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Last post 4 years ago by CelticBomber. 26 replies replies.
NY Times, Trump lost 1.2 billion from 1985 through 1994.
Speyside Offline
#1 Posted:
Joined: 03-16-2015
Posts: 13,106
Now we know why he didn't want to release his tax returns. Perhaps the Art of the Deal is really the Art of the Con. What hasn't been a lie from Trump?
Tommyboo Offline
#2 Posted:
Joined: 05-01-2019
Posts: 1
He may have failed with some deals but is America booming under his pro American deals.
ZRX1200 Online
#3 Posted:
Joined: 07-08-2007
Posts: 60,606
TDS
CelticBomber Offline
#4 Posted:
Joined: 05-03-2012
Posts: 6,786
Speyside wrote:
Now we know why he didn't want to release his tax returns. Perhaps the Art of the Deal is really the Art of the Con. What hasn't been a lie from Trump?



My dislike of Trump stems from his "Art of the Deal" making. He took over two major casino's in Atlantic City back in the 90's. I forget which one's but anyway.... One of the casino's was just finishing up a major remodeling. The last of the windows were being replaced (The entire front and back of the casino were large glass panels) anyway Trump takes over and hates the new windows and orders them all to be replaced with more expensive windows. The company that did the windows was a family owned business and separate from the contractor who did the remodel. So, new contracts are signed, new windows are ordered and installed. When the window company tried to get paid they got the run around. Finally after months of back and forth the owner of the window company gets a call from a Trump lawyer who basically said we'll pay you 30% of our original agreement or we can tie this up in court for years, your choice. The window company had to file bankruptcy, everyone lost their jobs and the owners of the window company lost everything too. If I remember correctly they had laid out close to 1 million for the cost of the new windows and materials. None of the other contractors got paid either. One year later he (when I say he here I mean Trump and his company because I'm not sure how Trump, personally, was involved in the day to day) had lost 2 BILLION dollars running both casino's into the ground. You could have grabbed any crack whore that infest's Atlantic city 1 block off the boardwalk and given her control of both casino's and she'd have had those places printing cash. I tried to find the news story on Youtube but I can't seem to find it. I think it was a 60 minutes piece or similar show, who interviewed and detailed what this one contractor went through.

He also lost his shirt on his first casino the Taj Mahal. Someone, Trump or someone who worked for him came up with an evil genius idea. He managed to walk away with millions by taking the failed casino's parent company public. People heard stock and casino and thought it was a sure thing. Every year that he ran the company, and he was in complete control as Chairman and major shareholder of a preferred stock that gave him more votes than the stock sold to the public. People lost $0.90 on every dollar invested and he raised like $150,000,000 with that IPO. Can't blame the economy either, his main competition at the time doubled their profits. There are other bankruptcies, failed businesses, alleged frauds, (Who wants to go havesies on a dorm room at Trump University:-) and some of his public statements and behaviour that don't really inspire Presidential sentiments in me.

I sometimes think he has some sort of competition with his father going on in his head. I don't know much about his father except that it was his father who was the real deal businessman. Trumps first successful "solo" real estate deal just happened to be with NYC, and Trumps dad and the mayor were pals. I wonder sometimes if he feels like he's still standing in his dad's shadow and that's what really drives him.
frankj1 Offline
#5 Posted:
Joined: 02-08-2007
Posts: 44,221
Tommyboo wrote:
He may have failed with some deals but is America booming under his pro American deals.

yup.
it's on year 10 now. hard to remember the Great Recession anymore.
rfenst Offline
#6 Posted:
Joined: 06-23-2007
Posts: 39,323
Tommyboo wrote:
He may have failed with some deals but is America booming under his pro American deals.

The economy is, as you say booming, but will Trump take the heat when it slows down?
dstieger Offline
#7 Posted:
Joined: 06-22-2007
Posts: 10,889
rfenst wrote:
The economy is, as you say booming, but will Trump take the heat when it slows down?

Highly unlikely.

But, you probably should get your half-empty glass filled up while its booming.


-Any business that DID NOT take legal depreciation and legal write offs in accordance with US law and tax policy was probably not in business very long.
victor809 Offline
#8 Posted:
Joined: 10-14-2011
Posts: 23,866
Meh.

