Why has America closed it’s eyes to the concerns of Trump’s Company past bankruptcies? Can America soon be bankrupted to the point that it has to be purchased?
Yesterday, Donald Trump was sworn in as the 45th President of the United States and it’s important that we understand the man and the brand that now holds the most POWERFUL position in the world–President of the United States and leader of the FREE world.
Here’s what concerns many Americans who don’t have a clue on how he plans to make America any better than it already is. All we have to go on is his past track record as a business man who took some huge financial losses before he finally steered the ship in the right direction. So, if past experience is an indicator of future performance, here’s how some walked into this election Eyes Wide Shut:
How did we overlook or forget that risky financial behavior usually results in economic and financial demise for all parties involved? Yes, in some instances, taking financial risks pays huge rewards in the end. Mr. Trump’s success has proven this. But not before he had to file for bankruptcy again in 2004, after accruing about $1.8 billion in debt.
DonaldTrump.com – The mission is project acquisition and development for The Trump Organization throughout the world – in areas from Eastern Europe to Southeast Asia, the Middle East to South America, mainland China to the United States.
By Investopedia’s definition, an acquisition is a corporate action in which a company buys most, if not all, of another firm’s ownership stakes to assume control of it. An acquisition occurs when a buying company obtains more than 50% ownership in a target company.
Here’s the history on Trump’s companies…
According to the Washington Post:
“Trump’s companies have filed for Chapter 11 bankruptcy protection, which means a company can remain in business while wiping away many of its debts. The bankruptcy court ultimately approves a corporate budget and a plan to repay remaining debts; often shareholders lose much of their equity.
Trump’s Taj Mahal opened in April 1990 in Atlantic City, but six months later, “defaulted on interest payments to bondholders as his finances went into a tailspin,” The Washington Post’s Robert O’Harrow found. In July 1991, Trump’s Taj Mahal filed for bankruptcy. He could not keep up with debts on two other Atlantic City casinos, and those two properties declared bankruptcy in 1992. A fourth property, the Plaza Hotel in New York, declared bankruptcy in 1992 after amassing debt.
PolitiFact uncovered two more bankruptcies filed after 1992, totaling six. Trump Hotels and Casinos Resorts filed for bankruptcy again in 2004, after accruing about $1.8 billion in debt. Trump Entertainment Resorts also declared bankruptcy in 2009, after being hit hard during the 2008 recession.
Why the discrepancy? Perhaps this will give us an idea: Trump told Washington Post reporters that he counted the first three bankruptcies as just one.”