A Small Number Of Personal Funds Was Used
The New York Times came to a different conclusion when reviewing security documents, court documents and regulatory investigations. Trump received millions in salary, bonuses, and other payments after putting up very little cash.
The newspaper stated that Trumps failures were most likely attributable to investors and others who relied on his financial abilities.
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Trump Ice And Trump Vodka
Trump tried turning the branded bottled water sold at his casino into a home product throughout the mid-2000s. It fizzled, and assorted bottles are now eBay, but some made their way to Marco Rubio as an insult.
Trump Vodka also drowned around the same time, disproving its tagline, Success Distilled.
Anyone noticing a product pattern here?
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Trump Castle Associates 1992
In less than a year he was back in bankruptcy court for his other Atlantic City casinos. This bankruptcy included the Trump Plaza Hotel in New York, the Trump Plaza Hotel and Casino in Atlantic City as well as the Trump Castle Casino Resort. He gave up half his interest in the New York Plaza to Citibank, but retained his stake in the casinos.
New Report Details Decades Of Presidents Taxes And Financial Failures
On Sunday, The New York Times published a blockbuster report on the Presidents tax returns, revealing details from decades of confidential filings and information related to Trumps businesses. The report paints a picture of a president whose business interests are in financial distress and whose looming money challenges could push him into bankruptcy in the near future. The findings pose a troubling, but important, question to ask:
Is President Trump actually broke?
The explosive reporting by The New York Times is based on a review of two decades of Trumps personal and corporate tax record, ranging from his days as a high-profile real estate developer to the beginning of his tenure as President. In publishing their findings, the Times explained the rationale behind their decision.
We are publishing this report because we believe citizens should understand as much as possible about their leaders and representatives their priorities, their experiences and also their finances. Every president since the mid-1970s has made his tax information public, the Times wrote in an editors note accompanying the report. Mr. Trump, one of the wealthiest presidents in the nations history, has broken with that practice.
The Times added, The records show a significant gap between what Mr. Trump has said to the public and what he has disclosed to federal tax authorities over many years.
ASSOCIATED PRESS
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Keep The Donald Afloat
could have simply taken everything he had right then, but they wanted his cooperation, said Lynn LoPucki, a bankruptcy expert and professor at UCLA Law School. Theres that old saying, If you owe your banks a little, youre at their mercy. If you owe the banks a lot, the banks are at your mercy. They saw the best way for him to repay the money was to keep the Donald afloat.
The Donald struck a deal with the banks to hand over half his ownership, and half of the equity, in the casino in exchange for a lower interest rate and more time to pay off his debt. He sold off his beloved Trump Princess yacht and the Trump Shuttle airplane to make his payments, and his creditors put him on a budget, putting a cap on his personal spending.
The first one was a really big hit for him. They had him personally, and he ended up taking substantial losses in that bankruptcy. He also had the humiliation of having some bankers deciding how much money he could spend the numbers are just astonishing the amount of his monthly budget, LoPucki said.
John Pottow, a bankruptcy expert and law professor at the University of Michigan, said banks would often agree to lose millions in reorganizations like Trumps to prevent the massive losses they would incur if they foreclosed on the property.
Banks will take considerable haircuts, Pottow said. Its sort of like you have a sick patient so you cut off a couple toes to stop the gangrene. Now hes missing a few toes, but hes still alive.
How Donald Trump Bankrupted His Atlantic City Casinos But Still Earned Millions
By Russ Buettner and Charles V. Bagli
ATLANTIC CITY The Trump Plaza Casino and Hotel is now closed, its windows clouded over by sea salt. Only a faint outline of the gold letters spelling out T-R-U-M-P remains visible on the exterior of what was once this citys premier casino.
Not far away, the long-failing Trump Marina Hotel Casino was sold at a major loss five years ago and is now known as the Golden Nugget.
At the nearly deserted eastern end of the boardwalk, the Trump Taj Mahal, now under new ownership, is all that remains of the casino empire Donald J. Trump assembled here more than a quarter-century ago. Years of neglect show: The carpets are frayed and dust-coated chandeliers dangle above the few customers there to play the penny slot machines.
On the presidential campaign trail, Mr. Trump, the presumptive Republican nominee, often boasts of his success in Atlantic City, of how he outwitted the Wall Street firms that financed his casinos and rode the value of his name to riches. A central argument of his candidacy is that he would bring the same business prowess to the Oval Office, doing for America what he did for his companies.
Atlantic City fueled a lot of growth for me, Mr. Trump said in an interview in May, summing up his 25-year history here. The money I took out of there was incredible.
Many others were glad to see him go.
