Page 126 - Condos News Today

Bad loans to the oil industry. bad loans to real estate developers. >> one of the reasons bankers made outrageous loans was because of federal deposit insurance. if the loan went well, you rake in the profit. if the loan went poorly, then the federal government picks up the tab. >> with deregulation, the s&ls got into that commercial real estate market and lost their shirt. >> all over the united states, people were building projects for which there were no buyers, mile after mile of these parti...

Generalizing now, tony. >> anthony: im all for that. [ laughter ] everybody in seattle is a musician, a serial killer or a chef as far as im concerned, so. >> anthony: in a lot of ways, this was always a company town. you know, boeing, before boeing it was a logging town. the new company is tech and it is flooding money into the place. i look out my hotel room window and i mean there are cranes as far as the eye can see. >> dustin: you realize, like, okay, all those cranes out there are for high...

Claimed it was developed with undisclosed involvement of convicted felons and financed by kazakhstan. another lawsuit claimed that trump children inflated claims about how many units in the building had been sold. settled that agreeing to return over 90% of the millions of dollars that buyers had paid the trumps in deposits for the condos. fraud allegations led to criminal investigation by district attorney in manhattan. joint investigation revealed just how close ivanka trump and donald trump j...

When its time to sell the condos, you do have to be cautious about whether the people buying those condos are criminals looking to wash their money. >> so heres the issue. the statement we received from the trump organization made a clear line saying that it wasnt directly involved in sales. so, therefore, doesnt really take responsibility for who was buying, who was selling, but does the fact that the trump organization was getting a piece, getting a percentage of the units that were sold, does...

>> reporter: take the cocaine and turn it into a building? >> yeah. >> reporter: how do you know. >> i saw it happening. >> reporter: this booming market the trump organization was entering plans seen in this marketing el strags, tallest in latin america at the time with a mix of hotel rooms and high-end condos all on a plot of land owned by a small time local businessman, roger kafif, the buildings main builder. ivanka met the team. >> my company would be selling the united nations art accordin...

Association announce management l buyout. huh? heres the headline at "the new york times" tonight. trump organization will exit from its struggling soho he tell in new york. the hotel has not done very well, paired with condos that have been a nightmare for the trump family business. one lawsuit settled out of court claimed that it was developed with the undisclosed involvement of convicted felons. and financing from questionable sources in russia. and another lawsuit, buyers claim that the trum...

So. >> anthony: in a lot of ways, this was always a company town. you know, boeing, before boeing it was a logging town. the new company is tech and it is flooding money into the place. i look out my hotel room window and i mean there are cranes as far as the eye can see. >> dustin: you realize, like, okay, all those cranes out there are for high-rise condos, theyre for a certain type of person. theyre envisioning a certain type of future for the city and its tech people. >> anthony: or, you kno...

Musician, a chef or a serial killer as far as im concerned. in a lot of ways this was always a company town. boeing before boeing. it was a logging town. the new companies is tech. it is flooding money into the place. i look out my hotel room window and its cranes as far as the eye can can see. >> all the kriecranes are for high-rise condos. its for a certain type of person. theyre envisioning a certain future and its tech people. >> or somebody that likes to drive around and pick up hitchhikers...

This? >> well, any u.s. real estate company that makes a decision to do business in a high risk jurisdiction where money laundering occurs needs to be careful, needs to take a number of precautions. >> does it seem to you that those precautions were taken, or do we not know at this stage? >> i dont know based on your reporting. but i can tell you what the real risks are in a situation like that. basically, the u.s. company needs to be careful both in terms of going into the deal and on the way o...

Almost literally made of drug money. >> cocaine concrete. >> chaz cocaine concrete? >> its money that came from cocaine. a lot was drug money. >> you take the cocaine, you turn it into a building? >> yeah. >> how do you know all of this? >> i was directly involved. i saw it happening. >> it was this booming market that the trump organization was entering. were drawn up for an ambitious tower, with a mix of hotel rooms and high end condos. all on a plot of land owned by a small time local busines...