his own windfall trump generated low on cash in 16, · 10/10/2020  · trump generated his own...

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U(D54G1D)y+&!=!.!?!" PHOENIX — Cindy Bishop is the sort of voter who has some Re- publicans bracing for a wipeout next month. Standing inside her garage, shielded from the 102-degree desert heat, Ms. Bishop, a 61-year- old medical professional, said she voted for Mr. Trump four years ago because “he wasn’t a poli- tician.” But then, she said, “I got a taste of him and I’m like, ‘God, he’s disrespectful’ — there’s so much about him I don’t like.” She is now leaning toward Joseph R. Biden Jr. The inflammatory behavior that has alienated voters beyond his base has long posed the most significant impediment to Mr. Trump’s re-election. But one week after he rampaged through the first presidential debate and then was hospitalized with the corona- virus, only to keep minimizing the disease as it spread through his White House, the president’s con- duct is not only undermining his own campaign but threatening his entire party. New polls show Mr. Trump’s support is collapsing nationally, as he alienates women, seniors and suburbanites. He is trailing not just in must-win battle- grounds but according to private G.O.P. surveys, he is repelling in- dependents to the point where Mr. Biden has drawn closer in solidly red states, including Montana, Kansas and Missouri, people Sun Belt Is Suddenly Looking a Little Less Red By JONATHAN MARTIN and ALEXANDER BURNS Trump’s Woes Rippling Across G.O.P. States Continued on Page A15 Whitey Ford, the Yankees’ Hall of Fame left-hander who was cele- brated as the Chairman of the Board for his stylish pitching and big-game brilliance on the ball clubs that dominated baseball in the 1950s and early ’60s, died on Thursday night at his home in Lake Success, N.Y., on Long Is- land. He was 91. Pitching for 11 pennant-winners and six World Series champions, Ford won 236 games, the most of any Yankee, and had a career win- ning percentage of .690, the best among pitchers with 200 or more victories in the 20th century. At his death, Ford was the sec- ond-oldest surviving Hall of Famer, behind the former Dodger manager Tommy Lasorda, who is 93. His death came six days after that of his fellow Hall of Fame pitcher Bob Gibson of the St. Louis Cardinals. He was a scrappy, rambunc- tious, fair-haired son of New York City — hence the nickname — and through the decades a beloved one, as loyal to Yankee pinstripes as his most die-hard fans. “I’ve been a Yankee fan since I was 5 years old,” Ford said at his Hall of Fame induction at Cooperstown, N.Y., in 1974. He was among the biggest names on Yankee teams featuring Son of the City, and Cornerstone of a Dynasty By RICHARD GOLDSTEIN Last Link to an Era of Yankees’ Dominance Whitey Ford pitching for the Yankees in 1960, when he and the team were at their peak. PATRICK BURNS/THE NEW YORK TIMES WHITEY FORD, 1928-2020 Continued on Page A22 ACE OF THE YANKEES Tyler Kep- ner writes on Ford’s career, and his remarkable records. PAGE B7 LONDON — What faint hopes remained that Europe was recov- ering from the economic catastro- phe delivered by the pandemic have disappeared as the lethal vi- rus has resumed spreading rap- idly across much of the continent. After sharply expanding in the early part of the summer, Britain’s economy grew far less than antici- pated in August — just 2.1 percent compared with July, the govern- ment reported on Friday, adding to worries that further weakness lies ahead. This week, France, Europe’s second-largest economy, down- graded its forecast for the pace of expansion for the last three months of the year from an al- ready minimal 1 percent to zero. Over all, the national statistics agency predicted the economy would contract by 9 percent. The diminished expectations are a direct outgrowth of alarm over the revival of the virus. France reported nearly 19,000 new cases on Wednesday — a one- day record, and almost double the number the day before. The surge prompted President Emmanuel Macron to announce new restric- tions, including a two-month shut- down of cafes and bars in Paris and surrounding areas. In Spain, the central bank gov- ernor warned this week that the accelerating spread of the virus could force the