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General United States Bankruptcy Statistics
1. 62% of personal bankruptcies in the United States were due to medical expenses.
A study conducted by Harvard University has shown that, without doubt, the most significant of all US bankruptcy statistics is that nearly two-thirds of all bankruptcies were due to medical expenses. One of the most interesting figures to come out of this study was that 72% of the bankruptcy filings had come from people with some form of health insurance. While this was a shock, it also crushed the myth that medical bills only affect the uninsured.
Medical bankruptcy statistics show that people taken by a rare disease or some form of serious illness will be left with hundreds of thousands of dollars in medical bills. Medical bills of this size can easily wipe out any savings, equity accounts, and college funds and leave no other option but to go bankrupt. Eventually, a surge in the US bankruptcy rate is likely to happen.
Moreover, with advancements in technology, healthcare costs in the United States are at an all-time high. As new illnesses emerge and more people become patients, health insurance is becoming expensive and extremely confusing.
It is no secret that Americans face their greatest financial difficulties regarding medical care. Since 26% of Americans between the ages of 18 and 64 are struggling to pay their medical bills, its no wonder these bankruptcy filing statistics show that medical expenses cause more people to go bankrupt than anything else.
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He Holds His Partner Hostage
Trumps bankruptcies led to the loss of hundreds of millions of dollars by his lenders. Other businesses that are underperforming Theyve written off losses often and given Trump more credit because its better than liquidation.
A former chairman of New Jerseys casino commission, Trump was described as too big for failure Atlantic City: If his casinos had stopped operating, it could have devastated the local economy.
Lenders and gaming officials came up with ways to keep Trump in the game while decreasing his control over these businesses. This was so that he wouldnt be able to take over again.
Numerous Republican senators and members are now linked to Trump through the political equivalent of a bank relationship. In a bid to be the political leader, Trumps fellow Republicans gave their support.
They were also winning when Trump was winning. If Trump loses, many of them will follow him. This could result in Republicans losing Senate elections in Arizona, Colorado and Iowa as well as North Carolina and giving Democrats control of the Senate.
Democrats will also control the executive and legislative branches if Biden wins the White House in a sweeping defeat for Trump and his GOP allies.
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Trump Never Loses Another Chance
Despite his many missteps, Trump has always rebounded and found new ways to pursue his interests. Trump shifted his business from developing projects to licensing and management deals after he had failed in the 1990s.
Trumps star rose to new heights when he was made a reality TV star as The Apprentice even though his casino business went bankrupt twice more. He capitalized on his fame to run for President in 2016, defeating two political dynasties, the Clinton and Bush families, on his way to becoming the White House.
Even if he loses in democrats2020 and experiences the same embarrassing setback as his hotel or casino failures, Trump will still be there. Trump has an extraordinary gift for selling that leads to more deals, sometimes with ex-partners who have reacted negatively to him but then warmed to him again.
Trump sued Deutsche Bank in 2008 to get some of his loan payments back. He was trying to sell condos in his Chicago tower. After two years of legal battles, the two sides settled, and Deutsche Bank began lending Trump money again in 2011. Trump likely hopes that 2020 voters will be equally forgiving.
Famous People That Went Bankrupt Before They Were Rich
Tweet This
A good friend once told me sometimes you have to take a step back to go forward.
Thats exactly what some famous, successful people did when they filed for bankruptcy. And most made it back to solvency.
Some even went well beyond their previous levels of wealth and fame after filing for bankruptcy.
In fact, for most it ended up being little more than a bump in the road of an otherwise successful life.
The point of this post isnt to recommend bankruptcy. But it is to show experiencing financial disaster isnt terminal! We all need to know this.
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Allegations Of Business Links To Organized Crime
Trump maintained a connection with organized crime members to supply the concrete for Trump Tower. According to former New York mobster Michael Franzese, âthe mob controlled all the concrete business in the city of New York,â and that while Trump was not âin bed with the mob ⦠he certainly had a deal with us. ⦠he didnât have a choice.âMafia-connected union boss John Cody supplied Trump with concrete in exchange for giving his mistress a high-level apartment with a pool, which required extra structural reinforcement. Trump admitted in 2014 that he had âhad no choiceâ but to work with âconcrete guys who are mobbed up.â He further stated that âI donât like getting close to people like that, but they respected me.â
Trumpâs lawyer Roy Cohn represented several mobsters in the past such as Carmine Galante, John Gotti, Anthony Salerno, possibly also representing Paul Castellano and Vincent Gigante. Cohn allegedly used his underworld connection to help Trump build Trump Tower.
