Annual Financial Report October 31 2013: Fill & Download for Free

Which audit? In the past 15 years, OIG and GAO have prepared over 150 audits of a few dozen subjects all on file at the Federal Reserve Website (see below), along with the last 15 year's annual Consolidated Audited Financial Statements from KPMG, the last 32 quarterly financial statements, the last two years monthly financial reports and, each week, the Fed publishes its interactive balance sheet. And dozens of other reports on activity.AuditThe information below is provided as required by the Wall Street Reform and Consumer Protection Act. The page will be updated as reports and other information become available.Audited Annual Federal Reserve System financial statementsAnnual audited financial statements of the Federal Reserve System and independent auditors' reports.Federal Reserve System audited annual financial statementsReports prepared by the Comptroller GeneralUnder section 714 of title 31, United States Code.U.S. Government Accountability Office (GAO) reportsReports to Congress on Emergency LendingReports on Emergency Lending Authorized Pursuant to Section 13(3) of the Federal Reserve Act since July, 21, 2010In accordance with Section 1101 of the Dodd-Frank Act, the Board will publish reports issued to the Congress not later than seven days after the Board authorizes any new loan or other financial assistance under Section 13(3) of the Federal Reserve Act. The Board also will publish written updates every 30 days with respect to any such loan or other financial assistance. There have been no new emergency loans authorized by the Board.Other information about the liquidity and credit programs and other monetary policy tools that the Federal Reserve used to respond to the financial crisisReports Pursuant to Section 129 of the Emergency Economic Stabilization Act of 2008The Federal Reserve filed reports with Congress pursuant to section 129(b) of the Emergency Economic Stabilization Act of 2008. The reports provided updates concerning the lending facilities established by the Board under section 13(3) of the Federal Reserve Act that are currently outstanding. In October 2009, the Board began to incorporate these reports into its monthly report on "Credit and Liquidity Programs and the Balance Sheet."Quarterly Report on Federal Reserve Balance Sheet DevelopmentsThe Federal Reserve prepares this quarterly report as part of its efforts to enhance transparency about its balance sheet, financial information, and monetary policy tools, and to ensure appropriate accountability to the Congress and the public.Previously, similar information was published in the "Monthly Report on Credit and Liquidity Programs and the Balance Sheet".Monthly Report on Credit and Liquidity Programs and the Balance SheetThe Federal Reserve prepared this monthly report as part of its efforts to enhance transparency about the range of programs and tools that have been implemented in response to the financial crisis and to ensure appropriate accountability to the Congress and the public from June 2009 to August 2012.Subsequent to August 2012, similar information is published in the "Quarterly Report on Federal Reserve Balance Sheet Developments," available on the Board's public website.Transaction dataTransaction detail related to the liquidity and credit programs and other monetary policy tools that the Federal Reserve used to respond to the financial crisis that emerged during the summer of 2007.Other information helpful in understanding the accounting, financial reporting, and internal controls of the Federal Reserve Board and the Federal Reserve BanksFinancial Accounting ManualAnnual ReportsAnnual Report: Budget Review (2013 and previous years)Reserve Bank Operating Expenses Historical Actual and Current Year Budget InformationFederal Reserve Banks Combined Quarterly Financial Reports (Unaudited)H.4.1: Factors Affecting Reserve BalancesOffice of Inspector General (OIG) ReportsOIG Semiannual Reports to the CongressFederal Reserve System Audited Annual Financial StatementsFederal Reserve Banks Combined Quarterly Financial Reports (Unaudited)

Our boy Trump has spent a lot of time and money in and out of court. The following very long and ongoing list of court cases won and lost, is compliments of Wikipedia:Trump and his businesses have been involved in 3,500 legal cases in U.S. federal courts and state court, an unprecedented number for a U.S. presidential candidate.[1]Of the 3,500 suits, Trump or one of his companies were plaintiffs in 1,900; defendants in 1,450; and bankruptcy, third party, or other in 150.[1]Trump was named in at least 169 suits in federal court.[2]Over 150 other cases were in the Seventeenth Judicial Circuit Court of Florida (covering Broward County, Florida) since 1983.[3]In about 500 cases, judges dismissed plaintiffs' claims against Trump. In hundreds more, cases ended with the available public record unclear about the resolution.[1]Where there was a clear resolution, Trump won 451 times, and lost 38.[4]The topics of the legal cases include contract disputes, defamation claims, and allegations of sexual harassment. Trump's companies have been involved in more than 100 tax disputes, and on "at least three dozen" occasions the New York State Department of Taxation and Finance has obtained tax liens against Trump properties for nonpayment of taxes.[1]On a number of occasions, Trump has threatened legal action but did not ultimately follow through.[5]Of Trump's involvement in the lawsuits, his lawyer Alan Garten said in 2015 that this was "a natural part of doing business in [the United States]",[5][6]and in the real estate industry, litigation to enforce contracts and resolve business disputes is indeed common.[5]Trump has, however, been involved in far more litigation than fellow real-estate magnates; the USA Today analysis in 2016 found that Trump had been involved in legal disputes more than Edward J. DeBartolo Jr., Donald Bren, Stephen M. Ross, Sam Zell, and Larry Silverstein combined.[1]The Trump lawsuits[5][6]have attracted criticism from Trump's opponents, who say that this is not a trait that conservatives should support.[5]James Copland, director of legal policy at the conservative-leaning Manhattan Institute, states that "Trump clearly has an affinity for filing lawsuits, partly because he owns a lot of businesses" and has sometimes used litigation as a "bullying tactic".[5]Although Trump has said that he "never" settles legal claims, Trump and his businesses have settled with plaintiffs in at least 100 cases (mostly involving personal injury claims arising from injuries at Trump properties), with settlements ranging as high as hundreds of thousands of U.S. dollars[1]and recently as high as tens of millions of dollars.[7]Among the most well-known Trump legal cases was the Trump University litigation. Three legal actions were brought alleging fraud, one by the New York State Attorney General and the others by class action plaintiffs.[8]In November 2016, Trump agreed to pay $25 million to settle the litigation.[7]In 1985, New York City brought a lawsuit against Trump for allegedly using tactics to force out tenants of 100 Central Park South,[17]which he intended to demolish together with the building next door. After ten years in court, the two sides negotiated a deal allowing the building to stand as condominiums.[18]In 1988, the Justice Department sued Trump for violating procedures related to public notifications when buying voting stock in a company related to his attempted takeovers of Holiday Corporation and Bally Manufacturing Corporation in 1986. On April 5, 1988, Trump agreed to pay $750,000 to settle the civil penalties of the antitrust lawsuit.[19]In late 1990, Trump was sued for $2 million by a business analyst for defamation, and Trump settled out of court.[20]Briefly before Trump's Taj Mahal opened in April 1990, the analyst had said that the project would fail by the end of that year. Trump threatened to sue the analyst's firm unless the analyst recanted or was fired. The analyst refused to retract the statements, and his firm fired him for ostensibly unrelated reasons.[21]Trump Taj Mahal declared bankruptcy in November 1990, the first of several such bankruptcies.[22]After, the NYSE ordered the firm to compensate the analyst $750,000; the analyst did not release the details of his settlement with Trump.[23]In 1991, Trump sued the manufacturers of a helicopter that crashed in 1989, killing three executives of his New Jersey hotel casino business.[24]The helicopter fell 2,800 feet after the main four-blade rotor and tail rotor broke off the craft, killing Jonathan Benanav, an executive of Trump Plaza, and two others: Mark Grossinger Etess, president of Trump Taj Mahal, and Stephen F. Hyde, chief executive of the Atlantic City casinos.[25][26][27]One of the defendants was owned by the Italian government, providing a basis for removing it to federal court, where the case was dismissed. The U.S. Court of Appeals for the Third Circuit upheld the dismissal in 1992, and the Supreme Court denied Trump's petition to hear the case in the same year.[28]In 1991, Trump Plaza was fined $200,000 by the New Jersey Casino Control Commission for moving African American and female employees from craps tables in order to accommodate high roller Robert LiButti, a mob figure and alleged John Gotti associate, who was said to fly into fits of racist rage when he was on losing streaks.[29]There is no indication that Trump was ever questioned in that investigation, he was not held personally liable, and Trump denies even knowing what LiButti looked like.[29]In 1991, one of Trump's casinos in Atlantic City, New Jersey, was found guilty of circumventing state regulations about casino financing when Donald Trump's father bought $3.5 million in chips that he had no plans to gamble. Trump Castle was forced to pay a $30,000 fine under the settlement, according to New Jersey Division of Gaming Enforcement Director Jack Sweeney. Trump was not disciplined for the illegal advance on his inheritance, which was not confiscated.[30]In 1993, Donald Trump sued Jay Pritzker, a Chicago financier and Trump's business partner since 1979 on the Grand Hyatt hotel. Trump alleged that Pritzker overstated earnings in order to collect excessive management fees.