Posted on 02/19/2016 9:18:46 PM PST by TBP
Donald Trump is a habitual liar, and the thing about habitual liars is that they lie habitually.
In a testy exchange with former Florida governor Jeb Bush, Trump insisted that he’d never gone bankrupt, and that claims to the contrary are a lie. That’s the Trump magic right there: Lying about your business history is one thing, lying that your critics are lying about it is another.
Trump has a peculiar way of speaking about bankruptcy: He has a deep aversion to the word itself. He speaks of “putting a company into a chapter†without ever answering the implicit question: “Chapter of what? Moby-Dick?†The answer, of course, is the U.S. Bankruptcy Code, to which Trump has taken recourse at least four times over the course of his business career. The chapter in question is the famous Chapter 11, which applies to business bankruptcies. Trump proudly insists that he never has had recourse to Chapter 13, the personal bankruptcy code. This is his apparent justification for saying that he’s never been bankrupt. But of course one of the purposes of Chapter 11 bankruptcy is to keep men such as Donald Trump out of Chapter 13 bankruptcy.
Trump’s first bankruptcy was in 1991 after he borrowed a stupidly irresponsible amount of money to finance that monument to excruciatingly bad taste known as the Trump Taj Mahal in Atlantic City. Trump is such a good manager that the casino’s slot machines began failing during its first week of business. Never one to let reality stand in the way of his confidence, Trump had financed the $1 billion project largely with junk bonds, which meant very high interest payments. Trump did not make enough money to meet his interest payment and so was forced into bankruptcy. His ownership of the casino was diluted, and he ended up having to give back 500 slot machines to the company that had provided them.
Trump himself was on the hook for nearly $1 billion in the deal, according to the New York Times, a sum that exceeded his net worth. He was forced to sell a fair amount of his personal property, including a yacht, as well as the failing air-shuttle service he’d been attempting to launch for some time. As Boston bankruptcy attorney Ted Connolly put it, Trump used the bankruptcy proceedings to negotiate away his personal liabilities while leaving the business saddled with debt. Unsurprisingly, the casino endured further financial problems, including bankruptcy. Trump’s ownership stake was diluted steadily, and he eventually was removed from the board. By the time of the casino’s most recent bankruptcy — which is to say, the bankruptcy it currently operates in — Trump could plausibly say that it wasn’t really his business any more, in spite of the fact that his name and face are all over it.
Trump’s second bankruptcy came with his acquisition of New York City’s Plaza Hotel. The great dealmaker did essentially the same thing with the Plaza that he had done with the Taj Mahal: He borrowed too much money, at rates he could not afford. And in much the same way that he has contemplated putting his abortion-loving sister on the Supreme Court, he made his then-wife, Ivana, president of the Plaza. Once again, Trump was unable to make his debt-service payments. Once again, he lost much of his ownership stake — 49 percent went to Citibank — and, once again, he found himself having to run for the doors as parties with deeper pockets and more managerial acumen took over to clean up his mess. In the case of the Plaza, that was CDL Hotels International, of Singapore, and Prince Walid bin Talal, of Saudi Arabia. The Saudi prince laments that he was twice forced to “bail out†Donald Trump, whom he describes as a “disgrace to the United States.â€
The Saudi prince laments that he was twice forced to ‘bail out’ Donald Trump, whom he describes as a ‘disgrace to the United States.’
In 2004, Trump Hotels and Casino Resorts, a holding company for various Trump properties including the Taj Mahal and a riverboat-gambling company in Gary, Ind., went into bankruptcy, having acquired $1.8 billion in debt while raising only $130 million through an initial public stock offering. Same story: Trump had borrowed too much money, at a rate he could not afford (15 percent, in fact, which lets you know how credit-worthy the market deems Trump to be), and once again he was obliged to give up most of his ownership stake.
Trump Hotels and Casino Resorts was reorganized as Trump Entertainment Resorts . . . which promptly went bankrupt, filing for Chapter 11 protection in 2009. (That’s right: Trump, who wants to be president of these United States, was in bankruptcy that recently.) Too much debt at an interest rate that he couldn’t afford to pay? Check. Loss of ownership? Check. Trump and his daughter, Ivanka, both resigned from the board just before the bankruptcy filing, inviting unkind rodential-nautical metaphors.
It is no wonder that he’s had his greatest success renting his name to Macy’s and pretending to run a business on television rather than actually running a business.
So, those are the bankruptcies about which Donald Trump is lying. Trump also is lying about self-funding his campaign: Like any other politician, most of his money comes from donors. That famous fund-raising for veterans? The money is going into Trump’s personal foundation.
Trump has repeatedly failed his business partners and lied about it. He has lied about self-funding his campaign. He has lied to his wives and his family. Given that he received a low-risk draft status because of a health condition that he does not have, he almost certainly lied to the military he seeks to command.
The thing about habitual liars is, they lie habitually.
