Trump’s campaign war chest dwarfed by Joe Biden’s re-election fundraising - live

Oliver O'Connell

Donald Trump’s campaign fundraising has been dwarfed by Joe Biden’s.

Mr Trump, the front-runner for the GOP heading into 2024, announced earlier in October that he has raised $46m in the past three months, with $38m cash-on-hand.

Mr Biden and Vice President Kamala Harris, however, have brought in more than $71m in the same time period, bringing their total campaign war chest to $91m

The Associated Press reported that the former president will be back in court on Tuesday when Cohen is expected to testify.

Cohen welcomed the reunion: “It’s been 5 years since we have seen one another. I look forward to the reunion. I hope Donald does as well.”

A New York court at Mr Trump’s $250m civil fraud trial heard how Mr Trump’s claims about his net worth became a crucial factor in securing loans from Deutsche Bank.

Meanwhile, Mr Trump and his campaign are in clean-up mode as a result of the backlash from his comments about the attack on Israel earned him a stern rebuke from the White House and an Israeli minister. He appears to be walking back criticism of Benjamin Netanyahu and has praised the Israeli Defence Force.

Key Points

Trump judge to hear arguments about Jan 6 trial gag order

09:28 , Rachel Sharp

The judge overseeing the federal criminal case charging Donald Trump for his efforts to overturn the 2020 presidential election will hear arguments today about potentially muzzling the former president.

Special counsel Jack Smith is asking for Mr Trump to be placed under a gag order after he has repeatedly attacked prosecutors, judges and others connected to his criminal cases on social media.

Earlier this month, Mr Trump even singled out a court clerk in his $250m civil fraud trial in New York, pushing out unfounded claims of her to his Truth Social followers.

Mr Smith’s office cited this as an example of the former president’s “continued use of social media as a weapon of intimidation in court proceedings”.

In a courtroom on Monday, US District Judge Tanya Chutkan will hear arguments from both the prosecution and the defence.

DeSantis claims Trump ‘hates’ Israeli PM Benjamin Netanyahu because he congratulated Biden after 2020 election

09:00 , Graig Graziosi

Florida Governor Ron DeSantis took the chance to skewer his cheif rival, Donald Trump, after the former president was forced to walk back his criticism of Israeli PM Benjamin Netanyahu.

Mr Trump made remarks criticising the Israeli leader on his Truth Social account as Israel reels from a Hamas-led attack that left nearly 2,000 civilians dead. Israel has retaliated with bombings that have killed Hamas fighters as well as civilians and children in Gaza.

The former president criticised Israel’s intelligence apparatus for failing to see and thwart the Hamas attack, and claimed that Mr Netanyahu “let us down” after the Israeli PM refused to participate in Mr Trump’s assassination of Iranian Lieutenant General Qasem Soleimani.

Mr DeSantis discussed Mr Trump’s dislike of Mr Netanyahu during a campaign visit to New Hampshire.

After insiting Mr Trump is only his “true” self when he isn’t using a teleprompter, Mr DeSantis said that the former president hated Mr Netanyahu because the Israeli leader congratulated Joe Biden for winning the 2020 election.

“And so he attacked Bibi after the country suffered the worst attack it’s had in its modern history ... And he did that because Bibi did not– Bibi congratulated Biden in November. That’s why he did it,” Mr DeSantis said. “He hates Netanyahu because of that. That’s about him. That’s not about the greater good of what Israel’s trying to do or American security.”

Trump blasts unions, calls electric cars a ‘disaster,’ and says he’ll ‘double or triple’ car manufacturing in the US if elected

08:00 , Graig Graziosi

Donald Trump released a statement on Truth Social attacking the leadership of the United Autoworkers, the largest union representing auto manufacturing workers across the US. He also criticised electric cars, calling them a “disaster,” insisting all cars under Democratic leadership would be “made in China,” and said he would “double or triple” car manufacturing in the US.

“The United Autoworkers are being sold down the tubes by their so-called ‘leadership.’ They always support Democrats, yet they have lost 60% of car manufacturing over the years to foreign countries and that’s all been through Democrats for the most part,” Mr Trump said.

Mr Trump famously told supporters in Youngstown, Ohio — the metro area where many autoworkers at the Lordstown GM plant lived — “not to sell their houses” in 2017 because he would bring back manufacutirng.

Two years later — still during his administration — the Lordstown GM plant shut down.

GM was increasing its manufacuting facilities in other parts of the world at the time of the shut down.

Mr Trump also called electric cars a “disaster” for auto workers and for the US, and claimed they would “all be made in China.” There is no evidence that plans are in place to move electric vehicle manufacturing fully out of the US. Many manufacturers, including companies with robust American workforces like Honda, annocuned this year that they will add to their EV lineups.

Mr Trump further promised to “double or triple” car manufacturing in the US if he is elected.

He said that Shawn Fain, the president of the UAW, should endorse him rather than Joe Biden, and claimed that most of the autoworkers would vote for him anyway.

Mr Fain handed Mr Biden a major optics win when he invited the president to attend a UAW picket line.

Mr Biden accepted the invitation and became the first sitting president to stand with striking workers on a line.

