Congresswoman Jackie Speier

Proudly Representing San Francisco and the Peninsula

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Trump Taj Mahal

  • Initial price: $1.2 billion
  • Selling price: $50 million
  • Willful violations of Bank Secrecy Act (anti-money laundering laws)
  • Bankrupted four times, once within first year.  The second time shareholders lost $500M and they lost $1.3 billion the third time.  Trump made money from this project
  • The casino broke anti-money laundering laws 106 times in its first year and a half of operation.  The Financial Crimes Enforcement Network announced a civil penalty of $477,000 for these violations in 1990-1991. Later $10M for continuing violations from 2003 to 2015.
  • In 2008, as the Great Recession cooled real-estate markets, Trump could not make a payment on a bank loan that he had guaranteed personally for $40 million. Trump Entertainment Resorts, which owned the Trump Taj Mahal casino in Atlantic City, faced a $53-million payment to bondholders. Trump forestalled the bank payment by suing the lender, Deutsche Bank. The casino filed for bankruptcy in 2009.