[31]In 1994, Pritzker sued Trump for violating their agreement by, among other ways, failing to remain solvent.[32]The two parties ended the feud in 1995 in a sealed settlement, in which Trump retained some control of the hotel and Pritzker would receive reduced management fees and pay Trump's legal expenses.[33]In 1993, Vera Coking sued Trump and his demolition contractor for damage to her home during construction of the Trump Plaza Hotel and Casino.[34]In 1997, she dropped the suit against Trump and settled with his contractor for $90,000.[35]Coking had refused to sell her home to Trump and ultimately won a 1998 Supreme Court decision that prevented Atlantic City from using eminent domain to condemn her property.[36][37]In 1996, Trump was sued by more than 20 African-American residents of Indiana who charged that Trump reneged on promises to hire 70% of his work force from the minority community for his riverboat casino on Lake Michigan. The suit also charged that he hadn't honored his commitments to steer sufficient contracts to minority-owned businesses in Gary, Indiana. The suit was eventually dismissed due to procedural and jurisdiction issues.[38][39]In the late 1990s, Donald Trump and rival Atlantic City casino owner Stephen Wynn engaged in an extended legal conflict during the planning phase of new casinos Wynn had proposed to build. Both owners filed lawsuits against one another and other parties, including the State of New Jersey, beginning with Wynn's antitrust accusation against Trump.[40][41]After two years in court, Wynn's Mirage casino sued Trump in 1999 alleging that his company had engaged in a conspiracy to harm Mirage and steal proprietary information, primarily lists of wealthy Korean gamblers. In response, Trump's attorneys claimed that Trump's private investigator dishonored his contract by working as a "double agent" for the Mirage casino by secretly taping conversations with Trump. All the cases were settled at the same time on the planned day of an evidentiary hearing in court in February 2000, which was never held.[42]Personal and sexualIn 1992, Trump sued ex-wife Ivana Trump for not honoring a gag clause in their divorce agreement by disclosing facts about him in her best-selling book. Trump won the gag order.[43][44][45]The divorce was granted on grounds that Ivana claimed Donald Trump's treatment of her was "cruel and inhuman treatment".[46][47]Years later, Ivana said that she and Donald "are the best of friends".[48]A sexual assault claim from 1994 for child rape was filed against Trump on October 14, 2016,[49]a case that was dropped and refiled, remaining in suspension as of November 4, 2016.[50]In April 1997, Jill Harth Houraney filed a $125,000,000 lawsuit against Trump for sexual harassment in 1993, claiming he "'groped' her under her dress and told her he wanted to make her his 'sex slave'". Harth voluntarily withdrew the suit when her husband settled a parallel case. Trump has called the allegations "meritless".[51][52]Lawsuits 2000–2009[edit]In 2000, Donald Trump paid $250,000 to settle fines related to charges brought by New York State Lobbying Commission director David Grandeau. Trump was charged with circumventing state law to spend $150,000 lobbying against government approval of plans to construct an Indian-run casino in the Catskills, which would have diminished casino traffic to Trump's casinos in Atlantic City.[53][54]From 2000 on, Trump tried to partner with a German venture in building a "Trump Tower Europe" in Germany. The company founded for this, "TD Trump Deutschland AG" was dissolved in 2003, several lawsuits following in the years thereafter.[55]In 2001, the U.S. Securities and Exchange Commission brought a financial-reporting case against Trump Hotels & Casino Resorts Inc., alleging that the company had committed several "misleading statements in the company's third-quarter 1999 earnings release". Trump Hotels & Casino Resorts Inc. consented to the Commission's cease-and-desist order, said the culprit had been dismissed, and that Trump had personally been unaware of the matter.[56][57][58]Trump sued Leona Helmsley,[59]and Helmsley counter-sued Trump[60]due to contentions regarding ownership and operation of the Empire State Building. In 2002, Trump announced that he and his Japanese business partners, were selling the Empire State Building to partners of his rival Leona Helmsley.[61][62]In 2003, the city of Stuttgart denied TD Trump Deutschland AG, a Trump Organization subsidiary, the permission to build a planned tower due to questions over its financing. Trump Deutschland sued the city of Stuttgart, and lost. In 2004 Trump's German corporate partner brought suit against the Trump Organization for failure to pay back a EUR 200 million pre-payment as promised. In 2005, the German state attorney prosecuted Trump Deutschland and its partners for accounting fraud.[63][64][65]In 2004, Donald Trump sued Richard T. Fields in Broward County Circuit Court (in Florida); Fields was once Trump's business partner in the casino business, but had recently become a successful casino developer in Florida apart from Trump. Fields counter-sued Trump in Florida court. Trump alleged that Fields misled other parties into believing he still consulted for Trump, and Fields alleged improprieties in Trump's business.[66]The two businessmen agreed in 2008 to drop the lawsuits when Fields agreed to buy Trump Marina in Atlantic City, New Jersey, for $316 million,[67]but the deal was unsettled again in 2009 because Trump resigned his leadership of Trump Entertainment after Fields lowered his bid.[68]Fields never bought the company, which went into bankruptcy about the same time and was sold for $38 million.[69][70]Trump's lawsuit was dismissed after a hearing in 2010.[71]In 2004, the Trump Organization partnered with Bayrock Group on a $200 million hotel and condo project in Fort Lauderdale Beach, to be called Trump International Hotel & Tower. After proceeding for five years, real estate market devaluation stymied the project in 2009 and Trump dissolved his licensing deal, demanding that his name be removed from the building. Soon after this, the project defaulted on a $139 million loan in 2010.[72]Investors later sued the developers for fraud. Trump petitioned to have his name removed from the suit, saying he had only lent his name to the project. However his request was refused since he had participated in advertising for it.[73]The insolvent building project spawned over 10 lawsuits, some of which were still not settled in early 2016.[74]In 2006, the Town of Palm Beach began fining Trump $250 per day for ordinance violations related to his erection of an 80-foot-tall (24 m) flagpole flying a 15 by 25 feet (4.6 by 7.6 m) American flag on his property. Trump sued the town for $25 million, saying that they abridged his free speech, also disputing an ordinance that local businesses be "town-serving". The two parties settled as part of a court-ordered mediation, in which Trump was required to donate $100,000 to veterans' charities. At the same time, the town ordinance was modified allowing Trump to enroll out-of-town members in his Mar-a-Lago social club.[75]Trump International Hotel and Tower in ChicagoAfter the 2008 housing-market collapse, Deutsche Bank attempted to collect $40 million that Donald Trump personally guaranteed against their $640 million loan for Trump International Hotel and Tower in Chicago. Rather than paying the debt, Trump sued Deutsche Bank for $3 billion for undermining the project and damage to his reputation.[76]Deutsche Bank then filed suit to obtain the $40 million. The two parties settled in 2010 with Deutsche Bank extending the loan term by five years.[77]In 2008, Trump filed a $100 million lawsuit for alleged fraud and civil rights violations[78]against the California city of Rancho Palos Verdes, over thwarted luxury home development and expansion plans upon part of a landslide-prone golf course in the area, which was purchased by Trump in 2002 for $27 million.[78]Trump had previously sued a local school district over land leased from them in the re-branded Trump National Golf Club, and had further angered some local residents by renaming a thoroughfare after himself.[78]The $100 million suit was ultimately withdrawn in 2012 with Trump and the city agreeing to modified geological surveys and permit extensions for some 20 proposed luxury homes (in addition to 36 homes previously approved).[79][80]Trump ultimately opted for a permanent conservation easement instead of expanded housing development on the course's driving range.[81]In 2009, Donald Trump sued a law firm he had used, Morrison Cohen, for $5 million for mentioning his name and providing links to related news articles on its website. This lawsuit followed a lawsuit by Trump alleging overcharging by the law firm, and a countersuit by Morrison Cohen seeking unpaid legal fees.[82]The suit was dismissed in a 15-page ruling by Manhattan Supreme Court Justice Eileen Bransten, who ruled that the links to news articles concerned "matters of public interest."[83]In 2009, Trump was sued by investors who had made deposits for condos in the canceled Trump Ocean Resort Baja Mexico.[84]The investors said that Trump misrepresented his role in the project, stating after its failure that he had been little more than a spokesperson for the entire venture, disavowing any financial responsibility for the debacle.[85]Investors were informed that their investments would not be returned due to the cancellation of construction.[84]In 2013, Trump settled the lawsuit with more than one hundred prospective condo owners for an undisclosed amount.[86]Lawsuits 2010–presentConstruction and property law matters[edit]In 2011, Donald Trump sued Scotland, alleging that it built the Aberdeen Bay Wind Farm after assuring him it would not be built. He had recently built a golf course there and planned to build an adjacent hotel. Trump lost his suit, with the Supreme Court of the United Kingdom unanimously ruling in favor of the Scottish government in 2015.[87][88]In 2013, 87-year-old Jacqueline Goldberg alleged that Trump cheated her in a condominium sale by bait-and-switch when she was purchasing properties at the Trump International Hotel and Tower.