Trump Relied on Funding from George Soros to Build Chicago Trump Tower
In 2004, progressive-leaning philanthropist and investor George Soros provided millions in financing for Donald Trump's Trump Tower Chicago development.
By Barry Donegan -
Mar 14, 2016
2016 Republican presidential candidate and billionaire real estate investor Donald Trump borrowed money from progressive-leaning billionaire George Soros back in 2004 to build the Trump International Hotel and Tower in Chicago.
In October of 2004, Thomas A. Corfman wrote in The Chicago Tribune, “Donald Trump has lined up three New York hedge funds, including money from billionaire George Soros, to invest $160 million in his Chicago skyscraper, a key piece in perhaps the largest construction financing in the city’s history, according to real estate sources and public documents. … The $160 million investment is in the form of a mezzanine loan, a kind of second mortgage that typically charges a much higher interest rate than a first-mortgage construction loan.”
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The Blaze notes that Trump and Soros were also listed as co-defendants in a 2008 RICO lawsuit disputing the sale of a Manhattan General Motors building. A report on the case by Pensions and Investments listed Trump and Soros as investors in the property.
Soros blasted Donald Trump’s campaign in recent comments to Bloomberg Business, seen below.
“Donald Trump is doing the work of ISIS. ISIS, and before that al-Qaeda, discovered the Achilles’ heel of Western civilization— the fear of death. It interferes with reason, and people do things out of fear which is actually harmful. And that’s what, by fear mongering, Donald Trump and the others, Cruz and so on, are doing the work of ISIS,” said Soros.
He added, “It must be wrong to do what your enemies want you to do. They want people to turn against Muslims, treat them with suspicion, and convince the Muslim community that there is no alternative except terrorism.”
According to The New York Times, Soros is funding a $15 million get-out-the-vote campaign aimed at bolstering Latino and immigrant vote turnouts in swing states in an effort to punish Trump and other Republicans for “anti-immigrant and anti-Muslim rhetoric.”
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“It is harmful to our democracy and to our national interests. There should be consequences for the outrageous statements and proposals that we’ve regularly heard,” said Soros.
According to The New York Post’s celebrity gossip column Page Six, Trump and Soros were seen together at a 2009 Christmas party hosted by economist Nouriel Roubini, who has been called “Dr. Doom” for his bearish economic predictions.
An October 2015 statement by Trump, which was cited by The Washington Post, read, “I am self-funding my campaign and therefore I will not be controlled by the donors, special interests and lobbyists who have corrupted our politics and politicians for far too long. I have disavowed all Super PAC’s, requested the return of all donations made to said PAC’s, and I am calling on all presidential candidates to do the same. The character of our country is only as strong as our leaders.”
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