- Democratic lawmakers released new information on the Jared Kushner loan controversy.
- Two creditors provided Kushner Companies with more than $500 million in loans after their leaders met with Kushner in the White House.
Congressional Democrats on Friday released new information on the loan controversy involving White House senior adviser Jared Kushner.
Democratic Sens. Elizabeth Warren of Massachusetts, Tom Carper of Delaware, Gary Peters of Michigan, and Rep. Elijah Cummings of Michigan, the ranking member on the House Oversight Committee, released the information after hearing back from Citigroup and Apollo Global Management, the two creditors that provided Kushner Companies with more than $500 million in loans after meeting with Kushner in the White House.
The Democrats said in their release that the companies’ responses to an earlier request yielded the following information:
- “Financial ties between Kushner Companies and Citigroup and Apollo Management are more extensive than initially reported, and Kushner Companies owes Apollo more than $250 million and Citibank more than $600 million.”
- “The loans from Apollo Management and Citibank to Kushner Companies were originated after Mr. Kushner became or was about to become a White House Senior Advisor to President Trump.”
- “Jared Kushner has a personal stake that appears to be worth more than $20 million in properties where Citi provided financing to Kushner Companies.”
- “Citigroup sought an audience with Mr. Kushner because of his White House ‘leadership role,’ and Mr. Kushner discussed key Trump Administration policy priorities with Michael Corbat, Citigroup’s CEO.”
Meanwhile, Apollo told the Democratic lawmakers that founder Josh Harris and Kushner never discussed loans while the two held a conversation in the White House. The loans, the company said, were “consistent” with market terms.
Citigroup asserted that the loan to Kushner was appropriate and did not have CEO Michael Corbat’s knowledge of approval. Corbat did not discuss any personal business between Citigroup and Kushner Companies while in the White House, Citigroup said.
The members pressed both creditors for additional information and documents on the loans and communications with Kushner and Kushner Companies by April 25.
News of the loans broke in February when The New York Times reported that Citigroup lent Kushner Companies and a partner $325 million early last year, shortly after Corbat met Kushner in the White House.
Harris held several meetings with Kushner before the company lent $184 million to Kushner’s family business last year.
Kushner, who is married to the president’s daughter Ivanka Trump, resigned from his family business last year and sold his stake in a family trust in an effort to clear up any conflicts of interest before joining the White House.
Source: FS – All – Economy – News
Democrats release new information on the Jared Kushner loan controversy