mean year the developer. >> often little guys get left in the lurch. >> literally a financial catastrophe. >> it's hard when you feel like you've been ripped off by a big name. how could this happen? >> there is ordinary real estate selling and then there's this. >> and donald trump is leveraging the presidency to make money. >> whose interest is he working for? the american people or his own wallet? >> tonight a look inside the trump family business. ♪ it's the falloff 2006 and donald trump is back after a series of bankruptcies.argest real eestat developer in new york.

ju millennium trump is a television star with "the apprentice" to promote him.ever the highes soho is the site of the latest development. >> that's downtown new york city. there was also northern mexico. >> escape to a plals close to home yaet world away. >> reporter: just 10 miles from the u.s. border five-star luxury to people who didn't think they could ever afford it. >> great fixtures, beautiful kitchen. kwl i thought that's amazing. let's do it. >> sandra stapel of suburban san diego was immediately interested in the trump resort in bah ha, mexico. it didn't have a southern

that kind of money whereround in a ferrari or lamborghini. we met this lady ewho showed us brochung to look like and it's go having to a pool and a 10 investment because she thought she was buying from man with the midas touch. >> whatever donald trump touches turns fantastically gold. >> staple and heir husband signed their purchase agreement in december of 2006. >> we picked an actual room with an actual plan. here's the purchase price of our kando. $418,900. that's how nuch condo was. here's our conformation of deposit. we're in receipt of a total deposit of of $125,000. >> they'd lose every penny.

>> it's hard when you feel like you've been ripped off by big name. how could this happen? >> trump ocean resort bah ha mexico was never built. construction never got beyond this, a giant hole in the ground. >> so there's my hole. that's what i bought, my hole o. >> the failure of trump ocean resort bah ha mexico was among several trump buildings that failed thirn early 2000s. two projects planned for florida also fail. the so hoe ehotel t went barngrupt. so did buildings in panama and toronto. >> most people in the city, when that tower went bankrupt, chalked it up to the global financial crisis. oh, selling condos at bad time.

bought lot of people with were building condos and none of them went bankrupt. like 400 towers were built at the same time as this one and 399 of them made money e. >> marco town and robert crib of the "toronto star" partnered with columbia journalism school to see what happened. >> everyone lost money except for trump. >> that is ultimately the main revelation that we walked away. everyone lost money but trump. he gained. others lost. take panama. how much did he make? >> from what we can tell, piecing together fragments of financial information from different placeinizecluding the

panamanian securities office, between if 25 and 50 million. so everybody else lost that goes bankrupt and trump walks away with somewhere between 30 to $50 million. how? a big part of the answer, licensing. >> someone decides to build a building. if i put trump's name on this, i'm going to sell them more easily and they say trump, we'll payia a fee to put your name on it. >> well doom trump ocean club international. >> those buildings in panama, so hoe and bah ha mexico all lice rnsed property. >> he started licensing his name around the thounch century because it was easy money. he didn't have capitol because of all the businesses banks lost

money on. and here is an opportunity to sign your name and get paid up front. who made deals with trump and what were the terms? that's where things begin to get fuzzy. >> from wnyc studios, this is trump ink. >> journalists at propublica have been investigating trump businesses for more than a year. sglarts pod casts and reporting project to try to uncover the secret oz of the trump family business. >> secrets because the trump oorganization fights to keep business details private. case and point. the >> the own ely one that cares about my tax returns are the reporters. >> the president's battle over his tax returns. >> and no lawyer would tell you to release your tax reeturns while you're under audit. >> if they were a public company, there would be years of detailed information available. that doesn't exist.

in fact the only financial documents he has released publicly are the basic financial forms required by eall candidates. >> they give you a broad but incomplete outline of trump's business empire. >> one thing they reveal is the trump organization is actually more than 500 different businessinizecluding golf courses and hotels. but tlsz rr a lot missing. >> what's not on there are things like the people you're in business with or customers or clients. >> later this hour why that is important. up next. >> here's a picture of donald trump himself right here. it never says i'm licensing my name. i have nothing to do with the property. (snoring)