[89]In 2015, Trump initiated a $100 million lawsuit against Palm Beach County claiming that officials, in a "deliberate and malicious" act, pressured the FAA to direct air traffic to the Palm Beach International Airport over his Mar-a-Lago estate, because he said the airplanes damaged the building and disrupted its ambiance.[90]Trump had previously sued the county twice over airport noise; the first lawsuit, in 1995, ended with an agreement between Trump and the county; Trump's second lawsuit, in 2010, was dismissed.[90]Trump is suing the town of Ossining, New York, over the property tax valuation on his 147-acre (59 ha) Trump National Golf Club Westchester, located in Briarcliff Manor's portion of the town, which Trump purchased for around $8 million at a foreclosure sale in the 1990s and to which he claimed, at the club's opening, to have added $45 million in facility improvements.[91]Although Trump stated in his 2015 FEC filing that the property was worth at least $50 million, his lawsuit seeks a $1.4 million valuation on the property, which includes a 75,000-square-foot clubhouse, five overnight suites, and permission to build 71 condominium units,[91]in an effort to shave $424,176 from his annual local property tax obligations.(91A) Trump had to pay nearly $300,000 in attorney’s fees in Doral painter’s lawsuit related to unpaid bills brought by a local paint store against the Trump National Doral Miami golf resort, ordered the billionaire politician’s company to pay the Doral-based mom-and-pop shop nearly $300,000 in attorney’s fees. All because, according to the lawsuit, Trump allegedly tried to stiff The Paint Spot on its last payment of $34,863 on a $200,000 contract for paint used in the renovation of the home of golf’s famed Blue Monster two years prior.[92]Trump filed the action after separately being sued by Briarcliff Manor for "intentional and illegal modifications" to a drainage system that caused more than $238,000 in damage to the village's library, public pool, and park facilities during a 2011 storm.[92]In October 2016, the Ontario Court of Appeal ruled that Trump, together with two principals of a connected developer, could be sued for various claims, including oppression, collusion and breach of fiduciary duties, in relation to his role in the marketing of units in the Trump International Hotel and Tower in Toronto, Canada.[93]A subsequent application for leave to appeal was dismissed by the Supreme Court of Canada in March 2017.[94]Also in October 2016, JCF Capital ULC (a private firm that had bought the construction loan on the building) announced that it was seeking court approval under the Bankruptcy and Insolvency Act to have the building sold in order to recoup its debt, which then totaled $301 million.[95]The court allowed for its auction[96]which took place in March 2017, but no bidders, apart from one stalking horse offer, took part.[97]Defamation mattersAlso in 2011, an appellate court upheld a New Jersey Superior Court judge's decision dismissing Trump's $5 billion defamation lawsuit against author Timothy L. O'Brien, who had reported in his book, TrumpNation: The Art of Being the Donald (2005), that Trump's true net worth was really between $150 and $250 million. Trump had reportedly told O'Brien he was worth billions and, in 2005, had publicly stated such.[98]Trump said that the author's alleged underestimation of his net worth was motivated by malice and had cost him business deals and damage to his reputation.[99]The appellate court, however, ruled against Trump, citing the consistency of O'Brien's three confidential sources.[100]In 2014, the former Miss Pennsylvania Sheena Monnin ultimately settled a $5 million arbitration judgment against her, having been sued by Trump after alleging that the Miss USA 2012 pageant results were rigged. Monnin wrote on her Facebook page that another contestant told her during a rehearsal that she had seen a list of the top five finalists, and when those names were called in their precise order, Monnin realized the pageant election process was suspect, compelling Monnin to resign her Miss Pennsylvania title. The Trump Organization's lawyer said that Monnin's allegations had cost the pageant a lucrative British Petroleum sponsorship deal and threatened to discourage women from entering Miss USA contests in the future.[101]According to Monnin, testimony from the Miss Universe Organization and Ernst & Young revealed that the top 15 finalists were selected by pageant directors regardless of preliminary judges' scores.[102]As part of the settlement, Monnin was not required to retract her original statements.[101]On January 17, 2017, Summer Zervos, represented by attorney Gloria Allred, filed a defamation suit against President-Elect Donald Trump for claiming that she had lied in her public sexual assault allegations against him.[103]Financial mattersIn July 2011, New York firm ALM Unlimited filed a lawsuit against Trump, who ended payments to the company in 2008 after nearly three years. ALM was hired in 2003 to seek offers from clothing companies for a Trump fashion line, and had arranged a meeting between Trump and PVH, which licensed the Trump name for dress shirts and neckwear. ALM, which had received over $300,000, alleged in the lawsuit that Trump's discontinuation of payments was against their initial agreement. In pre-trial depositions, Trump and two of his business officials – attorney George H. Ross and executive vice president of global licensing Cathy Glosser – gave contradictory statements regarding whether ALM was entitled to payments. Trump, who felt that ALM had only a limited role in the deal between him and PVH, said "I have thousands of checks that I sign a week, and I don't look at very many of the checks; and eventually I did look, and when I saw them (ALM) I stopped paying them because I knew it was a mistake or somebody made a mistake."[104]In January 2013, a judge ordered that the case go to trial, after Trump and ALM failed to settle the lawsuit.[105]During the trial in April 2013, Trump said that ALM's role in the PVH agreement was insubstantial, stating that Regis Philbin was the one who recommended PVH to him. Trump's attorney, Alan Garten, said ALM was not legally entitled to any money.[105][106][107]The judge ruled in favor of Trump later that month because a valid contract between him and ALM was never created.[107]Trump University litigationMain article: Trump University § Allegations of impropriety and lawsuitsIn 2013, in a lawsuit filed by New York Attorney General Eric Schneiderman, Trump was accused of defrauding more than 5,000 people of $40 million for the opportunity to learn Trump's real estate investment techniques in a for-profit training program, Trump University, which operated from 2005 to 2011.[108][109][110]Trump ultimately stopped using the term "University" following a 2010 order from New York regulators, who called Trump's use of the word "misleading and even illegal"; the state had previously warned Trump in 2005 to drop the term or not offer seminars in New York.[111][112][113]Although Trump has claimed a 98% approval rating on course evaluations, former students recounted high-pressure tactics from instructors seeking the highest possible ratings, including threats of withholding graduation certificates,[114]and more than 2,000 students had sought and received course refunds before the end of their paid seminars.[114]In a separate class action civil suit against Trump University in mid-February 2014, a San Diego federal judge allowed claimants in California, Florida, and New York to proceed;[115]a Trump counterclaim, alleging that the state Attorney General's investigation was accompanied by a campaign donation shakedown, was investigated by a New York ethics board and dismissed in August 2015.[116]Trump filed a $1 million defamation suit against former Trump University student Tarla Makaeff, who had spent about $37,000 on seminars, after she joined the class action lawsuit and publicized her classroom experiences on social media.[85]Trump University was later ordered by a U.S. District Judge in April 2015 to pay Makaeff and her lawyers $798,774.24 in legal fees and costs.[85][117]Breach of contract matters2013]In 2013 Trump sued comedian Bill Maher for $5 million for breach of contract.[118]Maher had appeared on The Tonight Show with Jay Leno and had offered to pay $5 million to a charity if Trump produced his birth certificate to prove that Trump's mother had not mated with an orangutan. This was said by Maher in response to Trump having previously challenged Obama to produce his birth certificate, and offering $5 million payable to a charity of Obama's choice, if Obama produced his college applications, transcripts, and passport records.[119][120]Trump produced his birth certificate and filed a lawsuit after Maher was not forthcoming, claiming that Maher's $5 million offer was legally binding. "I don't think he was joking," Trump said. "He said it with venom."[119]Trump withdrew his lawsuit against the comedian after eight weeks.[121]2014[edit]In 2014, model Alexia Palmer filed a civil suit against Trump Model Management for promising a $75,000 annual salary but paying only $3,380.75 for three years' work. Palmer, who came to the US at age 17 from Jamaica under the H-1B visa program in 2011,[122]claimed to be owed more than $200,000. Palmer contended that Trump Model Management charged, in addition to a management fee, "obscure expenses" from postage to limousine rides that consumed the remainder of her compensation. Palmer alleged that Trump Model Management promised to withhold only 20% of her net pay as agency expenses, but after charging her for those "obscure expenses", ended up taking 80%.[123]Trump attorney Alan Garten claimed the lawsuit is "bogus and completely frivolous".[124][125]Palmer filed a class-action lawsuit against the modeling agency with similar allegations.[126]The case was dismissed from U.S. federal court in March 2016, in part because Palmer's immigration status, via H1-B visa sponsored by Trump, required labor complaints to be filed through a separate process.[123][127]2015[edit]In 2015, Trump sued Univision, demanding $500 million for breach of contract and defamation when they dropped their planned broadcast of the Miss USA pageant. The network said that the decision was made because of Trump's "insulting remarks about Mexican immigrants".[128]Trump settled the lawsuit with Univision CEO Randy Falco out of court.