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Tax Records Show Trump Had Over $270 Million In Debt Forgiven After Failing To Repay His Lenders : New Report Alleges

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US leader, Donald Trump has had more than $270 million in debt forgiven since 2010 after he failed to repay his lenders for a Chicago skyscraper building development, a new report by the New York Times alleges.

According to the report published Tuesday night, October 27, after the Trump International Hotel & Tower in Chicago encountered financial problems, big banks and hedge funds granted Trump more time to repay his debts, much of which was ultimately forgiven by the banks.

The report also stated that Trump paid almost nothing as federal income on the forgiven debts because he incurred financial losses in his other businesses.

According to the report, Trump arranged for two of his companies to borrow more than $700 million for the Chicago development and went to Deutsche Bank for the majority of the money.

The bank agreed to lend $640 million to the project, the newspaper said, but after construction delays, the loan came due while portions of the building were still unfinished.

Deutsche bank initially granted Trump an extension on paying back the loan, but Trump sued the bank along with Fortress Investment Group which had provided a $130 million loan for the project, for not giving him another extra time to pay off the loan.

The report also stated that Trump charged that Deutsche had engaged in “predatory lending practices.”

In July 2010, Deutsche Bank, Fortress and Trump reached a private settlement without disclosing the terms, the Times reported.

This report comes a month after the New York Times reported that Trump paid no federal income taxes whatsoever in 10 out of 15 years beginning in 2000 because he reported losing significantly more than he made.

The report alleged that in his first year in the White House, Trump paid just $750 in federal income taxes.

In response to the report, Trump Organization chief legal officer Alan Garten told the New York Times that the organization and Trump had paid all necessary taxes on the forgiven debts.

“These were all arm’s length transactions that were voluntarily entered into between sophisticated parties many years ago in the aftermath of the 2008 global financial crisis and the resulting collapse of the real estate markets,” Garten said.

Trump has never publicly released his tax returns claiming they are being audited by the IRS.

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Diego Maradona Is Dead

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There are widespread reports that football legend Diego Maradona has died.

He is reported to have died on Wednesday in his native country, Argentina.

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Manchester City Preparing 10-Year Plan For Lionel Messi

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Manchester City are preparing a 10-year plan for Barcelona star Messi, according to The Times.

The report says the Premier League club are expected to launch another attempt to sign the superstar at the beginning of 2021 and will offer him opportunities with the City Football Group (CFG) after he plays for City.

Messi has scored six goals in 11 games for Barcelona this season.

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Man Utd: Van De Beek Sees Future Profit In Holding Midfielder Role

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Still yet to start a Premier League game since joining from Ajax, Donny van de Beek helped Manchester United to a Champions League victory.

Donny van de Beek believes his deployment in a deeper role worked well as Manchester United thrashed Istanbul Basaksehir in the Champions League.

United won 4-1 at Old Trafford on Tuesday, with Bruno Fernandes’ early double added to by strikes from Marcus Rashford and substitute Daniel James.

With the superb Fernandes causing havoc in the number 10 role, Van de Beek played as a holding midfielder alongside Fred.

Ole Gunnar Solskjaer’s use of the Netherlands international has been a subject of intense debate given he is yet to start a Premier League game but the 23-year-old has played in all four continental matches, starting three.

Van de Beek had two key passes, completed 33 passes in the opposition half-second only to Fred – and boasted an 87.5 percent passing accuracy against Basaksehir.

While he enjoys playing in a more advanced position, Van de Beek also feels comfortable in a deeper role and believes the system was a good one.

Van de Beek: “I was playing these positions at Ajax”

“It worked really well,” Van de Beek, a £40million signing from Ajax, told MUTV. “Some games I play number 10 and sometimes the coach needs me in the control position.

“That is fine for me because before, when I played at Ajax, I was playing in those positions, so it is okay.

“It was a good reaction from the away game. To win 4-1 at home I think you can be happy. The first half was really good especially the first 30 minutes and we played nice football and scored nice goals.

“In the second half we lost too many balls and gave them some chances but the last five minutes we controlled the game again.”

A third straight win in all competitions for United avenged their defeat in Turkey earlier this month and put them three points clear at the top of Group H.

They have now won their last seven home games in European competition by an aggregate score of 24-2.

“It is not finished but we are in a good position,” added Van de Beek, with United sitting ahead of Paris Saint-Germain and RB Leipzig.

“We need to keep working and everything will be fine. We now have eyes on the weekend [against Southampton].”

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