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one of the things i most love about this project is it's in bah ha mexico. >> having a second home, especially in bah ha, was an american dream. >> our dream was have a family a picket fence and that second property. >> it's why she bought a condo at one of those trump-licensed praurtds. trump ocean resort, bah ha mexico. only problem was she didn't know she was buy nothing to a property. >> i had never heard of mouth of

anybody representing trump bah ha resort. never. one of the two signatures at the bottom, dawn ltd j. trump. >> developed by one of the most respected names in real estate, donald j. trump. >> trump said it too. >> when i build i have investors that follow me eall over. they einvest in me, they einvest in what i build and that's why i'm so excited about trump ocean reesort. >> when i build, what i build. but trump was not going to build anything at trump ocean resort bah ha mexico. he didn't develop it. the company licensing his name did that. >> he set up the international licensing business where he would realize there's nan

credible value the name trump and that he could sell it and he didn't have to put anything into the project. >> he didn't put in any money. he had nothing to lose. >> he would go to places with his family, with his children, don jr., and ivanka and eventually eric. and they would make representations this is a trump project. year putting something in. >> often what they put in were themselves. ivanka talked about how -- and she said if you ever need borrow esugar, come knock on our door. >> she thought she was there as an evenchual owner. didn't realize her appearance was required by this contract. it helps sebd the message that

the best known real estate developer was developing. now in each case would be a little different but they would convey the people that were thinking of putting up their money that it was a trump development. >> it wasn't. time after time he lied or misled about his role. bah ha, hawaii, where in a 2007 letter to the "wall street journal" trump wrote this building is largely owned by me and be dg vepped by me. false. tampa where, he told a local paper in 2005 that he had a substantial stake in a planned trump building there. false. and fort lauderdale. >> do you solemnly swear or affirm to tell the truth, the whole truth and nothing but the truth so help you god? >> i do. >> in a case where plaintiffs allege they misled him in the role of the fort lauderdale development.

>> you weren't actually developing that project, correct? >> that is correct. >> yet a trump biaugraefr read mr. trump is also edeveloping the super luxurious trump otell fort lauderdale, florida. >> the word developing doesn't mean that year the developer. >> there were multiple lawsuits in fort lauderdale. most were settled. the terms are secret. in the two sults that tweebt trial, jurors were shown the perspectives. that identified the developer as someone other than donald trump. trump won thp the trumps didn't require these developments to be successful to earn money. >> because he got a fixed fee from the developer that lice bsed his name and millions more as the condo sales were completed. >> when they failed, which they frequently did, the trumps would make money and say we weren't the developers.

>> we were never developer of this project and that was made clear. we eare just the licensers, we are not responsible for your losses. >> deposits lost and no buildings completed in bah ha, fort lauderdale and tampa. bankruptcy in panama, toronto and so hoe. and in those bankrupt buildings more allegations of deception. buyers knelt trumps duped them to close a deal. take toronto. >> the best way to make a sale is to convince someone they're buying the last ticket, right? >> 2007 trump told the toronto estar the building was 70% sold. in 2009 his daughter said it was nearly full. >> we have projects all over the world that there incredibly successful and virtually sold out. so from hawaii to toronto to istanbul.

>> bankruptcy papers filed years later told a very different story. >> years after it opened they still had 3/4 oz of the units that had never been sold sitting empty. >> the trump organization did not respond to requests for comment from the star or cnn. >> the trump so hoe is a very, very special building. >> similar story in so hoe. ivanka trump told reporters that 60% of the units there sold. court documents showed the real number was closer to 15%. >> there were emails between the younger generation of trumps, ivanka and don jr. that ackbaulked that they realized the building was not 60% soeltd. but they went ahead and said it anyway. >> so they lied. >> so they lied about how meppy units were sold. >> when buyers discovered the sales claims had been grossly

exaggerated, they sued. >> isn't that just the way it works? >> the answer is there is ordinary real estate selling and then there's this, which can is a persistent pattern of saying things that aren't true. >> the civil suit by buyers was settled. it the terms are secret. the trumps have said they did nothing wrong. up next when paying for a hotel room may be more than paying for a hotel room. >> they're here. last year, the department of veteran's affairs partnered with t-mobile for business, to help care for veterans everywhere. with va video connect, powered by t-mobile, men and women who serve can speak to their doctors from virtually anywhere, and get the care they deserve, so they can return to their most important post. best friend, quarterback, or just dad.

