Yet this word both inclood before you're allowed an ok he's. Nothing! Can you just gonna walk you through the piles a little bit. These are thousands of probably records deeds and more Jews and transfers on every property ever own, going back for sixteen years got on his buildings here. There's the house the owned- and this is an area

A graph of one of the buildings I soon and then there's bank statements tax returns, detail the counting records where we can follow where the money is going? Ok, so I know this has been a sprawling, complicated investigation, but only if you could just boil down for me. What is the big question that you have been trying to answer for all of us? The question always comes back to what the actual ground truth about doll, J Trump and how he got rich. My father gave me great knowledge. May allow the famous go to talking point

the Donald Trump says I started with a million dollar alone. I built a company, that's worth more than ten billion dollars. He said his father won't whom a million dollars capitalism. For me, it has not been easy for me. He per lay the million dollar alone into this ten billion dollar empire. My father got lots of another powers. Had I had to pay back out of her back with this idea, that he's a self made guy. I've got this empire and guided by myself new turn over the rock on. Then nobody did it for me. Just wholly untrue, but there's there's more to the story than just Donald Trump card. More from his father than has previously known here from the documents we gathered, we were able to honour the tales about Thou trumps wealth that he has worked very hard for a very long time,

they keep hadn't. My colleagues, Rasputin's Sue Craig and David burst out, have spent much of past year, locked in a room poring over never before seen documents as the investigated president trumps financial history today the story of what they discovered it's Wednesday October third September, twenty third, two thousand sixteen

chaotic day? For me at the times I was closing a page one story that day and in between going from one place to another. I stopped at my mailbox and there was one piece of male Erin. I grabbed it and I looked at it and it was from somebody at the Trump tower I wasn't sure what to make of it. I just had a couple stories on them. I wasn't sure if it was hate mail if it was who knows what it was and I open it- and it was three pages of Donald Trump's tax returns from nineteen ninety five and I just stood there and with my colleague, David BAR stone on a couple of other stores, I immediately went over to his desk. I remember I was on the phone zoo, have the sort of agitated look, it's shoes thrusting these papers to come in front of us

face when it dawned on me what I was potentially looking at. I was like. Oh my, mediately hung up. Do you believe We have a right to see your tax returns before they make a final decision. I dont like they do, but I knew as Kennedy Donald Trump broke with forty years plus of tradition by declining to release any of his tax returns. Clearly, its tax returns tell a story that the american people deserve and need to know that is removed from the public record. One of the main tools that we have traditionally used to scrutinise the finances of our presidency and at some point I remember was that afternoon, or the next day they came

were to me told me they have this thing. They want to talk me about and we went into a small room and what is it like to see those taxpayers for the first time it was totally shit. The New York Times publish three pages from the candidates. Nineteen, ninety five type for turn. They showed for declared a nearly nine hundred and sixteen million dollar laws. These three pages were like Gould, because they were the only glimpse we had into what he had told the IRA Us about. His well many times this morning, reporting and Donald Trump declared a loss of nearly nine hundred and sixteen million dollars in ninety ninety five loss of over one hundred

almost a billion dollars in a single year that moment sent us looking and start an appeal back more more layers of the story of found from money. You may have heard- and we ve got some significant breaking news tonight. So, six months later in March, two thousand seventeen Donald Trump as President and Rachel Motto late in the day sends out a tweet saying: she's got a copy of Donald Trump Cox Return, since we were all at holy cow. What I have here is a copy of Donald Trump tax returns. We have his we'll tax return for one year for two thousand five in terms of what's on here. Let me give you the basics. Aside from the numbers being large, these pages are straightforward, will turn that wasn't very relevant tory or telling it we would have hoped. But if you add up the lines for income, he made more

hundred and fifteen million dollars in that year. Mazel Tov ruse, interesting questions to us. The partial talks return that we had from ninety. Ninety five showed that he was bleeding money in it by two thousand and five showed that he was making significant amounts of money. So we started trying to figure out sick. I go from having a loss of nine hundred million dollars, placid. Ninety ninety five to booking a hundred and fifty million dollars of income in two thousand and five. What's going, was there something extraordinary that happened in his life that year? Could the apprentice account for some part of that it had started a year before they sell things, and then we came across this little smattering of clips that mention that in two thousand and four Donald Trump and his siblings had sold their fathers real estate empire Brooklyn for over six hundred million dollars. That's interesting,

and it made us want to learn everything we possibly could about that particular empire and we started reaching out to people who have been involvement empire that disputes with it worked for trying to reconstruct a fifty year history of bread. In New York City and we started acquiring these documents. We sort of going through these document previously seen documents writing names down fifty thousand pages of internal documents, and then we call people again and again and eventually were left with a detailed view of Fred trumps Empire. No one had ever seen before what

