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That link doesn’t support your contention Trump was personally responsible, in fact it says: >It’s not fair to put all the blame on Trump for the four bankrupt
by will_brown 9y ago
That link doesn’t support your contention Trump was personally responsible, in fact it says:
>It’s not fair to put all the blame on Trump for the four bankruptcies because he’s acting as any investor would. Investors often own many non-integrated companies, which they fund by taking on debt, and some of them inevitably file for bankruptcy, said Adam Levitin, a law professor at Georgetown University.
And basically supports what what I suggest:
>He added that people typically wouldn’t personally blame former Republican presidential candidate Mitt Romney or investor Warren Buffett for individual failures within their investment companies, Bain Capital and Berkshire Hathaway, respectively.
Despite the fact the guy pretends to be self-made (he isn’t), there is something to be said for someone who took a $10M loan from his father and turned it into a $1B+ Business empire. Sure there have been some individual business failures along the way (which his ego barely allows him to acknowledge), but it pretty funny SV with its ethos of not being afraid to fail and iterating, is so petty they extend 4 business bankruptcies (which were all chapter 11 reorganization’s) onto the man personally, but would never dare put that type of standard on SV investors (just as the article you linked suggests).
- nl 9y agoRead the first two. 1) He funded the construction of the $1 billion Trump Taj Mahal casino in Atlantic City, which opened in 1990. By 1991, the casino was nearly $3 billion in debt, while Trump had racked up nearly $900 million in personal liabilities, so the business decided to file for Chapter 11 reorganization, according to the New York Times. As a result, Trump gave up half his personal stake in the casino and sold his yacht and airline, according to the Washington Post. 2) As a result of the bankruptcy, in exchange for easier terms on which to pay off the debts, Trump relinquished a 49 percent stake in the Plaza to a total of six lenders, according to ABC News. Trump remained the hotel’s CEO, but it was merely a gesture -- he didn’t earn a salary and had no say in the hotel’s day-to-day operations He had a lot to do with those two.