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this building is the center of presidential power. three blocks east, another one. >> it's sort of the republican power center in washington. >> the president's washington d.c. hotel. from the beginning trumps made clear it was open for business. >> on his way from taking the oath of office in the white house, he stops the motorcade, they take a tour on the pavement. where? right in front of that property. >> back when he was still a candidate, trump admitted the presidency could be a boom for his d.c. hotel. just listen to trump himself. >> we've beaten a lot of people and i think people like that. i think it will be great efor the building in question.

>> he was right. >> it's a wild thing that the trump hotel in washington, especially when congress is in session, i would almost guarantee you see somebody that is a republican politics or a member of congress. >> how much money is the president making there? his financial disclosures claim 40 million in 20 kwaeb. but we only have limited information about who was choosing to stay and pay there. >> we have no accounting whatsoever for keeping track of who was making money. >> among those spending money at the d.c. hotel are foreign governments. >> the kuwaitis have an an kwll celebration moved it from the four seasons to the trump international ohotel. >> and jonathan o'connell and his colleagues at the "washington post" learned a lobbying group working for the saudi government paid the hotel close to $300,000.

>> i think in total we've tallied around 500 night they've stayed there. >> and the paper uncovered that after trump became president saudi customers increased at his hotel in chicago. in d.c. the foreign guests have landed a in the center oof a federal lawsuit filed against the president by the attorney generals of maryland and d.c. >> you ask them why they're staying at the trump hotel. and >> it's a violation of the constitution for a president to reeceive presents or profit from foreign governments while in office.

>> we know that president trump every day is receiving moneys from foreign countries. >> the department of ojustice wants the case tossed out. the suit is working his way through the court system and vows to appeal any ruling that goes against him. meantime, back in 2017 a trump lawyer insisted there was no conflict. >> paying for a hotel room is not gift or present and has nothing to do with an office. >> but it isn't that simple the with question remains are people who are trying to curry favors getting them from the president of the united states? take saudi arabia. the president made the countr his first international trip. an historic honor. a year and a half later, "washington post" journalist jamal khashoggi was murdered at

consulate. the president took the saudi side. >> i ate the the crime, i hate what's done, the cover up. and the crown prince hates it more than i do. and they have vehementally denied it. >> there are many reezthens president may be hesitant to anger the saudi government. >> we veincreasing cause to be concerned that president's financial interest may be einfluencing government policy. i'll pause there and say we can't prove that. but the burden of proof is on the president. >> as for profits from foreign governments, the president has vowed not to take them. that's why the trump organization says it voluntarily wrote a check to the u.s. treasury for $191,000 claiming it represents all profits from

patrons in trump properties in 2018. you buy it? >> no. what we know from president trump and the way he runs his business and personal affairs is they are very opaque. nothing is transparent. >> in other words he suspects the president isn't telling the truth. just like when trump promised he was separating from his businesses. >> president elect trump investments have been or owill be conveyed to a business trust prior to january 20th. >> and while it was created and run by his sons, it didn't separate the president from his businesses. >> we venever had rapresident in modern history that has remained invested and is profiting from his companies while serving as president. >> he's still profiting from the company, period? >> correct. >> all presidents have put them

in blind trusts, that way there was no way they could knowingly impact their bottom lines. >> it would be hard to describe what he did as the bare minimum because he iessentially did nothing. >> a citizen found out some of what trump did do by dig nothing to federal financial disclosures. he looked add who trump listed as own of each of his more than 500 assets. it was trump. >> trump is at the center. he own os bits and pieces and all of hundreds of corporations. >> he then looked at who was listed on the 2017 asset. dollar were changes. >> what he did was took all of these ownership stakes and transferred them to six different corporations. so on paper trump can point to his 2017 disclosure and say i'm no longer listing you as an owner. and he'd be right on paper.