If you’re voting for Trump because you think he’s a straight shooter, you’re a bigger sucker than those chumps losing money on both sides of the table in Atlantic City.
Stand by for the Trump apologists ...
And yet, strangely, people still do business with him. Cruzoids are in desperation mode obviously. I’ve always thought- ‘If we could just get a Canadian in the White House...’
I can’t wait for Trump to Kick Cruz’s a** tomorrow, not so much because of Cruz, but because of his Fans.
Trump has never filed personal bankruptcy. There is a difference between personal bankruptcy and corporate bankruptcy. But I guess you don’t care.
This is the kind of stuff the media is chomping at the bit to release if Trump ends up getting the nomination.
A-frickin-men.
DT twice FORCED a Saudi prince to bail him out??? LOL
Cruz’s Anti-Disciples will be raving till 8pm tomorrow night, then they will collapse in the fetal position.
... It’s important to realize that Mr. Trump has the right to change his mind any time he wants. And he will do amazing wonderful things for this country and people love him. Everybody loves Mr. Trump!
Wow! Paid Cruz-trolls are stooping to new lows on FR:
http://archive.adl.org/main_extremism/jewish_task_force.html#.Vsf4hVKRh5g
Jewish Task Force (JTF), an extremist Jewish group based in New York City, portrays itself as a necessary defense against a range of perceived threats faced by Israel and the Unites States. The group identifies Muslims as being among its primary enemies and claims that it is the “only hope” in the escalating fight against Islam, which it describes as “a despicable and racist death cult.”
JTF is led by Victor Vancier (a.k.a. Chaim Ben Pesach), a former national chairman of the Jewish Defense League, an offshoot of the extremist Kahane Movement, who served five and a half years in federal prison for his involvement in 18 bombings in New York and Washington.
Much of the group’s activity is devoted to promoting its bigotry through various online platforms. It also seeks to join with other groups that share its views. To this end, JTF embraces all members of the political far-right, proclaiming on its Web site that it “loves righteous non-Jews” in addition to “religious and right-wing Jews.”
In February 2011, JTF was invited to partner with the Jewish division of the English Defence League (EDL), a far-right group based in England that seeks to oppose “radical Islam’s encroachment into the lives of non-Muslims.” JTF indicated at the time that it looked forward to supporting EDL’s efforts to “save England from the millions of Muslim invaders” and welcomed the opportunity for the widespread recognition such a partnership might bring. The following month, however, EDL’s top leadership issued a statement threatening to cut ties with its Jewish division over the partnership, citing the extreme nature of JTF. “We cannot support terrorist sympathizers,” it said.
In its online materials JTF describes Islam as a religion “whose fanatical hatred seeks the destruction of all non-Muslims” and claims that extremist views and a predilection for violence are deeply-rooted in the Qu’ran, which it calls Islam’s “terrorist bible.” JTF further maintains that followers of Islam—and Muslim Arabs, in particular—are responsible for “all terrorist attacks.”
JTF provides an online forum for users to exchange their views. For example, posts on the forum have referenced “Muslim Monkeys” and “dirty muzzies/arabs,” and charged that all Muslims are terrorists and that “islam is a [sic] evil ideology.” Posts to its Facebook page read “DEATH TO THE ARABS!! DEATH TO THE ARABS!!!” and “Bomb the Kabaa! Bomb the Kabaa!” referring to the sacred building at Mecca.
JTF proposes a series of political actions aimed at weakening Muslim nations and strengthening the U.S. and Israel in a seven-point plan titled “How JTF would save America and Israel!” In it, JTF calls for: U.S. recognition that Israel should have sovereignty over all of the Palestinian territories; a stop to nuclear and other forms of arms development in predominantly Muslim countries; and a “ferocious retaliation” against all Muslim countries with ties to terrorism.
The plan also calls on the U.S. to withdraw from the United Nations, end its dependence on foreign energy, and halt all illegal immigration and expel all illegal immigrants currently residing in the U.S.
As part of its effort to combat the “threat” Islam poses to the U.S. and Israel, JTF seeks to “expose” President Barack Obama as a Muslim and reveal what it views as his anti-Israel ties and agenda. It claims that an Obama presidency will “undermine America’s and Israel’s will to defend themselves and to properly fight their wars.” During the 2008 presidential election, the group launched a blog aimed at discrediting Obama and “warning” the U.S. and Israel about him. (Obama is not the only American politician targeted by JTF; the group also assails Hillary Clinton as a “traitor to America,” “vicious Jew-hater” and “pathological liar.”)
JTF’s online forum includes a section devoted to Jewish Task Force (JTF), an extremist Jewish group based in New York City, portrays itself as a necessary defense against a range of perceived threats faced by Israel and the Unites States. The group identifies Muslims as being among its primary enemies and claims that it is the “only hope” in the escalating fight against Islam, which it describes as “a despicable and racist death cult.”