We already knew he was a loser. His business failures of over 1 billion back 20 years before the election isn't really news. The only people that actually thought he was a successful businessman through that time period probably won't believe this information anyway (lying media!). The only tax information which may be of interest would be the few years before the election.
victor809 Offline
#9 Posted:
Joined: 10-14-2011
Posts: 23,866
Of course, short bus mctinyhands couldn't help but respond.... (goddammit... he's so f$cking dumb. This was literally a non-issue... and he had to tweet about it).

"Real estate developers in the 1980’s & 1990’s, more than 30 years ago, were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases. Much was non monetary. Sometimes considered “tax shelter,” ......
....you would get it by building, or even buying. You always wanted to show losses for tax purposes....almost all real estate developers did - and often re-negotiate with banks, it was sport. Additionally, the very old information put out is a highly inaccurate Fake News hit job!"

As I've said before, nothing wrong with a business showing as little profit as possible (or even losses) to avoid income tax. I have no idea how this should roll out to his personal income tax... (probably depends how it is incorporated) .... but goddammit.... he can't make excuses for himself without sounding like an idiot. "you want to show losses for tax purposes!" "but that's highly inaccurate fake news!"
teedubbya Offline
#10 Posted:
Joined: 08-14-2003
Posts: 95,637
frankj1 wrote:
yup.
it's on year 10 now. hard to remember the Great Recession anymore.



Yup. Clinton got credit for GHWBs economy and Trump does get credit for BHOs economy. In in some ways both should. They didn't immediately screw it up. But the economy has a slow burn. We will see in a few years.


teedubbya Offline
#11 Posted:
Joined: 08-14-2003
Posts: 95,637
As an unrelated topic.....

remember the folks in here that a day or a month after BHO took office insisted he quit blaming GWB? Most of those folks must have left.

Trump gets a pass for blaming BHO for things very frequently but forgets that part with the economy. And the neutral observers follow off the cliff
frankj1 Offline
#12 Posted:
Joined: 02-08-2007
Posts: 44,221
oh stop. you sound like uh idiot.
delta1 Offline
#13 Posted:
Joined: 11-23-2011
Posts: 28,788
Sarcasm
delta1 Offline
#14 Posted:
Joined: 11-23-2011
Posts: 28,788
do you really believe he lost THAT MUCH?

if you have a net loss, do you have to pay any taxes?

Trump said it himself...he's smart...
DrafterX Offline
#15 Posted:
Joined: 10-18-2005
Posts: 98,551
This bankruptcies were well known before the election... One reason I was against him prior to the nomination.... Mellow
frankj1 Offline
#16 Posted:
Joined: 02-08-2007
Posts: 44,221
I think the stuff being looked at now (in court) are the alleged misrepresentations of values, falsifications of incomes etc used to secure loans from DeutschBank et al that may have ended in some other bankruptcies quite a while after the problems in the 1980's and 1990's.
teedubbya Offline
#17 Posted:
Joined: 08-14-2003
Posts: 95,637
I think we need to let it go. I also think his opinion on the kentucky derby should carry a lot of weight. After all he is a stable genius and stuff.
CelticBomber Offline
#18 Posted:
Joined: 05-03-2012
Posts: 6,786
My problems with all his bankruptcies are the people's lives he ruined. No one mentioned the window contractor in their response. Or all the other smaller businesses that folded because of his "good business" practice's. The only time it's good business to not pay your bills is when your bad business practices put you in a place where it become necessary to start screwing the smaller vendors who can't afford years in court to get paid. He didn't care about the average person then and he doesn't now. In case anyone forgot he almost went personally bankrupt too. The only thing that saved him were the protections his father put in place. It was big news back in the early 90's I think, because he was put on an allowance and his lawyers managed to get more time from his creditors. Which is what really saved him. Every business aims to pay as little tax as possible and that's fine because they employee people who pay taxes and do business with other companies who in turn do the same thing. Jobs are created so people can live and pay taxes. It's a fair trade off. But, when every business you run leaves a trail of unpaid bills and small businesses destroyed the fact that you are claiming a loss on your taxes isn't because of "good business".

