As we come to the end of this tragic saga, I realized that not many know or perhaps remember that there is an entirely separate scandal aside from the emoluments and self-dealing tied to Trump’s DC hotel. Long before he became President Trump scammed his way into the lease itself. He got the contract with a bogus bid and stalking horse financing. As soon as he won the contract, the stalking horse financing disappeared, as did the partners he promised to bring into the project. He then turned around and used the lease itself as collateral to get new financing from DeutscheBank. This was all basically known at the time. But it was when Trump was making his bones on the right as top birther. The GSA didn’t want to provoke a political fight with him (this was under Obama, remember) by voiding the deal.
I explained some of the details in this February 2018 post.