So tell me about Fred Trump Doll: Trumps, father, Fred, trumpets born in nineteen o five from the Bronx, the Son of emigrants, his father, had come from Germany build some bars brothels, maybe and when he was twelve years old. His father died and friend at a very young age, becomes enamoured with the construction business sort of an incredible thing. By the time he was fifteen or sixteen he started building houses not just like us, such an like overseen old thing. He was described as a kind of the Henry Ford of Home construction, so he would hire whole team of brick. Masons you'd get them set up with these high speed mixers. He set up floodlights. He run them to shift a day and I thoroughly five. He was

building hundreds of houses. Year day day. And her alive. When world war, two in risotto right out the relay the knee with one anxious world and touch I've done awaken throughout the country, theirs huge demand for housing for returning veterans, a million thing and damp and the greek people say luck is when being prepared meets opportunity. What that was an incredible opportunity and Fred Tromp was better prepared than any one in the country of employment offered developers, low cost loans to encourage them vice them into building lots of middle class housing. Many millions of Americans still Levin habitations, which not only

failed to provide the physical benefits of modern civilization, but brain disease unimpaired help the future generation. Fred Trump became one of the country's largest recipients of those that really subsidize building, and he immediately launched on making me huge projects with low interest government guaranteed loans and keeping the car so low that he was guaranteed a wife, extraordinary. Well, so as you're going through all of Fred trumps documents at what point does Donald Trump of here Donald Trump starts to show up in his father's business affairs when he's three years old in eighteen, forty nine. So what the documents revealed to us was that when Donald Trump was three

all. He was actually Fred trumps. Landlord Fred Tromp gives his children the land under these massive upon a project that is built and then begins pain them rent and, as we begin tracking those payments, we see that those

payments made down from the equivalent of a millionaire and today's dollars by age, mine and then in the early nineties, sixties, red tromp was beginning to actually transferred buildings actual buildings to his kids. He runs them still. He does all the labour, but on paper his children or the owners and the profits for those buildings start going to them so Donald Trump. At age, seventeen became an owner of a fifty two unit apartment building in Brooklyn, and things just keep coming item. Nineteen sixty eight p graduates in college and he lands frightened to Akashi job at his father's company with a salary led Trump found a way to make Donald Trump one of his bankers

that's consulting fees for doing things for his father, he least a car, for he felt his first offices in Manhattan for him. He also found ways to give him the laundry revenue from his buildings and then in nineteen. Seventy six. You see this article in the New York Times summit, grab it and I'll. Just read you the lead says he is tall lean and blonde. With dazzling white teeth. He looks ever so much like Robert Radford. He rides around hound and a chauffeur silver cadillac. He date slinky fashion. Models belongs to the most elegant clubs and it only thirty years of age estimates that he is worth more than two hundred million dollars. He took the New York Times reporter tour of what he was describing as his empire chauvinist reporter. All the things he's done all the things he is built, all of you,

jobs as building this building this building. What we now know from looking at these records, isn't it Donald Trump didn't own any of that from hadn't been involved in the building of any of that, it's accurate, probably that he was dating slinky fashion models, but we ve come to learn. It was all his father's empire his father's success, and he was just appropriating all of that as his own to build his own myth. This is sort of like the first instance where you just see the the lie begins. Thank you, Mr Tromp, for joining us this morning I added I have heard that you are worth something I agree billion dollars. It seem like in the nineteen eighties, every time he turned on the tv. I've always have you. No money is in a totally essential ingredient, but it does make it easier. He was their young, the robbers, Radford, good luck and hanged whip. He was telling you how successful he was

I'd really like to buy everything about that? in time we down trumped begins to realize I can say almost anything. Are you smarter than most people who call themselves entrepreneurs and it won't come do in Europe to my image in my reputation, and I can make money off of that reputation. Well, that's an interesting question. I don't have anyone ever asked me. The question in my smarter than other people I think, starts by and casinos yachts from princess. He buys the Plaza hotel. I just want the Plaza tell in New York in my business world state of the art in the ground. You he's able to convince bankers to these tremendously outsize loans based just on the image. The method is built for himself already and one thing that we found, I think anybody ever knew before it

Father goes along with the ride on some of that they had this particularly intimate father, son relationship. They talk to each other constantly and they each shared this view of the world that the world was this zero sum game. The eye dear that you're worth in a family matters based on how much money you're making and you either a killer or you were killed, and there was nothing in between so one of the regulations that we came across a doctor. Was how frightened Donald Trump coordinated stock purchases together, for example, in the late nineteenth eighties, Archetypal Donald Trump wants to follow. The nations largest airline down Trump would leak. Do the financial press that he was taking a position and american airlines he doesn't have the financial wherewithal to take over those corporations.

