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In the fall of 1992, after he cut a deal with U.S. banks to work off nearly a billion dollars in personal debt, Donald Trump put on a big gala for himself in Atlantic City to announce his comeback. Party guests were given sticks with a picture of Trump’s face glued to them so they could be photographed posing as the famous real-estate mogul. As the theme music from the movie Rocky filled the room, an emcee shouted, “Let’s hear it for the king!” and Trump, wearing red boxing gloves and a robe, burst through a paper screen. One of his casino executives announced that his boss had returned as a “winner,” according to Trump biographer Michael D’Antonio.
But it was mainly an act, D’Antonio told Foreign Policy. In truth Trump was all but finished as a major real-estate developer, in the eyes of many in the business, and that’s because the U.S. banking industry was pretty much finished with him. By the early 1990s he had burned through his portion of his father Fred’s fortune with a series of reckless business decisions. Two of his businesses declared bankruptcy, the Trump Taj Mahal Casino in Atlantic City and the Plaza Hotel in New York, and the money pit that was the Trump Shuttle went out of business in 1992. Trump companies would ultimately declare Chapter 11 bankruptcy two more times. When would-be borrowers repeatedly file for protection from their creditors, they become poison to most major lenders and, according to financial experts interviewed for this story, such was Trump’s reputation in the U.S. financial industry at that juncture.
It should be no surprise to anyone.
<snip>
It should be no surprise to anyone.
Not shocking at all. Nice to see proof of this, but many of us have suspected for years that he was probably worth much less than he bragged.
I think this will come out in the coming months.......
A left wing rag and you believe everything you read
It's only been 27 yrs ago, maybe it will come out in the coming months for maybe in the next 27 years
What’s Trump been eating?
I wonder...
If a Russian buys something from you with US dollars, is he paying you "Russian money"?
Oh...hey...don't worry, I'm not questioning your OP. Just wondering.
Russians have purchased expensive condos in Trump Tower NYC and in Florida. But no one ever moved in. They are still empty today.
Real-estate is a classic vehicle for money laundering. It's a win/win for both Trump (the sale price) and the Russian oligarchs (traded dirty money for valuable fungible property).
Not shocking at all. Nice to see proof of this, but many of us have suspected for years that he was probably worth much less than he bragged.
What is wrong about the article? Show me.
1992, 27 yrs ago, can't you find something a little further back than that? Oh, and your source, never heard of them, they read like a left wing rag.
A left wing rag and you believe everything you read
It's only been 27 yrs ago, maybe it will come out in the coming months for maybe in the next 27 years
You call that proof, show me the proof.
A left wing rag and you believe everything you read
Russians have purchased expensive condos in Trump Tower NYC and in Florida. But no one ever moved in. They are still empty today.
Real-estate is a classic vehicle for money laundering. It's a win/win for both Trump (the sale price) and the Russian oligarchs (traded dirty money for valuable fungible property).
And..................
I wonder...
If a Russian buys something from you with US dollars, is he paying you "Russian money"?
Oh...hey...don't worry, I'm not questioning your OP. Just wondering.
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