How Trump’s Casino Bankruptcies Screwed His Workers out of Millions in Retirement Savings

[JacksinPA]

https://docs.house.gov/meetings/JU/JU00/20200929/111078/HMKP-116-JU00-20200929-SD003.pdf

When pressed about the multiple bankruptcies at his Atlantic City casinos, Donald Trumproutinely says the episodes highlight his business acumen. He made out well, he claims, at theexpense only of his greedy Wall Street financiers. “These lenders aren’t babies,” he said during aRepublican primary debate last fall. “These are total killers. These are not the nice, sweet littlepeople that you think, okay?”

Yet among those who suffered as a result of Trump’s bankruptcies were his own casinoemployees, who collectively lost millions of dollars in retirement savings when the company’svalue plummeted.Trump’s company encouraged its employees to invest their retirement savings in company stock,according to a class-action lawsuit filed by employees against Trump Hotels & Casino Resortsfollowing its 2004 bankruptcy. Then, when the stock price was near its nadir as bankruptcyloomed, the company forced the employees to sell their stock at a huge loss. More than 400employees lost a total of more than $2 million from their retirement accounts, the lawsuit states.The lawsuit was ultimately dismissed when a judge found no illegal actions on the part ofTrump’s company. But the conflict shows how Trump’s exploitation of bankruptcy laws for hispersonal gain did end up hurting his employees.“I didn’t realize he was as stupid as he is,” says a former casin
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This guy has shown over & over that he is not fit to run this country.

 

[Ishm]

What the maga faithful haven't yet understood is that to Trump they are the same as the employees he took money from. Just dumb little expendable pawns in the game of Trumps narcissism.

 

[JacksinPA]

What the maga faithful haven't yet understood is that to Trump they are the same as the employees he took money from. Just dumb little expendable pawns in the game of Trumps narcissism.

Adolph only cares about himself.

 

[gdgyva]

https://docs.house.gov/meetings/JU/JU00/20200929/111078/HMKP-116-JU00-20200929-SD003.pdf

When pressed about the multiple bankruptcies at his Atlantic City casinos, Donald Trumproutinely says the episodes highlight his business acumen. He made out well, he claims, at theexpense only of his greedy Wall Street financiers. “These lenders aren’t babies,” he said during aRepublican primary debate last fall. “These are total killers. These are not the nice, sweet littlepeople that you think, okay?”

Yet among those who suffered as a result of Trump’s bankruptcies were his own casinoemployees, who collectively lost millions of dollars in retirement savings when the company’svalue plummeted.Trump’s company encouraged its employees to invest their retirement savings in company stock,according to a class-action lawsuit filed by employees against Trump Hotels & Casino Resortsfollowing its 2004 bankruptcy. Then, when the stock price was near its nadir as bankruptcyloomed, the company forced the employees to sell their stock at a huge loss. More than 400employees lost a total of more than $2 million from their retirement accounts, the lawsuit states.The lawsuit was ultimately dismissed when a judge found no illegal actions on the part ofTrump’s company. But the conflict shows how Trump’s exploitation of bankruptcy laws for hispersonal gain did end up hurting his employees.“I didn’t realize he was as stupid as he is,” says a former casin
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This guy has shown over & over that he is not fit to run this country.

Did you do this math?
Two million divided by 400 employees is a whopping $ 5000 per employee

They didnt exactly lose their shirt

 

[dmpi]

Did you do this math?
Two million divided by 400 employees is a whopping $ 5000 per employee

They didnt exactly lose their shirt

In today's dollars it's $8300 per worker. It was in company stock. I highly doubt workers were forced to sell prior to bankruptcy, rather many saw the writing on the wall and bailed before the bankruptcy. It's better to get a little bit vs. nothing at all.