We pored over Donald Trump’s business records for well over a year, at least those records you can get without a badge or a subpoena. We also hired a former British intelligence official, Christopher Steele, to look into Mr. Trump’s possible ties to Russia. In that 2015-2016 investigation, sponsored first by a Republican client and then by Democrats, we found strong indications that companies affiliated with Mr. Trump, then a presidential candidate, might have been entangled in foreign corruption.
A string of bankruptcies in the 1990s and 2000s may have left Mr. Trump’s companies largely unable to tap traditional sources of financing. That could have forced him to look elsewhere for financing and partners at a time when money was pouring out of the former Soviet Union.
Indeed, from New York to Florida, Panama to Azerbaijan, we found that Trump projects have relied heavily on foreign cash — including from wealthy individuals from Russia and elsewhere with questionable, and even criminal, backgrounds. We saw money traveling through offshore shell companies, entities often used to obscure ownership. Many news organizations have since dug deeply into the Trump Organization’s projects and come away with similar findings.