Forbes claims Trump Organization CFO lied under oath at New York fraud trial

07:00 , Graig Graziosi

Former Trump Organization CFO Allen Weisselberg has been slammed by Forbes for his testimony in court from earlier this week, at Donald Trump’s New York fraud trial.

In an article published on Thursday (12 October), the ex-Trump employee is accused by the magazine of lying under oath when he took the stand this week.

His testimony was abruptly curtailed after lunch on Thursday and New York Attorney General Letitia James is now reportedly looking at the allegations.

The publication was referred to several times during Weisselberg’s testimony as part of the $250m civil fraud lawsuit brought against Donald Trump, his sons, his associates — including Weisselberg — and his company by the state of New York.

READ MORE:

Forbes accuses Trump CFO Allen Weisselberg of lying under oath at fraud trial

Trump wants credit for Isis defeat, claiming he will ‘do it again in 2024’ with Hamas

06:00 , Graig Graziosi

After appearing to back off from his attacks on Israeli Prime Minister Benjamin Netanyahu, Donald Trump has found another way to insert himself into the conflict in Israel — by claiming he will defeat Hamas as he did Isis if re-elected in 2024.

The former president posted on Truth Social:

Many are using an example of “just the way ISIS was defeated in Iraq and Syria, HAMAS will likewise be defeated.” Please remember that it was the Trump Administration that defeated ISIS, and quickly, after years of futile attempts by previous administrations! Someday we will be given proper credit for all of the many successes we had. In the meantime, we will do it again in 2024! MAKE AMERICA GREAT AGAIN

A follow-up post seemed to imply he would help out now... if only he hadn’t been indicted four times by “politically hungry prosecutors”.

Can anyone imagine that with all of the self inflicted and imposed problems that the United States is experiencing, both at home and abroad, that I am being forced to fight off politically hungry Prosecutors, Radical Left Democrats all, on the greatest political Witch Hunt of all time - All started by Crooked Joe Biden as an unprecedented attack against his Political Opponent, ME, for purposes of Election Interference, and more. What a Shame, what a Shame!!!

Health issue delays Michael Cohen’s testimony in Trump fraud case

04:59 , Graig Graziosi

Michael Cohen, a former attorney turned critic of Donald Trump, will not be testifying next week in Mr Trump’s civil fraud case, according to two unnamed sources who spoke with NBC News.

“Unfortunately I need to attend to a pre-existing medical condition that impedes my ability to testify this upcoming week. Rest assured, I will testify at the earliest opportunity,” he told NBC News.

Mr Cohen’s testimony before Congress sparked New York District Attorney Letitia James’ investigation into the Trump Organisation’s financials.

Senator Lindsey Graham offers Trump advice: run on Israel

04:00 , Graig Graziosi

Senator Lindsey Graham offered Donald Trump a bit of advice after he made a “huge mistake,” according to the lawmaker: run on supporting Israel.

During an appearance on Meet the Press, Mr Graham — who has shown unflinching support for Israel’s devastating military response to Hamas’s 7 October attack and beating the war drums for conflict with Iran — he said Mr Trump made a “huge mistake” by complimenting the Lebanse militant group Hezbollah and criticising Isreali PM Benjamin Netanyahu.

“If I were President Trump, I’d talk about being the strongest president for Israel in modern times,” Mr Graham said. “He issued a statement two days ago, ‘I stand with Bibi. I stand with Israel.’ Yeah, it was a mistake. He’s on the right track, but Biden’s administration’s border policies are failing and their policies against Iran are failing.”

GOP presidential hopeful Chris Christie calls Trump a ‘fool’ for calling Hezbollah ‘very smart’ after attacks in Israel

03:00 , Graig Graziosi

Former New Jersey governor and presidential hopeful Chris Christie slammed Donald Trump during an interview on CNN, calling the former president a “fool” for calling Hezbollah “very smart” in the wake of Hamas’s attack on Israel on 7 October.

During an appearance at Club 47 in West Palm Beach, Florida, Mr Trump suggested Hezbollah, a Lebanon-based militant group operating near Israel’s northern border, were “very smart.”

“And then two nights ago, I read all of Biden security people — can you imagine?” he said. “National defense people and they said, ‘Gee, I hope Hezbollah doesn’t attack from the north because that’s the most vulnerable spot.’ I said, ‘Wait a minute. You know, Hezbollah is very smart. They’re all very smart.’”

Mr Christie said Mr Trump was “a fool” during an interview with Wolf Blitzer.

“He’s a fool. Only a fool would make those kind of comments. Only a fool would give comments that could give aid and comfort to Israel’s adversary,” Mr Christie said.

GOP presidential hopeful Nikki Haley said Trump’s comments criticising Israel ‘make America look weak'

02:00 , Graig Graziosi

Former UN Ambassador Nikki Haley, who is running in the GOP presidential primary, said Donald Trump’s criticism of Israeli PM Benjamin Netanyahu “make America look weak” in a recent interview.

Ms Haley appeared on CNN, where she condemned the former president’s comments.

She said Mr Trump’s comments were why she “continues to say its time for a new generational leader.”

“Look, [Mr Trump] congratulated the Chinese communist party not too long ago, he’s saying Hezbollah’s smart, I can tell you when I was at the United Nations ... you don’t go and compliment any of them, because what that does is it makes America look weak, it doesn’t make America look strong,” she said.

