Due To His Indebtedness His Reliance On Income From Overseas And His Refusal To Authentically Distance Himself From His Hodgepodge Of Business Trump Represents A Profound National Security Threat
In a tour de force of hard won reporting, the New York Times has put numerical clothing on what weve known about President Donald Trump for decades that, at best, hes a haphazard businessman, human billboard and serial bankruptcy artist who gorges on debt he may have a hard time repaying.
The Times, in a news story published Sunday evening that disclosed years of the presidents tax returns, also put a lot of clothing on things we didnt know. Trump paid just $750 in federal income taxes in 2016, the year he was elected president, and the same amount …
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Donald Trump Is Once More Walking Away From Failure At A Profit
The US presidents supposed coup is more like a corporate bankruptcy.
At the end of history, Donald Trump appeared to be going bankrupt. As the Cold War came to a bloodless finale on the rubble of the Berlin Wall in 1989, the tycoon was presiding over a dissolving empire. Having entered the club of billionaires a year or so earlier, by August 1990, Trump owed $3.2bn to banks, $69.5m to subcontractors, and was involved in 111 court cases, as his Atlantic City casinos teetered on the brink.
It looked like a long face plant from the penthouse except it wasnt. Seeing how Trump rebounded from that loss sheds light on what he is doing now and prompts the thought: maybe his stubborn refusal to fully acknowledge his election defeat on 3 November his numerous legal challenges and his accusations of fraud is more like a bankruptcy than a coup.
Since the 1970s, bankruptcy law has developed in a contradictory fashion in the US: while laws and norms against individual and national bankruptcy have grown more stringent and punitive, norms and laws governing corporate bankruptcy have become more lenient. Famously, in the US, one cannot default on student loans, but it is common for corporate leaders to walk away from business failure at a profit.
As one researcher at a brokerage described it in 1987: When a company goes into bankruptcy, it enters sort of a state of grace. It pays no interest on all its debt, its contracts are unenforceable.
Keep The Donald Afloat
could have simply taken everything he had right then, but they wanted his cooperation, said Lynn LoPucki, a bankruptcy expert and professor at UCLA Law School. Theres that old saying, If you owe your banks a little, youre at their mercy. If you owe the banks a lot, the banks are at your mercy. They saw the best way for him to repay the money was to keep the Donald afloat.
The Donald struck a deal with the banks to hand over half his ownership, and half of the equity, in the casino in exchange for a lower interest rate and more time to pay off his debt. He sold off his beloved Trump Princess yacht and the Trump Shuttle airplane to make his payments, and his creditors put him on a budget, putting a cap on his personal spending.
The first one was a really big hit for him. They had him personally, and he ended up taking substantial losses in that bankruptcy. He also had the humiliation of having some bankers deciding how much money he could spend the numbers are just astonishing the amount of his monthly budget, LoPucki said.
John Pottow, a bankruptcy expert and law professor at the University of Michigan, said banks would often agree to lose millions in reorganizations like Trumps to prevent the massive losses they would incur if they foreclosed on the property.
Banks will take considerable haircuts, Pottow said. Its sort of like you have a sick patient so you cut off a couple toes to stop the gangrene. Now hes missing a few toes, but hes still alive.
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The New Jersey Generals
Service rendered: Football
Years in business: 2
What went wrong: Since Trump couldnât buy an NFL team of his own, he settled on the next best thingâthe short-lived United States Football League established to challenge the NFL. Realizing he had a million other projects on his plate, though, Trump quickly sold the team only to buy them back again in the very same year.
Things only got worse from there, according to Business Insider, âThe team folded one year later, in 1985, along with the entire USFL. People blamed Trump for the demise of not only the team, but the entire league. Allegedly, he was trying to pull the Generals into the NFL â and made poor investment decisions in the process.â
Talking about the ordeal now, Trump notes that he âdid something I rarely do with the USFL. I went into something that was not good.â As rare as every single endeavor on this list.
The Backstory On Donald Trump’s Four Bankruptcies
NEW YORK — Donald Trump has never declared bankruptcy, but his businesses have — four times.
