Posted on 03/08/2016 12:07:03 PM PST by reaganaut1
What is Donald Trump’s art of deal-making? Failing to uphold his end of the bargain.
In 1990, while Trump was dropping $1 million every week on his homes, yacht, private jet, and other personal expenses, he had defrauded contractors and construction workers by upwards of $60 million. His struggling casinos, airline, and real-estate holdings couldn’t simultaneously maintain his lifestyle and pay hired workers, so he chose to keep the former and cheat the latter.
Trump owed a team of construction firms and suppliers payments for their work on his Taj Mahal hotel and casino, which were nearly bankrupt. (Trump himself was about $3 billion in debt to banks and junk bond holders.) Marty Rosenberg, then–vice president of Atlantic Plate Glass, said Trump owed his company about $1.5 million in late payments for a glass job on the hotel. S. A. Miller writes in the Washington Times,
Mr. Rosenberg, who was vice president of Atlantic Plate Glass at the time, helped form a committee of construction firms and suppliers stiffed by Mr. Trump. He then served as a member of the so-called Group of Seven leading the committee’s negotiations that resulted in the contractors getting partial payments.
Atlantic Plate Glass lost about $450,000 in the settlement, said Mr. Rosenberg, adding that his personal finances took a hit because of his minority stockholder stake in the firm, and that the company struggled but overcame the loss.
Others fared worse, he said, including smaller businesses that didn’t survive.
(Excerpt) Read more at nationalreview.com ...
After all was said and done, exactly which companies were not paid what they were owed or had negotiated for?
Business is business, you either kick, scratch and gouge to survive or your die..........
What do YOUR favorite candidates know about running a business? As far as I can tell, the only current contenders have absolutely no experience whatsoever of running a business in the private sector and instead have chosen a career in politics, being paid by taxpayer dollars.
And where has that gotten us? A nation of astronomical debt, a "company" that produces no product what so ever, no accountability for what it doesn't provide and it's only source of revenue being taxes mandated by law and enforced by threat of life and increased mandatory "contributions" at the whim of the people we have elected to represent us.
I'm putting my faith in Trump regardless of how much you hate him.........
...be prepared.
Definitely not guilty.
Another day, another 20 hit pieces from the “suddenly conservative” National Review. Yawn.
>> It’s a lot easier to attack the messenger then refute the message. Something the Trump fanboys excel at <<
It’s also a highly favored tactic of “progressives” and other leftists.
I hope I detect sarcasm...........I have no idea how people can excuse this kind of conduct. Dishonesty runs in ones blood, greed and power consume people who think it is an “art” to get the “deal” done at any cost and have absolutely no ability to differentiate or do they want to.
This situation I am intimate with is far more ruthless than I described. The parties involved have been threatened with a lawsuit if they disclose what happened, so I would t want to further damage these people. But it was insanely heartless.
Yes, indeed.
And according to 1 Timothy 3, Verse 6,
"[An overseer] must not be a recent convert, or he may become puffed up with conceit."
The linked article is conspicuously lacking in actual facts in a story which would take an enormous amount of actual research into court documents and other filings to get to the complete truth of the matter. Likely the details of the settlement mentioned are, by agreement, not to be disclosed.
Yep, it's S. O. P. for many (most?) Trump fans -- the old "two wrongs make a right" excuse.
Welcome to the New World of Trumpistic Logic!
Baggage? Hell son, the woman has rail cars of the stuff. A whole damn train’s worth.
Does she have a “safe space”?
Each property is its own separate corporation, which stands or falls based on its own cash flow.
Apologies. I mean to post to the person who mounted this ridiculous thread.
Manc, 94revolution started posting 5 days ago. So she missed all the previous 1,000,000 Trump-hater postings of this topic, the discussions and the conclusions that it is a juvenile piece of carp from a biased propaganda source.
I thought I had a stalker , because every time I am on a thread the poster is there following me and posting to me.
Sometimes contractors allow their own visions of getting rich quick lead them into contracts that they don’t read and don’t have a lawyer go over, thinking everything will just work out. It’s important to know how to “rightsize” your business and your payment schedule to the amount of reserves you have in case a client doesn’t pay promptly; and certainly to structure your deal so your costs are covered — or walk away.
I ran a very small business dealing with global corporations. There were jobs I simply had to turn down because the payment schedules were too slow, the company was so large that I couldn’t bear the cost of a disputed contract, the contact person couldn’t give me assurance that they could spring the money loose for me on time, or the corporation woudn’t give me a third to a half up front to cover my costs.
Sometimes the owners of a big business get hit with a recession, which was the case with the Taj. I am not saying that excuses any actual intent to cheat suppliers, (which I don’t think was the case btw) — certainly I couldn’t have fed my family if I dealt with too many bad clients. But the responsibility for not letting greed influence my own risk assessments of which clients to take on was entirely mine. I practiced for 40 years with no lawsuits. The only time I got cheated in business was by a group of “holy christian patriotic” mormons wanting to do a project for the Bicentennial of the Constitution. I had enough reserves to eat their default and keep going; but a friend of mine on the project who also got stiffed by them committed suicide. There is the difference for you. Business is not for the faint of heart.
LOL!
I didn’t know Mr Trump played clarinette!
I have no idea what you mean. Is this a kid I am supposed to know and is relevant to what?
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.