Shady accounting underpins Trump's wealth

POLITICO spoke with more than a dozen financial experts and Trump’s fellow multi-millionaires about the presumptive Republican nominee’s financial statement. Their conclusion: the real estate magnate’s bottom line – what he actually puts in his own pocket – could be much lower than he suggests. Some financial analysts said this, and a very low tax rate, is why Trump won’t release his tax returns…

The financial disclosure form showed Trump adding fresh debt of at least $50 million, though a campaign press release said Trump was using increased revenue to reduce his debt, which now stands at at least $315 million and possibly over $500 million. The disclosure also suggests that Trump sold fund assets to raise as much as $7 million in cash and individual securities to raise up to $9 million more.

The apparent increase in debt and securities sales raises questions about the amount of cash Trump has on hand. “If he is swimming in so much cash for all his holdings why is he selling this stuff to raise cash?” asked another ultra-high net worth individual who also reviewed the filings and declined to be identified by name to avoid Trump’s wrath…

“Trump has a tendency to value his brand at a very high amount but these are usually intangible valuations just pulled out of thin air,” said Steve Stanganelli, a certified financial planner at Clear View Wealth Advisors. “And he appears to be reporting gross revenue. There is a huge difference between that and net income. What really matters is what you put in the bank.”