At least 20 Republicans plan to vote against Trump-preferred House Speaker candidate Jim Jordan

01:00 , Graig Graziosi

A senior House GOP member told CNN’s Manu Raju that at least 20 Republican lawmakers planned to vote against Congressman Jim Jordan’s bid to become the House Speaker.

Mr Jordan, a longtime ally of Donald Trump, is the former president’s preferred pick for the position.

The move was described to Raju as a rebuke of hardline MAGA Republicans who voted to oust former House Speaker Kevin McCarthy.

Mr Jordan can only afford to lose four Republican votes if he hopes to secure the 217 needed to become Speaker of the House.

Republicans may strike a deal with Democrats if Trump-backed Congressman Jim Jordan can’t secure Speaker votes

Monday 16 October 2023 00:00 , Graig Graziosi

Republican Congressman Mike Turner said House Republicans will have to seek a deal with Democrats if the fractured party cannot come to an agreement on who should replace Congressman Kevin McCarthy as House Speaker.

House Republicans have failed thus far to coalesce behind a new speaker. Congressman Steve Scalise floated a run but withdrew his name from consideration after he failed to rally enough support to secure the position.

Congressman Jim Jordan, Donald Trump’s preferred Speaker, is also running, but will likely be opposed by some Republicans who objected to Mr McCarthy’s removal.

If he or other Republicans can’t secure the votes, the House GOP may need to cut a deal with Democrats to restore order to the House.

READ MORE:

Republicans hint at possible deal with Democrats on House Speaker as battle continues

Trump blasts independent presidential candidate RFK Jr: ‘so much for RFK Jr being a conservative!’

Sunday 15 October 2023 23:00 , Graig Graziosi

Donald Trump wants voters to think RFK Jr is not a conservative heading into the 2024 presidential election, where the anti-vaccine conspiracy theorist aims to be a potential spoiler candidate.

But it’s unclear who he might spoil — Mr Kennedy’s views include everything from anti-vaccine conspiracies to support for stricter environmental regulation.

Mr Trump — and Fox News’ Sean Hannity — are making the case that Mr Kennedy is not a conservative.

“So much for RFK Jr being a conservative!” Mr Trump wrote on Truth Social alongside a video of Mr Hannity grilling Mr Kennedy on his “liberal” beliefs.

Before saying he would run as an independent, Mr Kennedy was focused on trying to primary Joe Biden as a Democrat.

Biden beats Trump in new poll – but loses to DeSantis and Haley

Sunday 15 October 2023 22:00 , Graig Graziosi

A new Fox News poll, conducted earlier this month, shows that Mr Trump has four times the support of his nearest rival, Florida governor Ron DeSantis, among Republican primary voters.

Mr Trump is lapping the competition, leading with 59 per cent support among polled voters, compared with Mr DeSantis’s 13 per cent support.

What’s new in the poll is Joe Biden appears to narrowly edge out Mr Trump in a hypothetical 2024 matchup, whereas other Republican frontrunners are projected to beat the president.

READ MORE:

Biden beats Trump in new poll – but loses to DeSantis and Haley

Biden’s campaign war chest dwarfs Trumps, according to recent numbers

Sunday 15 October 2023 21:27 , Graig Graziosi

Joe Biden has raised more money for his re-election campaign than any previous Democratic candidate in history, and has also outraised his chief rival — former President Donald Trump.

Mr Trump, who is far and away the front-runner for the GOP heading into 2024, announced earlier in October that he has raised $46m in the past three months, with $38m cash-on-hand.

Mr Biden and Vice President Kamala Harris, however, have brought in more than $71m in the same time period, bringing their total campaign war chest to $91m.

Trump-backed Jeff Landry wins Louisiana governor’s race, returning state to GOP control

Sunday 15 October 2023 21:00 , Graig Graziosi

Attorney General Jeff Landry, who ran with the backing of Donald Trump, has won Louisiana’s governor’s race.

The Republican defeated a crowded field of competitiors, but ultimately delivered a major win for the GOP as they retake the governor’s mansion from the Democrats for the first time in eight years.

Mr Landry will replace Governor John Bel Edwards, who was unable to run again due to term limitations.

Mr Edwards was the only Democrat serving as governor in a Deep South state.

“Today’s election says that our state is united,” Mr Landry said during his victory speech on Saturday night. “It’s a wake up call and it’s a message that everyone should hear loud and clear, that we the people in this state are going to expect more out of our government from here on out.”

Senator Lindsey Graham says he would back Trump-preferred House Speaker candidate Jim Jordan ‘tomorrow’ if he were in the House

Sunday 15 October 2023 20:30 , Graig Graziosi

Senator Lindsey Graham, an on-again-off-again ally of Donald Trump, said he would back the former president’s preferred pick for Speaker of the House “tomorrow” if he was a member of the House.

“He’s a good man but we need to get a speaker,” Mr Graham told Meet the Press.

Mr Jordan is a leading candidate to take the job after former House Speaker Kevin McCarthy was ousted, but he has yet to secure the 217 votes necessary to win the spot.