government to im- pose restrictions that would produce an economic contraction of as much as 12.6 percent this year. The European Central Bank’s chief economist cautioned on Tuesday that the 19 countries that share the euro might not recover from the disaster until 2022, with those that are dependent on tour- ism especially vulnerable. Summer increasingly feels like Virus Spread Halts Europe’s Economic Revival By PETER S. GOODMAN Continued on Page A7 Midyear Bounce Proves Fleeting, and Leaders Brace for Turmoil Late Edition VOL. CLXX .... No. 58,842 © 2020 The New York Times Company NEW YORK, SATURDAY, OCTOBER 10, 2020 In Boston, plans to bring chil- dren back to school have been halted as cases of the coronavirus climbed precariously. New virus clusters are emerging in Rhode Is- land, Connecticut, Maryland and Pennsylvania. In New York City, the number of new cases each day now averages more than 500 for the first time since June. The Northeast, devastated by the coronavirus in the spring and then held up as a model of infec- tion control by summer, is now seeing the first inklings of what might become a second wave of the virus, an ominous prospect for the region and a sharp warning to the rest of the country. The rise in new cases has prompted state and local officials to reverse course, tightening re- strictions on businesses, schools and outdoor spaces. In New Jersey, where hospital- izations are on the rise and the rate of infection has almost dou- bled to nearly eight cases per 100,000 people, towns have closed public parks and picnic areas to discourage people from gather- ing. Gov. Gina Raimondo of Rhode Island extended restaurant ca- pacity limitations for another month, concerned about the state’s uptick in confirmed cases. Signs Suggest Second Wave For Northeast By SARAH MERVOSH and JULIE BOSMAN Continued on Page A6 Donald J. Trump needed money. His “self-funded” presidential campaign was short on funds, and he was struggling to win over leery Republican donors. His golf courses and the hotel he would soon open in the Old Post Office in Washington were eating away at what cash he had left on hand, his tax records show. And in early 2016, Deutsche Bank, the last big lender still do- ing business with him, unexpect- edly turned down his request for a loan. The funds, Mr. Trump had told his bankers, would help shore up his Turnberry golf resort in Scotland. Some bankers feared the money would instead be di- verted to his campaign. That January, Mr. Trump sold a lot of stock — $11.1 million worth. He sold another $11.8 million worth in February, and $7.5 mil- lion in March. In April, he sold $8.1 million more. And the president’s long-hidden tax records, obtained by The New York Times, also reveal this: how he engineered a sudden financial windfall — more than $21 million in what experts describe as highly unusual one-off payments from the Las Vegas hotel he owns with his friend the casino mogul Phil Ruffin. In previous articles on the tax records, The Times has reported that, in all but a few years since 2000, chronic business losses and aggressive accounting strategies have allowed Mr. Trump to largely avoid paying federal income taxes. And while the hundreds of millions of dollars earned from “The Apprentice” and his attend- ant celebrity rescued his business career, those riches, together with the marketing power of the Trump brand, were ebbing when he an- nounced his 2016 presidential run. The new findings, part of The Times’s continuing investigation, cast light on Mr. Trump’s financial maneuverings in that time of fis- cal turmoil and unlikely political victory. Indeed, they may offer a hint to one of the enduring mys- teries of his campaign: In its wan- ing days, as his own giving had slowed to a trickle, Mr. Trump con- tributed $10 million, leaving many people wondering where the burst of cash had come from. The tax records, by their na- ture, do not specify whether the more than $21 million in payments from the Trump-Ruffin hotel helped prop up Mr. Trump’s cam- paign, his businesses or both. But they do show how the cash flowed, in a chain of transactions, to sev- eral Trump-controlled companies and then directly to Mr. Trump himself. The bulk of the money went through a company called Trump Las Vegas Sales and Marketing that