His father, we can see in his tax returns by stock and american airlines. Then Airlines is the most active stock on the Big Board yesterday, pushing all transportation issue sharply higher. The stock goes we whose father tries to sell before it goes down. He doesn't make it. Saw this pattern in multiple instances. In another case, Donald made a public comment that he was going to take over time. Ink. The magazine in publishing company is father, did by stock right before Donald made those comments a week later, soul He wound up making forty thousand dollars just on his sons, hot air bases. There was a very clear manifestation of these two guys executing financial strategies. Together it was more than just a father son relationship. They were trying to achieve something together in terms of elevating the idea

Donald Trump as self made billion. This goes on four year. Ladies and gentlemen, please welcome the author of this book right here. Trump art of the deal Donald Trump in nineteen. Eighty seven Donald Trump published this book, the art of the deal, What are you learn the art of the only what point where you working with your father and you knew that there were bigger things, for you were really think you have it or you don't have a premise. The book was that he only made good deals that he can tell the world how to make good deals and get rich on their own, and you have to go and be driven in general. Do all the different things, but we also know about the things I discuss in the bud

one thousand nine hundred and ninety all of his bats, have gone bad. It was already getting deep into the hole that would lead to his darkest moment. Casinos are failing, businesses are failing. He was just buried in debt. He is going through a very rough divorce with Ivana Trump. What we found what people haven't known before is the degree to which his father helped him out of that hole is loan after After alone, he owed his father that point in time, somewhere between fifteen and twenty five million dollars that he never talked about and that he wasn't paying back in the financial records that we obtain. We can see that the flow of money from Fred trumped Donald Trump increased at moments when Donald Trump was in his highest or ass. He can't make his loan payments. People are talking about for closing, taking away every He gets down at one point two just having a couple: a million dollars in the bag and he's bird

through more than that every month. So, in the course of our reporting we ve learned than a ninety. Nine is just really dark period in Donald Trump Slife. He makes an aggressive play to get more control of his father's. Well, it's one of the most remarkable discoveries we made along the way. Work is giving one million dollars and talent grants to business is working to count

the ongoing impacts of cuban nineteen as the world's largest network of remote professionals, their connecting existing teams with remote experts in tech, creative and operations in an effort to help save lives and rebuild the economy to learn more good upward dot com, slash work together. So what was this remarkable discovery you made in your investigation? So it would be a crucial point life. Nineteen. Ninety we found Donald Trump crafts. In essence a new will for his father. It amends the will. Is there he sends lawyers to his father's house to have him sign it. His father had no idea. This was coming and flipped out and according to the sworn testimony of his relative ass, he read it. He began to realise that what this document would do is that it would give Donald Trump extraordinary control over his estate. Upon his death, his father was

eighty four years old, but still incredibly savvy man and looked at this and thought This is my son, who is an incredible trouble right now, trying to get control of the empire that I built. You know that was a step too far for Fred Trump, This means that my son's creditors could come after my wealth, my empire any shuts the whole thing down he calls his daughter Marian Trumpery ass. Her organise illegal team.

With a new will. There will make sure that down shrunk doesn't have any more control than any other siblings and that his business problems can't dream his own empire. That episode, it is this moment this jolt, it cometh triggers a deeper reckoning within the Trump family. It forces them to come to grips with two facts. One is that for a trumpet starting to get frail, his health is failing, is starting to suffer the effects of dementia and then the kid start to recognize. Dad has this enormous fortune he had all these buildings were worth hundreds of millions of dollars and he had tens of millions of dollars running

whose bank accounts we just couldn't believe what we started. Looking through the financial records of its companies, how much cash he had and what they were recognising at that moment was that if fraud from died, all of that, every penny of that is subject to a fifty five percent state tax. So that means of Fred Trump passed away and was worth a billion dollars. Fifty five percent of all of that goes to Uncle SAM, and so the trumps come up with a plan, a plan beyond the bounds of the law, one of the first steps they took was to create something called all county building supply all count,

building supply and maintenance, so Fred Trump bought an enormous amount of goods and services to keep his building. Scowling freer, spread trot was buying everything he needed for his buildings directly from wholesalers. So we need an air conditioner right, a Czech Gettin air conditioner. He needed paint supplies, go and get paint supplies and then all of a sudden, this new company comes long called all county and it starts buying everything. So it will pay hundred dollars for the air conditioner three hundred dollars for the fridge hundred thousand dollars for the boiler, and then they turn around and they bill Fred Trump for the very same items at this marked up price and if they paid a hundred fifty four the air conditioner. They then bill Fred, Trump, two hundred and fifty in their pocket. The deference same thing with the bridge and stove they buy it for two hundred. They sent an invoice to fret for three hundred all county pockets, the difference its

a middle man. That's doing nothing. This company had no employees, it was doing no negotiating of its own. Literally it's an invoice padding operation. All county was a company set up, the sole purpose of deceiving the IRA and weave. Run. The scenario passed some of the best tax experts in the country and every single one of them says that's fraud. It's incredible to think about things that really jumped out ass. How effective that process was started out relatively small in nineteen, mainly to but by nineteen. Ninety eight, it was generating millions. Of dollars a year on profits to the Trump children by the time he dies and ninety ninety nine. He goes from being a guy who was sitting on tat.