Retired General rejects Trump’s claim that Israel pulled out of assassination of Iranian commander Qassem Soleimani

Sunday 15 October 2023 20:15 , Graig Graziosi

Retired General Frank McKenzie, who formerly was the commander of US Central Command, said that Donald Trump was incorrect when he claimed Israel refused to participate in the assassination of Iranian commander Quassem Soleimani in 2020.

He appeared on CBS’s Face the Nation, where he insisted that the operation was purley a US endeavour.

“This was a U.S. operation. It involved only U.S. forces,” Mr McKenzie said.

Mr Trump faced backlash when he criticised Isreali PM Benjamin Netanyahu following Hamas’s attack on Israel on 7 October.

Trump backpedals Netanyahu criticism amid furore over Israel remarks

Sunday 15 October 2023 20:07 , Graig Graziosi

Donald Trump appears to be backpedalling his criticism of Benjamin Netanyahu following the attack on Israel after an angry reaction to his remarks at an event in Florida on Wednesday.

Just days after the sudden escalation of the conflict between Hamas and Israel resulted in thousands of deaths and injuries, the former president accused the Israeli Prime Minister of being unprepared and recalled he had allegedly failed to stand with the US during the latter part of his presidency.

He also called Lebanon-based militant group Hezbollah “very smart”, further infuriating the White House, Israeli officials and his rivals for the Republican Party presidential nomination.

The pointed criticism of Mr Netanyahu and other his remarks drowned out Mr Trump’s pledge of unwavering support for Israel earlier in the speech.

READ MORE:

Trump backpedals Netanyahu criticism after angry reaction to Israel remarks

Republicans kick 15-year-old journalist out of candidate event

Sunday 15 October 2023 15:21 , Graig Graziosi

Republicans in New Hampshire kicked a 15-year-old journalist out of a candidate showcase, though he was later allowed to return, according to the New York Times.

Most of the Republican presidential primary candidates — including Florida Governor Ron DeSantis but excluding Donald Trump — were at the event.

Quinn Mitchell, the teen reporter who runs his own blog and podcast from his home in Walpole, New Hampshire, had had two previous interactions with Mr DeSantis. In June, Quinn asked whether or not Mr DeSantis thought Mr Trump had tried to disrupt the peaceful transfer of power in the US. In July, Republicans shooed him away from Mr DeSantis during an Independence Day parade.

On Friday, Quinn was removed from the First in the Nation Leadership Summit, hosted by the New Hampshire Republican Party.

“They said, ‘We know who you are,’” Quinn told the Times.

He was ultimately escorted out by police.

Jimmy Thompson, the New Hampshire Republican Party spokesperson, said the incident was a mistake by an “overzealous volunteer.”

“During the course of the two-day event, an overzealous volunteer mistakenly made the decision to have Quinn removed from the event, thinking he was a Democrat tracker,” Mr Thompson wrote. “Once the incident came to our staff’s attention, NHGOP let him back into the event, where he was free to enjoy the rest of the summit.”

Trump predicts DeSantis will drop primary bid: ‘Good luck, Ron, but I think you’re pretty much finished’

Sunday 15 October 2023 14:00 , Graig Graziosi

Donald Trump released a statement on Truth Social on Saturday saying he believed his primary rival Florida Governor Ron DeSantis would soon drop out of the Republican presidential primary race.

“Ron DeSanctimonious has the Poll numbers of a wounded bird falling from the sky. It’s pretty sad to watch,” Mr Trump said in a video posted to his social media platform.

He said he was leading Mr DeSantis by “more than 57 points” and said Mr DeSantis has “proven to be a terrible and inept candidate who “even fought Social Security and Medicare, wanted to raise the age to 70.”

“He will soon be out of money and dropping out of the race for president,” Mr Trump predicted.

He then took credit for getting Mr DeSantis elected.

“After single-handedly getting him elected governor with no thanks or glory, it has been a beautiful thing to watch him not do so well. So I say: good luck Ron, but I think you’re pretty much finished.”

Health issue delays Michael Cohen’s testimony in Trump fraud case

Sunday 15 October 2023 13:00 , Graig Graziosi

Michael Cohen, a former attorney turned critic of Donald Trump, will not be testifying next week in Mr Trump’s civil fraud case, according to two unnamed sources who spoke with NBC News.

“Unfortunately I need to attend to a pre-existing medical condition that impedes my ability to testify this upcoming week. Rest assured, I will testify at the earliest opportunity,” he told NBC News.

Mr Cohen’s testimony before Congress sparked New York District Attorney Letitia James’ investigation into the Trump Organisation’s financials.

Trump backpedals Netanyahu criticism amid furore over Israel remarks

Sunday 15 October 2023 12:00 , Graig Graziosi

Donald Trump appears to be backpedalling his criticism of Benjamin Netanyahu following the attack on Israel after an angry reaction to his remarks at an event in Florida on Wednesday.

Just days after the sudden escalation of the conflict between Hamas and Israel resulted in thousands of deaths and injuries, the former president accused the Israeli Prime Minister of being unprepared and recalled he had allegedly failed to stand with the US during the latter part of his presidency.

He also called Lebanon-based militant group Hezbollah “very smart”, further infuriating the White House, Israeli officials and his rivals for the Republican Party presidential nomination.

The pointed criticism of Mr Netanyahu and other his remarks drowned out Mr Trump’s pledge of unwavering support for Israel earlier in the speech.