[129]In July 2015, Trump filed a $10 million lawsuit in D.C. Superior Court for breach of contract against Spanish celebrity chef José Andrés, claiming that he backed out of a deal to open the flagship restaurant at Trump International Hotel in Washington, D.C.[130][131]Andrés replied that Trump's lawsuit was "both unsurprising and without merit"[132]and filed an $8 million counterclaim against a Trump Organization subsidiary.[131][133]Also in July 2015, Chef Geoffrey Zakarian also withdrew from the Washington, D.C., project with Andrés in the wake of Trump's comments on Mexican illegal immigrants, and is expected to lose his own $500,000 restaurant lease deposit as a result.[132]Trump denounced and then sued Zakarian in August 2015 for a sum "in excess of $10 million" for lost rent and other damages.[134]Trump's lawsuit called Zakarian's offense at his remarks "curious in light of the fact that Mr. Trump's publicly shared views on immigration have remained consistent for many years, and Mr. Trump's willingness to frankly share his opinions is widely known".[134][135]Disputes with both chefs were eventually settled in April 2017.[136]In 2015, restaurant workers at Trump SoHo filed a lawsuit that from 2009 to at least the time of the filing, gratuities added to customers' checks were illegally withheld from employees. The Trump Organization has responded that the dispute is between the employees and their employer, a third-party contractor. Donald Trump has been scheduled to testify in court on September 1, 2016.[137][138]2018[edit]In 2018, Noel Cintron, the personal driver for Donald Trump before he became the President of the United States, filed a lawsuit Cintron v Trump Organization LLC with the Supreme Court of the State of New York (Manhattan). The lawsuit claims that during his 25-year employment by Trump, he was not compensated for overtime and the second time his salary was raised he was induced to surrender his health insurance, an action which saved Trump approximately $17,866 per year.[139]The lawsuit seeks $178,200 of overtime back pay, plus $5,000 in penalties that are seen under the New York State Labor Law.[140]Assault claims[edit]In September 2015, five men who had demonstrated outside of a Trump presidential campaign event at Trump Tower in New York City sued Donald Trump, alleging that Trump's security staff punched one of them. They also allege that Trump's security guards had been advised by city police that they were permitted to protest there. Several people videotaped the incident.[141][142]In June 2015, the Culinary Workers Union filed charges with the National Labor Relations Board (NLRB), alleging that the owners of Trump Hotel Las Vegas "violated the federally protected rights of workers to participate in union activities" and engaged in "incidents of alleged physical assault, verbal abuse, intimidation, and threats by management".[143]In October 2015, the Trump Ruffin Commercial and Trump Ruffin Tower I, the owners of Trump Hotel Las Vegas, sued the Culinary Workers Union and another union, alleging that they had knowingly distributed flyers that falsely stated that Donald Trump had stayed at a rival unionized hotel, rather than his own non-unionized hotel, during a trip to Las Vegas.[5][143]Poll watching controversy[edit]On October 31, 2016, a New Jersey federal judge, John Michael Vazquez, ordered the Republican National Committee (RNC) to hand over all communications with the Trump campaign related to poll watching and voter fraud. He asked for testimony and documents relating to Kellyanne Conway, RNC officials Ronna Romney McDaniel of Michigan, and Rob Gleason from Pennsylvania.[144]It is claimed Gleason, McDaniel, and Roger Stone recruited poll watchers to check for voter fraud. The state Democratic parties of Nevada, Pennsylvania, Arizona, and Ohio filed lawsuits against Trump for encouraging illegal voter intimidation. The states' Democratic parties are also suing their respective Republican party counterparts, along with Roger Stone, who is allegedly recruiting poll watchers and organizing ballot security efforts in a number of states. Stone runs the group "Stop the Steal." It claims Trump supporters yelled at voters outside Las Vegas area polling places when they said they weren't voting for the Republican nominee, and that Stone is asking supporters to conduct an illegitimate "exit polling" initiative aimed at intimidating voters of color.Pat McDonald, the director of Cuyahoga County Board of Elections in Ohio, reported that "Trump supporters have already visited the county elections board identifying themselves as poll observers, even though they did not appear to be credentialed as poll observers as required under Ohio law." Election officials have expressed concern about "instability on Election Day," one lawsuit claims, and discussed the possibility of bringing police to polling sites to address conflicts. In Clark County of Nevada, a lawsuit claims: "A Trump supporter harassed and intimidated multiple voters outside of the Albertson's supermarket early voting location on Lake Mead Boulevard, repeatedly asking voters for whom they were voting, and then yelling at them belligerently and attempting to keep them from entering the voting location when they stated they were not voting for Donald Trump." When poll staffers told the Trump supporters to stop harassing voters, "the Trump supporter told poll workers that he had 'a right to say anything he wanted to the voters.'" Poll staffers called police, and the Trump supporter left. The lawsuit also claims similar incidents took place in neighboring Nye County as well. In Pennsylvania, Murrysville City Councilman Josh Lorenz supposedly posted instructions for the way Clinton supporters could vote online, even though there is no online voting in Pennsylvania. Eight registered electors, mostly from the Philadelphia area, challenged the portion of the state Election Code that prevents poll watchers from observing elections outside of the counties where they live.[145][146][147]In Pompano Beach, Florida, police asked two poll watchers to leave a polling site. Two precinct clerks were also fired for not adhering to policy and training. No arrests were made. No other incidents were reported in South Florida.[148][149]Nevada early voting Latino turnout controversy[edit]On November 8, 2016, Trump filed a lawsuit claiming early voting polling places in Clark County, Nevada, were kept open too late. These precincts had high turnout of Latino voters. Nevada state law explicitly states that polls are to stay open to accommodate eligible voters in line at closing time. Hillary Clinton campaign advisor Neera Tanden says the Trump campaign is trying to suppress Latino voter turnout. A political analyst from Nevada, Jon Ralston tweeted that the Trump lawsuit is "insane" in a state that clearly allows the polls to remains open until everyone in line has voted. Former Nevada Secretary of State Ross Miller, posted the statute that states "voting must continue until those voters have voted". Miller said: "If there are people in line waiting to vote at 7 pm, voting must continue until everyone votes.... We still live in America, right?"[150]A Nevada judge denied Trump's request to separate early voting ballots. Judge Gloria Sturman, of the District Court for Clark County Nevada, ruled that County Registrar of Voters Joe P. Gloria was already obligated by state law to maintain the records that the Trump campaign is seeking. Sturman said: "That is offensive to me because it seems to go against the very principle that a vote is secret."[151][152]Diana Orrock, the Republican National Committeewoman for Nevada and a vocal Trump ally, said she was unaware of the lawsuit before Politico contacted her. "I know that the [Clark County] registrar was on TV this morning saying that anybody who's in line was allowed to participate in the voting process until all of them came through," she said. "If that's what they did, I don't have a problem with that ... I don't know that filing a suit's going to accomplish anything." Orrock doubts the lawsuit will have any impact.[153]Lawsuit for inciting violence at March 2016 campaign rally[edit]During a campaign rally on March 1, 2016 in Louisville, Kentucky, Trump repeatedly said "get 'em out of here" while pointing at anti-Trump protesters as they were forcibly escorted out by his supporters. Three protesters say they were repeatedly shoved and punched while Trump pointed at them from the podium, citing widely shared video evidence of the events. They also cited previous statements by Trump about paying the legal bills of supporters who got violent, or suggesting a demonstrator deserved to be "roughed up."[154][155][156][157]The lawsuit accuses Donald Trump of inciting violence against protesters in Louisville, Kentucky. The plaintiffs are Kashiya Nwanguma (21), Molly Shah (36) and Henry Brousseau (17). The suit is against Trump, his campaign, and three Trump supporters (Matthew Heimbach, Alvin Bamberger and an unnamed defendant). One defendant, Bamburger, who was wearing a Veteran's uniform in the video, apologized to the Korean War Veterans Association immediately after the event, writing that he "physically pushed a young woman down the aisle toward the exit" after "Trump kept saying 'get them out, get them out."[154]Trump's attorneys requested to get the case dismissed, arguing he was protected by free speech laws, and wasn't trying to get his supporters to resort to violence.[156][158]They also stated that Trump had no duty to the protesters, and they had assumed the personal risk of injury by deciding to protest at the rally.[154]On Friday, April 1, 2017, Judge David J. Hale in Louisville ruled against the dismissal of a lawsuit, stating there was ample evidence to support that the injuries of the protesters were a "direct and proximate result" of Trump's words and actions. Hale wrote, "It is plausible that Trump's direction to 'get 'em out of here' advocated the use of force," and, "It was an order, an instruction, a command." Hale wrote that the Supreme Court has ruled out some protections for free speech when used to incite violence.[159]Defendant Heimbach requested to dismiss the discussion in the lawsuit about his association with a white nationalist group, and also requested to dismiss discussion of statements he made about how a President Trump would advance the interests of the group. The request was declined, with the judge saying the information could be important for determining punitive damages because they add context.