Politico sunk to the level of The New York Times and CNN this week, publishing a piece of shameful, fake news trash that told readers that President Donald Trump is hopelessly compromised, owing “tens of millions to the Bank of China.”
The story, as it was originally published, reported that Donald Trump in 2012 borrowed $900 million from the state-owned Bank of China to build a property on the Avenue of the Americas. According to Politico, the debt was coming due on this bill, meaning that Trump is beholden to the Chinese government in a manner “unprecedented” in American political history. They didn’t even bother to be subtle about the next part, which is that Trump’s debt to China “complicates his attacks on Biden” for being soft on the CCP.
This would have been a bombshell story had even a word of it been true. Unfortunately for Politico’s reputation, that isn’t the case. Even in an environment where the liberal media regularly publishes patently-untrue garbage at the expense of the president, this story was a doozie. Breitbart News raked the site over the coals on Friday, proving that nearly every relevant fact in the piece was wrong.
“President Trump is not the debtor and Bank of China is not the creditor on the loan to 1290 Avenue of the Americas,” Breitbart noted over the weekend. “Trump is the minority partner in a real estate deal that owns the building, had nothing to do with arranging the loans, and is not liable for their repayment. Bank of China was one of a consortium of lenders in 2012 that provided $950 million but sold its interest days later when the loan was repackaged into bonds for investors.”
Politico should have taken the article down and replaced it with a statement that they were firing the reporter responsible for this garbage and offered a profuse apology to their readers. Instead, they didn’t even offer a correction. They simply posted an “update” to the piece:
After the first version of this article was published, the Bank of China issued a statement Friday evening stating that it sold its debt on the building weeks after the 2012 loan on the property. Vornado Realty Trust owns 70 percent of the building.
“On November 7, 2012 several financial institutions including the Bank of China participated in a commercial mortgage loan of $950 million to Vornado Realty Trust,” said Peter Reisman, managing director and chief communications officer of Bank of China U.S.A. “Within 22 days, the loan was securitized and sold into the [commercial mortgage-backed securities] market, as is a common practice in the industry. Bank of China has not had any ownership interest in that loan since late November 2012.”
But despite this “update” demolishing the entire point of their original story, Politico kept the line about this situation complicating Trump’s attacks on Biden. It does nothing of the kind, because there IS no situation. This was fake news, and Politico is trying desperately to pretend that they didn’t get caught red-handed.