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Them wanting to borrow more money. again, placing a value of something like $1 billion on the trump brand name, and they laughed at it. help was forced to go to the private bank side. how could eric trump possibly say this was a business decision, everyone wanted to lend them money? there s no evidence of that. one of the things i don t have is great visibility into what was going on inside the trump organization. how much cash they had on hand, how much cash there business was throwing off. it seems unlikely from the outside they had so much money they could afford to just sink it into these properties that lose money. talking to people who know the golf business well, when you ask them who buys properties in cash, usually it s two kinds of people. neither one of which is donald trump. people who buy golf courses as a vanity project. just so i can be the big man on campus. or places like sovereign wealth funds, the dubai sovereign wealth funds. they just park their money in ....
Want to do business with him any more. time now for my favorite part of the show, money, power, politics. that of course was then candidate trump, the self-proclaimed king of debt in 2016. however, the washington post report is shedding light on a spending spree by the trump empire. the organization shelled out more than 400 million bucks in cash. purchasing new properties in the nine years before trump ran for president. but the question on everyone s mind, where exactly did the cash come from. he co-wrote this report and joins me live. david, lay all this out for us. because eric trump has said from the firm s existing businesses, commercial real estate, new properties, they had a lot of cash and they decided to spend. one could make the argument they made a lot of money off the brand of the apprentice and trump loved to talk about the value of that brand. he put a big number on that. when he showed that to banks, banks laughed at him. is it time that he had to spend his own money? ....
Some place and come back later. trump is neither one of those things. he s somebody who s trying to buy golf courses presumably to make money. people who do it that way usually take on loans and partners. we need to put in perspective the norwegian solve revereign w fund is one of the cash richest on the planet. do you have any idea where the cash came from? it reminds me of when they bought the hotel in washington, d.c. remember, they were the highest bidder by so much that the second highest bidder wanted to take legal action saying we know that in a year they re going to try to renegotiate the lease because it doesn t make sense. where on earth do they get the cash from? at this point, i don t know more than what eric trump told us. which is money coming off other businesses they re trying to spend. i m trying to learn more about that. you mentioned the trump, old post office, the hotel development here in d.c., that s what s unusual about this. eric trump told us, look, during ....
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 ....