Quote:
Originally Posted by crucifissio
He started of with 100.000.000$ bank money from his dads connections. The very first building contract he landed was with his fathers connections. Even with all this, and playing business on "easy" mode in the USA he managed to bankrupt his business 4x.
His dad bought millions of $$$ in chips in his sons casinos to save his ass.
He got in to gambling, with huge connections, and dads money and went broke. Its like playing a game on easy mode, with cheat codes, and still losing, 4x
But what really makes me laugh is his explanation for the bankruptcies. "They are not personal they are corporate"  it is the intellectual equivalent of saying "a loophole in the law stopped me from going under 4x so it does not count I am the balls!"
there is a law in my 3rd world shit hole that prevents any CEO that had a business in bankruptcy in any way from becoming a CEO of other companies <----food for thought |
The Donald worked with his dad in Queens for a few years in the 70s building rent-controlled housing before branching off on his own in Manhattan. He owns 500 business according to his financial filings, and out of those 500 only 4 of them have used Chapter 11 restructuring laws to renegotiate debt, keep the business open, and keep people on the payroll. It's disingenuous for people to act like Chapter 11 bankruptcies are his personal bankruptcies rather than the ones of his company. Trump himself never failed and went bankrupt. A big part of his business plan is buying up failing/failed companies, restructuring them, and rebuilding the company. He then decides whether or not he will keep the company as an asset and absorb it into his empire or sell it off for a profit. Sure he used Chapter 11 in 4 cases, but that is standard business practice. You get the company's debt under control by filing for protection from creditors who would otherwise destroy what is left of the company with the obligation, and undergo a plan to restructure while paying some of the debt back. There's nothing unethical or illegal about it. It's just because Trump is a billionaire and the media wants people to believe that someone with that kind of money should never need to use bankruptcy.
Criticizing Trump for those Chapter 11's is like saying Babe Ruth was a shit baseball player because he had 1,330 strikeouts in his career.
Quote:
Originally Posted by SuckOnThis
Trumps daddy left him $40,000,000 in 1974, not one million, which is equal to about $300,000,000 in today's money. He would be worth more now if he would had simply put his money in the stock market and did nothing. And no, most people who win hundreds of millions (which there arent many of) are bankrupt, but Trump has filed for bankruptcy 4 times.
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That argument has always been based on bad facts and bad math. It makes the assumption that The Donald got all of his inheritance in 1971. He was given control of the company but he wasn't given control of all the money. His parents lived until 1999 and 2000, and his father's holdings, worth $200,000,000, where split between Donald and three siblings. If he had total control of his dad's finances in 1971 then he wouldn't have needed the $1,000,000 loan from him in 1975, which was when he decided to break into Manhattan.
Besides, even if the "if he had just invested all his money in stocks he'd be richer" argument is true, it doesn't take into account the fact that Trump has established a brand that people all over the world are aware of. If he just put all his money in stock, he wouldn't have any Trump buildings and casinos, golf courses, TV shows, media presence, and a real shot in the presidential race at the start due to name recognition.