JTF is led by Victor Vancier (a.k.a. Chaim Ben Pesach), a former national chairman of the Jewish Defense League, an offshoot of the extremist Kahane Movement, who served five and a half years in federal prison for his involvement in 18 bombings in New York and Washington.
Much of the group’s activity is devoted to promoting its bigotry through various online platforms. It also seeks to join with other groups that share its views. To this end, JTF embraces all members of the political far-right, proclaiming on its Web site that it “loves righteous non-Jews” in addition to “religious and right-wing Jews.”
In February 2011, JTF was invited to partner with the Jewish division of the English Defence League (EDL), a far-right group based in England that seeks to oppose “radical Islam’s encroachment into the lives of non-Muslims.” JTF indicated at the time that it looked forward to supporting EDL’s efforts to “save England from the millions of Muslim invaders” and welcomed the opportunity for the widespread recognition such a partnership might bring. The following month, however, EDL’s top leadership issued a statement threatening to cut ties with its Jewish division over the partnership, citing the extreme nature of JTF. “We cannot support terrorist sympathizers,” it said.
In its online materials JTF describes Islam as a religion “whose fanatical hatred seeks the destruction of all non-Muslims” and claims that extremist views and a predilection for violence are deeply-rooted in the Qu’ran, which it calls Islam’s “terrorist bible.” JTF further maintains that followers of Islam—and Muslim Arabs, in particular—are responsible for “all terrorist attacks.”
JTF provides an online forum for users to exchange their views. For example, posts on the forum have referenced “Muslim Monkeys” and “dirty muzzies/arabs,” and charged that all Muslims are terrorists and that “islam is a [sic] evil ideology.” Posts to its Facebook page read “DEATH TO THE ARABS!! DEATH TO THE ARABS!!!” and “Bomb the Kabaa! Bomb the Kabaa!” referring to the sacred building at Mecca.
JTF proposes a series of political actions aimed at weakening Muslim nations and strengthening the U.S. and Israel in a seven-point plan titled “How JTF would save America and Israel!” In it, JTF calls for: U.S. recognition that Israel should have sovereignty over all of the Palestinian territories; a stop to nuclear and other forms of arms development in predominantly Muslim countries; and a “ferocious retaliation” against all Muslim countries with ties to terrorism.
The plan also calls on the U.S. to withdraw from the United Nations, end its dependence on foreign energy, and halt all illegal immigration and expel all illegal immigrants currently residing in the U.S.
As part of its effort to combat the “threat” Islam poses to the U.S. and Israel, JTF seeks to “expose” President Barack Obama as a Muslim and reveal what it views as his anti-Israel ties and agenda. It claims that an Obama presidency will “undermine America’s and Israel’s will to defend themselves and to properly fight their wars.” During the 2008 presidential election, the group launched a blog aimed at discrediting Obama and “warning” the U.S. and Israel about him. (Obama is not the only American politician targeted by JTF; the group also assails Hillary Clinton as a “traitor to America,” “vicious Jew-hater” and “pathological liar.”)
JTF’s online forum includes a section devoted to guns and firearms, much of which is devoted to news and discussion about gun laws. At times, comments have advocated that members of synagogues be trained in firearms and warned Jews that “you got to take the fight to these gutless bastards they are nothing but bullies.. Bullies need to be put in their place. Take the war to them, strike them down.” One post on whether Jews living in the New York area are safe there stated, “I won’t let Jewish blood run down the Hudson, I know it will be time to fight and fight hard, even if Obama and the ragheads put a bullet in my skull.”
“you got to take the fight to these gutless bastards they are nothing but bullies.. Bullies need to be put in their place. Take the war to them, strike them down.” One post on whether Jews living in the New York area are safe there stated, “I won’t let Jewish blood run down the Hudson, I know it will be time to fight and fight hard, even if Obama and the ragheads put a bullet in my skull.”
Yes, you are correct, there is a difference.
He left people who provided their services based on his promise to honor his obligations unpaid while he kept is personal wealth untouched.
And no, I do care.
Those were not Bankruptcies! They were negotiating ploys!
I doubt TBP understands or ran a business and thus never signed the front of a payroll check.
But But But......He’ll build a wall. And it will be a Beautiful Wall. /s
Need more anti-Trump posts. 25 of ‘em per minute ain’t gettin’ the job done.
Really. Do you have reputable sources to confirm those statements? Inquiring minds would like to know.
The Clintons have actually had people killed, Obama’s biggest contribution to humanity was when he said in his autobiography that he “ invented roof hits,” to suck up the last remaining pot smoke in a car, and this is all anyone can get on Trump. Why wait for November? Let’s just vote for him now
If this smuch wins the nomination, I will stay at home and enjoy a good book on election day. Many will say that I’m giving my vote to the democrats ... I see little difference between Trump and the democrats. So, I don’t give a crap what others think.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.