Of millions of dollars of cash to a guy, who has less than two million dollars left. His biggest asset is in ten million dollar dat. Donald Trump owed him in that in an of itself, is a testament to simply how successful they were at making cash disappear, but the second part of the scheme was actually maybe the most ingenious and involve the biggest tax dodge of all by the early nineteen ninetys there, basically through all county and another, and see that they set up getting their fathers profits from his empire. But there

others still owns? The buildings themselves he owned all these buildings, hundreds of millions of dollars, bricks and mortar and they're, going to take control that empire through this particular kind of trust. That's called a grasp of the irish people have for us to kind of a vehicle for transferring wealth from one generation to the next. In this case, what the trumps too is having put all of these apartment buildings in this trust. They then systematically low bawled the value of each apartment, building they went out and they got an appraisal. And the appraisal that came back or just unbelievable. They had all of these buildings and Fred trumps Empire a prey so that, rather than being, They really were, which is ten fifteen. Twenty million dollar buildings instead having them appraise as if there were one to three million dollar buildings

in a appraiser who says some of Fred trumps biggest apartment buildings are absolutely worthless and they did this over and over and over again, and then they pushed the limits in other ways as well: to reduce the overall value of this tremendously profitable, massive empire. They put a value ultimately on this. Empire of forty million dollars. What we found in our analysis is that in real life in market value, it was worth at least ten times that this is an empire that less than a decade later, the banks would place a value of almost a billion dollars. The tax experts it we ve interviewed are saying that the way the trumps took this legal thing and twist It is in fact illegal, you're not allowed to submit bogus appraisals to the IRS appraisals really have to reflect reality

I started off with a very, very small amount of money and by the way, when my father S, where remember I have, for I have a total of five and my family. So we have brothers, sisters, split and my they didn't leave a great fortune. It was Brooklyn and Queens real estate. It's interesting because Virgin got state has again get into this narrative. When Donald Trump points do it, he can say. Look what my father is. A state was only worth twenty thirty million dollars but now what they do is they they build it up like all he left, Donald Bunny, I started off with me: million dollars and now more over ten billion dollars and I've kind of forty five president of the United States, in here

hundreds of millions of dollars from his father and much of it we ve gotten through fraudulent means, and that's that's an important chapter in his history that should be set straight, and people should know about so now that this investigation has been made public. What could cut of these revelations? we're all this falls. I don't know a lot of. It has passed statute of limitations, criminal statutes, generally limit people's exposure to a criminal charge

five to seven years? All those clocks have long since told there is still the possibility for the IRS to perhaps penalize the family for what they did pursue back taxes issue finds the statue. Limitations on an isp is forever so neat. They could come back and eight point time to look at that and impose penalties on them, but the IRA, in this case, under the management of President Trump and the likelihood of that, seems very remote We, on the one hand, feel like ok, we have peace back many many new layers of the opinion of the story of Donald Trump in his money, simply by taking his father's tax returns and taking all

other documents that lay bare the financial relationship between friend bound from that tells us so much about the first say fifty plus years of Donald Trump life. But just mansion, how much more we could learn. How many more questions we could ask How many more layers we could peel back if we could just get our hands on his tax returns hears what else you need to?

The times reports that the FBI is expected to complete its investigation into allegations of sexual assaults against bread, Cavanaugh and deliver the results to the Senate as early as today, made available to each senator. And all servers will be allowed to look at it that way reports are always handle majority leader, Ms Mckenna, said the FBI report not be made public before the Senate votes on Cavanaugh confirmation, but several of his republican colleagues, including Senator John and of Texas said they would seek to release its findings in some four

satisfied until some public statement about what the US background of US show you a few hours later during a campaign rally in Mississippi. President tromp marked the accusations of Doktor Christine bloody ford! Thirty, six years ago this I had one we're right. I had one area, while you think was not always wonder how did you get home? I don't remember how'd you get there Where is the place? I don't remember how many years ago was right or wrong I don't know. I know now what neighbourhood was it and I don't know where's lousy. Upstairs now says we're was, but I had one beer

that's it. I'm like a robot seated between two or cancellations lost, creative gags end shrinking outer avenue. The covert nineteen crisis is making it clear that the system supporting creative people is broken. Patriarch offers a better way. We help creators make up lost revenue and build a more sustainable income source by offering a monthly membership to their fans. In turn, fans get access to exclusive community premium contents and the chance to become active participants in the work. They love check out, patriarch dot com now and help change the way art is valued.