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Max Bergmann: on January 6, 2017 the US Intelligence Community Dropped a Bomb

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Max Bergmann: on January 6, 2017 the US Intelligence Community Dropped a Bomb The Asset Episode 2: Bankrupt Producer: Previously on The Asset: Max Bergmann: On January 6, 2017 the US intelligence community dropped a bomb. Newscast: Newscaster: US intelligence has concluded that Russian President Vladimir Putin ordered his military to help Donald Trump win the election. James Comey: The FBI, as part of our counterintelligence mission, is investigating the Russian government's efforts to interfere in the 2016 presidential election. Max Bergmann: And then… Newscast: Reporter: The president has fired James Comey. Max Bergmann: Trump drops the charade. Newscast: Donald Trump: Oh, I was going to fire regardless of recommendation. Lester Holt: So there was […] Donald Trump: He made a recommendation. He is highly respected. But regardless of recommendation, I was going to fire [Comey]. Max Bergmann: Trump fired the FBI director for investigating him. He admitted to obstruction of justice on national television. -BREAK- Max Bergmann: Episode 2: Bankrupt. The Trump Taj Mahal Casino in Atlantic City was supposed to be the eighth wonder of the world. When it opened in April 1990 it was the largest casino complex ever built, taking up 17 acres of prime real-estate on Atlantic City's famed boardwalk. It was also the most expensive casino ever built. Donald Trump shelled out $1.1 billion to get it operating. The Trump Taj Mahal was exactly what you'd expect from a Trump casino. It was bigger, more expensive, and it was tackier, decked out top to bottom in blinding neon lights and faux-Indian spires. It was an over-the-top effort to exude ostentatious wealth. According to one press release, each of the casino’s 24 chandeliers cost a full quarter million dollars. Trump’s guest to the grand opening, where he took the stage in the casino’s massive ballroom and rubbed an enormous magic lamp, was none other than Michael Jackson. Newscast: Donald Trump: He's my friend. He's a tremendous talent and it's really my honor. It's a big day for me. Reporter: The power duo took us along on their private tour of the casino that spans 4.2 million square feet. The strictly off-limits money vault supported a unique view of its gargantuan gaming room. In a space the size of three football fields there are over 3,000 slots, some taking $100 chips, plus 167 gaming tables. That's room for 17,000 players to dice with lady luck beneath crystal that cost $15 million alone. We stayed up close when Donald escorted his superstar guests to the high roller’s penthouse suite. Of 1,250 deluxe accommodations on 51 marble floors, special visitors are given the key to a $10,000 a day super suite. Max Bergmann: The Taj Mahal was also a financial disaster. It quickly became an insatiable money pit. According to the New York Times, experts predicted that the Taj Mahal would have to pull in at least $1 million per day just to meet its overhead costs and the basic payments on Trump's debts. Compounding the problem was Trump also owed $1.2 billion on his three other casinos in Atlantic City and the Trump Organization even admitted that his properties in New York weren't doing especially well at the time. Yet Trump plunged forward, spending money he didn't have on a project that didn't make a lot of sense. Trump spent more than 11 years working to get this particular project done, even though it meant going so deep into debt that it threatened to destroy his whole real-estate empire. He even guaranteed that he would pay off any shortfall from his own personal bank account. By 1991, a little more than a year after it opened, the Trump Taj declared bankruptcy. But even worse for Trump is that this huge failing money pit of a casino was also sucking money from his other Atlantic City casinos: Trump Castle and Trump Plaza. He was competing with himself and killing his other businesses. By December 1991, the Trump Castle Casino was also on the brink of failing. Trump had an $18.4 million payment due on the bonds he used to keep the casino afloat. He desperately needed cash to avoid defaulting and that's where we see Trump's trump card: his dad. Here's Tim O'Brien on what happened next: Tim O’Brien: Fred sends a lawyer down to Atlantic City with a briefcase full of $3 million in cash and has him go up to one of the cages in the casino and buy $3 million worth of chips. And the lawyer puts the chips into the briefcase, and the cash goes into the window, and Donald’s managers then take the cash and use that to make the debt payment that they needed to make in order to stave off bankruptcy. Max Bergmann: This was not just extremely shady. It was also a clear violation of state gambling laws and it ultimately led to a $30,000 fine. You're going to hear a lot from Tim O'Brien in this episode and there's a reason for that. Tim O'Brien literally wrote the book TrumpNation about Donald Trump's early business career, and as a result, Donald Trump sued him. Why? Because Tim O'Brien concluded that Donald Trump wasn't actually as rich as he said he was. A key thing you need to know about Donald Trump's businesses: they fail. A lot. He bankrupted hotels, casinos, an airline, and even an entire football league. And when they fail, Trump needed someone to bail him out. And up until the late 1990s that person was his dad. I'm Max Bergmann, Director of The Moscow Project, and this is The Asset. -BREAK- Max Bergmann: After James Comey was fired in May 2017, the FBI reportedly opened up a counterintelligence investigation to determine whether the President, Donald J. Trump, was a Russian asset. This is something that has never happened before in history. But what does this actually mean, counterintelligence investigation? How do you investigate someone who is an asset of a foreign power? Well, the first question investigators often ask is, what's the motivation? Why would someone possibly work on a foreign power’s behalf and essentially betray the country? One principal reason: money. When CIA officer Aldrich Ames started working with the Soviets in the 1980s, he did it largely because he was going broke. He had an expensive divorce, and he had a new wife who had lavish tastes. So he started passing information on to the KGB - information that resulted in the deaths of more than 10 high level American assets. And he did it largely for the money. But the money was also his downfall. The CIA and FBI started looking at Ames’ money - his tailored suits, his Jaguar, his home remodel and enormous credit card bills. These were expenses you couldn't afford on that government salary. And they knew something was up. Oleg Gordievsky was in charge of KGB operations in Great Britain in 1985, and he also happened to be a British double agent, and it was Aldrich Ames who blew his cover. And he gives his assessment of Aldrich Ames: Oleg Gordievsky: My assessment of Aldrich Ames is that he is of course a traitor. He only wanted to have money, money, money, in order to have a better life, to have a future. He will simply a greedy bastard. Max Bergmann: When you apply for a security clearance to work for the US Government, especially in a national security position, you have to fill out a painstaking number of forms, going through all the places you've lived, all the foreigners you know, whether you've done drugs, and of course where your money comes from. Who do you owe, what investments you have, everything. And you have to update the government regularly on your finances. But Trump didn't have to do this because he won the election. So in opening an investigation into Trump, an obvious place for the FBI to start is his money. Yet, the Mueller investigation does not appear to have done that. Here's Adam Schiff, the Chairman of the House Intelligence Committee earlier this year. Adam Schiff: There's certainly no discussion in the report of whether he looked into those allegations. He did look at the, the effort to build a Moscow Trump Tower. Uh, that certainly was a form of financial entanglement and a deep conflict of interest by the president. But in terms of the issue of money laundering, there's no indication he looked at that, unless that's part of the counterintelligence findings that he said was not going to be a part of this report. Max Bergmann: We aren't sure why Mueller didn't look into Trump's finances in his report. Perhaps Mueller saw this as beyond the scope of his mandate or perhaps, as Washington Post columnist David Ignatius suggested, Deputy Attorney General Rod Rosenstein may have prevented Mueller from looking at Trump's money. Why? Well, perhaps because Trump was going to fire Mueller if he crossed that red line. Whatever the reason, when you look at Trump's financial background, what you see is someone who is obsessed with money and obsessed with being rich. It's critical to who he is. But he is also someone who is constantly needing to be bailed out and someone who needs to be bailed out is someone who is vulnerable.
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