Newsweek exposes Trump as the business fraud he is

Newsweek exposes Trump as the business fraud he is

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Trump’s big line is he should be president because he is a successful businessman. After reading this devastating Newsweek story, no Trump apologist can ever say that again.

The story goes through the bankruptcies of course, but there are defaults, people ripped off, and lie upon lie upon lie upon lie.

My favorite stuff from the article:

  • Trump lied to Congress.
  • Trump was publicly insulting Native Americans while other real business people were making deals to help manage their casinos.
  • Trump signed a deal with one Native American casino, and they paid him $6 million to go away.
  • Trump punched his second grade teacher
  • Trump lied in his books, then blamed the same woman he blamed for Melania Trump’s plagiarized speech.
  • Trump lied in a filing with a bank where he was trying to get a loan about how much he was worth.
  • Trump lied about how much money he got from his dad.
  • Trump’s dad gave him illegal loans by taking cash to his casino, turning it over at a craps table, loading up a suitcase with $5,000 chips, and leaving.
  • Trump’s earliest deals all lost money and he only did well when his dad guaranteed loans.
  • Trump spent $1 million per plane to turn a shuttle into a luxury trip that no one wanted to take. The planes were only worth $4 million each.

There is just so much more. I want to give a few quotes:

Lost contracts, bankruptcies, defaults, deceptions and indifference to investors—Trump’s business career is a long, long list of such troubles, according to regulatory, corporate and court records, as well as sworn testimony and government investigative reports. Call it the art of the bad deal, one created by the arrogance and recklessness of a businessman whose main talent is self-promotion.

He is also pretty good at self-deception, and plain old deception. Trump is willing to claim success even when it is not there, according to his own statements. “I’m just telling you, you wouldn’t say that you’re failing,” he said in a 2007 deposition when asked to explain why he would give an upbeat assessment of his business even if it was in trouble. “If somebody said, ‘How you doing?’ you’re going to say you’re doing good.” Perhaps such dissembling is fine in polite cocktail party conversation, but in the business world it’s called lying.

Trump tells everyone he is a gazillionaire. How does he decide his net worth?

Trump is quick to boast that his purported billions prove his business acumen, his net worth is almost unknowable given the loose standards and numerous outright misrepresentations he has made over the years. In that 2007 deposition, Trump said he based estimates of his net worth at times on “psychology” and “my own feelings.” But those feelings are often wrong—in 2004, he presented unaudited financials to Deutsche Bank while seeking a loan, claiming he was worth $3.5 billion. The bank concluded Trump was, to say the least, puffing; it put his net worth at $788 million, records show. (Trump personally guaranteed $40 million of the loan to his company, so Deutsche coughed up the money. He later defaulted on that commitment.)

And the money quote:

Trump’s many misrepresentations of his successes and his failures matter—a lot. As a man who has never held so much as a city council seat, there is little voters can examine to determine if he is competent to hold office. He has no voting record and presents few details about specific policies. Instead, he sells himself as qualified to run the country because he is a businessman who knows how to get things done, and his financial dealings are the only part of his background available to assess his competence to lead the country. And while Trump has had a few successes in business, most of his ventures have been disasters.

It’s a long article, but it puts the lie to Trump’s lie that he is a successful businessman. He’s just a guy who inherited money.

Source: dailykos.com

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