Federal Politics

Published — December 6, 2017

Steve Bannon officially discloses source of $2 million in personal debt

Former White House strategist Steve Bannon speaks during a rally for U.S. Senate hopeful Roy Moore, Tuesday, Dec. 5, 2017, in Fairhope Ala. Brynn Anderson/AP

Fired Trump lieutenant’s reveal follows investigation by Center for Public Integrity.

Introduction

Former White House Chief Strategist Stephen K. Bannon has disclosed the source of $2 million in debt, which he previously failed to report, on a revised government document released Tuesday.

The corrected disclosure follows a Center for Public Integrity investigation in July that revealed Bannon’s omission.

As a senior government employee, Bannon was required to disclose personal, financial liabilities. He listed four mortgages on rental properties but failed to specify the creditors, describing them as “HOME LOAN #1,” “HOME LOAN #2,” “HOME LOAN #3” and “HOME LOAN #4.”

The Center for Public Integrity used public records to report the source of three of the debts as JPMorgan Chase — a government contractor and powerful political force — and the fourth as Quicken Loans. The revised filing for Bannon, who Trump fired in August, officially confirms this.

The Center for Public Integrity discovered Bannon’s omission as part of #CitizenSleuth, a joint reporting project with Reveal from the Center for Investigative Reporting that asked the public help identify errors or potential conflicts of interest contained within top government officials’ personal financial disclosures.

The White House promised to correct Bannon’s disclosure following the Center for Public Integrity’s report in July. But the White House didn’t release Bannon’s amended document until this week.

The White House did not immediately respond to questions about Bannon’s new disclosure.

Bannon could not immediately be reached for comment. Reached by phone Wednesday afternoon, Arthur Schwartz, a Bannon spokesman, said he’d attempt to reach Bannon.

Bannon’s newest disclosure document is a product of several previous iterations: it’s been edited on seven separate occasions from May to October to add or clarify a handful of items, including formal disclosure of Bannon’s role as CEO of Trump’s campaign.

Bannon’s newest disclosure offered a few new, if minor, details about his ties to businesses backed by conservative billionaire Robert Mercer. Those businesses include Cambridge Analytica (a voter targeting operation Bannon now reports as providing “data analysis”) and several limited liability companies involved in making movies advancing nationalist causes, such as fighting militant Islam and defeating liberal politicians, including 2016 Democratic presidential nominee Hillary Clinton (now reported as “film industry”).

The correction comes amid a series of reported lapses on the disclosures of senior executive branch officials, including more than 70 financial holdings left off the public disclosure of White House Senior Adviser and presidential son-in-law Jared Kushner.

The New York Times reported Kushner also omitted contacts with Russian officials on a separate, non-public form submitted as part of a background check. McClatchy reported last month that disclosures several former Trump administration officials, including Bannon, must file upon exiting government had not yet been released.

In Bannon’s case, White House ethics officials approved the form with missing information, raising questions about the ability of senior officials to skirt disclosure requirements.

“Individuals make mistakes,” Kathleen Clark, a professor of law at Washington University in St. Louis and an expert on government ethics, said in July. “The real story is how shoddy the ethics process is in the White House.”

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SOUTH JERSEYTed SiroisMark SullivanTom LarkinAnonymous Recent comment authors
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Mark Sullivan
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Mark Sullivan

Trump needs to conduct these activities because the entire MSM media, excluding Fox, is campaigning against him 24/7/365.

Didn’t Monica’s boyfriend’s wife and various criminal enterprises outspend Trump by almost 2-1?

CapitalistRoader
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CapitalistRoader

Why wouldn’t he get an early start on fund raising? Hillary outspent him two-to-one in 2016. The Dem’s are the party of big money. The President knows this and is attempting to get a jump on it. Of course the Dem candidate will outspend him in 2020 so it’s only rational that he starts fund raising now.

George Young
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George Young

Oh brother. We just 8 years of the Campaigner – in – Chief. Where was this journalistic rectal thermometer then. Just another article about 2000 words too long that merely takes another slap at Trump for something he far from initiated.

j stevenson
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j stevenson

The big difference between Trump and all the rest is his refusing to accept funds from lobbyists, so they don’t have the White House access they are used to. These are the donors who buy the presidency and are as pixxed off that he won the election as are the media and the Dems. Lobbyists have never been shut out of the WH and Trump has told them he is not for sale.

jan v
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jan v

all the lobbyists are running all our government agencies and all the career civil servants who know how to run the country have been fired. YOU think this is a good thing ? what a crock…

thomas alessi
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thomas alessi

I am for Trump

Martin Shellabarger
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J. Stevenson, what are you drinking? Trump has more lobbyists in his administration than probably any other president. Trump is totally “for sale”, and the corporations know it. Grow a brain!

Anonymous
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Anonymous

Trump needs to be impeached and tossed in prison. Then have the key thrown away so he will never be free. Then he can see how it feels not to have freedom.

Mark Sullivan
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Mark Sullivan

Thank you for the usual insightful leftist low IQ Snowflake response.

barney
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hes not imprisoning them hes sending them back to their country chill tf out

SOUTH JERSEY
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SOUTH JERSEY

WHY DONT YOU HAVE FREEDOM?

Tom Larkin
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Tom Larkin

First, something positive. I was happy to learn of empirical information in article. BUT, the article was so slanted against President Trump as to be deemed fake news (“Perhaps Trump just lied.” (Two different issues)). The article mentions that President Trump raised over $67 million, but ended 2018 with $19 million. President Trump spent over $40 million 2016 and 2017. President Trump conducted 57 political rallies. The article notes the hats and T-shirts sold, but NEVER MENTIONS THE INCREASE IN THE NUMBER OF REPUBLICAN SENATORS during a mid-term election that lost the House and the number of political rallies in… Read more »

Ted Sirois
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Ted Sirois

At least Trump is getting donations from willing donors. Fresh from his first election, Obama used billions of our children’s tax dollars to save thousands of union jobs in the car industry and bailed out the banks and many Wall Street businesses. This secured his source of reelection funds for his reelection four years later.

South Jersey
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South Jersey

TRUMP 2020; IS AN AMAZINGLY SMART MAN! VERY ORIGINAL & CREATIVE. I AM HAPPY TO HAVE HIS AS POTUS.

SOUTH JERSEY
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SOUTH JERSEY

THIS ARTICLE WAS OBVIOUSLY WRITTEN BY, A TRUMP-HATE-GROUP. THAT FEELS; IT IS NOT NORMAL TO BE SUCCESSFUL WITH YOUR OWN BRAND NAME. WHEN, IF FACT, IT IS NORMAL! >>>>> THIS IS >>> FAKE NEWS!!! <<<< ie: A PACK-OF-LIES; SPUN INTO; DEFAMATION OF CHARACTER. FOR A SINISTER-AGENDA OF; FASCIST DEMOCRATIC SOCIALIST, COUP D'ETAT

David
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David

Are you on some kind of drugs? Writing in caps makes me think that you are grumpy old fart or a uneducated hillbilly.