It’s no secret that Donald Trump has filed bankruptcy four times. His explanation for the bankruptcies is that it wasn’t personal bankruptcy, but bankruptcy of some of his business entities. He said:
“Hundreds of companies” have filed for bankruptcy,…I used the law four times and made a tremendous thing. I’m in business. I did a very good job.” Forbes did an article back in 2011 that explained the difference between personal and corporate bankruptcies.
The problem with Trump’s corporate bankruptcies was that Donald profited personally, while investors lost millions of dollars. It is an undisputed phenomena that the wealthy use chapter 11 for corporate restructuring of debt while enhancing their personal net worth. Both expensive and litigation-heavy, the process of filing chapter 11 allows the affluent an opportunity to sell some of their assets to satisfy certain creditors, arrange a payment schedule for others and discharge the remainder. The case of Donald’s bankruptcies is a perfect example of a wealthy person using corporate bankruptcy to enhance his personal wealth. Donald Trump ran his public company into the ground, but pocketed millions for himself. The Republican front-runner has made much of his supposed “success” in business and says he now wants to do the same for America. “But the only part of his business track record for which we have the full picture shows that Trump wasn’t a successful executive but an absolute catastrophe.
For 10 years between 1995 and 2005, Donald Trump ran Trump Hotels & Casino Resorts — and he did it so badly and incompetently that it collapsed into Chapter 11 bankruptcy. His stockholders were almost entirely wiped out, losing a staggering 89% of their money. The company actually lost money every single year. In total it racked up more than $600 million in net losses over that period.
What is more revealing is that over the same period, all his competitors were enjoying an enormous boom.
While Trump was running Trump Hotels & Casino Resorts into the ground, the Dow Jones index of gambling stocks — the index that Trump himself cited in public filings as his best benchmark — soared 160%. Investors in Harrah’s saw their stake go up by nearly 150%. MGM MGM, -2.56% quintupled. Yet, Trump ran the worst performing casino company on the stock market. A review of the company’s public filings show that over that period, while his ordinary investors were getting hosed, Trump himself was siphoning millions through salary, “bonuses” and cozy “service agreements” or side deals with his private corporations.
In total, Donald Trump pocketed $32 million over nine years, while his public stockholders lost more than $100 million. While Trump may not have broken the law, he clearly was focused on increasing his personal wealth with no regard for the losses suffered by those who believed in him. Can America afford to trust a man as our President who has such a history of promoting himself at the expense of those who have trusted him?
https://malialitman.com/2016/03/09/the-ugly-truth-behind-trumps-wealth/
“Hundreds of companies” have filed for bankruptcy,…I used the law four times and made a tremendous thing. I’m in business. I did a very good job.” Forbes did an article back in 2011 that explained the difference between personal and corporate bankruptcies.
The problem with Trump’s corporate bankruptcies was that Donald profited personally, while investors lost millions of dollars. It is an undisputed phenomena that the wealthy use chapter 11 for corporate restructuring of debt while enhancing their personal net worth. Both expensive and litigation-heavy, the process of filing chapter 11 allows the affluent an opportunity to sell some of their assets to satisfy certain creditors, arrange a payment schedule for others and discharge the remainder. The case of Donald’s bankruptcies is a perfect example of a wealthy person using corporate bankruptcy to enhance his personal wealth. Donald Trump ran his public company into the ground, but pocketed millions for himself. The Republican front-runner has made much of his supposed “success” in business and says he now wants to do the same for America. “But the only part of his business track record for which we have the full picture shows that Trump wasn’t a successful executive but an absolute catastrophe.
For 10 years between 1995 and 2005, Donald Trump ran Trump Hotels & Casino Resorts — and he did it so badly and incompetently that it collapsed into Chapter 11 bankruptcy. His stockholders were almost entirely wiped out, losing a staggering 89% of their money. The company actually lost money every single year. In total it racked up more than $600 million in net losses over that period.
What is more revealing is that over the same period, all his competitors were enjoying an enormous boom.
While Trump was running Trump Hotels & Casino Resorts into the ground, the Dow Jones index of gambling stocks — the index that Trump himself cited in public filings as his best benchmark — soared 160%. Investors in Harrah’s saw their stake go up by nearly 150%. MGM MGM, -2.56% quintupled. Yet, Trump ran the worst performing casino company on the stock market. A review of the company’s public filings show that over that period, while his ordinary investors were getting hosed, Trump himself was siphoning millions through salary, “bonuses” and cozy “service agreements” or side deals with his private corporations.
In total, Donald Trump pocketed $32 million over nine years, while his public stockholders lost more than $100 million. While Trump may not have broken the law, he clearly was focused on increasing his personal wealth with no regard for the losses suffered by those who believed in him. Can America afford to trust a man as our President who has such a history of promoting himself at the expense of those who have trusted him?
https://malialitman.com/2016/03/09/the-ugly-truth-behind-trumps-wealth/
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