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Warren, Cummings, Carper, Peters Press Citigroup and Apollo on Concerns about Kushner Family Business Loans

Apr 13, 2018
Press Release

Warren, Cummings, Carper, Peters Press Citigroup and Apollo on Concerns about Kushner Family Business Loans

Response to Inquiries Reveals Extensive and Ongoing Financial Ties;
Jared Kushner's Multimillion Dollar Personal Stake in Properties

Text of letter to Citigroup (PDF)

Text of letter to Apollo Global Management (PDF)

Washington, DC - United States Senators Elizabeth Warren (D-Mass.), Tom Carper (D-Del.), Gary Peters (D-Mich.), and Representative Elijah Cummings (D-Md.), the Ranking Member of the House Committee on Oversight and Government Reform, released new information obtained from the companies and sent follow-up letters asking Citigroup and Apollo Global Management to provide additional information and documents about their loans and other ties to Kushner Companies.

The Members of Congress first sent letters to the companies last month seeking information on reports that they provided more than $500 million in loans to Kushner Companies, the family business of Senior Advisor to the President Jared Kushner, after meeting with Mr. Kushner in the White House. The companies' March 20th responses revealed that:

  • Financial ties between Kushner Companies and Citigroup and Apollo Management are more extensive than initially reported, and Kushner Companies owes Apollo more than $250 million and Citibank more than $600 million. 
  • The loans from Apollo Management and Citibank to Kushner Companies were originated after Mr. Kushner became or was about to become a White House Senior Advisor to President Trump. 
  • Jared Kushner has a personal stake that appears to be worth more than $20 million in properties where Citi provided financing to Kushner Companies. 
  • Citigroup sought an audience with Mr. Kushner because of his White House "leadership role," and Mr. Kushner discussed key Trump Administration policy priorities with Michael Corbat, Citigroup's CEO.

Apollo asserted that founder Josh Harris and Jared Kushner never discussed any loans to Kushner Companies, and that both loans were "consistent with market terms." Citigroup asserted that their DUMBO heights mortgage loan to Kushner Companies was completely appropriate, did not have CEO Michael Corbat's knowledge or approval, and that the loan or any personal business with Mr. Kushner or Kushner Companies were not discussed at their meeting.

But the companies failed to provide certain information or documents that would validate their assertions and failed to answer other key questions.  Apollo provided no information on whether any of the debt involved foreign financing or guarantees, or about whether Mr. Kushner and Mr. Harris discussed a White House job - a particularly troubling omission given a new report that Kushner discussed appointing Mr. Harris as Director of the Office of Management and Budget at the meeting.
 
The Members of Congress asked Apollo and Citigroup to answer their new questions and provide documents about the loans and communications with Mr. Kushner and the Kushner family business by April 25, 2018.

115th Congress