Read More:

Trump backpedals Netanyahu criticism after angry reaction to Israel remarks

Watch: Lincoln Project ad highlights contrasts between Biden and Trump

Sunday 15 October 2023 11:00 , Graig Graziosi

Eric Trump says his father sent him to work on construction sites as a child

Sunday 15 October 2023 10:00 , Graig Graziosi

Eric Trump, the middle son of ex-President Donald Trump, told Senate hopeful Kari Lake that he had worked on construction sites as a child “making minimum wage” at the direction of his father.

“What kind of a dad was he?” the failed Arizona gubernatorial candidate asked on “The Kari Lake Show”. “I can’t imagine you guys got away with a lot. Or, was he constantly telling you guys how to behave or was it pretty hands off?”

The former president’s son said his father was “strict,” had “high expectations of us,” and “made us work very very hard.”

“I was on construction sites when I was 11, 12 years old,” the younger Mr Trump continued, adding that he recalled “breaking down walls, sheetrock, plumbing.”

READ MORE:

Eric Trump claims he worked on construction sites earning minimum wage at 11 or 12

Trump hotel hosting Holocaust denier amid uproar over ex-president’s Israel reaction

Sunday 15 October 2023 09:00 , Graig Graziosi

A Trump-owned hotel in Florida is set to host an evangelical Christian event featuring a Holocaust denier, amid outrage over the former president’s reaction to the conflict in Israel.

The ReAwaken America event will take place at the Trump Miami Doral on Friday and Saturday and feature speakers including fitness guru Ian Smith – who has previously made antisemitic and Holocaust denial comments online.

Mr Smith was listed among the speakers on Friday, announced during a short video. The line-up of the event over the two days also includes General Mike Flynn, Eric Trump, Lara Trump, and MyPillow CEO Mike Lindell.

Mr Smith has written multiple posts on X in which he has taken a critical stance against Israel since the outbreak of the conflict on Saturday.

READ MORE:

Trump hotel hosting Holocaust denier amid uproar over ex-president’s Israel reaction

George Santos calls protesters ‘human scum'

Sunday 15 October 2023 08:00 , Graig Graziosi

George Santos shouts ’human scum’ at protester in altercation over Israel conflict

Forbes claims Trump Organization CFO lied under oath at New York fraud trial

Sunday 15 October 2023 07:00 , Graig Graziosi

Former Trump Organization CFO Allen Weisselberg has been slammed by Forbes for his testimony in court from earlier this week, at Donald Trump’s New York fraud trial.

In an article published on Thursday (12 October), the ex-Trump employee is accused by the magazine of lying under oath when he took the stand this week.

His testimony was abruptly curtailed after lunch on Thursday and New York Attorney General Letitia James is now reportedly looking at the allegations.

The publication was referred to several times during Weisselberg’s testimony as part of the $250m civil fraud lawsuit brought against Donald Trump, his sons, his associates — including Weisselberg — and his company by the state of New York.

READ MORE:

Forbes accuses Trump CFO Allen Weisselberg of lying under oath at fraud trial

Trump blasts unions, calls electric cars a ‘disaster,’ and says he’ll ‘double or triple’ car manufacturing in the US if elected

Sunday 15 October 2023 04:59 , Graig Graziosi

Donald Trump released a statement on Truth Social attacking the leadership of the United Autoworkers, the largest union representing auto manufacturing workers across the US. He also criticised electric cars, calling them a “disaster,” insisting all cars under Democratic leadership would be “made in China,” and said he would “double or triple” car manufacturing in the US.

“The United Autoworkers are being sold down the tubes by their so-called ‘leadership.’ They always support Democrats, yet they have lost 60% of car manufacturing over the years to foreign countries and that’s all been through Democrats for the most part,” Mr Trump said.

Mr Trump famously told supporters in Youngstown, Ohio — the metro area where many autoworkers at the Lordstown GM plant lived — “not to sell their houses” in 2017 because he would bring back manufacutirng.

Two years later — still during his administration — the Lordstown GM plant shut down.

GM was increasing its manufacuting facilities in other parts of the world at the time of the shut down.

Mr Trump also called electric cars a “disaster” for auto workers and for the US, and claimed they would “all be made in China.” There is no evidence that plans are in place to move electric vehicle manufacturing fully out of the US. Many manufacturers, including companies with robust American workforces like Honda, annocuned this year that they will add to their EV lineups.

Mr Trump further promised to “double or triple” car manufacturing in the US if he is elected.

He said that Shawn Fain, the president of the UAW, should endorse him rather than Joe Biden, and claimed that most of the autoworkers would vote for him anyway.

Mr Fain handed Mr Biden a major optics win when he invited the president to join the UAW’s picket lines. Mr Biden took the offer and became the first sitting president to join a picket line in US history.

It wasn’t just Forbes probing Donald Trump’s net worth. The court is shown emails from Bloomberg inquiring into various valuations.

Sunday 15 October 2023 04:00 , Oliver O’Connell

On the witness stand, Patrick Birney was questioned about an email exchange with the real estate firm Cushman Wakefield asking about information on valuation metrics such as cap rates (see this explanation by Dan Alexander of Forbes for their importance).