[154]Hale also declined to remove the allegation that Plaintiff Nwanguma, who is African-American, was victim to ethnic, racial and sexist slurs at the rally from the crowd. The judge stated that this context may support claims by the plaintiffs' of incitement and negligence by Trump and the Trump campaign. The judge wrote, "While the words themselves are repulsive, they are relevant to show the atmosphere in which the alleged events occurred."[154]The judge stated that all people have a duty to use care to prevent foreseeable injury. "In sum, the Court finds that Plaintiffs have adequately alleged that their harm was foreseeable and that the Trump Defendants had a duty to prevent it." The case was referred a federal magistrate, Judge H. Brent Brennenstuhl, who will handle preliminary litigation, discovery and settlement efforts.[160]Heimbach filed a separate counterclaim in April 2017, arguing that Trump was "responsible for any injuries" he [Heimbach] "might have inflicted because Mr. Trump directed him and others to take action". Heimbach, "a self-employed landscaper", and a member of the Traditionalist Youth Network, "which advocates separate American 'ethno states', "spends much of his time" online writing "against Jews, gays and immigrants and urging whites to stand up for their race." He wrote his own lawsuit which requested that Trump pay Heimbach's "legal fees, citing a promise Mr. Trump made at an earlier rally to pay legal costs of anyone who removed protesters."[161]Heimbach's "counterclaim" against Trump has "probed the limits of free speech and public protest while confronting the courts with a unique legal argument".[161]On May 5, Trump's lawyers submitted legal filings that argue that Heimbach's "indemnity claim should be dismissed on the same grounds". According to a University of Virginia law professor, Leslie Kendrick, this indemnity or "impleader" case is "highly unusual."[161]New York University's Samuel Issacharoff, a professor of constitutional law, argued that care must be taken to not allow speech, in the "context of a political rally" to be "turned into something that is legally sanctionable."[161]Payments related to alleged affairs[edit]See also: Stormy Daniels–Donald Trump scandal and Karen McDougal § Alleged affair with Donald TrumpAdult film actress Stormy Daniels has alleged that she and Trump had an extramarital affair in 2006, months after the birth of his youngest child.[162]Just before the 2016 presidential election Daniels, whose real name is Stephanie Clifford, was paid $130,000 by Trump's attorney Michael Cohen as part of a non-disclosure agreement (NDA), through an LLC set up by Cohen; he says he used his own money for the payment.[163]In February 2018, Daniels filed suit against the LLC asking to be released from the agreement so that she can tell her story. Cohen filed a private arbitration proceeding and obtained a restraining order to keep her from discussing the case.[164]According to White House Press Secretary Sarah Huckabee Sanders, Trump has denied the allegations.[165]On March 6, 2018, Daniels sued Trump in California Superior Court, claiming among other things that the NDA never came into effect because Trump did not sign it personally.[166]On March 16 Cohen, with Trump's approval, asked for Daniels' suit to be moved from state to federal court, based on the criteria that the parties live in different places and the amount at stake is more than $75,000; Cohen asserted that Daniels could owe $20 million in liquidated damages for breaching the agreement.[167]The filing marked the first time that Trump himself, through his personal attorney, had taken part in the Daniels litigation.[168]In early April 2018, Trump said that he did not know about Cohen paying Daniels, why Cohen had made the payment or where Cohen got the money from.[169]On April 30, Daniels further sued Trump for defamation.[170]In May 2018, Trump's annual financial disclosure revealed that he reimbursed Cohen in 2017 for expenditures related to the Daniels case.[171]In August 2018, Cohen pleaded guilty to breaking campaign finance laws, admitting paying hush money of $130,000 and $150,000 "at the direction of a candidate for federal office", to two women who alleged affairs with that candidate, "with the purpose of influencing the election". The figures match sums of payments made to Stormy Daniels and Playboy model Karen McDougal.[172][173]American Media, Inc. had reportedly in 2016 bought for $150,000 the rights to a story by McDougal alleging an affair with a married Trump from 2006 which lasted between nine months to a year.[174][175][176]David Pecker (AMI CEO/Chairman and friend of Trump), Dylan Howard (AMI chief content officer) and Allen Weisselberg (chief financial officer of The Trump Organization) were reportedly granted witness immunity in exchange for their testimony regarding the illegal payments.[177][178]In response, Trump said that he only knew about the payments "later on"; Trump also said regarding the payments: "They didn't come out of the campaign, they came from me."[179]The Wall Street Journal reported on November 9, 2018 that federal prosecutors have evidence of Trump’s "central role" in payments to Stormy Daniels and Karen McDougal that violated campaign-finance laws.[180][181]Special Counsel investigation[edit]Main article: Special Counsel investigation (2017–present)The Special Counsel investigation is a United States law enforcement investigation of Donald Trump's 2016 presidential campaign and any Russian (or other foreign) interference in the election, including exploring any possible links or coordination between Trump's campaign and the Russian government, "and any matters that arose or may arise directly from the investigation."[182]Since May 2017, the investigation has been led by a United States Special Counsel, Robert Mueller, a former Director of the Federal Bureau of Investigation(FBI). Mueller's investigation took over several FBI investigations including those involving former campaign chairman Paul Manafort and former National Security Advisor Michael Flynn.It has been noted that Trump has experienced a high turnover with respect to the attorneys handling this matter, as well as a large number of prominent lawyers and law firms publicly declining offers to join Trump's legal team.[183][184]Attorneys known to have been approached include Robert S. Bennett of Hogan Lovells,[185]Paul Clement and Mark Filip, both with Kirkland & Ellis,[186][186]Robert Giuffra Jr. of Sullivan & Cromwell,[185]Theodore B. Olson of Gibson, Dunn & Crutcher,[187]and Brendan V. Sullivan Jr. of Williams & Connolly.[186]Other firms with attorneys who have decided not to represent Trump include Quinn Emanuel Urquhart & Sullivan,[188]Steptoe & Johnson,[188]and Winston & Strawn.[citation needed]Former U.S. Attorney Joseph diGenova and his wife Victoria Toensing were briefly slated to join Trump's legal team, but withdrew their services from Trump in March 2018, citing conflicts of interest.[189]In an article describing the "unique circumstance" of Rudy Giuliani's unpaid leave of absence from Greenberg Traurig while representing Trump, possibly because of "potential conflicts", Christine Simmons said some other law firms may have turned down representing Trump in the Russia case due to "public relations headaches or business and recruitment concerns".[190]Trump has called such views a "Fake News narrative".[191][192]In a National Law Journal article, Ryan Lovelace described how white-collar lawyers must weigh the "risks" and "stigma" of joining the Trump team. He quoted a prominent defense attorney's concerns about "the constant shuffle of attorneys in and out of the president's legal team", and the possibility that an attorney could invest resources and reputation in such representation "only to find yourself on the sidelines a short time later because the president saw someone he liked better on Fox News".[192]The quoted attorney also noted "a stigma to being linked to this president" that might impact business with other clients.[192]A list of other reasons for not wanting to represent Trump is provided by Jill Abramson for The Guardian:The problem for the white-collar defense bar's crème de la crème is that Donald Trump is so blatantly the client from hell. He won't listen. He won't obey instructions. He is headstrong. He is a bully. Sometimes, he doesn't pay his bills. Most of all, it's possible that he isn't capable of discerning fact from fiction. This last foible could get any lawyer who represents him into very deep legal hot water. No one wants to get disbarred for the fame and fortune of representing President Trump. Then there's the justifiable concern over all the unforced legal errors that the defense side, led by Trump himself, has already committed.[193]An Above the Law article states that some law firms have refused to represent the President of the United States because "Donald Trump has somehow turned POTUS into a dog of a client self-respecting lawyers do not want to touch", expressing concern that "[i]f all the good attorneys — the ones with reputations to preserve and ethics to uphold — refuse to represent the president, what's left are the 'bad' attorneys. The ones who don't have the slightest idea what a moral and ethical principle is".[194]Allegations of business links to organized crime[edit]Journalists David Cay Johnston and Wayne Barrett, the latter of whom wrote an unauthorized 1992 Trump biography, have claimed that Trump and his companies did business with New York and Philadelphia families linked to the Italian-American Mafia.[195][196]A reporter for The Washington Post writes, "he was never accused of illegality, and observers of the time say that working with the mob-related figures and politicos came with the territory."[197]Trump helped a financier for the Scarfo family get a casino license, and constructed a casino using firms controlled by Nicodemo Scarfo.[198]Trump also bought real estate from Philadelphia crime family member Salvatore Testa, and bought concrete from companies associated with the Genovese crime family and the Gambino crime family.