strongman Viktor Yanukovych had already come under scrutiny. Gates’ business partner, Manafort, was forced off of the Trump campaign in the summer of 2016 after it was reported he got nearly $13 million of undisclosed payments from Yanukovych. Gates did not respond to requests for comment.

We found one more thing that set this inauguration apart: Some of the donations are almost impossible to trace. As the Center for Responsive Politics reports, two “dark money” groups, which do not disclose their donors, gave $1 million each. Trump’s inaugural committee appears to have been the first to accept significant donations from dark money groups.

Kerrigan, Obama’s inauguration chief, said he would have rejected a check from a group designed to preserve donor anonymity. “I would have said, ‘Prove who you are and if you can’t pass vet, I’ll have to give the check back,’” Kerrigan said.

There are also, of course, many donors we do know about. Like other presidents, Trump raised millions from corporate contributions and wealthy individuals. The securities and investment industry contributed the most, nearly $15 million. Other top industries included real estate, casinos, oil and gas, and mining — each of which later benefited from various presidential initiatives and policies. The existence of a contribution, of course, doesn’t mean that’s the reason for a policy change.

Click here to explore OpenSecrets’ analysis of inaugural contributions. And click here to check out journalist Christina Wilkie’s easy-to-search spreadsheet of inaugural donors.

Where’d Trump’s Record Inauguration Spending Go? 'It’s Inexplicable'

A Trump project in Mumbai had its permits revoked after investigators found “significant irregularities.” Then Trump Jr. traveled to India to get the decision overruled.

Former Indian Official: Donald Trump Jr. Pushed 'Blatantly Illegal' Project

The Trump Organization has five active projects in India, a country where corruption is common in the real estate industry.

The Many Red Flags of Trump’s Partners in India

Paul Manafort was Donald Trump’s campaign chairman for three critical months in 2016, leading up to the Republican Convention. But for a decade before that, he did political work in Ukraine. And it's the money Manafort made from that work that is now under the microscope in a Virginia courtroom. Manafort stands accused of tax fraud and bank fraud in the first case in the Mueller investigation to go to trial. Allegedly, Manafort set up secret offshore bank accounts, took in tens of millions of dollars, and avoided the Internal Revenue Service. And later, when the work in Ukraine dried up, and he was short of cash, Manafort allegedly lied to banks to get loans. Trump, Inc.'s Ilya Marritz and Andrea Bernstein dissect the trial's opening with Franklin Foer, a staff writer at The Atlantic who profiled Manafort in his article The Plot Against America.

Manafort, Inc.

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