An employee at the firm suggested that the cap rate for midtown Manhattan properties should be in the mid-4 per cent range. The Trump Organization instead ended up using a cap rate of 2.67 per cent in its calculations.

Apparent small changes in cap rate result in huge changes in valuation. The property in question was 1290 Avenue of the Americas which had an operating income of $110m.

According to calculations by Dan Alexander at Forbes: if a cap rate of 4.5 per cent was applied as suggested, the building would be worth $110m / 0.045 = $2.44bn.

However, if the cap rate the Trump Organization used is applied it results in this valuation: $110m / 0.0267 = $4.12bn — a difference of $1.676bn.

In reality, the company used a slightly higher operating income in the calculation resulting in a valuation of $4.192bn, then subtracted $950m of debt and attributed a 30 per cent ownership stake to Trump, resulting in a final figure of $973m.

Had they used the cap rate suggested by Cushman Wakefield, Trump’s stake would have been worth $461m, some $512m less…

It may be more complicated and less obvious than lying about the size of a penthouse, but it has much larger implications for inflating someone’s net worth.

The next year, the same low cap rate was used by the company and Birney was asked who directed him to use it.

“Allen Weisselberg,” he replied.

Court has now adjourned for the weekend. Direct examination of Birney will continue on Monday.

Sunday 15 October 2023 03:00 , Graig Graziosi

Haren then asked about some of the supporting documents relating to one of Mr Trump’s statements of financial condition (the documents at the heart of the case) which applied a 15-35 per cent “presidential premium” to Trump property values.

These premiums never made it into the final statements of financial conditions, but Law360’s Frank Runyeon notes that it appears from the timeline that Birney, Weisselberg et al were looking at ways of boosting Mr Trump’s net worth after the 2017 Forbes article exposed the falsification of the square footage of the Trump Tower triplex penthouse and it was corrected downward from 30,000sq ft to 10,996 sq ft.

It is fair to say that assets or objects acquire additional value based on who owned them or their place in history.

Dan Alexander of Forbes notes that his publication does apply a “presidential premium” when calculating the value of Trump assets but does not do so across the board — Mr Trump’s penthouse and Boeing 757 would get the premium but other homes would not [as we’ve saw earlier, the restrictions on use at Mar-a-Lago make that much more complicated].

ICYMI: Trump on trial: Day nine — Court hears internal valuations process behind fraudulent inflation of wealth

Sunday 15 October 2023 02:00 , Graig Graziosi

Day nine of Donald Trump’s $250m civil fraud trial brought by the New York attorney general got underway in Lower Manhattan on Friday with Trump Organization Vice President Patrick Birney back on the stand for direct examination by NY AG counsel Eric Haren.

The questioning began where the court left off on Thursday — with the problems of assessing the value of the Mar-a-Lago estate in Palm Beach, Florida.

The former president purchased the property in 1985 and when he ran into financial difficulties in the early 1990s he was able to convert it into a private members’ club. Similar to his golf course, this makes assigning a value to it difficult as there is a limited pool of buyers (versus an open market) and there are many restrictive covenants on the property imposed by local authorities in Palm Beach — for example, it cannot be used as a private home (despite Mr Trump currently living there for half the year).

Birney was asked about various real estate news articles from 2019 regarding other Palm Beach properties and their asking prices versus what they sold for.

“Did Allen Weisselberg direct you to use comparable properties to Mar-a-Lago [for valuation purposes] for Trump’s 2019 statement of financial condition?” Haren asked.

“Yes,” Birney replied.

Trump wants credit for Isis defeat, claiming he will ‘do it again in 2024’ with Hamas

Sunday 15 October 2023 01:00 , Graig Graziosi

After appearing to back off from his attacks on Israeli Prime Minister Benjamin Netanyahu, Donald Trump has found another way to insert himself into the conflict in Israel — by claiming he will defeat Hamas as he did Isis if re-elected in 2024.

The former president posted on Truth Social:

Many are using an example of “just the way ISIS was defeated in Iraq and Syria, HAMAS will likewise be defeated.” Please remember that it was the Trump Administration that defeated ISIS, and quickly, after years of futile attempts by previous administrations! Someday we will be given proper credit for all of the many successes we had. In the meantime, we will do it again in 2024! MAKE AMERICA GREAT AGAIN

A follow-up post seemed to imply he would help out now... if only he hadn’t been indicted four times by “politically hungry prosecutors”.

Can anyone imagine that with all of the self inflicted and imposed problems that the United States is experiencing, both at home and abroad, that I am being forced to fight off politically hungry Prosecutors, Radical Left Democrats all, on the greatest political Witch Hunt of all time - All started by Crooked Joe Biden as an unprecedented attack against his Political Opponent, ME, for purposes of Election Interference, and more. What a Shame, what a Shame!!!

Sunday 15 October 2023 00:00 , Graig Graziosi

Fulton County: Judge to hear proposed prospective jury questions on Monday

In Fulton County, Judge Scott McAfee has set the date for a hearing on proposed questions for the questionnaire that will be provided to prospective jurors in the State of Georgia v Kenneth Chesebro and Sidney Powell, the first trial stemming from the sprawling indictment brought by District Attorney Fani Willis against Donald Trump and his 18 co-defendants.

The hearing is set for 10am on Monday, 16 October.

