Politico mistakenly reported the Trump Bank of China loan story


Politics published an editor’s note admitting errors in its reporting on Pres. Donald Trump and the Bank of China. “We failed in this case”, Politics wrote.

In an April 27 editorial note, Politics admitted that she did not contact the Bank of China USA before the publication, but heard from them after the publication to inform them that their story was out of date.

The article was originally titled: “Trump owes tens of millions to Bank of China – and loan is due soon.” But, now that this article has been edited to read, “Trump owed tens of millions to the Bank of China.” The original article claimed that the Bank of China was one of the banks involved in a “nearly $ 1 billion refinancing deal” with the Trump Organization and that “Trump, through the Trump Organization, owes the Chinese state-owned bank tens of millions of dollars on a loan that matures in 2022.

However, the editor’s note stated that in fact the Bank of China “sold or securitized this debt shortly after the 2012 deal” and has “no current funding in any of the properties of the Trump Organization “. In addition, Politico said that one of its source documents, a 2017 document filed by Wells Fargo with the New York Department of Finance, was in error in claiming that Bank of China had a “guaranteed” interest “in the bank. 1290 Avenue of the Americas; this document is being edited by Wells Fargo, Politics noted.

A Politics the spokesperson provided iMediaEthics with a copy of the memo PoliticsThe editor-in-chief of his staff envoy who read in part: “As we point out, we were wrong about a central premise of our original story. President Trump owes the Bank of China nothing at this time. It’s no consolation that the 2012 deal we started with was just one of many examples we used.

The note explains why the error occurred. The public records were wrong. Multiple sources, including from Trump’s orbit, were consulted. We also committed a fundamental and inexcusable fault ourselves: We did not ask the Bank of China for comment before we published the article. Once we had new facts on Friday night, we updated the story. Once we confirmed the Bank of China’s claims about us on Monday, we corrected the story and told readers what happened.

Besides his editor’s note, Politics posted this correction on his article:

Correction: An earlier version of this article stated that President Trump owed the Bank of China tens of millions due to a 2012 real estate deal. Although the Bank of China helped fund the deal, it did then sold its stake in the loan.

Hat tip: Mediaite

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