I've never given a President to much credit for the economy. The President and Congress are more like a contributing factor to the economy. The Fed and Banks are the real drivers of the economy. The Gov't should be involved in the economy only as a referee through regulations. Dems tend to over regulate and Reps seem to under regulate. Look at the Savings and Loan scandal and the more recent banking failures. Both due to deregulation. The other reason I give the Gov't less credit is because these ups and downs usually happen over a few years. Bush took office after Clinton when we had no debt and Bush even mailed checks to every American. Who gets the credit? Bush. When Bush left, Obama walked into the worst financial crisis in history. Why? Deregulation under Bush. Who got the blame? Obama. There's to much partisanship and to many other factors to start handing out credit during a first term. You could claim that Obama's handling of the banking crisis is what laid the groundwork for today's economy. But, that leaves out so many other factors that claiming any one President should get the credit/blame is short sighted and only leads to a bigger divide across the aisle.
DrafterX Offline
#19 Posted:
Joined: 10-18-2005
Posts: 98,551
Thanks Obama.. Not talking
Buckwheat Offline
#20 Posted:
Joined: 04-15-2004
Posts: 12,251
CelticBomber wrote:
My problems with all his bankruptcies are the people's lives he ruined. No one mentioned the window contractor in their response. Or all the other smaller businesses that folded because of his "good business" practice's. The only time it's good business to not pay your bills is when your bad business practices put you in a place where it become necessary to start screwing the smaller vendors who can't afford years in court to get paid. He didn't care about the average person then and he doesn't now. In case anyone forgot he almost went personally bankrupt too. The only thing that saved him were the protections his father put in place. It was big news back in the early 90's I think, because he was put on an allowance and his lawyers managed to get more time from his creditors. Which is what really saved him. Every business aims to pay as little tax as possible and that's fine because they employee people who pay taxes and do business with other companies who in turn do the same thing. Jobs are created so people can live and pay taxes. It's a fair trade off. But, when every business you run leaves a trail of unpaid bills and small businesses destroyed the fact that you are claiming a loss on your taxes isn't because of "good business".

I've never given a President to much credit for the economy. The President and Congress are more like a contributing factor to the economy. The Fed and Banks are the real drivers of the economy. The Gov't should be involved in the economy only as a referee through regulations. Dems tend to over regulate and Reps seem to under regulate. Look at the Savings and Loan scandal and the more recent banking failures. Both due to deregulation. The other reason I give the Gov't less credit is because these ups and downs usually happen over a few years. Bush took office after Clinton when we had no debt and Bush even mailed checks to every American. Who gets the credit? Bush. When Bush left, Obama walked into the worst financial crisis in history. Why? Deregulation under Bush. Who got the blame? Obama. There's to much partisanship and to many other factors to start handing out credit during a first term. You could claim that Obama's handling of the banking crisis is what laid the groundwork for today's economy. But, that leaves out so many other factors that claiming any one President should get the credit/blame is short sighted and only leads to a bigger divide across the aisle.


I agree on many of your points. fog
delta1 Offline
#21 Posted:
Joined: 11-23-2011
Posts: 28,788
yep...Celtic basically did an in depth Michael Cohen on Trump...he's a lyin SOS, a con, and a fraud...

in addition to being a racist....
DrafterX Offline
#22 Posted:
Joined: 10-18-2005
Posts: 98,551
But he gave Tiger a medal and stuff.. Mellow
delta1 Offline
#23 Posted:
Joined: 11-23-2011
Posts: 28,788
to the white half...


see the "side hug"...white side...

https://www.businessinsider.com/donald-trump-gives-tiger-woods-presidential-medal-of-freedom-2019-5
frankj1 Offline
#24 Posted:
Joined: 02-08-2007
Posts: 44,221
delta1 wrote:
to the white half...


see the "side hug"...white side...

https://www.businessinsider.com/donald-trump-gives-tiger-woods-presidential-medal-of-freedom-2019-5

half black, half asian, AND half white?
delta1 Offline
#25 Posted:
Joined: 11-23-2011
Posts: 28,788
dang...you aint the only one who isn't good wif numbahs...now that you mention it, it looks like Trump only gave him a quarter hug...
CelticBomber Offline
#26 Posted:
Joined: 05-03-2012
Posts: 6,786
frankj1 wrote:
half black, half asian, AND half white?


I know which part isn't black. If he had a huge Johnson his wife wouldn't have cracked him with his own golf clubs and packed her bags. He should have done it Floyd Mayweather Jr. Style. Wife and mistresses all under the same roof. They aren't going anywhere with that safe of his in his home with a few million in cash. Don King had it right he would offer fighters 50k cash or 500k in a contract. He said the 50k in hand seemed more real to those guys than some number on a piece of paper. God I hated him when he was involved in boxing.
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