>> and not in reality because he can trace all six entities back to the president's trusts. >> which is made to benefit him. he ecan take money anytime. >> and this document proves thap first uncovered by pro-publica. it says they sh disclose net income to donald j. trump at his request. and an attorney confirmed that the president has been able to withdraw money since the beginning of his presidency. it means people who want to influence the president have places to try. >> so you could go that trump international hotel in d.c. and golf clubs all over the world. >> condos in india. >> fraz the condos in india, people are putting deposits down on them right now. >> maybe these are people that want to buy really nice condos

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right now, spring of 2019 concrete trucks and piles of rebar. but some day it may be twin glass towers in the sky over looking suburban new delhi, india. india is the biggest country

efor president trump's businesses outside the united states. there's five active projects in india right now. >> five. all licensing deals. four are actively selling condos. including this one in calicatau. in a poor city run by the communist party until a few years ago. and this project where elevators move up and down in a building being sold as ultraluxurious. anybody can pay tens of thousands of dollars. maybe they want to buy enice cond eos or maybe they want to influence the president. all we know is a few dozen names have come up. >> last year the president's son who had the same name as the president, donald trump met with some of these buyers, buying the condos. there were full page adds advertising that if you put down a down payment, about $39,000 on

a an apartment, you could meet donald trump jr. and have dinner with him. it leave as whole host of concerns about the ethics och of this kind of marketing move and don jr. kept saying this is what real estate edevelopers do and this is a real estate business being run by the president of the united states's family. >> journalist angly spent more than a year investigating trump projects in india. and what she found is deeply concerning. >> india, particularly when it comes to real estate, has this reputation for being very corrupt. >> which don jr. appeared to acknowledge at a conference there. >> are you willing to bend rules when it suits them? >> i think there's an entrepreneurial spirit here that is -- >> so in order to make even just simple warehouse in a city like

mumbai you'd need 40 different permits and each step what helps facilitate the process, what moves it long so you're not waiting years is a bribe. >> every other country goes into these places and they do what they have to do. >> but it can be a violation of the foreign corrupt processes act. the law makes it a crime in the united states for american businesses to knowingly pay bribes to foreign government officials. not only is trump on record against it. >> it's a horrible law and it should be changed. he's specifically against it in india. >> it's fine for india to prosecute. but for this country to prosecute because something took place in india is outrages. >> government reforms have cutback on corruption in india but consider this context. two of the trump organization's largest partners in india have

been under investigation by different agencies of indian government. >> both investigations stall after trump became president. >> it could be because donald trump, who was their business partner is now suddenly president of the united states or it could be something internal within india. both these partners have close ties to the ruling party. >> as someone who know -- does that cause concern? >> it if you have a relationship with what you would call a politically exposed person in government. you want to make sure where did they get this money? >> a trump lawyer told the "washington post" thatgy blemishes are not reflective of the portfolio as a whole and the allegations against the indian partners aren't connected to business done with trump. but india isn't the only place where trump is involved with

partners with ties to fearen governments. >> conditions in russia led to a need for a lot of russians to get their money out of the country and park it somewhere. he travel for years. >> russian born. >> russian-born. >> he was instrumental when the trumps were trying to bailed tower in moscow and the man who suggested he offer russian president vladimir putin a $50 million penthouse in the building which could be illegal under the scpa. so eif you're going to get vladimir putin in the penthouse in the building you're building in moscow. >> for a business advantage. >> the bulk of that money is flowing into the pockets of five

or six oligarchs and a handful of soviet officials. >> it was a licensing deal made with the then transportation minister. a contractor told the magazine contractors were often paid in cash. >> they were filling duffle bags fill would cash. of course about as big a warning sign. >> those are red flags. you're dealing with a government official, doing business in the country that scores very poorly on the transparency international corruption index. and so you have a real reason to take extra due diligence. >> a trump organization attorney told the new yorker that they did do due diligence but wouldn't provide details. trump cancelled the deal a month after the election. the for attorney termed it house cleaning.

ahead the most infamous trump business. trump university. >> paid in full by credit cards. >> credit cards. carl, i appreciate the invite here. as my broker, what am i paying you to manage my money? it's racquetball time. (thumps) ugh! carl, does your firm offer a satisfaction guarantee? like schwab does. guarantee? (splash) carl, can you remind me what you've invested my money in?