The real estate mogul, television star and Republican presidential frontrunner filed for corporate bankruptcy in 1991, 1992, 2004 and 2009. Three of the cases were related to his casino and hotel properties in Atlantic City, N.J.
And even though more than six years have passed since Trump had his last run-in with Chapter 11, it remains a touchy subject. Trump was quick to clarify at the Republican presidential debate hosted by Fox News in August that he had never filed for personal bankruptcy. Instead, he cast his moves as part of his solid business acumen.
“Out of hundreds of deals — hundreds — on four occasions, I’ve taken advantage of the laws of this country, like other people,” he said. “The difference is, when somebody else uses those laws, nobody writes about it. When I use it, it’s like, ‘Oh, Trump, Trump, Trump.’ The fact is, I built a net worth of more than $10 billion. I have a great, great company. I employ thousands of people. And I’m very proud of the job I did.”
A Trump spokesman said many of the filings occurred when Trump was no longer involved in the businesses, blaming them on the declining casino market in Atlantic City. “It’s not fair to judge anyone of his success, and the empire that he’s built, on a particular investment without also looking at all of the great success he’s had,” he said.
1991, Trump Taj Mahal
1992, Plaza Hotel
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Stocks Bonds Funds And Similar Holdings
Trump’s personal financial market investment portfolio is concentrated in the financial and commodities markets. The investment portfolio generates income and cash flow from a variety of mechanisms as dividends, capital gains, and compounded carried interest. He invested a minimum of $70 million in stocks.Though real estate is still his most preferred asset class, Trump became an active financial market investor in 2011 following disappointment from the depressed American real estate market and various investments in the Federal Reserve’s interest yields on CDs were next to nothing. Trump stated that he was not enthusiastic to be a stock market investor, but that prime real estate at good prices was hard to find at that time and that stocks and equity securities were cheap and generating good cash flow from dividends. He profited from 40 of the 45 stocks he purchased which he sold in 2014, making it almost a 90% success rate in capital appreciation in addition to millions in earned dividends. The biggest gainers in his stock portfolio were Bank of America Corporation, The Boeing Company and Facebook, Inc earning a windfall profit of $6.7 million, $3.96 million and $3.85 million, respectively.
On a government form submitted in 2015, Trump reported holding an amount of physical gold, valued at between $100,001 to $250,000.
Trump Entertainment Resorts 2009
His most recent bankruptcy came in 2009, after the company missed a $53.1 million bond payment. That was pretty much the end of the road for Trump in Atlantic City. While his name remained on three casinos, he resigned from the board and gave up his remaining stake in the company.
“I had the good sense, and I’ve gotten a lot of credit in the financial pages, seven years ago I left Atlantic City before it totally cratered,” he said during the debate.
The two Atlantic City casinos that still had the Trump name filed for bankruptcy yet again in 2014. At the time Trump made sure people knew he was no longer running the company, and sued to have his name removed.
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Promotion Of Conspiracy Theories
Before and throughout his presidency, Trump has promoted numerous conspiracy theories, including Obama birtherism, the Clinton Body Count theory, QAnon, and alleged Ukrainian interference in U.S. elections. In October 2020, Trump retweeted a QAnon follower who asserted that Osama bin Laden was still alive, a body double had been killed in his place, and that “Biden and Obama may have had SEAL Team Six killed.”
During and since the 2020 presidential election, Trump has promoted various conspiracy theories for his defeat including the “dead voter” conspiracy theory, and without providing any evidence he has created other conspiracy theories such as that “some states allowed voters to turn in ballots after Election Day that vote-counting machines were rigged to favor Mr Biden and even that the FBI, the Justice Department and the federal court system were complicit in an attempt to cover up election fraud.”
Trumps Personal Triumphs His Real Personal Accomplishments Just The Ones We Know About And These Are Just The Children Young As 10
The list of Trumps child victims came with an interesting reference point that was apparently part of the documentation in the settlement cases. Trump was designated with a psychiatric disorder referenced in the American Psychiatric Associations Diagnostic and Statistical Manual of Mental Disorders . The referenced disorder is Pedophilic Disorder .
