Jared, Ivanka Reveal New Assets — Including Foreign Loans And Israel Bonds
Image by Digital Colorization by Ben Park; By Justin Lane/EPA/Rex/shutterstock
By Nathan Guttman July 23, 2017
An art collection worth anywhere between $5-25 million. A huge loan from Deutsche Bank. $250,000 in Israel Bonds. All of these constitute part of the previously undisclosed fortune of Jared Kushner and Ivanka Trump, who filed a revised financial report to the Office of Government Ethics last week that included more than 70 items “inadvertently” left out of previous filings.
The revised filings of Kushner and Trump provide a glimpse into the powerful couple’s wealth and highlight the vast web of assets and business interests still surrounding President Trump’s top advisers, even after their partial divestment from private businesses.
According to the updated filings, Kushner and Ivanka Trump are worth anywhere between $207-$762 million, depending on the evaluation of their assets. Most of these assets are real estate investments.
In his report to the ethics office, Kushner reveals he still has a $5-$25 million stake in Cadre, a real estate initiative he co-founded with his brother Joshua and which was financed by Democratic megadonor George Soros, one of President Trump’s top critics.
Also on the list are a quarter of million dollars Kushner had in Israel Bonds. While this asset could present a potential conflict of interest, given his role as mediator in the Israeli-Palestinian conflict, Kushner, according to his filing, sold off these bonds upon taking the job as senior adviser to President Trump. Another potential source of conflict is a previously undisclosed $285 million loan Kushner’s company received from Deutsche Bank before the elections. Kushner signed the loan as a guarantor, but his lawyers argued there was no need to report the loan to the ethics office, since it does not include a repayment requirement by Kushner.
The revised financial disclosure comes alongside a modified disclosure Kushner recently provided to his security clearance questionnaire, in which he reported dozens of calls and meetings with foreign officials that he previously did not disclose. Kushner currently holds a temporary security clearance and is being evaluated for a making it permanent.
Kushner still controls assets worth more than $100 million, despite having resigned from 266 business positions upon joining the Trump White House.
The same goes for Ivanka Trump, who replaced her performance-based payment in the Trump companies with a more modest fixed payment of $1.5 million a year. This arrangement was meant to ensure that decisions taken by Trump as adviser to the president do not impact her own personal income. But the First Daughter still continues to receive profits from her fashion company, which has seen an increase in sales in the past year, according to The Washington Post. Among the other sources of income listed by Trump are $2.4 million from the Trump Hotel in Washington, a $787,500 advance for her book “Women Who Work,” and $2.5 in salary and severance from he Trump Organization.
This is the first time that Trump, who only joined the administration several months ago, is reporting her finances to the government ethics office. Kushner, who filed his first report in March, has since revised it 39 times. Ethics experts have explained that frequent revisions are not uncommon for government officials coming from the business world.
Contact Nathan Guttman at guttman@forward.com or on Twitter @nathanguttman
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