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thousands answered hoping to learn trump's sookerates. >> i'm going to go across town. >> since that image that was portrayed. >> absolutely. >> she spent 20 years as aa systems analyst. >> what was the pitch?

>> they showed us a video of donald trump. >> at trump university -- >> saying that he was going to restle reveal the secrets of real estate. >> that wasn't true. and it would eventually can come out as lawsuits were filed. >> in a deposition he said i might have looked at few resumes but he had nothing to do with picking his people. >> in the spring of 2010, beth wood didn't know that. >> i signed up on a trump form which said trump university and here's a quick start class. >> nearly $1500. >> paid in full by credit cards. >> credit cards. >> then came the gold elite membership plan.

nearly 35 granted. also an a credit card. the gold elite membership plan was supposed to be trump's fabulous personal mentoring of your real estate career. >> put proven donald trump's secrets to work for you. >> people were signing up for this with no real means to pay for it. >> it's estimated that trump university brought in about $40 million and trump got around 5 million. >> it was pretty good money for trump. >> but eventually there were multiple lawsuits and it ended up a big money loser for trump. >> i say i'm not going to settle. when you settle, everybody sues you. >> after high won the election, he settled for $25 million. >> we got back round 35,000. >> but that's just a quarter off what wood says she lost.

70 grand on seminars and webinars and on properties recommended by her trump university mentor. >> i hold donald trump trump personally responsible for this scam. >> how has your life change snd. >> completely. we're now renting. we'd tluk buy a house. we got approved but the down payment and monthly payment are too much for us when we retire. my husband is 70. hy hyde he'd like to retire some day. >> donald trump was busy selling -- well, everything he could. he licensed his name for the dress shirts and ties that used to sell in macy's, bottles water, blankets, games. there was eve ang personalized vitamin kit complete with urine ts and of course the steaks. >> trump steaks are by far the best tasting, most flavorful beef you've ever had.

>> donald is always on the hunt for cash. because he's a cash extractor, he needs to have cash and once he had built up his name with "apprentice" and marketing, then he's are ways to make money that don't involve serious effort. >> one way takes no effort at all. forb forbesest mates he mocks round 147 million annually from rent in buildings he owns or partially owns. in 2006 the trump organization sment serious money. and 17 including this one in scotland were purchased between 2006 -- and between a very unusual spending spree covered by reporters of the "washington post."

>> over the next nine years, $400 million. all in can cash. >> a stunning discovery for many reasons. because all cash deals are more rare. >> it's rare to make purchases in all cash of that much money. >> i never saw him use his own money to do anything too, be honest with you. >> whether it comes to real estate development, taking loans oorbringing new partners spreads the risk. it's what trump did all the time. >> i do great with debt. >> no partners that we know of. so where did the money come from? >> eric trump spoke onb thericered about how he was proud thaw were cash heavy during the recession. >> highly skeptical. >> i don't see him having cash

and using cash. >> and a golf eric trump explained the source of the money immediately. >> i said eric, who's funding, i know no banks, because of the great recession have touched a golf course and he said well, we don't rely on american banks we have all the funding we need out of russia. i said really? >> on twitter eric trump responded this story is completely fabricated. up next. >> in seven days from this letter they needed $2,500 in their possession. >> a letter, a lawsuit. and a decision. ent... ...when a plan stops being a plan and gets set into motion. today's merrill can help you get there with the people, tools, and personalized advice