2021 ICD-10-CM Diagnosis Code F65.4
F65.4 is a billable/specific ICD-10-CM code that can be used to indicate a diagnosis for reimbursement purposes.
Mental, Behavioral and Neurodevelopmental disorders
Pedophilia, same and opposite sex
Pedophilic disorder, sexually attracted to both males and females
A disorder characterized by recurrent sexual urges, fantasies, or behaviors involving sexual activity with a prepubescent child or children.
A sexual disorder occurring in a person 16 years or older and that is recurrent with intense sexually arousing fantasies, sexual urges, or behaviors involving sexual activity with a prepubescent child . .
ICD-10-CM F65.4 is grouped within Diagnostic Related Group :
887 Other mental disorder diagnoses
: New code
: No change
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Examining Donald Trumps Chapter 11 Bankruptcies
personal bankruptcyFact-checking claims about Donald Trumps four bankruptcies.Chapter 7Chapter 13Joel R. Spivack Esq. is an experienced bankruptcy attorney who specializes in helping individuals through personal bankruptcy. Contact him today to help you explore your legal options so that you can move on with your life and make a fresh financial start. Examining Donald Trumps Chapter 11 BankruptciesSpivack Law
Public Service And Private Gain
Trump has dismissed such claims as being “without merit” and has remained defiant about maintaining ownership of his vast network of real estate and business holdings.
Trump, a wealthy businessman who operates country clubs and resorts, reportedly profited from at least 10 foreign governments during his time as president. The include the Kuwaiti Embassy, which booked the Trump hotel for an event a public-relations firm hired by Saudi Arabia that spent $270,000 on rooms, meals and parking at Trump’s hotel in Washington and Turkey, which used the same facility for a government-sponsored event.
Throughout his presidency, Trump also spent a large amount of time at resorts and golf courses owned by his own company – meaning that the U.S. government and taxpayers have been paying for presidential trips and security to properties that directly profit Trump himself. One estimate had the cost at over $142 million as of November 2020.
What the Scandal Is About
Critics argue Trump’s acceptance of payments from foreign governments violates the Foreign Emoluments Clause, which bans elected officials in the United States from accepting gifts or other valuables from foreign leaders. The Constitution states: “No Person holding any Office of Profit or Trust under them, shall, without the Consent of the Congress, accept of any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince, or foreign State.”
What Critics Say
What Trump Says
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Bankruptcy Judge Weighs Nra Case
The National Rifle Association, long a feared power broker, will learn its fate this week in a court ruling that has the potential to hobble the gun-rights group and imperil the three-decade reign of its boss, Wayne LaPierre.
A judge is weighing several options. He could let the NRAs bankruptcy case go forward, giving the group a measure of refuge from a New York lawsuit that threatens its assets and its existence. He could put the group under the control of a trustee, empowered to make decisions about its finances and its future. Or, in a highly unusual move, he could throw the NRA out of bankruptcy court altogether.
There are land mines across the board here, said Brian Mittendorf, an Ohio State University accounting professor who has looked closely at the NRAs financial health.
For an organization that was until recently the most potent single-issue lobby in the U.S., none of the possible outcomes are great. The NRA has enjoyed enormous sway in Washington, beating back repeated attempts at stricter gun laws after mass shootings and building a fervent following closely tied to the Republican Party. It has spent millions of dollars to back candidates for president and Congress and on Supreme Court confirmation fights, and it was the largest financial backer of former President Donald Trumps successful 2016 campaign.
The NRA has called the suit a baseless attack on the Second Amendment, timed to have maximum impact during the election cycle.
Trump Ice And Trump Vodka
Trump tried turning the branded bottled water sold at his casino into a home product throughout the mid-2000s. It fizzled, and assorted bottles are now eBay, but some made their way to Marco Rubio as an insult.
Trump Vodka also drowned around the same time, disproving its tagline, Success Distilled.
Anyone noticing a product pattern here?
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