[195][196][197]Trump Plaza paid a $450,000 fine leveled by the Casino Gaming Commission for giving $1.6 million in rare automobiles to Robert LiButti, the acquaintance of John Gotti already mentioned.[29]Starting in 2003, the Trump Organization worked with Felix Sater, who had a 1998 racketeering conviction for a $40 million Mafia-linked stock fraud scheme, and who had then become an informant against the mafia.[199]Trump's attorney has said that Sater worked with Trump scouting real estate opportunities, but was never formally employed.[200]Use of bankruptcy laws[edit]Trump has never filed for personal bankruptcy, but hotel and casino businesses of his have been declared bankrupt four times between 1991 and 2009 to re-negotiate debt with banks and owners of stock and bonds.[201][202]Because the businesses used Chapter 11 bankruptcy, they were allowed to operate while negotiations proceeded. Trump was quoted by Newsweek in 2011 saying, "I do play with the bankruptcy laws – they're very good for me" as a tool for trimming debt.[82][203]According to a report by Forbes in 2011, the four bankruptcies were the result of over-leveraged hotel and casino businesses in Atlantic City: Trump's Taj Mahal (1991), Trump Plaza Hotel (1992), Trump Hotels and Casino Resorts (2004), and Trump Entertainment Resorts (2009).[204][205]Trump said "I've used the laws of this country to pare debt.... We'll have the company. We'll throw it into a chapter. We'll negotiate with the banks. We'll make a fantastic deal. You know, it's like on The Apprentice. It's not personal. It's just business."[206]He indicated that many "great entrepreneurs" do the same.[204]1991[edit]In 1991, Trump Taj Mahal was unable to service its debt and filed Chapter 11 bankruptcy.[206]Forbes indicated that this first bankruptcy was the only one where Trump's personal financial resources were involved. Time, however, maintains that $72 million of his personal money was also involved in a later 2004 bankruptcy.[207]1992[edit]On November 2, 1992, the Trump Plaza Hotel filed Chapter 11 bankruptcy, and Trump lost his 49 percent stake in the luxury hotel to Citibank and five other lenders.[208]In return Trump received more favorable terms on the remaining $550+ million owed to the lenders, and retain his position as chief executive, though he would not be paid and would not have a role in day-to-day operations.[209]1994[edit]Trump Plaza Hotel and Casinoclosed in 2014By 1994, Trump had eliminated a large portion of his $900 million personal debt through sales of his Trump Taj Mahal and Trump Plazaassets,[210]and significantly reduced his nearly $3.5 billion in business debt. Although he lost the Trump Princess yacht and the Trump Shuttle (which he had bought in 1989), he did retain Trump Tower in New York City and control of three casinos in Atlantic City, including Trump's Castle. Trump sold his ownership of West Side Yards (now Riverside South, Manhattan) to Chinese developers including Hong Kong's New World Development, receiving a premium price in exchange for the use and display of the name "Trump" on the buildings.[211]2004[edit]Donald Trump's third corporate bankruptcy was on October 21, 2004, involving Trump Hotels & Casino Resorts, the publicly-traded holding company for his three Atlantic City casinos and some others.[212]Trump lost over half of his 56% ownership and gave bondholders stock in exchange for surrendering part of the debt. No longer CEO, Trump retained a role as chairman of the board. In May 2005[213]the company emerged from bankruptcy as Trump Entertainment Resorts Holdings.[214]In his 2007 book, Think BIG and Kick Ass in Business and Life, Trump wrote: "I figured it was the bank's problem, not mine. What the hell did I care? I actually told one bank, 'I told you you shouldn't have loaned me that money. I told you the goddamn deal was no good.'"[215]2009[edit]Trump's fourth corporate bankruptcy occurred in 2009, when Trump and his daughter Ivanka resigned from the board of Trump Entertainment Resorts; four days later the company, which owed investors $1.74 billion against its $2.06 billion of assets, filed for Chapter 11 bankruptcy. At that time, Trump Entertainment Resorts had three properties in Atlantic City: Trump Taj Mahal, Trump Plaza Hotel and Casino (closed in 2014), and Trump Marina (formerly Trump's Castle, sold in 2011). Trump and some investors bought the company back that same year for $225 million. As part of the agreement, Trump withdrew a $100 million lawsuit he had filed against the casino's owners alleging damage to the Trump brand. Trump re-negotiated the debt, reducing by over $1 billion the repayments required to bondholders.[216][217]In 2014, Trump sued his former company to remove his name from the buildings since he no longer ran the company, having no more than a 10% stake; he lost the suit.[218]Trump Entertainment Resorts filed again for bankruptcy in 2014[219]and was purchased by billionaire philanthropist Carl Icahn in 2016, who acquired Trump Taj Mahal in the deal.[220]Campaign contributions[edit]According to a New York state report, Trump circumvented corporate and personal campaign donation limits in the 1980s – although he did not break any laws – by donating money to candidates from 18 different business subsidiaries, rather than giving primarily in his own name.[197][221]Trump told investigators he did so on the advice of his lawyers. He also said the contributions were not to curry favor with business-friendly candidates, but simply to satisfy requests from friends.[197][222]Donald J. Trump Foundation[edit]During the 2016 U.S. presidential election, media began reporting in detail on how the Donald J. Trump Foundation was funded and how Donald Trump used its funds. The Washington Post in particular reported several cases of possible mis-use, self-dealing and possible tax evasion.[18] [19] [20]Regarding the various irregularities in the Trump Foundation, former head of the Internal Revenue Service's Office of Exempt Organizations Division Marc Owens told The Washington Post: "This is so bizarre, this laundry list of issues.... It's the first time I've ever seen this, and I've been doing this for 25 years in the IRS, and 40 years total.[21]When interviewed for the Post's article, Trump spokesperson Boris Epshtein said that Trump did not knowingly violate any tax laws.[18]The office of New York State Attorney General Eric Schneiderman investigated the foundation "to make sure it's complying with the laws governing charities in New York."[22]Controversy over tax returns[edit]In October 2016, The New York Times published some tax documents from 1995. These documents indicate that Trump might have evaded paying taxes on as much as 916 million dollars in income at one time. Trump likely gave some of his creditors shares of his failing businesses to avoid taxes on hundreds of millions of dollars he was given in debt relief, which is illegal. Legal scholar Edward Kleinbard of the University of Southern California believes Trump forged tax documents. Trump claimed on his tax returns that he lost money, but did not recognize it in the form of canceled debts. He likely avoided paying 425 million dollars in taxes, says Steven M. Rosenthal, an attorney at the Tax Policy Center. Rosenthal claims he "borrowed other people's money and spent it in spectacular fashion." Trump might have performed a stock-for-debt swap. This would have allowed Trump to avoid paying income taxes for at least 18 years. An audit of Trump's tax returns for 2002 through 2008 was "closed administratively by agreement with the I.R.S. without assessment or payment, on a net basis, of any deficiency." Tax attorneys believe the government may have reduced what Trump was able to claim as a loss without requiring him to pay any additional taxes.[223][224]It is unknown whether the I.R.S. challenged Trump's use of the swaps because he has not released his tax returns. Trump's lawyers advised against Trump using the equity for debt swap, as they believed it to be potentially illegal.[225]Marc Kasowitz, name partner of the Kasowitz, Benson, Torres & Friedman firm, wrote a letter threatening The New York Times over publication of the 1995 documents. Kasowitz's action drew attention to the fact that the biglaw firm had done extensive legal work for Donald Trump and his businesses since at least 2001 including also bankrupt casino restructuring.[226]In early 2017, firm member and former Connecticut Senator Joe Lieberman introduced Pres.-elect Trump's nominee for Secretary of Education Betsy DeVos to the Senate Health, Education, Labor and Pension committee.[227]Destruction of documents[edit]In June 2016, a USA Today article reported that Donald Trump and his companies have been deleting emails and other documents on a large scale,[228]including evidence in lawsuits, sometimes in defiance of court orders and under subpoena since as early as 1973.[229][230][231]In October 2016, Kurt Eichenwald published new research findings in Newsweek. The findings were first published by Paul Singer[232]on June 13, 2016[233]and gained larger attention[234][235]after a new report in Newsweek on October 31, 2016. According to Newsweek, Trump and his companies "hid or destroyed thousands of documents" involving several court cases from as early as 1973."Over the course of decades, Donald Trump's companies have systematically destroyed or hidden thousands of emails, digital records and paper documents demanded in official proceedings, often in defiance of court orders.... In each instance, Trump and entities he controlled also erected numerous hurdles that made lawsuits drag on for years, forcing courtroom opponents to spend huge sums of money in legal fees as they struggled—sometimes in vain—to obtain records."— Kurt Eichenwald, Donald Trump's Companies Destroyed Emails in Defiance of Court Orders Newsweek, October 31, 2016In 1973 Trump, his father and their company were in court for civil charges for refusing to rent apartments to African Americans. After their lawyers had delayed court requests for documents for several months, Trump, then being under subpoena, said his company had destroyed corporate records of the past six months "for saving space". In a court case beginning in 2005 against Power Plant Entertainment, LLC, an affiliate of real estate developer Cordish Cos., it was revealed that Trump's companies had deleted the data requested by court.[236]Cordish Cos. had built two American Indian[237]casinos in Florida under the Hard Rock brand and Donald Trump accused them of cheating him out of that deal. Nonetheless, Trump's lawyers had refused to instruct workers to keep all records related to the case during litigation.[229]Trump had established a procedure to delete all data from their employees' computers every year at least since 2003,[234]despite knowing at least since 2001 that he might want to file a lawsuit. Even after the lawsuit was filed, Trump Hotelsdisposed of a computer of a key witness without having made a backup of the data. A former general counsel of the Trump casino unit confirmed that all data were deleted from nearly all companies' computers annually. Trump and his lawyers claimed they were not keeping records and digital data although it was revealed that Trump had launched his own high-speed internet provider in 1998 and an IBM Domino server had been installed for emails and digital files in 1999.[229][235]