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i don't know why i keep crying. after all these years you'd think i'd be over it by now, but i'm not. it hurts. >> it's been a decade since sandra sipol felt duped by president trump. it was 2008. the international housing crisis was coming to a boil and sapol sensed something was wrong with trump ocean resort baja, mexico. >> we got in a car one saturday and we drove down there and that office was closed and there was no furniture left inside. you start getting emotional, you're like, no, no, nothing's wrong. >> within weeks, two letters. >> this letter was the very first time we heard the trump brand name and the trump this and the developer that.

licensed. >> it read trump marks baja, llc has elected to terminate the license agreement. the second letter explained given the extreme dislocation of the financial markets the baja project will not be able to proceed. sapol felt stunned. >> what? >> and deceived. >> what? >> the market sunk the project but she believed trump, the deal maker she saw on celebrity apprentice was steering theship. trump organization attorney allen garten defended his client to cbs saying -- >> they're buying high end real estate and it's incumbent to be accountable and responsible to read the documents. >> in the fine print someone else is identified as the developer of the property, but the fine print is not all that matters. >> the question is, what are the

representations that are made? are they true or even close to true? and are they what we would call material? are they relevant to a decision that a buyer of the property might make? and here one would think that they are material and it seems as if they were false. >> so then like next step is, what are we going to do now? where's our money? who has our money? where did the money go? nobody's returning emails or any phone calls. we're trying to get our money back. >> sapol and her husband began contacting lawyers. >> and then somehow a law firm called us saying that many, many people are going to get together and they're going to do a lault and would we like to be included, i said, well, yeah, we want to be included, of course we want to be including. >> dear prospective client, in seven days from this letter they needed $2,500 in their possession so that they can proceed forward. we're just like, i keep saying,

we're normal people, we didn't want to pay $2,500 to be part of the lawsuit. we didn't have that kind of money. >> they didn't sign on, but scores of would be buyers did suing trump who denied wrongdoing and the case was settled out of court. >> i don't know how much everybody got. >> that's because the settlement became with a confidentiality agreement. they are everywhere in trump world. settlements, licensing deals. it's one thing that makes it difficult for journalists to get answers to their questions. there are many, many questions. >> what mystery about trump's businesses do you most wish you had the answer to? >> well, we know the russians put a lot of money into trump and we know the saudis and other middle east people put money into trump? did they do it in ways he's compromised? it could come out these are

legitimate investments. >> there's so little we do know, right, i mean, the president still hasn't released his tax returns. >> he's got developments in indonesia, in india, in the middle east. who is buying in. >> who is paying money at all of the clubs and resorts? i would want to know any loans to any of his businesses. >> they spent a lot of cash in a nine-year period before he became president. i would love to see where all that money came from. >> is there really money behind this man or is it all just a bunch of debt? >> i would want to know what steps he took to prevent international corruption or to prevent fraud in his business. >> because there's so much we don't know we can't evaluate whether his policies are based on stated aims or personal financial interests. that's what keeps me up at night. >> the way to answer all these questions is for the president to show his earnings, his

partners, his debts. his tax returns. but the opposite is happening. president trump is now suing two banks and a congressional committee to keep financial documents secret. and as long as his finances stay hidden we will never know if the person elected to lead the united states of america is working for the people's interests or his own. good evening. if you thought this week couldn't get anymore unusual than it was, say, on wednesday or on thursday, well, it has. today, the president of the united states re-tweeted a heavily edited video of nancy pelosi designed to show her stuttering and seemingly incoherent. it is deceptively edited, but another video, which is actually full-on manipulated, slowed down to make pelosi appear not just incoherent, but perhaps ill or drunk.

this fake video has been put on social media and seen by millions. we're not going to show either of the videos to you, because we don't want to amplify something that's false. the president doesn't seem to mind doing it, but we do. the president's tv lawyer, rudy giuliani, was happy to as well, but then took the video he tweeted down, then tweeted a mangled explanation, and i'm quoting now, or at least i'm trying to, "ives apology for a video that is allegedly a caricature of an otherwise halting speech pattern she should first stop and apologize for saying the president needs an intervention are." if you were trying to make out your opponent as drunk or incoherent, probably not great to send out an actually incoherent tweet. he also included a visual aid. i want to show you there, the photograph he included with the tweet, som