[Educator-Gold] POLITICS ELECTIONS AND ELECTION CAMPAIGNS : POLITICS ELECTIONS AND ELECTION CAMPAIGNS: CANDIDATES : UNITED STATES: POLITICS: POLITICAL PARTIES: REPUBLICAN PARTY, TEA PARTY : INDUSTRIES: PETROLEUM : LIBERTARIANISM : RACISM : BIGOTRY : EXTREMISM : HATE GROUPS : INTOLERANCE : PRESIDENTIAL CANDIDATES: NAMED PRESIDENTIAL CANDIDATES: DONALD TRUMP : BLATANT FALSEHOODS: SERIAL LIARS: Donald Trump’s Real Business “Genius” Was Being Bailed out by Daddy: How Trump Blew through $50 Million before 35

 

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POLITICS ELECTIONS AND ELECTION CAMPAIGNS: CANDIDATES :

UNITED STATES: POLITICS: POLITICAL PARTIES: REPUBLICAN PARTY, TEA PARTY :

INDUSTRIES: PETROLEUM :

LIBERTARIANISM :

RACISM :

BIGOTRY :

EXTREMISM :

HATE GROUPS :

INTOLERANCE :

PRESIDENTIAL CANDIDATES: NAMED PRESIDENTIAL CANDIDATES: DONALD TRUMP :

BLATANT FALSEHOODS:

SERIAL LIARS:

Donald Trump’s Real Business “Genius” Was Being Bailed out by Daddy:
How Trump Blew through $50 Million before 35

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Donald Trump’s Real Business “Genius” Was Being Bailed out by Daddy:
How Trump Blew through $50 Million before 35

Donald Trump can thank one person for righting his failing business  and it’s not the GOP candidate

SOPHIA TESFAYE

TOPICS: DONALD TRUMP, FRED TRUMP, KURT EICHENWALD, NEWSWEEK, TRUMP’S TAXES, ELECTIONS NEWS, MEDIA NEWS, NEWS, POLITICS NEWS

Salon

http://www.salon.com/2016/10/06/donald-trumps-real-business-genius-was-
being-bailed-out-by-daddy-how-trump-blew-through-millions-before-35/

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A shorter URL for the above link:

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http://tinyurl.com/jhwy4g2

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The Wall Street Journal reported last month that the $1 million loan Republican presidential nominee Donald Trump has repeatedly claimed to have received from his father to jump-start his supposedly $10 billion empire was far from the only assistance the business mogul received from Fred Trump:

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In September 1980, around the time Mr. Trump was laying the groundwork to build a casino in Atlantic City, New Jersey, his father lent him $7.5 million, a matter previously reported. In 1981, when Mr. Trump applied for a casino license, regulators learned he received a $100,000 salary as an executive vice president at his fathers company, Trump Management Inc., and yearly trust money that varied from around $32,000 a year to more than $200,000.

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After The New York Times reported that Donald Trump 1995 tax records show he lost nearly $1 billion dollars in a year, Newsweek financial reporter Kurt Eichenwald re-examined the real estate magnates early cash problems and found that when all of the loans and gifts from his father are taken into account, the candidates business genius appears abysmal.

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Using a report from the New Jersey Department of Law and Public Safety that summarizes Donald Trumps federal tax returns from the late 1970s (about which The Washington Post had reported in March), Eichenwald portrayed a younger Trump unable to control his spending and loading himself up with debt from the credit line in an apparent belief that he could make enough money through other deals and investments to cover the interest payments.

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Eichenwald wrote that the N.J. report was a result of an application for a casino license Trump had filed in the early 1980s:

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The application came on almost the exact same day as the opening of the development Trump portrayed as his biggest success  the rebuilding of the Commodore Hotel in Midtown Manhattan into the Grand Hyatt New York. But Trumps success in that deal  as well as every project that preceded it came because he was born with a silver shovel in his mouth. His father, a major New York developer named Fred Trump, had personally guaranteed the construction loan from his banker at Chase Manhattan so that his son could do the project. Through that same banker, Fred Trump also arranged for Donald Trump to obtain a personal line of credit of $35 million at Chase Manhattan. In one more bit of evidence that the wealthy are not like you and me, the bank gave Trump the loan without even requiring a written agreement.

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The complete article may be read at the URL above.

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Sincerely,
David Dillard
Temple University
(215) 204 – 4584
jwne@temple.edu
http://workface.com/e/daviddillard

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[Educator-Gold] POLITICS ELECTIONS AND ELECTION CAMPAIGNS : POLITICS ELECTIONS AND ELECTION CAMPAIGNS: CANDIDATES : UNITED STATES: POLITICS: POLITICAL PARTIES: REPUBLICAN PARTY, TEA PARTY : INDUSTRIES: PETROLEUM : LIBERTARIANISM : RACISM : BIGOTRY : EXTREMISM : HATE GROUPS : INTOLERANCE : PRESIDENTIAL CANDIDATES: NAMED PRESIDENTIAL CANDIDATES: DONALD TRUMP : BLATANT FALSEHOODS: SERIAL LIARS: Donald Trump’s Real Business “Genius” Was Being Bailed out by Daddy: How Trump Blew through $50 Million before 35

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