had little previous income, no clear business purpose and no employees. The Trump-Ruffin joint venture wrote it all off as a business expense. LOW ON CASH IN ’16, TRUMP GENERATED HIS OWN WINDFALL Tax Records Reveal How Hotel Funneled $21 Million via His Companies This article is by Susanne Craig, Mike McIntire and Russ Buettner. President Trump’s Las Vegas hotel, owned with Phil Ruffin. JOE BUGLEWICZ FOR THE NEW YORK TIMES Continued on Page A20 If Rafael Nadal wins the final at Roland Garros on Sunday, he’ll match Roger Federer’s 20 singles titles. PAGE B9 SPORTSSATURDAY B7-10 Men’s Major Record at Stake The U.S. government said its earlier concerns about global warming’s effects on wolverines were overstated. PAGE A16 NATIONAL A12-23 No Protection for Wolverines After halting negotiations with Demo- crats this week, President Trump pro- posed a $1.8 trillion rescue package that his own party may reject. PAGE A6 TRACKING AN OUTBREAK A4-8 President Raises Stimulus Offer The platform, seeking to combat politi- cal misinformation, is temporarily changing some of its features. Re- tweeting will be slowed. PAGE B1 BUSINESS B1-6 A New Feel to Twitter The Nobel laureate Louise Glück’s works have meanings that you can tangle with for a long time. An appraisal. PAGE C1 ARTS C1-6 Poetry That Dares to Be Cruel Game 5 of the finals between the Lak- ers and the Heat was expected to be the first game aired since last fall. PAGE B9 N.B.A. Back on TV in China Weary of tokenism at art museums, a group of Black board members is push- ing for diverse perspectives. PAGE C1 Black Trustees Join Forces A federal judge allowed Gov. Andrew M. Cuomo of New York to move forward with new restrictions on synagogues and other houses of worship. PAGE A7 Court Clears Cuomo’s Orders Lenders and businesses await clarity on how loans under the Paycheck Protec- tion Program will be forgiven. PAGE B1 Agony, Until Congress Acts Timothy Egan PAGE A24 EDITORIAL, OP-ED A24-25 The U.N. agency won the Peace Prize for fighting a surge in global hunger amid the coronavirus pandemic. PAGE A10 INTERNATIONAL A9-11 Nobel for World Food Program President Trump called a Covid-19 treatment from the company Regen- eron a “cure,” but he also sowed suspi- cion about whether it works. PAGE A4 ‘Cure’ Remark Stirs Interest WASHINGTON — President Trump forced the State Depart- ment on Friday to commit to re- leasing at least some of Hillary Clinton’s emails before next month’s election, resurrecting a four-year-old issue in hopes that it would prove as helpful to his polit- ical prospects as it was when he defeated her in 2016. Trailing badly in the polls and eager to change the subject from the coronavirus, Mr. Trump suc- ceeded in compelling Secretary of State Mike Pompeo to announce that he would make public the emails even as Attorney General William P. Barr resisted pressure from the president to prosecute Democrats like former Vice Presi- dent Joseph R. Biden Jr., this year’s Democratic nominee. Still recovering from his own co- ronavirus infection, Mr. Trump made plans to host hundreds of supporters on the South Lawn of the White House on Saturday for his first in-person event since he tested positive last week, accord- ing to three people familiar with the schedule. The rally that he had previously said he wanted to hold on Saturday in Florida will instead be held on Monday, his campaign announced, as the president in- sisted on getting back on the road despite his illness. The burst of activity and machi- President Pressuring Pompeo And Barr for a Campaign Jolt This article is by Peter Baker, Mag- gie Haberman, Katie Benner, Lara Jakes and Michael S. Schmidt. Continued on Page A19 MASKS The White House blocked the C.D.C. from requiring masks on public transportation. PAGE A6 TRACKING AN OUTBREAK The director of national intelligence vowed to be apolitical. Months at his job, he has become anything but. PAGE A12 Spy Chief in Political Role LUKE SHARRETT/BLOOMBERG A storm surge hit Lake Charles, La., as Hurricane Delta battered a state still reeling from a hurricane six weeks earlier. Page A16. Back in Storm’s Path Today, partly sunny, breezy, warmer, high 77. Tonight, partly cloudy, mild, low 63. Tomorrow, periodic clouds and sunshine, not quite so warm, high 70. Weather map, Page B8. $3.00

