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To be conservative, turn ourselves into kind of a steady annuity, you know, steady business. but in the same time, they took on two humongous loans from deutsche banc to buy really risky properties. one was the golf course outside miami. the other was the property in d.c. where as you said they bid so much more than anybody else that people at the time thought how in the world can they make money if they re going to pay so much for this property. in those two cases they did take on loans which seems kind of variance with the all cash philosophy eric laid out. deutsche banc where it came from the private client side. in 2017, eric trump told a golf journalist we don t rely on american banks, we ve all the funding we need out of russia. he then said that story is completely fabricated. but it s stunning if you think about it. and we re relying on eric trump s explanation of this all. awesome reporting. this one s a head scratcher. thank you. all right, coming up, ....
The response from the trump organization, from eric trump is, look, we had plenty of banks that wanted to loan to us. we had so much money we decided to just spend the money ourselves and buy these properties. mostly golf courses. in all cash. so we didn t have any partners. the money would have been all ours. the strange thing is that nobody does that. and not just because people don t have the money to do it, because it doesn t make business sense to do that. if you re going to buy properties to make money it makes more sense to take a little loan, get some co-investors, spread out the risk but also spread out your money so you can invest in more properties. just sinking your own money into properties, in the cases we can see lose a lot of money, it s not really anybody s idea of great investing. it certainly wasn t donald trump s idea of great investing for most of his career. it s a lie for eric trump to say plenty of banks wanted to lend them money. that s not the case. deutsche ....
Who their co-investors are. we do need to remind you paul manafort was potentially laundering money through the bank of cyprus. who s the board chair of the bank of cyprus? our commerce secretary, wilbur ross. who did he put on the board at cyprus, the former chairman of deutsche banc, which did business with both the kushners and the trumps. maybe it s coincidence but we know muler is working on it. talking gun control again. a new column out in the new york times floats the idea that if washington will not act to control gun laws across the country, banks might actually do it. banks. can you believe it right? the vampire squids? they may be the ones? the article says there s a real opportunity for the business community to fill the void and prove that all that talk about moral responsibility is not hollow. i want to bring in my friend and the author of this great column andrew ross sorkin, who is in ....
Talk about your bloomberg report that a kushner property right here in times square backed by deutsche banc now has tenant trouble. yes, so they bought that for 96 million in 2015. a year later, they got a huge appraisal boost at 400 million and change and they did that by filling it with a bunch of tenant, none of whom had credit ratings. those tenants included a restaurant. todd english food hall that had not opened. we report there still has been no construction done on that space. we also report a place called gulliver s gate which has a 187th scale model of new york city and other places around the world which you can go visit for $36 was, as of december, two months behind on rent. now, i should say kushner s company has told us they have planned for the guy ferrie space. the english space, they re still finalizing plans and gulliver s gate was only a few days behind ....
These interviews not as a reluctant witness, someone who conveniently doesn t recall certain facts, certain dates, certain meetings? i don t think we know the answer to that yet. i don t know, matt, i think there could be a third leg. i think he could be an aggressive witness who wants to try to save the president here. imagine if he got himself back in president trump s good graces. that could be a game changer for him. bill, i turn to you. when we were talking about this book last week, steve bannon talked about that meeting being trees n treasonous. you and i discussed this. money laundering and the trump organization is a lot more likely than getting to the russian collusion story as it relates to hacking during the election. i agree with you completely, stephanie. i m glad we re talking about the book again this week. look, follow the money. i think it goes back to what we all knew about watergate. we ve got deutsche banc being the sole lender basically to the trump organizati ....