Editing Fred Trump (section)

===Profiteering===
In early 1954, President Dwight D. Eisenhower and other federal leaders began denouncing real estate profiteers. On June 11, ''The New York Times'' included Trump on a list of 35 city builders accused of profiteering from government contracts.<ref>[https://m.dailykos.com/stories/2019/10/9/1891371/-What-did-you-do-in-WWII-Daddy-Answer-Screw-patriotism-it-about-War-Profiteer What did you do in WWII Daddy? Answer: Screw patriotism, it is about $$$. War Profiteer.], ''Daily Kos''</ref> He and others were investigated by a U.S. Senate Banking committee for windfall gains. Trump and his partner William Tomasello were cited as examples of how profits were made by builders using the FHA. The two paid $34,200 for a piece of land which they rented to their corporation for $76,960 annually in a 99-year lease, so that if the apartment they built on it ever defaulted, the FHA would owe them $1.924 million. Trump and Tomasello evidently obtained loans for $3.5 million more than Beach Haven Apartments had cost. Trump argued that because he had not withdrawn the money, he had not literally pocketed the profits.He further argued that due to rising costs, he would have had to invest more than the 10% of the mortgage loan not provided by the FHA, and therefore suffer a loss if he built under those conditions.

In 1966, Trump was again investigated for windfall profiteering, this time by New York's State Investigation Commission. After Trump overestimated building costs sponsored by a state program, he profited $598,000 on equipment rentals in the construction of Trump Village, which was then spent on other projects. Under testimony on January 27, 1966, Trump said that he had personally done nothing wrong and praised the success of his building project. The commission called Trump "a pretty shrewd character" with a "talent for getting every ounce of profit out of his housing project", but no indictments were made. Instead, tighter administration protocols and accountability in the state's housing program were called for.