JesusNEVERexisted wrote:He's run a HUGE international business with 10s of thousands of employees! He knows international dignitaries and has traveled globally more than any other GOP candidate. He knows the economy. He WILL secure the border. He'll get tough with China, Russia, & Mexico!
What's not to like?
He is a con man and a failure...4 chapter 11s and now the fraud lawsuits over Trump University.
Sometimes I think you should try meds or therapy. From Wikipedia
Trump manages business financing as far as possible without placing himself at risk of personal bankruptcy.[131
] Four of his businesses have declared Chapter 11 bankruptcy.[131][132] According to a 2011 report by Forbes, these were due to over-leveraged hotel and casino businesses in Atlantic City: Trump’s Taj Mahal (1991), Trump Plaza Hotel (1992), Trump Hotels and Casino Resorts (2004), and Trump Entertainment Resorts (2009)[133][134] Trump said "I've used the laws of this country to pare debt. ... We'll have the company. We'll throw it into a chapter. We'll negotiate with the banks. We'll make a fantastic deal. You know, it's like on 'The Apprentice.' It's not personal. It's just business."[135] He indicated that other "great entrepreneurs" do the same.[133]
Robert Reich took a critical view of his bankruptcy proceedings opining that "people with lots of money can easily avoid the consequences of bad bets" and are protected by limited liability in contrast to laid-off workers who "are stuck with the mess."[136]
Trump’s first corporate bankruptcy was in 1991 when Trump Taj Mahal was unable to pay its obligations.[135] Forbes indicated that his first bankruptcy was the only one where his personal wealth was involved. Time, however, maintains that also in the later 2004 bankruptcy $72 million personal money was involved.[137]
On November 2, 1992, the Trump Plaza Hotel filed a prepackaged Chapter 11 protection plan. Under the plan, Trump agreed to give up a 49 percent stake in the luxury hotel to Citibank and five other lenders.[138] In return Trump would receive more favorable terms on the remaining $550+ million owed to the lenders, and retain his position as chief executive, though he would not be paid and would not have a role in day-to-day operations.[139] Trump's name became a punchline for comedians, "associated with the worst of 1980s extravagance, egomania, and greed."[138]
In the subsequent restructuring of these two events Trump had eliminated a large portion of his $900 million personal debt by 1994[140] and reduced significantly his nearly $3.5 billion in business debt. While he was forced to relinquish the Trump Princess yacht and the Trump Shuttle (which he had bought in 1989), he managed to retain Trump Tower in New York City and control of his three casinos in Atlantic City. Chase Manhattan Bank, which lent Trump the money to buy the West Side yards, his biggest Manhattan parcel, forced the sale of the tract to Asian developers. According to former members of the Trump Organization, Trump did not retain any ownership of the site's real estate – the owners merely promised to give him about 30 percent of the profits once the site was completely developed or sold. Until that time, the owners of The West Side Yards gave him modest construction and management fees to oversee the development, and allowed him to put his name on the buildings that eventually rose on the yards because his well-known moniker allowed them to charge a premium for their condos.[141] In 1995, he combined his casino holdings into the publicly held Trump Hotels & Casino Resorts. Wall Street drove its stock above $35 in 1996, but by 1998 it had fallen into single digits as the company remained profitless.
The third corporate bankruptcy was on October 21, 2004, when Trump Hotels & Casino Resorts announced a restructuring of its debt.[142] The plan called for Trump's individual ownership to be reduced from 56 percent to 27 percent, with bondholders receiving stock in exchange for surrendering part of the debt. Trump Hotels was forced to seek voluntary bankruptcy protection to stay afloat. After the company applied for Chapter 11 Protection in November 2004, Trump relinquished his CEO position but retained a role as Chairman of the Board. In May 2005[143] the company emerged from bankruptcy as Trump Entertainment Resorts Holdings.[144]
The most recent corporate bankruptcy occurred in 2009. On February 13, Trump announced that he would resign from the board of Trump Entertainment Resorts and four days later the company filed for Chapter 11 bankruptcy.[145] At that time Trump Entertainment Resorts had three properties in Atlantic City: Trump Taj Mahal, Trump Plaza, and Trump Marina (sold in 2011). In early August 2014 Donald Trump filed a lawsuit requesting his name be removed from the Trump Plaza Hotel and Casino and the Taj Mahal facilities since he no longer runs or controls the company.[146] Trump Entertainment Resorts filed again for bankruptcy in 2014.[147]
In March 1990, after an analyst at Janney Montgomery Scott said that Trump's Taj Mahal project would initially "break records" but would fail before the end of that year, Trump threatened to sue the firm unless the analyst recanted or was fired. The analyst refused to retract the statements, and was fired by his firm.[148] Taj Mahal declared bankruptcy for the first time in November 1990.[149] A defamation lawsuit by the analyst against Trump for $2 million was settled out of court.[150] The analyst's statements regarding the Taj Mahal's prospects were later called "stunningly accurate."[151]
In January 2002, the Securities and Exchange Commission brought a financial-reporting case against Trump Hotels & Casino Resorts Inc., alleging that it had committed several "misleading statements in the company's third-quarter 1999 earnings release." The matter was settled with the defendant neither admitting nor denying the charge.[152]
During the 2008 financial crisis Trump International Hotel and Tower in Chicago was unable to sell sufficient units. Lender Deutsche Bank refused to let Trump lower the prices on the units to spur sales. Arguing that the financial crisis and resulting drop in the real estate market is due to circumstances beyond his control, Trump invoked a clause in the contract to not pay the loan.[153] Trump then initiated a suit asserting that his image had been damaged. Both parties agreed to drop their suits, and sale of the units went on.[154]
In 2015 Trump initiated a $100 million lawsuit against Palm Beach County claiming that officials pressured the FAA to direct air traffic to the Palm Beach International Airport in a "deliberate and malicious" act over his Mar-A-Lago estate.[155] The air traffic is allegedly damaging the construction of the building and disrupting its ambience. Trump had previously sued twice over airport noise.[155]