Trump Discloses Over $9 Million in Bonds Including Goldman Sachs

President Donald Trump’s latest financial disclosure lists purchases of bank and government bonds that include Goldman Sachs and Bank of America, a detail flagged in an initial report that put the figure at “over $9 million.” A separate NOTUS analysis of the Office of Government Ethics disclosure dated Dec. 18, 2025, however, concludes the president’s late‑October through mid‑November bond purchases are worth between $22.1 million and $65.3 million.

NOTUS reporter Dave Levinthal summarized the OGE filing in a Dec. 23, 2025 analysis, writing, “Taken together, Trump’s investments, which he made during late October through mid-November, are worth at least $22.1 million and as much as $65.3 million, a NOTUS analysis of the Dec. 18 Office of Government Ethics disclosure indicates.” The OGE form’s use of broad value ranges is central to that wide aggregate estimate: “Government officials are only required to disclose the values of their personal investment purchases and sales in broad ranges,” the NOTUS piece notes.

The OGE disclosure and NOTUS list a roster of corporate-debt issuers tied to the purchases, naming the Royal Bank of Canada, Canadian Imperial Bank of Commerce, Morgan Stanley, Wells Fargo, Goldman Sachs, American Express, Citigroup, Bank of America, and Capital One. NOTUS also reports that “some of Trump’s largest investments of late involve local governments,” indicating the president’s portfolio contains both corporate securities and municipal debt.

The White House did not provide an immediate comment on the OGE filing, and NOTUS records the administration’s prior statement that Trump “is not personally involved in decisions to buy or sell bonds and pays money managers to do so.” That distinction may matter to Goldman Sachs staff and bond desks because NOTUS frames the purchases against a wider policy backdrop: the analysis says Trump “sought significant control over monetary policy that affects banks” and “successfully lobbied the Federal Reserve to reduce interest rates three times this year,” and that he “will soon nominate a replacement for Fed Chair Jerome Powell, whose term ends in mid-2026.”

The documents present a reconciliation problem between the “over $9 million” figure and the NOTUS $22.1M–$65.3M range. The sources do not explain whether the smaller number represents a subset of issuers or an alternate reading of OGE’s range bands; the only explicit explanation available in the materials is that OGE disclosures report amounts in broad ranges, which can yield divergent totals depending on how ranges are aggregated.

Legal context in a separate CourthouseNews excerpt underscores past litigation over valuation and disclosures tied to the Trump Organization. That excerpt states the Statements “routinely did not use estimated current values, departed from independent appraisals by hundreds of millions of dollars,” and notes that “Mr. Jeffrey McConney (the Trump Organization’s former Controller) and Allen Weisselberg (its former Chief Financial Officer) were responsible at different times for preparing the Statements.” The excerpt also records findings that defendants “prepared, approved, or certified 29 the Statements; had deep knowledge of the misrepresentations; and exercised a high degree of control over the Trump Organization as executives.”

For Goldman Sachs, the explicit naming in the disclosure places the firm among the issuers tied to a high‑profile portfolio that Democrats and watchdogs “have long accused” the president of using to generate conflicts, a charge the president denies. The OGE filing and NOTUS’s Dec. 23 analysis make clear the scale, the issuer list, and the timing of the purchases—even as the exact dollar totals remain a function of how broad OGE ranges are interpreted.