President Trump’s adviser and son-in-law Jared Kushner did not disclose his part ownership of a real-estate finance company known as Cadre, according to a Wall Street Journal review of Kushner’s securities and other filings.
A Wall Street Journal review of Kushner’s securities and other filings find ties to Golman Sachs group, and billionaires including George Soros, and Peter Thiel.
“means the senior White House official is currently a business partner of Goldman Sachs Group and billionaires including George Soros and Peter Thiel.” The Journal also reports that Kushner didn’t disclose a number of loans “totaling at least $1 billion, from more than 20 lenders,” on properties and companies he co-owns; and Kushner “has also provided personal guarantees on more than $300 million of the debt.” An analysis of the debt on these assets “found ties to a broad swath of U.S. and foreign banks, private-equity firms, real-estate companies and government-owned lenders.”
From Jean Eaglesham, Juliet Chung, and Lisa Schwartz reporting in the Wall Street Journal:
[Kushner’s lawyer Jamie] Gorelick said the Cadre stake is described in a revised version of [Kushner’s] financial-disclosure form that will be made public after it has been certified by ethics officials. She said Mr. Kushner has previously discussed his Cadre ownership with the Office of Government Ethics and that Mr. Kushner has “resigned from Cadre’s board, assigned his voting rights, and reduced his ownership share.” A spokesman for the Office of Government Ethics didn’t immediately respond to a request for comment.
Mr. Kushner co-founded Cadre in 2014 with his brother Joshua and Ryan Williams, a 29-year-old friend and former employee of Kushner Cos., the family-controlled business that Mr. Kushner ran until recently. Cadre markets properties to prospective investors, who can put their money into specific buildings or into an investment fund run by Cadre, which collects fees on each deal.
To get off the ground, Cadre turned to a Goldman Sachs fund and a number of high-profile investors. Among them were the venture-capital firms of Mr. Thiel, Silicon Valley’s most prominent supporter of Mr. Trump, and Vinod Khosla, a co-founder of Sun Microsystems Inc., according to Cadre’s website. Other backers include Chinese entrepreneur David Yu, co-founder with Alibaba Group Holding Ltd.’s Jack Ma of a Shanghai-based private-equity firm, hedge-fund manager Daniel Och and real-estate magnate Barry Sternlicht, people close to Cadre said.
Cadre also secured a $250 million line of credit from the family office of George Soros, a top Democratic donor whom Mr. Trump criticized during his presidential campaign, the people close to the company said. Mr. Soros’s family office is also an investor in Cadre.
Read the rest here.
This is not just some random investment, or something that a financial adviser talked him into. This is a company that he co-founded. It is not just some passive investment that advisers told him to dump money into. He has a substantial amount of money in it, and failed to disclose it on his financial forms.
This is a big problem for numerous reasons. The whole purpose of financial disclosures is for the public to see who they are financially dependent upon. Who they might possibly have ties to, and hold leverage on and over are reasons for the disclosure.
Many conservatives called out Hillary Clinton’s campaign manager John Podesta for “his failure to disclose his ties to this company that was funded in part by a Russian fund that Vladimir Putin ran.”
It can be pointed out that Kushner appears to have a rather broad portfolio in the Trump administration, having surfaced in Iraq last month.
Conservatives were right to call him out, the same thing needs to occur here. This is basic stuff that needs to be done, and the fact that it’s not being done at this point, over a hundred days in, is extremely troubling.
Kushner obviously has an important voice, and role and is going to be a contender at the table. People, for the most part, know what everybody else around the table is thinking. People basically know what Gary Cohn is thinking. They know what Steve Bannon thinks. People do not know what Jared Kushner thinks, and the American people, particularly the people that have supported him, would expect to know and want to know what those views are.
Jared Kushner is now a defacto go-between, between President Trump and people like Goldman Sachs and/or George Soros that might have business in the White House. These are people he does business with, and has commingled assets with. The American people need to know, and for a campaign that ran on ‘draining the swamp’ and transparency were such important issues, this circumstance demands a response