Watch: Hannity cuts off Ramaswamy after heated exchange

Saturday 14 October 2023 23:00 , Graig Graziosi

Congressman Austin Scott says he’ll run for House Speaker against Trump-favoured Jim Jordan

Saturday 14 October 2023 21:45 , Graig Graziosi

Republican Congressman Austin Scott of Michigan has filed to run for Speaker of the House, according to his office.

Mr Scott made the move less than a day after the withdrawl of Congressman Steve Scalise, who failed to rally enough support among fellow Republicans to secure the position.

The chaos in the House continues, as hardline MAGA lawmakers are circling around Congressman Jim Jordan, Donald Trump’s preferred candidate. The non-MAGA House Republicans — who have largely condemned Congressman Matt Gaetz and the seven others who voted to oust former House Speaker Kevin McCarthy — are reportedly opposing Mr Jordan, but have not coalesced around another candidate.

Health issue delays Michael Cohen’s testimony in Trump fraud case

Saturday 14 October 2023 20:34 , Graig Graziosi

Michael Cohen, a former attorney turned critic of Donald Trump, will not be testifying next week in Mr Trump’s civil fraud case, according to two unnamed sources who spoke with NBC News.

“Unfortunately I need to attend to a pre-existing medical condition that impedes my ability to testify this upcoming week. Rest assured, I will testify at the earliest opportunity,” he told NBC News.

Mr Cohen’s testimony before Congress sparked New York District Attorney Letitia James’ investigation into the Trump Organisation’s financials.

Trump predicts DeSantis will drop primary bid: ‘Good luck, Ron, but I think you’re pretty much finished’

Saturday 14 October 2023 19:55 , Graig Graziosi

Donald Trump released a statement on Truth Social on Saturday saying he believed his primary rival Florida Governor Ron DeSantis would soon drop out of the Republican presidential primary race.

“Ron DeSanctimonious has the Poll numbers of a wounded bird falling from the sky. It’s pretty sad to watch,” Mr Trump said in a video posted to his social media platform.

He said he was leading Mr DeSantis by “more than 57 points” and said Mr DeSantis has “proven to be a terrible and inept candidate who “even fought Social Security and Medicare, wanted to raise the age to 70.”

“He will soon be out of money and dropping out of the race for president,” Mr Trump predicted.

He then took credit for getting Mr DeSantis elected.

“After single-handedly getting him elected governor with no thanks or glory, it has been a beautiful thing to watch him not do so well. So I say: good luck Ron, but I think you’re pretty much finished.”

Trump blasts unions, calls electric cars a ‘disaster,’ and says he’ll ‘double or triple’ car manufacturing in the US if elected

Saturday 14 October 2023 19:11 , Graig Graziosi

Donald Trump released a statement on Truth Social attacking the leadership of the United Autoworkers, the largest union representing auto manufacturing workers across the US. He also criticised electric cars, calling them a “disaster,” insisting all cars under Democratic leadership would be “made in China,” and said he would “double or triple” car manufacturing in the US.

“The United Autoworkers are being sold down the tubes by their so-called ‘leadership.’ They always support Democrats, yet they have lost 60% of car manufacturing over the years to foreign countries and that’s all been through Democrats for the most part,” Mr Trump said.

Mr Trump famously told supporters in Youngstown, Ohio — the metro area where many autoworkers at the Lordstown GM plant lived — “not to sell their houses” in 2017 because he would bring back manufacutirng.

Two years later — still during his administration — the Lordstown GM plant shut down.

GM was increasing its manufacuting facilities in other parts of the world at the time of the shut down.

Mr Trump also called electric cars a “disaster” for auto workers and for the US, and claimed they would “all be made in China.” There is no evidence that plans are in place to move electric vehicle manufacturing fully out of the US. Many manufacturers, including companies with robust American workforces like Honda, annocuned this year that they will add to their EV lineups.

Mr Trump further promised to “double or triple” car manufacturing in the US if he is elected.

He said that Shawn Fain, the president of the UAW, should endorse him rather than Joe Biden, and claimed that most of the autoworkers would vote for him anyway.

Mr Fain handed Mr Biden a major optics win when he invited the president to join the UAW’s picket lines. Mr Biden took the offer and became the first sitting president to join a picket line in US history.

Trump says ‘National Day of Resistance’ should be barred on college campuses

Saturday 14 October 2023 18:20 , Graig Graziosi

On Saturday, Donald Trump complained that colleges were allowing students to organise a “National Day of Resistance” demonstration in support of Palestine. He called the demonstrations called “antisemitic” and “anti-American.”

“What happened in Israel was barbaric! Now American Universities are allowing or enabling the open hatred against Israel and America! Instead of educating our young Americans, Deans stand idly by while subversive groups are calling for a National Day of Resistance,” he wrote on Truth Social. “Not only is this antisemitic, it is also anti-American. Students have begged Deans to throw these subversive groups off campus. We banned Nazis, banned Communists, it is about time that we remove these antisemites from our schools or is the Cancel Culture only used against Conservatives?”

The group organising the protests is the Students for Justice in Palestine.