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Page 1: HIS OWN WINDFALL TRUMP GENERATED LOW ON CASH IN 16, · 10/10/2020  · TRUMP GENERATED HIS OWN WINDFALL Tax Records Reveal How Hotel Funneled $21 Million via His Companies This article

C M Y K Nxxx,2020-10-10,A,001,Bs-4C,E1

U(D54G1D)y+&!=!.!?!"

PHOENIX — Cindy Bishop isthe sort of voter who has some Re-publicans bracing for a wipeoutnext month.

Standing inside her garage,shielded from the 102-degreedesert heat, Ms. Bishop, a 61-year-old medical professional, said shevoted for Mr. Trump four yearsago because “he wasn’t a poli-tician.” But then, she said, “I got ataste of him and I’m like, ‘God, he’sdisrespectful’ — there’s so muchabout him I don’t like.” She is now

leaning toward Joseph R. BidenJr.

The inflammatory behaviorthat has alienated voters beyondhis base has long posed the mostsignificant impediment to Mr.Trump’s re-election. But one weekafter he rampaged through thefirst presidential debate and thenwas hospitalized with the corona-virus, only to keep minimizing the

disease as it spread through hisWhite House, the president’s con-duct is not only undermining hisown campaign but threatening hisentire party.

New polls show Mr. Trump’ssupport is collapsing nationally,as he alienates women, seniorsand suburbanites. He is trailingnot just in must-win battle-grounds but according to privateG.O.P. surveys, he is repelling in-dependents to the point where Mr.Biden has drawn closer in solidlyred states, including Montana,Kansas and Missouri, people

Sun Belt Is Suddenly Looking a Little Less RedBy JONATHAN MARTIN

and ALEXANDER BURNSTrump’s Woes Rippling

Across G.O.P. States

Continued on Page A15

Whitey Ford, the Yankees’ Hallof Fame left-hander who was cele-brated as the Chairman of theBoard for his stylish pitching andbig-game brilliance on the ballclubs that dominated baseball inthe 1950s and early ’60s, died onThursday night at his home inLake Success, N.Y., on Long Is-land. He was 91.

Pitching for 11 pennant-winnersand six World Series champions,Ford won 236 games, the most ofany Yankee, and had a career win-ning percentage of .690, the best

among pitchers with 200 or morevictories in the 20th century.

At his death, Ford was the sec-ond-oldest surviving Hall ofFamer, behind the former Dodgermanager Tommy Lasorda, who is93. His death came six days afterthat of his fellow Hall of Famepitcher Bob Gibson of the St. LouisCardinals.

He was a scrappy, rambunc-

tious, fair-haired son of New YorkCity — hence the nickname — andthrough the decades a belovedone, as loyal to Yankee pinstripesas his most die-hard fans. “I’vebeen a Yankee fan since I was 5years old,” Ford said at his Hall ofFame induction at Cooperstown,N.Y., in 1974.

He was among the biggestnames on Yankee teams featuring

Son of the City, and Cornerstone of a DynastyBy RICHARD GOLDSTEIN Last Link to an Era of

Yankees’ Dominance

Whitey Ford pitching for the Yankees in 1960, when he and the team were at their peak.PATRICK BURNS/THE NEW YORK TIMES

WHITEY FORD, 1928-2020

Continued on Page A22

ACE OF THE YANKEES Tyler Kep-ner writes on Ford’s career, andhis remarkable records. PAGE B7

LONDON — What faint hopesremained that Europe was recov-ering from the economic catastro-phe delivered by the pandemichave disappeared as the lethal vi-rus has resumed spreading rap-idly across much of the continent.

After sharply expanding in theearly part of the summer, Britain’seconomy grew far less than antici-pated in August — just 2.1 percentcompared with July, the govern-ment reported on Friday, addingto worries that further weaknesslies ahead.

This week, France, Europe’ssecond-largest economy, down-graded its forecast for the pace ofexpansion for the last three

months of the year from an al-ready minimal 1 percent to zero.Over all, the national statisticsagency predicted the economywould contract by 9 percent.

The diminished expectationsare a direct outgrowth of alarmover the revival of the virus.France reported nearly 19,000new cases on Wednesday — a one-day record, and almost double thenumber the day before. The surgeprompted President Emmanuel

Macron to announce new restric-tions, including a two-month shut-down of cafes and bars in Parisand surrounding areas.

In Spain, the central bank gov-ernor warned this week that theaccelerating spread of the viruscould force the government to im-pose restrictions that wouldproduce an economic contractionof as much as 12.6 percent thisyear.

The European Central Bank’schief economist cautioned onTuesday that the 19 countries thatshare the euro might not recoverfrom the disaster until 2022, withthose that are dependent on tour-ism especially vulnerable.

