Posted on 02/16/2016 11:04:05 AM PST by reaganaut1
A pattern emerges.
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.
(Excerpt) Read more at nationalreview.com ...
It’s amazing how many “consistent conservatives” seem to hate traditional American business models, and have a complete lack of understanding as to how bankruptcy works.
I don’t get how bashing Trump is supposed to win people over to Cruz. Cruz has been part of the paid political class his whole life, by his own design so he could some day be President, and has zero executive experience whatsoever. His lifelong goal has been to be a politician, and that’s what he’s stuck with. Only someone with no understanding of how businesses actually work would knock someone for having to restructure under chapter 11. There’s no reward without putting up risk. When Trump’s risks didn’t work out, he lost money, but overall, he’s kept his family business growing and successful.
Or am I misunderstanding this and now, in addition to banning the practice of eminent domain, a big critical issue in this election is banning chapter 11? I can’t keep up with all these things that I’m supposed to have always cared about as a top priority in order to be “consistent” enough to meet Ted Cruz’s definition of conservative.
If you have it, present your evidence to the government and have Trump prosecuted. Otherwise you are just posting libel and I hope Trump hunts you down and sues you personally.
Wasn't it an arms length transaction? If it was a "stupidly irresponsible amount of money", the people supplying the money made the mistake. It isn't the government's responsibility to prevent people from loaning "stupidly irresponsible amounts of money" to anyone (at least where fraud isn't shown), nor to protect those lenders from suffering the consequences of their own stupid choices on who to loan money to.
Trump had financed the $1 billion project largely with junk bonds, which meant very high interest payments.
High interest rates go along with high risk. If the lenders weren't willing to accept the risk of possible default, they should have just bought US government bonds.
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Cruz being the sole candidate that has yet to lie to us.
“Truthing” like Cruz?
Reality just isn’t your thing, is it!
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He and his Christmas tree is to be so venerated, his poop smells like wonderful fragrant pine cones.
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The risks are buried deeply, by purpose.
Trump is moral toilet paper.
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Let us know when you crash.
That’s pretty wild stuff you’re toking.
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The wild stuff is your mind, senor.
“Trippin’ on his mind is like drinking funky wine by the river!”
Trump is sort of conservative, fiscally speaking, and he is a social liberal. Flame away people.
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Running for office has everything to do with morality.
Shysters do not belong in public office.
Those that craft bankruptcies have no place in the public trust.
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You’re a fuzzy little flake!
Your open defense of of crafted bankruptcy says all we need to know about you.
Dismissed!
I though you supported Cruz?
Trump has a lot of good lawyers on retainer. They would probably love to have something to do.
AMEN! Trump’s major political accomplishment to date has been the total unveiling of so many fake conservatives posting at this site.
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You’re right! And they are all supporting Trump.
You’re right! And they are all supporting Trump.
And they will get everything they deserve stemming from that misbegotten decision.
Sorry I was not able to reply to you on email yet. My account is too new.
I don’t know if I screwed up when posting the article or if the reply option is not available because I am a new poster.
I have lurked for years but have not posted before. Just signed up yesterday.
Good post...
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Spoken like a true shyster.
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