Liquor baron Vijay Mallya, President & Chairman, Kingfisher Airlines Ltd. File photo: K. Gopinathan | The HinduKingfisher, the ailing airline has been on life support from the banking sector and it has managed to fund much of the business with outside money. File photo: E. Lakshmi Narayanan | The HinduFigures in Rs. crore. Source: BSEKingfisher Airlines was set up in 2003 but hasn't seen a single year of profit since it got listed in 2006.Let’s take a look at how the airline put the liquor baron Vijay Mallya on the rocks.May 9, 2005: Kingfisher Airlines’ maiden flight takes off. Alex Wilcox, CEO of Kingfisher, said the airline would not adopt the low-cost, no-frills model but chart the middle course.June 30, 2005: Becomes the first and only Indian carrierto order the Airbus A380. Orders five A380s (cancelled subsequently), five A350-800s and five A330-200s for over $3 billion.May 8, 2007: Vijay Mallya eyes stake in Air Deccan.June 2, 2007: Vijay Mallya buys over the crisis-ridden no-frills Air Deccan owned by Capt Gopinath in 2007. The merged group plans to save up to Rs. 300 crore on costswith a combined fleet strength of 71 aircraft. Through a reverse merger, Kingfisher Airlines became Air Deccan and once the entire acquisition was completes with necessary approvals from the regulator SEBI in place, Mr. Mallya quickly changed the airline's name back to Kingfisher Airlines in 2008.August 31, 2009: Kingfisher’s board approves aresolution to raise $100 million (nearly Rs 487.8 crore) by various instruments including Global Depository Receipts (GDRs). This was in addition to in addition to the decision for induction of capital for an amount not exceeding Rs 500 crore by a rights issue of equity shares taken on July 28.November 4, 2009: Kingfisher reports a net loss of Rs 418.77 crore during the second quarter of the fiscal. Its income from operations also declines by 13.6 per cent during the quarter compared to the same period last year.In view of the huge losses and capacity reduction, Kingfisher decides to lay off nearly 100 pilots. The air-carrier later hiked fuel surcharges.March 15, 2010: Despite operating losses, Kingfisherannounces flight to Europe.September 30, 2010: Kingfisher Airlines appoints Sanjay Aggarwal as CEO. Mr. Aggarwal is the former CEO of SpiceJet. Mr. Mallya also announced that staff would be pruned.November 25, 2010: Kingfisher Airlines Board approves debt recast package. The airline’s debt stood at over Rs 6,000 crore.September 15, 2011: The company’s auditors submit an annual report for 2010-11 which pointed out that the loss-making air carrier’s accumulated losses at the end of the financial year were more than 50 per cent of its net worth.September 28, 2011: Vijay Mallya decides to exit low-cost business.November 13, 2011: The airline, with a debt of around Rs 6,500 crore, looks at cutting costs and taking several steps to face the challenging times.November 15, 2011: Kingfisher Airlines loss doubles to Rs.469 crore for the September 2011 quarter.November 20, 2011: Vayalar Ravi says that the Centre hasno plan for any package to salvage the airlines.December 1, 2011: Mumbai International Airport Pvt. Ltd.sends a notice to the cash-strapped airlines to pay the Rs.90-crore outstanding dues.December 9, 2011: The Service Tax Department freezes11 accounts of Kingfisher Airlines for non-payment of Rs.70 crore.December 14, 2011: Govt de-freezes bank accounts after part-payment of the service tax dues.February 16, 2012: Kingfisher Airlines, reports a loss of Rs.444.26 crore at the third quarter results for 2011-12.February 20, 2012: Kingfisher Airlines cancels several of its flights after reports of the Income-Tax Department freezing some of its accounts.February 23, 2012: The carrier operates a truncated schedule and faced the prospect of losing a number of prime flying slots.March 8, 2012: Another blow to Kingfisher with International Air Transport Association asking travel agents to immediately stop booking tickets on the private airline's behalf for failure in settling dues since February.March 12, 2012: Furthertrouble, as employees protest delays in salary payment.March 14, 2012: Vijay Amritraj resigns from Kingfisher board.March 15, 2012: Kingfisher announces curtailing of its international operations.March 17, 2012: Revenue dept. threatens to take Kingfisher Airlines to court over alleged service tax evasion, saying the company has not deposited taxes it collected from travellers.March 19, 2012: Anil Kumar Ganguly, the only independent director on the board of Kingfisher Airlines,quits the company, leaving it with only three board members.March 20, 2012: Mr. Mallya explains the airline's position to the Directorate-General of Civil Aviation (DGCA) following summons and says that it is suspending all its international operations.March 27, 2012: Burdened by a debt of over Rs.7,000 crore, the airline suspends operations from Kolkata, Hyderabad, Patna, Lucknow, Thiruvananthapuram and Bhubaneshwar. The airline operated about 120 daily flights by this date, down from more than 400 earlier.March 28, 2012: The airlines inducts three independent directors in its board to comply with the listing norms.April 2, 2012: The company’s staff threaten to go on strike, demanding payment of salary dues.April 3, 2012: The standoff ends with the protestors accepting the assurance given by Mallya.April 9, 2012: Employees, including pilots and engineers,receive salaries after a delay of nearly four months.May 11, 2012: Kingfisher flights cancelled after the pilots report sick to protest non-payment of salaries.June 27, 2012: Kingfisher shares tumble over 13%following reports that 34 aircraft have been possessed due to non-payment of lease rentals.July 5, 2012: A 15-day time was given by the company’s lenders to come up with a plan to improve its operations. The airlines had a total outstanding debt of around Rs.7,500 crore to a consortium of 17 banks led by State Bank of India (SBI).July 14, 2012: Pilots go on strike against the non-payment of wages for almost five months.July 18, 2012: Minister for Civil Aviation Ajit Singh rules out bailout of Kingfisher Airlines.August 8, 2012: A section of its employees strike and 15 flights were cancelled.August 18, 2012: A section of pilots of the near-bankrupt airlines go on strike, second time in a month, demanding immediate payment of March salaries, leading to cancellation of seven flights from Mumbai.September 4, 2012: Chairman Vijay Mallya givesguarantees worth Rs. 5,904 crore for the carrier’s loans and other liabilities in 2011-12, but did not get any commission for the same because of lenders’ opposition.September 6, 2012: A section of the company’s engineers go on strike demanding payment of salaries. The airlines’lenders ask Mallya to spell out the airline’s revival plan by the end of the month.September 9, 2012: Pilots from both Delhi and Mumbaithreaten to strike work as part of mass agitation for immediate disbursal of salaries.September 26, 2012: Mr. Mallya announces that the carrier was in talks with overseas airlines for investment.September 28, 2012: Turning down a request for Rs.200-crore working loan by Kingfisher, the State Bank of India-led lenders consortium, asks SBI Capitals to chalk out a fresh revival plan for the cash-strapped airline in the next 2-3 weeks.October 1, 2012: Unpaid staff protest in Delhi, Mumbai and other airports and almost all of Kingfisher’s flights from all stations were cancelled as engineers did not certify the planes to fly.October 2, 2012: The carrier declared partial lock-outfollowing a strike by a section of its employees.October 4, 2012: Uncertainty continues over Kingfisher resuming operations.October 5, 2012: Banks give lifeline to the carrier, agreeing to release Rs.60 crore locked in an escrow account to pay employees’ salaries.October 6, 2012: DGCA issues show-cause notice to Kingfisher asking why its flying permit should not be suspended or cancelled.October 9, 2012: DGCA asks Kingfisher to stop ticket bookings, following reports that the airline planned to resume normal operations from October 13.October 12, 2012: Commercial banks which had lent over Rs.7,000 crore to the airlines, closely monitor the situation and tighten the noose around its promoter to protect their interest.The airlines further extends its partial lock-out until October 20 as it could not persuade the striking employees to join back duty without getting any salary.A non-bailable arrest warrant issued against Vijay Mallya, and four other directors for non-appearance in cases relating to bouncing of cheques issued in favour of GMR Hyderabad International Airport Limited (GHIAL) towards user charges.October 20, 2012: The airline’s permit got suspended and experts said Vijay Mallya’s United Breweries group needs to pump in over Rs. 3,000 crore to get Kingfisher airborne again as no foreign operator would come forward to invest in the airline in its present state.October 24, 2012: Employees reject the management’s fresh offer and demand payment of four months’ backlogin lumpsum before October 26.October 25, 2012: Engineers, technicians and pilots call off their 26-day strike and agreed to join work immediately by accepting the management’s offer of disbursal of three months salary.October 30, 2012: Vijay Mallya meets Civil Aviation Secretary K.N. Srivastava on the airlines’ revival plan