Donald Trump is a fraud. The man hailed on television shows like The Apprentice and throughout the media as one of America’s top entrepreneurs is about to pile up more major bankruptcies. He is, in reality, one of the biggest business failures in world history.
In fact, Trump may be the greatest fraud in American history. So far, Donald Trump’s sole and only successful enterpreneurial skill has been to outlive his father. When Fred Trump died he was worth $400 million. The death of Fred Trump was arguably the last successful business venture of “The Donald.” Fred Trump’s inheritance money was responsible for contributing a “significant amount to Donald Trump’s wealth.”
Since then it has been failure after failure for Trump. Most people already know that Trump bankrupted his casino empire in Atlantic City. TWICE. In 2005, The New York Times business section wrote that Trump was close to “shutting his doors” in the late ’90s. He was forced to borrow money from family members against the future inheritance of his dying father. Without his family loans “there would be no Donald Trump” as we know him today according to the Times. Trump then lied to the paper about the loans.
DONALD TRUMP SHOWN HERE WITH HIS ORIGINAL HAIR AND BUSINESS FAILURES
All of this is old news. Everybody knows how Trump re-invented himself and became America’s most famous celebrity rich guy. However, there are two seperate reports today that Trump is about to bite it again financially and he has taken hundreds of millions of investors’ dollars down with him.
First comes news in The Wall Street Journal that Trump Entertainment Resorts (Trump’s casino company) is going to miss a $53.1 million interest payment due today. Trump’s $53 million is just the INTEREST on $1.25 billion in outstanding notes. Trump can’t even pay the interest on the debt, let alone the principle on the loans. The company’s stock is now worth 31 cents a share due to Trump’s business genius. A year ago the stock was worth $6 a share. Once, the stock went for $24 a share.
Meanwhile, in a completely seperate financial Titanic, Trump’s other business, the Trump Organization (the real estate company he inherited from is father), is being sued over construction of the Trump International Hotel in Chicago. Donald Trump put up a “personal guarantee” of $40 million on the project which cost $640 million. Trump still owes over $334 million on the loan. Again, he can’t even pay the $40 million he PERSONALLY owes, let alone the $334 million owed to creditors.
THE TIC-TAC-TOE PLAYING CHICKEN HAD MORE FINANCIAL ACUMEN THAN DONALD TRUMP
Finally, anybody who has ever been to Atlantic City knows Trump’s properties (the Trump Plaza and the Trump Taj Mahal) are dumps. They are comparable to the most outdated Las Vegas facilities like the Tropicana or the Imperial Palace, filled with cigarette smoking, 70-year-old blue hairs. While builders in Vegas have spent the better part of the last two and a half decades building glimmering and opulent palaces in the desert, during times of record growth and profit, Trump COMPLETELY MISSED the gravy train. The famous tic-tac-toe playing chicken had more success and a better Las Vegas track record than Trump. You’d have been better off investing your money in the chicken.
By the time Trump got around to building in Las Vegas, the economy had tanked. Although sales were brisk for both of the Las Vegas Trump Tower projects, the resulting bank financing to Trump’s wealthy tenants was an unmitigated disaster. Months after its opening, Trump International had closed escrow on less than 20 percent of its buyers according to the Las Vegas Sun.
If you were an investor in any of Donald Trump’s casino or real estate projects, it’s far beyond time to tell the fake tycoon, “You’re fired.”
DONALD TRUMP ATLANTIC CITY: STOCK IN TRUMP’S CASINOS ARE NOW WORTH 31 CENTS A SHARE. HE MISSED A $53 MILLION BANK PAYMENT TODAY.
DONALD TRUMP CHICAGO: TRUMP IS BEING SUED FOR $40 MILLION HE OWES IN A “PERSONAL GUARANTEE” FOR THE TRUMP INTERNATIONAL HOTEL. INVESTORS ARE OUT $334 MILLION.
DONALD TRUMP LAS VEGAS: ECONOMY HAS WRECKED CLOSINGS ON VEGAS MEGA PROPERTY