Posted on 04/30/2011 5:25:18 AM PDT by ejdrapes
Trump won't stand because he will have to reveal his true wealth I hope Donald Trump, the pompous, orange-complexioned host of “Celebrity Apprentice” runs for president because then we'll get a certified look at his income, investments and debts. But here's a Trump-like prediction, which is like the various pronouncements made by the real estate developer that aren't backed by any credible evidence. Trump will not run. He won't declare officially because the Ethics in Government Act requires candidates for federal office to file disclosures of their personal finances. The Office of Government Ethics recently released an advisory to potential presidential and vice presidential candidates clarifying the financial reporting requirements. Among other disclosures, candidates have to report income of $200 or more. They have to report assets income generating real property, stocks, bonds, mutual fund shares, commodity futures and other securities that exceed $1,000. And they would have to disclose liabilities that are over $10,000 owed to any creditor during the reporting period. They do not have to list a mortgage secured by a personal residence. Although the financial disclosure is used to identify potential conflicts of interest and is not a complete net worth statement, it still provides a good look at a candidate's financial holdings. No embellishing allowed. Candidates have to certify that the financial statements and attached schedules are true, complete and correct to the best of their knowledge. The Huffington Post's Marcus Baram has reported on Trump's pattern of exaggerating his wealth. In a 2007 deposition, obtained by The Huffington Post and CNN, Trump was asked about his statements that his net worth was $8 billion. This is what Trump said: “I don't know. I don't think so. Well, maybe I'm adding 4 or 5 billion dollars worth, 3 billion, for the value of a brand. But I don't know.” Forbes magazine puts Trump's net worth at $2.7 billion. In the big picture, Trump still lives lavishly, whether he's a multimillionaire or multibillionaire. But his filings may reveal he's like many Americans who live large because of their access to debt. So just how good a businessman is Trump? Companies either run by Trump or affiliated with him have filed for Chapter 11 bankruptcy protection numerous times, with a casino operating group in which Trump was the chairman filing as recently as 2009 for the third time. This from a possible presidential candidate who says he can balance the federal budget? I've met The Donald. Trying to sort through his business deals and bankruptcies was a surreal experience. Along with a fellow Washington Post reporter, I wrote about his casino bankruptcy filings in 1992. The fact that Trump can use bankruptcy repeatedly for his enterprises and claim he's such a great businessman is astounding. Trump's businesses survived because his bankers had more to lose. Perhaps Trump has become a better businessman. Only his bankers really know for sure. As L. William Seidman, former chairman of the Federal Deposit Insurance Corp., said in an interview in 1992, “There's a great many people who operate on the theory that, ‘If I borrow enough, the problem is the bank's, not mine.'” In a 1991 telephone conference call, Trump's lenders, who could have seized the Trump Castle casino and hotel in Atlantic City, joked about his management skills. A tape recording of the discussion was made available to The Washington Post. The bondholders, who had helped finance the casino, opted to save Trump but still criticized his business acumen. Warren Foss, an adviser to the casino bondholders, advocated allowing Trump to remain in charge of the project, paying him an annual $1.4 million management fee. “What is he providing for the million and a half?” one bondholder asked, prompting laughter. “We hope as little as possible,” Foss said, to even more laughter. “We hope it becomes characterized as a nonmanagement fee.” Rather than focus on how specifically he would balance the federal budget or spur growth in the economy, Trump has made more news claiming President Obama wasn't born a U.S. citizen. After the president released his long-form birth certificate Wednesday in hopes to turn the focus back on the serious financial crisis facing the nation Obama said, “We do not have time for this kind of silliness.” We certainly don't. Trump had told ABC's George Stephanopoulos that if Obama released his birth certificate he would release his tax returns. Maybe. “That is certainly something I'd be thinking about doing anyway,” Trump said in another ABC interview. “But before I do anything I have to make the decision (to run) in June and the first thing I'm going to be releasing will be financials.” Trump, you're fired because I don't believe the hype.
Michelle Singletary
Published Apr 30, 2011 at 7:15 am (Updated Apr 29, 2011)
They said this about Bloomberg too.
People have some stupid idea that someone can't come up with the numbers.
Which liar are we to believe?
Clearly the Einstein who wrote this has little understand of the way a man like Trump’s wealth is multi layered. Any Trump level tax accountant can make Trump look like a pauper on paper. Just look at how the owners of major sports teams keep their players from knowing how much the team has made to gain a bargaining advantage. Does anyone think Trump doesn’t know how to do this?
Nice try, “NEXT!”
Trump won’t stand because of his utter lack of integrity.
Trump has to tell this writer what he’s worth and yet Obumbi doesn’t have to tell anyone squat. hmmmm
Why would he? 0bama never did this.
So here's the bad news for you, Mochelle -- if your theory is correct, that means your precious Bobo will have to face the GOP candidate alone, because Trump won't be able to run as an Independent without revealing the same fiduciary bona fides.
That could take a little shine off his 'Business Smarts' reputation. As we know that everyone will use it, even GOP challengers (They'd be silly not to). And The Donald would have to spend a lot of time explaining why they failed (Not my fault wouldn't fly).
In any case why would he want to be POTUS? He'd have to take a HUGH pay cut.
(and divest himself of all business interests including stocks like VP Dick Cheney had to with Haliburton)
So if they sons have a million shares of Exxon mobil....it's not going to matter. (And why would anyone NOT invest in oil at the moment.
Would these same people invest in GM??? Yeh right.
I just want someone in the whitehouse who doesn’t put their feet up on the desk....and actually WORKS.
President Trump will have the Democrats questioning every one of his financial moves; lawsuits will be constantly filed and the newshounds will be crying corruption at every opportunity.
>>>>It is great to imagine Trump as president and saying “EPA, You’re fired!” >>>>
This is Trump Kool Aid on display:
It’s pure fantasy. There is nothing to indicate the first shred of small government conservatism behind all of his tough talk. He would more likely shout “you’re fired” to any conservative legislator trying to defund the EPA.
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