JP Morgan Chase, Fidelity Investment, Prudential PLC, Deutsche Bank, Wells Fargo - these are part of the 150 or more financial institutions that own business debt held by US President-elect Donald Trump, revealed The Wall Street Journal through their investigation, The Journals.
Trump's actual finances statement however remain murky - with his refusal to release his tax returns. According to the newspaper, he owes at least hundreds of millions of dollars, spread across more than 150 institutions and some of it is backed by his personal guarantee.
WSJ also stated that such broader array of financial institutions have a powerful position over Trump.
"If the Trump businesses were to default on their debts, the giant financial institutions that serve as so-called special servicers of these loan pools would have the power to foreclose on some of Mr. Trump's marquee properties or seek the tens of millions of dollars that Mr. Trump personally guaranteed on the loans," WSJ said.
The Journal's analysis finds that the institutions bought Trump's debt after it was repackaged as bonds.
It is also revealed through financial disclosure in May by Trump which show he owed at least $315 million to at least 16 companies.
President-elect's transition team has not yet making any feedbacks to the Journal. Earlier Trump suggested that he will be talking about financial conflicts at a press conference which will be held next week, but there was no indication that he will sell his holdings to dodge conflicts.
According to CNN, he will soon oversee the SEC and Justice Department which currently investigating Wells Fargo's case of creating millions of unauthorized bank accounts.
Trump also said that he wants to repeal Dodd-Frank, the financial reform law which led to the creation of Consumer Financial Protection Bureau - which plays a big part of levying fines against Wells Fargo.
