Steve Bannon Sought Bizarre Loan as His Jan. 6 Woes Spiraled

[NJCher]

Amid mounting legal problems, Bannon seems to have tried to borrow against property linked to a nonprofit he founded with a Chinese billionaire.



Ex-White House strategist Steve Bannon appears to have recently sought a loan against a Connecticut property linked to one of his troubled nonprofits, documents reviewed by The Daily Beast show, even though the charitable organization no longer owns the home.

The materials, addressed directly to Bannon at the $1.5 million stone estate in the plush suburban town of Wilton, do not reveal the amount of money sought, nor what Bannon sought it for. They do, however, date the loan application to Dec. 2, 2021, roughly three weeks after a grand jury indicted Bannon for refusing to testify before the House committee probing the Jan. 6 riot and around two weeks following his initial appearances in federal court.

https://www.thedailybeast.com/steve-bannon-sought-bizarre-loan-as-his-january-6-woes-spiraled


Some recent research I did on bannon said he was worth $50 million. If so, why would he try to borrow money off such a questionable property.

[SheltieLover]

1. Sounds like this piece of human garbage is squirming

[Mopar151]

2. Didn't he manage a hedge fund?

Personal opinion: Heavy drinking over decades, or chronic binge to coma alcohol abuse, can lower IQ 20 points. Bannon was already light on the ethical or humanitarian lobes.

[ProfessorGAC]

3. I'd Question The $50 Million Net Worth

That would be the simplest explanation for doing shady things over under 3% of reported net worth.
We know for sure that TFG & the crackhead pillow punk lied about what they were worth. Bannon is a bird of the same feather. His net worth could be faked, too.

[2naSalit]

23. +1

[Demovictory9]

34. me too

[bucolic_frolic]

4. If his charitable doesn't own the home, does he?

Getting a loan off a property you don't own sounds like one of the Dark Arts.

[Roy Rolling]

5. Nonprofit

The nonprofit company at question https://www.thedailybeast.com/the-messy-money-drama-behind-bannon-and-guo-wenguis-propaganda-machineis a Chinese propaganda company founded with a Chinese billionaire’s money. The “charitable organization” pushed political propaganda in China, with Bannon selling himself as a media genius to his Chinese partner.

It owned a $1.5 million home as a business asset?

Money flying under the radar from the Chinese partner to Bannon is the business model here—including the Chinese partner getting screwed by Bannon. Another Bannon art of the deal.

[Irish_Dem]

6. The Chinese will be happy to fund the downfall of the United States.

Last edited Sat Jan 8, 2022, 09:21 AM - Edit history (1)

They probably are a big chunk of dark money, along with the Russians.

[gab13by13]

10. You are another one who gets it,

I always look at Russia but China has been making hay, so to speak, on the attempted downfall of our democracy. China is using our failing democracy as a talking point to advance less democracy there.

China could very well be a bigger player than Russia in the demise of our democracy. Bannon was arrested on that Chines billionaire's yacht. I believe that Trump and Ivanka still do business there. I have no doubt that Russian and Chinese money is flowing to the people destroying our democracy.

Merrick Garland better be acting. Schumer better get those voter protection bills passed soon, the MSM will never do its job, Nicolle, Chris, and Rachel get it.

[Irish_Dem]

14. China is set to become the 21st century superpower.

It has been working on this goal for some time. Part of the plan would naturally include bringing down the US in any way possible. Yes indeed discrediting democracy in the US and Europe is a feather in their cap.

The US itself has been taking down foreign regimes it doesn't like for decades. I don't know why people think other countries won't do the same thing to the US.

China and Russia have forged an alliance recently. They have mutual goals and mutual enemies.

No doubt at all in my mind about the concerted efforts and funding they are sinking into their plans to destroy the US. And they are making excellent progress. Like taking candy from a baby.

[gab13by13]

20. I ran through a list of items that we are going to lose under a dictatorship,

people aren't thinking ahead what an unfettered autocratic US government will gladly take away from the unwashed.

They won't need to worry about courting them to get elected. Think about all of the good things we have that will go away.

Even in time, if necessary, they can take away people's guns. Those gun lovers don't understand that.

Let's not forget, along with foreign money we have American oligarch money funding autocracy.

[Irish_Dem]

25. The US wealthy have already forged an autocracy of sorts.

They corrupt elected officials who work for them, not the people.

The US has been an oligarchy for some time now. Rule by the rich and powerful. I guess going to a flat our autocracy is the logical next step.

[3825-87867]

16. Don't forget our (er, TFG's)

"southern" Middle East Friends!

