Ref: “It was a $1 million dollar business loan that had to be repaid at the normal interest rates for such business loans. Secondly, while the $1 million is a lot of money...”
That one million was a loan from his father, which probably was an interest paying loan to teach him about business. What Rubio and Cruz were talking about was the $200Million dollar empire his father left him. — Donald Trump did not turn $1M into tens of billons of dollars as many of his follows seem to believe. He had a much bigger head start.
“What Rubio and Cruz were talking about was the $200Million dollar empire his father left him.”
Correction: What Rubio and Cruz were talking about was the $200Million dollar empire his father left “them” (split between 5 children - each “reportedly receiving $20M). The inheritance for Trump’s deceased brother Freddy, went supposedly to Freddy’s children.
“That one million was a loan from his father, which probably was an interest paying loan to teach him about business. What Rubio and Cruz were talking about was the $200Million dollar empire his father left him. — Donald Trump did not turn $1M into tens of billons of dollars as many of his follows seem to believe. He had a much bigger head start.”
The New York Times story is a lie. The various sources claiming to know how much Donald C. Trump inherited give numbers ranging from a low of $40 million to $200 million. The actual amount is not known except to Donald C. Trump and his sister, the judge. Here is what Donald C. Trump has to say about how much he inherited:
Trump on inheritance: I got very, very little
Friday, 26 Feb 2016 | 1:54 PM ET
Donald Trump wants to ‘correct the record’ about inheriting $200 million from his father, speaking after his endorsement by Chris Christie.
http://video.cnbc.com/gallery/?video=3000497234
It should also be noted that it is quite common for young rich inheritors to squander the family fortune due to profligate lifestyles and an inability to profitably handle the financial investments. This was also true of Donald C. Trump when the late Eighties financial crash triggered imminent and massive loan defaults due to being overleveraged. With a lot of help ad some difficult bargaining with the banks, he managed to reverse a $5 billion dollar loss, re-capitalize by going public with some of his business, and recovered to build the net worth to the current ~$10 billion net worth. Whether or not that qualifies or disqualifies Trump as a successful businessman is then in the eyes and judgment of the beholder. But the theme that he did not have to exercise great skill in reaching his current financial position is an obvious canard.
His father's estate was valued at $250 Million, which was divided amongst his wife and his surviving children. Trump did NOT inherit $200 MILLION !
Please look into this and don't believe everything you see on line, nor what that moron Rubio claims.
You couldn't be less informed and more WRONG, if you tried.
Based on reading Trump's books, and seeing documentaries and interviews, Fred Trump, Donald Trump's father died June 25, 1999.
Trump Tower in NY City opened on November 30, 1983 with a value of $318 million. This is 16 years before Fred Trump died.
As an aside, Donald Trump testified before Congress in 1991 asking for his advice on an economic recovery of the recession America was in at the time. Here is the video:
https://m.youtube.com/watch?v=Rksd80-FCAw
I suggest people do their homework before making up stories based on hearsay and gossip.
Based on reading Trump's books, and seeing documentaries and interviews, Fred Trump, Donald Trump's father died June 25, 1999.
Trump Tower in NY City opened on November 30, 1983 with a value of $318 million. This is 16 years before Fred Trump died.
As an aside, Donald Trump testified before Congress in 1991 asking for his advice on an economic recovery of the recession America was in at the time. Here is the video:
https://m.youtube.com/watch?v=Rksd80-FCAw
I suggest people do their homework before making up stories based on hearsay and gossip.
Does it still not bode well for Donald that he took the 1 million dollar loan from his dad, and turned that into a lot more than the 1 million dollars he borrowed? Did he not, by his own ideas and actions, make something more of himself through his own endeavors?
The answer to both questions is yes, and so he made himself rich. Even his father had to praise him on his ability to generate wealth way beyond what he himself had generated.
That means he had to have a plan before he was given the money. He didn't squander the money, but instead used that money towards his goal. No, Trump is a self made man regardless of how petty you want to be in trying to claim otherwise.