Your Daily Trump––Trump the Business Failure
Pulitzer Prize winning financial journalist David Cay Johnston goes over the fiasco in this article.
Frontline takes a close look at how the Trump failure unfolded, and it gives you a pretty good idea how rich people avoid losing big even when they fail big. His bankers didn’t foreclose on him publicly. They figured his name on the casino and hotel buildings was worth more than the encumbered real estate, so they left his name up. It appears that his name in large gold letters––just the letters, not the buildings–– might be the only real estate Trump owns. So the Trump name works as a neat metaphor for something that is all show and no substance.
That wasn’t the first time he lost that much. The first time was in 1990, as reported in the Wall Street Journal.
Chris Christie, Trump’s poodle who is also governor of New Jersey, is trying to spin the loss of $900+ million as a smart move. Even FoxNews laughed.
Christie himself softened Trump’s losses in New Jersey by cutting him a sweetheart bankruptcy deal. New Jersey's own reporters covered this story.
While Trump’s casinos lost millions Trump made millions. It’s very hard to lose money running a casino. Usually this is because casinos always make money. Trump’s didn’t. But Trump paid himself as if they did. Everyone who invested with him lost their money, but Trump paid himself millions. Reported by VOX.
By the way, the immigrants Trump says “steal American jobs”? They don’t. Billionaires do. The National Academies of Sciences, Engineering and Medicine appointed a task force which crunched the numbers and discovered the truth. Of course the folks inTrump’s cult despise experts. Reported by Bill Moyers.
Labels: Bill Moyers, David Cay Johnston, Frontline, Trump bankruptcies, Trump corruption, Trump failure, Trump fraud, Trump not paying his bills, Trump tax evasion, Trump the empty suit, Wall Street Journal