Journalists David Cay Johnston and Wayne Barrett, the latter of whom wrote an unauthorized 1992 Trump biography, have claimed that Trump and his companies did business with New York and Philadelphia families linked to the Italian-American Mafia. A reporter for The Washington Post writes, âhe was never accused of illegality, and observers of the time say that working with the mob-related figures and politicos came with the territory.â
Donald Trumps Failed Businesses
Donald Trump has major business wins to his name, but he also has had some big losses.
In 1988, Trump spent $365 million on a fleet of Boeing 727s, as well as landing facilities in Boston, New York City and Washington, D.C. He also bought the rights to paint his name on a plane. His attempt to build a luxury flying experience under the Trump Shuttle name failed, however, and the company was decommissioned.
In 1990, the banks that backed Trumps investments provided him with a $65 million bailout in new loans and credit. Trumps famous Taj Mahal casino in Atlantic City, New Jersey, went bankrupt in 1991, and Trump Hotels & Casino Resorts went bankrupt in 2004. In 2009, the same company now called Trump Entertainment Resorts filed for bankruptcy again.
One of Trumps highest-profile business failures is Trump University. The unaccredited online college was launched in 2005 and closed down in 2010. Three Trump University lawsuits plagued his 2016 presidential campaign, alleging that Trump University was a scam that cost students tens of thousands of dollars. Trump settled the lawsuits for $25 million, though he did not admit any wrongdoing.
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Trump Entertainment Resorts 2009
His most recent bankruptcy came in 2009, after the company missed a $53.1 million bond payment. That was pretty much the end of the road for Trump in Atlantic City. While his name remained on three casinos, he resigned from the board and gave up his remaining stake in the company.
I had the good sense, and Ive gotten a lot of credit in the financial pages, seven years ago I left Atlantic City before it totally cratered, he said during the debate.
The two Atlantic City casinos that still had the Trump name filed for bankruptcy yet again in 2014. At the time Trump made sure people knew he was no longer running the company, and sued to have his name removed.
Save this story for later.
Many of Donald Trumps tweets arent worth paying attention to, but on Tuesday morning he posted a pair that demanded inspection. Like many other people, me included, the President had apparently been reading a story in the Times that punctured the mythology surrounding his business career. Based on Internal Revenue Service transcripts of Trumps tax returns from 1985 to 1994, the Timesreport said that Trumps core businesses racked up losses of more than a billion dollars in a ten-year period. During 1990 and 1991, the story said, Trumps losses were so large that they were more than double those of the nearest taxpayers in the I.R.S. information for those years.
Its Truly Going To Be An Incredible Place 1990
Donald Trump darted beneath the 70 gold-tipped minarets and nine carved elephants that lined the roof, through the lobby and across the casino floor, seemingly oblivious to the spectators cries of Donald, Donald, and the gamblers clutching bricks of $100 bills at the blackjack tables.
It was April 1990, and Mr. Trump was officially opening his third gambling resort in Atlantic City, the biggest project of his career: the $1 billion Trump Taj Mahal.
Its truly going to be an incredible place, he told reporters. Were calling it the eighth wonder of the world.
The Taj was certainly of outsize proportions: Its 42-story tower was New Jerseys tallest building, and the casino was the worlds largest.
In a remarkably short time, Mr. Trump had become a commanding figure in Atlantic City, with his casinos accounting for nearly a third of its gambling revenues and employing more than 8,000 people.
Trump Plaza came first. In the early 1980s, Mr. Trump gained control of a prime spot on the boardwalk. Unable to get financing to build a casino, he forged a partnership with Harrahs Entertainment, a national gambling operator.
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Bankruptcy Judge Weighs Nra Case
The National Rifle Association, long a feared power broker, will learn its fate this week in a court ruling that has the potential to hobble the gun-rights group and imperil the three-decade reign of its boss, Wayne LaPierre.
A judge is weighing several options. He could let the NRAs bankruptcy case go forward, giving the group a measure of refuge from a New York lawsuit that threatens its assets and its existence. He could put the group under the control of a trustee, empowered to make decisions about its finances and its future. Or, in a highly unusual move, he could throw the NRA out of bankruptcy court altogether.
There are land mines across the board here, said Brian Mittendorf, an Ohio State University accounting professor who has looked closely at the NRAs financial health.
For an organization that was until recently the most potent single-issue lobby in the U.S., none of the possible outcomes are great. The NRA has enjoyed enormous sway in Washington, beating back repeated attempts at stricter gun laws after mass shootings and building a fervent following closely tied to the Republican Party. It has spent millions of dollars to back candidates for president and Congress and on Supreme Court confirmation fights, and it was the largest financial backer of former President Donald Trumps successful 2016 campaign.
The NRA has called the suit a baseless attack on the Second Amendment, timed to have maximum impact during the election cycle.