and its intention to resume operations as soon as possible.November 1, 2012: The airlines pay April salary to its employees and the salary for March was paid the moment the employees called off their strike on October 25.November 9, 2012: The company’s Q2 loss widens to Rs. 754 crore, as compared to a net loss of Rs.469 crore in the corresponding period in the previous year.November 10, 2012: Mr. Mallya loses Royal Challenge when international liquor major Diageo announced its decision to acquire 53.4 per cent stake in Vijay Mallya-owned United Spirits Ltd. (USL) for Rs.11,166.50 crore.November 16, 2012: The company starts paying salariesto employees in batches and employees with low salaries received their May wage.December 5, 2012: Trying to help revive Kingfisher, says SBI, the lead banker in the 17-lenders consortium that extended Rs 7,000 crore loans to the carrier, and said that the banks are trying to do everything to find an amicable solution to the carrier’s financial troubles.Karnataka High Court directs Kingfisher to deposit 50 per cent of the total amount of Rs.371 crore that the company is required to remit to the Income Tax Department as tax deducted at source (TDS) from its employees and payments made towards company expenses.December 20, 2012: Kingfisher applies for renewal of its licence that would expire on December 31.December 25, 2012: The Airlines submits an interim revival plan to the DGCA, seeking approval to take to the skies once again after being grounded for almost three months.December 31, 2012: The carrier loses its flying licence as the DGCA refused to renew its Air Operator Permit (AOP).January 9, 2013: The company flies into more trouble, with its employees planning to head to court, a move that came after the management delayed in paying pending salaries.January 10, 2013: The airlines’ Chairman Vijay Mallyaappeals to his staff to stay on board, telling them that he was planning a limited restart with seven aircraft.January 22, 2013: SBI’s Chairman Pratip Chaudhuri says that Kingfisher needs Rs. 2,000 crore for revival.February 18, 2013: United Breweries Holdings seeksshareholders’ approval to provide additional loans of Rs.450 crore to the grounded airline.February 21, 2013: The Special Court for Economic Offences, Bangalore, issues summons to Vijay Mallya on a criminal case filed by the Income-Tax Department for not remitting to the government tax deducted at source (TDS).February 25, 2013: The beleaguered airlines losesinternational and domestic flying slots and the move came close on heels of a decision taken by the consortium of bankers to start recalling their loans amounting to Rs.7,500 crore.March 10, 2013: DGCA asks the carrier to clear all dues, including pending salaries of employees, before seeking licence renewal.March 15, 2013: Airports Authority of India says it would release the deregistered leased aircraft of Kingfisher for the lessors only after a formal nod from the Civil Aviation Ministry.March 21, 2013: Civil Aviation Minister Ajit Singh says that Kingfisher has not yet given a revival plan to restart operations.March 27, 2013: DGCA deregisters 15 Kingfisher aircraft.April 3, 2013: Bombay High Court refuses to grant any interim relief to United Breweries Holdings, which had filed a petition to prevent Kingfisher Airlines’ lenders from selling pledged shares of UB group companies.April 5, 2013: The airlines' staff protest in Bangalore demanding the immediate release of their pending salaries.June 2, 2013: Three senior Kingfisher executives quit.June 8, 2013: Mallya says he cannot pay his employees.August 15, 2013: Auditors red-flag Kingfisher’s revival plans.September 24, 2013: Kingfisher in talks with foreign investor for potential stake sale.October 29, 2013: Mallya ranks 84th in Forbes India rich list.January 7, 2014: Employees of grounded Kingfisher Airlines have intensified efforts to recover their unpaid salaries.February 12, 2014: Kingfisher Airlines reported a net lossof Rs. 822.42 crore for the third quarter ended December 31, 2013.February 17,2014: The CEO of the company, Sanjay Aggarwal quit Kingfisher airlines.July 17, 2014: The Kingfisher was declared to be the top NPA of the country as it failed to repay loans of over 4,000 crore, mostly borrowed from state-owned banks.July 31, 2014: Kingfisher Airlines head Vijay Mallyapersonally appears before the Special Court for Economic Offences in Bangalore, in connection with three criminal cases booked against him by the Income Tax Department. The court granted him bail while directing him to deposit Rs. 1 lakh as cash surety in each case, bail bonds and solvent surety for the same sum.August 9, 2014: CBI institues a preliminary inquiryagainst IDBI Bank and Kingfisher Airlines. The bank had sanctioned a loan of Rs. 950 crore, despite KFA having a negative rating.August 21, 2014: Punjab National Bank issues notice to KFA alleging the carrier has wilfully defaulted in payment of outstanding dues of over Rs 770 crore.September 1, 2014: United Bank of India declares Vijay Mallya and three directors of Kingfisher Airlines (KFA) aswilful defaulters.September 2, 2014: Supreme Court denies relief to KFA challenging the decision of the Grievance Redressal Committee of United Bank of India (UBI) to declare the airline and its promoter Vijay Mallya as wilful defaulters.September 4, 2014: Vijay Mallya reiterates his intention to seek legal recourse in the UBI case, during the Annual General Body Meeting of United Breweries.September 27, 2014: Kingfisher Airlines secures a stay from the Calcutta High Court on the decision of United Bank of India’s (UBI) Grievance Redressal Committee, which had earlier declared the airline and its directors, including its Chairman Vijay Mallya, as wilful defaulters.December 1, 2014: Centre rejects move to re-appoint Mallya as MD of Kingfisher AirlinesDecember 2, 2014: United Bank of India (UBI) identifies United Breweries Holdings, the guarantor of grounded airline Kingfisher, as wilful defaulter.The bank had already declared Kingfisher Airlines and its four directors, including Mr. Mallya, as wilful defaulters.February 24, 2015: A 17-bank consortium led by State Bank of India takes over possession of the prized Kingfisher House, estimated to be worth Rs.100 crore.April 25, 2015: Alleging fund diversion to Kingfisher and other UB group entities, United Spirits’ new owner Diageo has asked Vijay Mallya to step down as Chairman and Director of the Indian liquor firm, a demand he out rightly rejected.April 26, 2015: Mallya says only shareholders can ‘oust’ him from USLOctober 10, 2015: CBI conducts searches at Vijay Mallya's offices. Sources say raids connected to the case of a Rs. 950 crore loan that IDBI Bank had provided Kingfisher AirlinesNovember 25, 2015: Vijay Mallya has offered banks to pay the principal amount that he owes but not the interest component and he has approached the bankers seeking a meeting.December 10, 2015: The CBI questions Vijay Mallya as part of the ongoing probe into alleged wilful default of Rs.900-crore loan in conspiracy with unknown officials of IDBI bank.February 16, 2016: PNB declares United Breweries Holdings ‘wilful defaulter’February 19, 2016: As many as four banks are contemplating selling assets of beleaguered air carrier Kingfisher Airlines to asset reconstruction companies (ARCs) to recover part of their dues.February 27, 2016: The State Bank of India (SBI)-led consortium of lenders has moved the debt recovery tribunal (DRT) to attach defunct carrier Kingfisher Airlines’ promoter Vijay Mallya’s passport.February 28, 2016: Mallya exits USL but over 2 lakh investors still stuck in KFA Read moreMarch 3, 2016: KFA employees write open letter to Vijay MallyaMarch 7, 2016: Vijay Mallya says he is in talks to settle debt with lendersThe Enforcement Directorate registers a money-laundering case against Vijay Mallya and the CFO of Kingfisher Airlines A. Raghunathan in connection with the CBI’s probe into the alleged default of a Rs. 900-crore loan in collusion with IDBI officials.The Bengaluru Bench of the Debt Recovery Tribunal temporarily restrains U.K.-based Diageo Plc from paying $75 million to Mr. Mallya as per the reported agreement signed with him.March 8: 2016: Banks move Supreme Court to ban Vijay Mallya’s overseas travelMarch 9, 2016: Mallya left India on March 2, government tells courtMarch 11, 2016:The ED issues summons to businessman Vijay Mallya in connection with the money laundering case against him, while two of his former employees were quizzed by the agency. He has been asked to present himself before the investigating team on March 18.Refuting the allegations that he was evading the law, Mr. Mallya defends himself on the microblogging site, Twitter.March 30, 2016: Supreme Court hears Mallya's case. Mallya offers to repay Rs. 4000 cr. to banks by September. SC gives banks a week's time to decideApril 7, 2016: With the banks outrightly rejecting two offers made by Vijay Mallya towards payment of dues worth Rs. 9,000 crore, the Supreme Court orders him to file an affidavit on oath disclosing all assets as on March 31, 2016 in India and abroad, not only in his name but also in those of his wife and children.April 15, 2016: Within days of a request from the Enforcement Directorate, in connection with a money laundering probe in the over Rs. 900 crore IDBI Bank loan fraud case, the Ministry of External Affairs suspends Vijay Mallya’s diplomatic passport.April 20, 2016: Hyderabad court convicts Vijay Mallya in a cheque-bouncing case filed against him by GMR Hyderabad International Airport.April 21, 2016: PMLA court directs ED to execute the non-bailable warrant against Vijay Mallya | Banks have no right to seek information about my assets abroad, he says | ED seeks Vijay Mallya's deportationApril 24, 2016: MEA revokes Vijay Mallya’s passportApril 29, 2016: I am in ‘forced exile’, no plans to return to India, said Mallya in an interview to Financial Times.April 30, 2016: Seeking to recover their dues from beleaguered businessman Vijay Mallya, lenders initiate an auction of various brands and trademarks of the long-grounded Kingfisher Airlines, including its once-famous tagline ‘Fly The Goodtimes’, but bidders were hard to come by.May 02, 2016: Independent MP Mallya, facing the case of loan default of over Rs. 9,400 crore, resigned from Rajya Sabha.-the hindu article