Jared Kushner appears to have run up a huge amount of debt in his first year in the White House.
A recently filed financial disclosure form adds tens of millions of dollars of additional debt to the balance sheet of Jared Kushner and wife Ivanka Trump. As first reported by Politico, Trump and Kushner’s disclosure filing from last year listed loans from Bank of America, New York Community Bank, and Signature Bank with a value range between $1 million to $5 million each. Recent revisions to Ivanka Trump’s filings, however, now list a value range of between $5 million to $25 million for each of those loans.
Those three loans are Kushner’s. The Bank of America and New York Community Bank loans stem from revolving lines of credit held jointly by Kushner and his father, Charles. The Signature loan is from a revolving credit line belonging to Jared Kushner and his mother.
Kushner and Trump are carrying an enormous amount of debt. In addition to the newly enlarged loan amounts, the couple has millions more in debt owed to Valley National Bank, Deutsche Bank, EDB Bank, Citigroup, Investors Savings Bank, and Millington Bank. The couple owes somewhere between $31 million and $155 million, according to the filing. Because the value of the liabilities is listed in multi-million dollar ranges, determining the exact amount is not possible.
The couple also owes between $65,000 and $150,000 of credit card debt, a decline from the $115,000 to $300,000 earlier reported.
It is likely that these are not merely undrawn lines of credit but actual debt borrowed. According to federal guidelines, undrawn lines of credit do not need to be disclosed. What’s more, these loans are unsecured. That means they weren’t mortgages. In any case, federal ethics guidelines do not require disclosure of mortgage debt secured by a residence occupied by the filer.
That raises the question of why the Kushners are carrying so much debt and why this amount is growing. The couple lists millions of dollars of cash in several bank accounts in their disclosures, so why run up so much debt?
The White House did not respond to Breitbart’s inquiries about the Kushner-Trump debts.