Donald Trump criticises student protests in support of Palestinians following the Hamas attack on Israel and Israel’s retaliatory bombing campaign (screengrab/truth social)
Donald Trump criticises student protests in support of Palestinians following the Hamas attack on Israel and Israel’s retaliatory bombing campaign (screengrab/truth social)

The Anti-Defamation League condemned the group for “condoning terrorism by Hamas by repackaging it as justified acts of ‘resistance.’”

The student organisation released a statement in response to the ADL’s criticism:

“We unequivocally condemn the baseless allegations by the Anti-Defamation League (ADL) against our organizations and are gravely concerned that the ADL’s attacks will distract from the real threat of white supremacy faced by all our communities. The ADL’s latest intimidation campaign is based on a highly problematic definition of antisemitism that attempts to conflate criticism of the Israeli government or Zionism with anti-Jewish racism. This is as dangerous as it is baseless. Many people of various faiths and backgrounds--including Jewish scholars, rabbis, and activists--have long criticized and opposed Zionism. For the Palestinian community, Zionism is the political ideology that has enabled their violent subjugation and systematic dispossession. People must be able to discuss and debate these issues without being falsely smeared as antisemites.”

DeSantis claims Trump ‘hates’ Israeli PM Benjamin Netanyahu because he congratulated Biden after 2020 election

Saturday 14 October 2023 17:22 , Graig Graziosi

Florida Governor Ron DeSantis took the chance to skewer his cheif rival, Donald Trump, after the former president was forced to walk back his criticism of Israeli PM Benjamin Netanyahu.

Mr Trump made remarks criticising the Israeli leader on his Truth Social account as Israel reels from a Hamas-led attack that left nearly 2,000 civilians dead. Israel has retaliated with bombings that have killed Hamas fighters as well as civilians and children in Gaza.

The former president criticised Israel’s intelligence apparatus for failing to see and thwart the Hamas attack, and claimed that Mr Netanyahu “let us down” after the Israeli PM refused to participate in Mr Trump’s assassination of Iranian Lieutenant General Qasem Soleimani.

Mr DeSantis discussed Mr Trump’s dislike of Mr Netanyahu during a campaign visit to New Hampshire.

After insiting Mr Trump is only his “true” self when he isn’t using a teleprompter, Mr DeSantis said that the former president hated Mr Netanyahu because the Israeli leader congratulated Joe Biden for winning the 2020 election.

“And so he attacked Bibi after the country suffered the worst attack it’s had in its modern history ... And he did that because Bibi did not– Bibi congratulated Biden in November. That’s why he did it,” Mr DeSantis said. “He hates Netanyahu because of that. That’s about him. That’s not about the greater good of what Israel’s trying to do or American security.”

Saturday 14 October 2023 16:30 , Oliver O'Connell

It wasn’t just Forbes probing Donald Trump’s net worth. The court is shown emails from Bloomberg inquiring into various valuations.

On the witness stand, Patrick Birney was questioned about an email exchange with the real estate firm Cushman Wakefield asking about information on valuation metrics such as cap rates (see this explanation by Dan Alexander of Forbes for their importance).

An employee at the firm suggested that the cap rate for midtown Manhattan properties should be in the mid-4 per cent range. The Trump Organization instead ended up using a cap rate of 2.67 per cent in its calculations.

Apparent small changes in cap rate result in huge changes in valuation. The property in question was 1290 Avenue of the Americas which had an operating income of $110m.

According to calculations by Dan Alexander at Forbes: if a cap rate of 4.5 per cent was applied as suggested, the building would be worth $110m / 0.045 = $2.44bn.

However, if the cap rate the Trump Organization used is applied it results in this valuation: $110m / 0.0267 = $4.12bn — a difference of $1.676bn.

In reality, the company used a slightly higher operating income in the calculation resulting in a valuation of $4.192bn, then subtracted $950m of debt and attributed a 30 per cent ownership stake to Trump, resulting in a final figure of $973m.

Had they used the cap rate suggested by Cushman Wakefield, Trump’s stake would have been worth $461m, some $512m less…

It may be more complicated and less obvious than lying about the size of a penthouse, but it has much larger implications for inflating someone’s net worth.

The next year, the same low cap rate was used by the company and Birney was asked who directed him to use it.

“Allen Weisselberg,” he replied.

Court has now adjourned for the weekend. Direct examination of Birney will continue on Monday.

Saturday 14 October 2023 16:15 , Oliver O'Connell

Haren then asked about some of the supporting documents relating to one of Mr Trump’s statements of financial condition (the documents at the heart of the case) which applied a 15-35 per cent “presidential premium” to Trump property values.

These premiums never made it into the final statements of financial conditions, but Law360’s Frank Runyeon notes that it appears from the timeline that Birney, Weisselberg et al were looking at ways of boosting Mr Trump’s net worth after the 2017 Forbes article exposed the falsification of the square footage of the Trump Tower triplex penthouse and it was corrected downward from 30,000sq ft to 10,996 sq ft.

It is fair to say that assets or objects acquire additional value based on who owned them or their place in history.

Dan Alexander of Forbes notes that his publication does apply a “presidential premium” when calculating the value of Trump assets but does not do so across the board — Mr Trump’s penthouse and Boeing 757 would get the premium but other homes would not [as we’ve saw earlier, the restrictions on use at Mar-a-Lago make that much more complicated].

Advertisement