Summer increasingly feels like

Virus Spread Halts Europe’s Economic RevivalBy PETER S. GOODMAN

Continued on Page A7

Midyear Bounce ProvesFleeting, and Leaders

Brace for Turmoil

Late Edition

VOL. CLXX . . . . No. 58,842 © 2020 The New York Times Company NEW YORK, SATURDAY, OCTOBER 10, 2020

In Boston, plans to bring chil-dren back to school have beenhalted as cases of the coronavirusclimbed precariously. New virusclusters are emerging in Rhode Is-land, Connecticut, Maryland andPennsylvania. In New York City,the number of new cases each daynow averages more than 500 forthe first time since June.

The Northeast, devastated bythe coronavirus in the spring andthen held up as a model of infec-tion control by summer, is nowseeing the first inklings of whatmight become a second wave ofthe virus, an ominous prospect forthe region and a sharp warning tothe rest of the country.

The rise in new cases hasprompted state and local officialsto reverse course, tightening re-strictions on businesses, schoolsand outdoor spaces.

In New Jersey, where hospital-izations are on the rise and therate of infection has almost dou-bled to nearly eight cases per100,000 people, towns have closedpublic parks and picnic areas todiscourage people from gather-ing. Gov. Gina Raimondo of RhodeIsland extended restaurant ca-pacity limitations for anothermonth, concerned about thestate’s uptick in confirmed cases.

Signs SuggestSecond WaveFor Northeast

By SARAH MERVOSHand JULIE BOSMAN

Continued on Page A6

Donald J. Trump needed money.His “self-funded” presidential

campaign was short on funds, andhe was struggling to win overleery Republican donors. His golfcourses and the hotel he wouldsoon open in the Old Post Office inWashington were eating away atwhat cash he had left on hand, histax records show.

And in early 2016, DeutscheBank, the last big lender still do-ing business with him, unexpect-edly turned down his request for aloan. The funds, Mr. Trump hadtold his bankers, would help shoreup his Turnberry golf resort inScotland. Some bankers fearedthe money would instead be di-verted to his campaign.

That January, Mr. Trump sold alot of stock — $11.1 million worth.He sold another $11.8 millionworth in February, and $7.5 mil-lion in March. In April, he sold $8.1million more.

And the president’s long-hiddentax records, obtained by The NewYork Times, also reveal this: howhe engineered a sudden financialwindfall — more than $21 millionin what experts describe as highlyunusual one-off payments fromthe Las Vegas hotel he owns withhis friend the casino mogul PhilRuffin.

In previous articles on the taxrecords, The Times has reportedthat, in all but a few years since2000, chronic business losses andaggressive accounting strategieshave allowed Mr. Trump to largelyavoid paying federal incometaxes. And while the hundreds ofmillions of dollars earned from“The Apprentice” and his attend-ant celebrity rescued his businesscareer, those riches, together withthe marketing power of the Trumpbrand, were ebbing when he an-

nounced his 2016 presidential run.The new findings, part of The

Times’s continuing investigation,cast light on Mr. Trump’s financialmaneuverings in that time of fis-cal turmoil and unlikely politicalvictory. Indeed, they may offer ahint to one of the enduring mys-teries of his campaign: In its wan-ing days, as his own giving hadslowed to a trickle, Mr. Trump con-tributed $10 million, leaving manypeople wondering where the burstof cash had come from.

The tax records, by their na-ture, do not specify whether themore than $21 million in paymentsfrom the Trump-Ruffin hotelhelped prop up Mr. Trump’s cam-paign, his businesses or both. Butthey do show how the cash flowed,in a chain of transactions, to sev-eral Trump-controlled companiesand then directly to Mr. Trumphimself.

The bulk of the money wentthrough a company called TrumpLas Vegas Sales and Marketingthat had little previous income, noclear business purpose and noemployees. The Trump-Ruffinjoint venture wrote it all off as abusiness expense.

LOW ON CASH IN ’16,TRUMP GENERATEDHIS OWN WINDFALL

Tax Records Reveal How Hotel Funneled$21 Million via His Companies

This article is by Susanne Craig,Mike McIntire and Russ Buettner.

