The Spark

the Voice of
The Communist League of Revolutionary Workers–Internationalist

“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx

Kushner’s Windfall of Corruption

Mar 5, 2018

Jared Kushner recently lost his Top Secret clearance. He is considered too great a risk. Kushner, a 36-year-old real estate developer and White House senior aide, also happens to be Trump’s son-in-law.

It seems that Kushner’s business received large loans after meeting with businessmen at the White House. The New York Times reports that while Joshua Harris, a top executive at private equity firm Apollo Global Management, was meeting with Kushner to discuss infrastructure policy and a potential administration job for Harris, Apollo also loaned Kushner Companies 184 million dollars to refinance the debt on a Chicago property. That is three times the average real estate loan for Apollo.

After Kushner met with Michael L. Corbat, the chief executive of Citigroup, the bank loaned Kushner Companies 325 million dollars for a development in Brooklyn. Two White House meetings gained Kushner over half a billion dollars! Coincidence?

On top of that, Kushner is in debt to the moon and back. As an in-depth report from Bloomberg shows, in 2007 Kushner Companies set a New York record buying the skyscraper at 666 Fifth Ave. for 1.8 billion dollars–all but 50 million of it borrowed. It was a risky deal even before the economy and housing market collapsed and turned it into a black hole. They’ve been losing money on it ever since, covering up the problem by making a frenzy of deals. The entire remaining mortgage is due in less than a year.

Kushner, according to the Washington Post, has also consulted Chinese companies and Russian bankers.

Supposedly, the loans in question were not discussed in these White House meetings. But it certainly appears that Kushner used his political position for personal gain–to the tune of half a billion dollars–to stop his free fall into the bottomless pit of his debt.