Quote:
Originally Posted by Jim in CT
The commercial real estate market completely collapsed, and there was a major recession. Did the Times article mention those things, or did they lay 100% of the blame on him? I'm not saying he's Warren Buffet or Bill Gates. I'm saying there were enormous challenges to real estate investors in that timeframe. That's what caused the S&L collapse, even insurance companies went under because they had invested their reserves in commercial real estate.
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In 1982 Trump got himself on the Forbes list at 100 million, though he is believed to have been worth 5 million.
Somehow you believe that he magically grew that 5 million into a billion in a few years, he really would have to be a magician to do that.
What I understand is that he wrote off his lenders losses on his tax returns, he's nothing like Buffet or Gates more like Leona Helmsley.
Her famous quote is "We don't pay taxes, only little people pay taxes"
The NYT has more coming, there's a reason why his nickname in the NY real estate world was Don the Con.
The scariest part of Don the Con is where his capital came from after his "BILLION" dollar loss.
Donald Trump Jr. himself famously said in 2008 that “Russians make up a pretty disproportionate cross-section of a lot of our assets. We see a lot of money pouring in from Russia.”
And golf courses, as reported by Golf writer James Dodson to have happened in 2014: “So when I got in the cart with Eric,” Dodson says, “as we were setting off, I said, ‘Eric, who’s funding? I know no banks—because of the recession, the Great Recession—have touched a golf course. You know, no one’s funding any kind of golf construction. It’s dead in the water the last four or five years.’ And this is what he said. He said, ‘Well, we don’t rely on American banks. We have all the funding we need out of Russia.’ I said, ‘Really?’ And he said, ‘Oh, yeah. We’ve got some guys that really, really love golf, and they’re really invested in our programs. We just go there all the time.’ Now that was three years ago, so it was pretty interesting.”