Mighty white of him.
In light of the fact that Trump’s campaign is woefully lacking in available cash, the Donald has been forced to backtrack on one of his cons.
Donald Trump has forgiven $50 million in loans he made to his campaign, according to his staff.
“[Trump] loaned $50 million to the campaign. He’s now forgiven that loan. So that is a contribution,” Steve Mnuchin, Trump’s campaign finance chairman, told CNBC Thursday. “[Trump] has also said he will contribute significantly more money.”
In other words, the money he “loaned” to himself, with the intention of getting repaid by dipping into campaign funds – he’s had to let go.
Of course, he’ll crow that he actually is self-funding, but this was not the initial purpose behind his arrangement.
Trump has previously promised to forgive the “loans,” but given the feet-dragging associated with other Trump promises, such as the funds raised for vets that didn’t see the light of day until the media turned on the heat, there’s very little about any of his promises that should encourage anyone.
He still insists that he’ll be self-funded, if necessary, but this doesn’t count, as it amounts to simply not dipping into the paltry $1.2 million he has on hand and putting it back in his own pocket.
He’s effectively $50 million down in his business account, but he’s calling it a “contribution” now, rather than a loan.
Most cons know when to cut bait and bail on the game. Too many more deals gone bad like that, and nobody should be surprised to wake up to a headline that reads: TRUMP CONCEDES RACE BEFORE THE ACTUAL ELECTION.
Converting a loan into a contribution literally requires Trump to check a single box on an FEC form. The fact that it was not converted on the last report, which was released on Monday, indicates that Trump STILL hasn’t taken this step in spite of the fact that his campaign has repeatedly implied that Trump had no intention of being repaid for the loans. Until it’s on an official FEC report, this loan “forgiveness” is merely alleged, and not real.