President Trump’s Las Vegashotel, owned with Phil Ruffin.

JOE BUGLEWICZ FOR THE NEW YORK TIMES

Continued on Page A20

If Rafael Nadal wins the final at RolandGarros on Sunday, he’ll match RogerFederer’s 20 singles titles. PAGE B9

SPORTSSATURDAY B7-10

Men’s Major Record at StakeThe U.S. government said its earlierconcerns about global warming’s effectson wolverines were overstated. PAGE A16

NATIONAL A12-23

No Protection for Wolverines

After halting negotiations with Demo-crats this week, President Trump pro-posed a $1.8 trillion rescue package thathis own party may reject. PAGE A6

TRACKING AN OUTBREAK A4-8

President Raises Stimulus OfferThe platform, seeking to combat politi-cal misinformation, is temporarilychanging some of its features. Re-tweeting will be slowed. PAGE B1

BUSINESS B1-6

A New Feel to TwitterThe Nobel laureate Louise Glück’s workshave meanings that you can tangle withfor a long time. An appraisal. PAGE C1

ARTS C1-6

Poetry That Dares to Be Cruel

Game 5 of the finals between the Lak-ers and the Heat was expected to be thefirst game aired since last fall. PAGE B9

N.B.A. Back on TV in China

Weary of tokenism at art museums, agroup of Black board members is push-ing for diverse perspectives. PAGE C1

Black Trustees Join Forces

A federal judge allowed Gov. Andrew M.Cuomo of New York to move forwardwith new restrictions on synagoguesand other houses of worship. PAGE A7

Court Clears Cuomo’s OrdersLenders and businesses await clarity onhow loans under the Paycheck Protec-tion Program will be forgiven. PAGE B1

Agony, Until Congress Acts

Timothy Egan PAGE A24

EDITORIAL, OP-ED A24-25

The U.N. agency won the Peace Prize forfighting a surge in global hunger amidthe coronavirus pandemic. PAGE A10

INTERNATIONAL A9-11

Nobel for World Food ProgramPresident Trump called a Covid-19treatment from the company Regen-eron a “cure,” but he also sowed suspi-cion about whether it works. PAGE A4

‘Cure’ Remark Stirs Interest

WASHINGTON — PresidentTrump forced the State Depart-ment on Friday to commit to re-leasing at least some of HillaryClinton’s emails before nextmonth’s election, resurrecting afour-year-old issue in hopes that itwould prove as helpful to his polit-ical prospects as it was when hedefeated her in 2016.

Trailing badly in the polls andeager to change the subject fromthe coronavirus, Mr. Trump suc-ceeded in compelling Secretary ofState Mike Pompeo to announcethat he would make public theemails even as Attorney GeneralWilliam P. Barr resisted pressure

from the president to prosecuteDemocrats like former Vice Presi-dent Joseph R. Biden Jr., thisyear’s Democratic nominee.

Still recovering from his own co-ronavirus infection, Mr. Trumpmade plans to host hundreds ofsupporters on the South Lawn ofthe White House on Saturday forhis first in-person event since hetested positive last week, accord-ing to three people familiar withthe schedule. The rally that he hadpreviously said he wanted to holdon Saturday in Florida will insteadbe held on Monday, his campaignannounced, as the president in-sisted on getting back on the roaddespite his illness.

The burst of activity and machi-

President Pressuring PompeoAnd Barr for a Campaign Jolt

This article is by Peter Baker, Mag-gie Haberman, Katie Benner, LaraJakes and Michael S. Schmidt.

Continued on Page A19

MASKS The White House blockedthe C.D.C. from requiring maskson public transportation. PAGE A6

TRACKING AN OUTBREAK

The director of national intelligencevowed to be apolitical. Months at his job,he has become anything but. PAGE A12

Spy Chief in Political Role

LUKE SHARRETT/BLOOMBERG

A storm surge hit Lake Charles, La., as Hurricane Delta battered a state still reeling from a hurricane six weeks earlier. Page A16.Back in Storm’s Path

Today, partly sunny, breezy, warmer,high 77. Tonight, partly cloudy, mild,low 63. Tomorrow, periodic cloudsand sunshine, not quite so warm,high 70. Weather map, Page B8.

$3.00