Local

Ivanka Trump, Jared Kushner Made At Least $83 Million While Working In White House

Financial disclosure forms released late Monday show that White House special adviser — and President Donald Trump’s son-in-law — Jared Kushner’s wealth and debt both appear to have risen over the year, an indication of the complex state of his finances and the potential conflicts that confront some of his investments.

Disclosures issued by the White House for Kushner and his wife, Trump’s daughter Ivanka, showed that Kushner held assets totaling at least $181 million. His previous disclosure filed in April 2017 had showed assets in at least the $140 million range.

The financial disclosures released by the White House and filed with the U.S. Office of Government Ethics routinely show both assets and debts compiled in broad ranges between low and high estimates, making it difficult to precisely chart the rise and fall of the financial portfolios of federal government officials.

The White House released the disclosures for Kushner and Ivanka Trump on a heavy news day, while the world’s media lavished attention on President Trump’s preparations to meet with North Korea’s Kim Jong Un for talks over nuclear weapons. The White House had released the president’s own financial report last month.

A spokesman for the couple said Monday that the couple’s disclosure portrayed both assets and debts that have not changed much over the past year — and stressed that Kushner and Ivanka Trump have both complied with all federal ethics rules.

“Since joining the administration, Mr. Kushner and Ms. Trump have complied with the rules and restrictions as set out by the Office of Government Ethics,” said Peter Mirijanian, a spokesman for the couple’s ethics lawyer, Abbe Lowell. “As to the current filing which OGE also reviews, their net worth remains largely the same, with changes reflecting more the way the form requires disclosure than any substantial difference in assets or liabilities.”

One of Kushner’s biggest holdings, a real estate tech startup called Cadre that he co-founded with his brother, Joshua, rose sharply in value. The latest disclosure shows it was worth at least $25 million at the end of last year, up from a minimum value of $5 million in his previous disclosure.

The bulk of Ivanka Trump’s assets — more than $50 million worth — was contained in a trust that holds her business and corporations. That trust generated over $5 million in revenue last year.

She reported a stake in the Trump International Hotel in Washington, D.C., worth between $5 million and $25 million. The hotel has been a focus of lawsuits against the president and ethics watchdogs who say Trump is violating the Constitution by profiting from his office as diplomats spend big money there.

Kushner and his wife took at least $83 million in income and capital gains last year, according to the disclosures.

Kushner’s disclosure also showed that he has assumed growing debt over the past year, both expanding his use of revolving lines of credit and taking on additional debt of between $5 million and $25 million as part of his family company’s purchase last year of a New Jersey apartment complex.

A series of interim financial reports last year showed that Kushner had increased lines of credit with Bank of America, New York Community Bank and Signature Bank, each from at least $1 million to $5 million. Such moves do not mean that Kushner has yet accumulated that debt, but has the ability to do so.

The new disclosure shows that Kushner did take on a new debt last year with Bank of America worth between $5 million and $25 million — but jointly with other investors in Quail Ridge LLC, a company used for his family firm’s purchase of Quail Ridge, a 1,032-unit apartment community in Plainsboro, N.J., near Princeton. The disclosures also showed that Ivanka Trump owns an interest in that purchase through a family trust.

The disclosure showed that Kushner reported making at least $5 million in income from the development since Kushner Companies bought the complex in September. The family business has made a splash with high-profile deals for buildings in New York City in the past decade, but lately has been returning to its roots by buying garden apartments in the suburbs.

Under an ethics agreement he signed when he joined the administration in early 2017, Kushner withdrew from his position as CEO of Kushner Companies. But even as a passive investor, he retains many lucrative investments — which ethics critics have warned could raise conflicts of interest.

(AP)

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Local

More in Local

3ba436bdbddca9240c62e4ef39b9e9bf.jpg

WATCH: Palestinian Soon-To-Be US Congress Member Says She Will ‘Absolutely’ Vote Against US Aid to Israel

adminAugust 16, 2018
83854565621d0dc0e3723e42fcaa0308.jpg

Activists Look To Ban BALLOONS After Success With Plastic Straws

adminAugust 16, 2018
cba1063a4fc1cf01beb9a61638570d7f.jpg

Ex-Trump Campaign Manager Says Bloomberg is a 2020 Threat to Trump

adminAugust 16, 2018
6b8e07a3138827ba4c9c7e83b80711c9.jpg

TRAGEDY: A Grandfather Drowns While Toiveling At Netanya Beach Shortly Before Grandson’s Bris

adminAugust 16, 2018
f4683415638aa0551a5f0ca84ad7a91e.jpg

Four Israeli Tourists Beaten By Police In Romania

adminAugust 14, 2018
d656d31649603fcc4eb8ee5cac468595.jpg

Man Struck By Car After Beating Man To Death In Road Rage On California Highway

adminAugust 14, 2018
880f2e91cf8b1577143bb7ced5ab5101.jpg

Trump Warns NY Gov. Cuomo: Anybody Who Runs Against Me ‘Suffers’

adminAugust 14, 2018
48c66d0ef815db7a1041d0d780f893db.jpg

West Virginia Impeaches All 4 Of It’s Supreme Court Justices

adminAugust 14, 2018
ed1121f6a005b1c8e7bd79cdd09ccc0d.jpg

DID YOU KNOW THIS? Google Tracks Your Movements – Even If You Use Privacy Settings

adminAugust 13, 2018