[Irish_Dem]

24. Yes let's not forget the role the Saudi's are playing in all of this.

[Budi]

22. Chris doesn't get shit. He's a one note political hack that should go the way of Cuomo, Reid, ...

Take Todd & Mitchell too.

They have served this country at the behest of their Corporatee owners.

I don't know when Joy Reid is leaving but there are a few others who've earned that kick in the ass before her.
Their bias in saluting who owns them reeks.

[2naSalit]

26. They sure have been...

Buying up a lot of prime property and resorts out here in the Rockies over the past ten years. The folks who come here as tourists browse the national parks like they are squeezing tomatoes in the grocery store... acting as though they will soon own all of it.

[moonscape]

31. Okay, that's a terrifying paragraph. :(

[2naSalit]

33. Been going on for a while now.

[Lonestarblue]

7. The US needs to tighten laws on nonprofits, especially foreign-owned ones.

And while they’re at it, outlaw shell companies. They’re too easy to use for money laundering, Trump’s favorite scam.

[gab13by13]

11. That is Sheldon Whitehead's #1 talking point, Dark Money.

Our fascist SC allows it. Our fascists allowed Trump to ban Muslims entry into the US and their reasoning was that it is the president's job to protect Americans from harm, not our job, except when it is. Using that same reasoning why are they going to throw our OSHA's requirement that companies of 100 employees or more must be vaccinated or tested? Why, because we have a partisan SC chosen by the Federalist Society.

[empedocles]

8. bannon not 'worth' any amount

[2naSalit]

27. That's the truth! ...nt

[brush]

9. Worth 50 million? I highly doubt that. Guess he must've ran through...

the money he scammed from the gullible border wall magats.

He must be trying to keep his scam game in shape as this sounds like just another one.

[gab13by13]

12. Bannon is working every damn day,

getting honest election officials replaced by pro-Trump officials.

[brush]

13. Yep, he's got his fingers in lots of pies. Some may get cut off.

Come on, DOJ, do you thing on indictment.

[3Hotdogs]

15. A problem that China has..... on one hand, they would like to see the U.S. destroyed. O.T.O.H.,

We owe them $trillions that they loan to us so's we can buy guns to kill Chinese in the next war.

So....


If we are destroyed, there may not be money to repay those trillions.


Also, renumber the movie, "Rollover?" The theme was that middle eastern nations did not rollover money into new treasury bonds when the old bonds expired. This caused financial panic.


Well, China has the same power and problem.

[Historic NY]

17. These guys are neck deep in China $$$

[gab13by13]

21. I agree.

[Rebl2]

28. I don't

get it. They hate communism, but they admire communist leadership.

[paleotn]

18. He may not actually be worth 50M. Depends on how you count it.

In terms of liquidity, he may not have much in ready funds. Like the JG Wentworth commercials...he needs cash now.

But seeking a loan using property you don't own as collateral? An oversight, fraud? And who owns the property now? Think I'll go out Monday and get a loan based on the value of my neighbor's house. I'm sure they won't mind.

[Jarqui]

19. Maybe he fears civil action and is cashing in

to hide his assets.

I'm not really sure of that.

[NJCher]

29. I don't think he's worth $50 million either

I just stated that in my OP because it is what I saw in my searches, but it's not validated by any credible accounting firm, and even if it was, would Bannon release that information? Iffy.

I think that a lot of these guys are in trouble: financial trouble. When you're paying big time lawyers and you get that bill at the end of the month, it can empty bank accounts and put the push to liquidate other resources real fast. I've seen them on just the minor league cases I work on and it's a big slurp. Ten-12k a month. These scammers like trump and bannon are probably shelling out hundreds of thousands a month+ for all the cases against them. Lawyers always demand retainer money. You're always filling up that retainer bucket. My guess on their legal costs is probably way conservative.

So my point is this: early on we saw trump selling the rights to the post office building. Next we see him having to adjust expenses on his airplanes. Melania's out trying to hawk a hat for some ridiculous amount, as well as a painting. There's the digital rights thing.

Trump is getting funds from the GOP to pay his legal bills. There's $1.6 million right there. It all adds up to financial woes.

If you can't pay your legal soldiers, you're in trouble.

And even if they could get funds from China or Russia, they still have to account for how they got them.

[crickets]

32. 👆👆

[Generic Brad]

30. So who revealed he committed recent loan fraud?

Bannon wouldn't broadcast he just committed another crime. The lender would not violate the Bank Secrecy Act and risk fines and jail time. It's almost as if the DOJ wants everyone to know how screwed Bannon is.