tRump lost 1 BILLION $$$$$$

[BigmanPigman]

NY Times reports:


"Over all, Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years. It is not known whether the I.R.S. later required changes after audits."

"The numbers show that in 1985, Mr. Trump reported losses of $46.1 million from his core businesses — largely casinos, hotels and retail space in apartment buildings. They continued to lose money every year, totaling $1.17 billion in losses for the decade".

https://www.nytimes.com/interactive/2019/05/07/us/politics/donald-trump-taxes.html

[marylandblue]

1. Hmm, so he was just trying to hide what a bad businessman he was?

[malaise]

2. Or the losses were the way he avoided paying taxes

He really is King Con

[GoCubsGo]

5. Yep. There's probably a ton of money-laundering and other illegalities involved, too.

And, that was just one decade. No telling how much more was "lost"/stolen in subsequent decades.

[marylandblue]

7. Could be, also explains the audits.

If you show losses year after year, they audit you. If he lost $1,000 per year instead of $100 million, he'd be forced to declare his business a hobby.

[Laura PourMeADrink]

49. And they said he showed the biggest loss of any

US biz. Yet, remember Cohen said trump couldn't produce an audit notice.

This may be a huge subplot here. How the IRS didn't stop this scam?

[fescuerescue]

58. IRS doesn't care if you lose money

Really, There is no government entity that will step in and stop a business that loses money.

[Laura PourMeADrink]

76. Ha. The biggest taxpayer loss.. twice any other person for years? You are very wrong

[fescuerescue]

79. You are referring to Hobby loss rules

I happen to know a few things about tax law. If many years of losses were a legal problem, we wouldn't have Amazon, Yahoo, Netflix, Uber, and could go on and on.

Yes if my basket weaving business loses money 3 out of 5 years, I'm going to have a tax problem. But that's a presumption, one that can be challenged.

Read IRS Publication 535 if would like to know more.

Bottom line is that Trump might have a PR problem, but not a legal one for losing money. Besides. the IRS actually DOES read his tax returns, and it's clear he's not in jail.

But maybe I'm very wrong and the IRS will wake up realize the error of their ways and shutdown Trump, along with half of Silicon valley.

[TomSlick]

38. Bingo! We have a winner!

Trump couldn't have lost this much money on purpose. Remember, dear sister had to retire from the federal bench to stop an ethics investigation into Trump family tax fraud.

The only question in my mind is why would anyone with the number of skeletons Trump has in the closet run for President, thus ensuring investigations.

[thesquanderer]

40. re:"The only question in my mind is why would anyone with...skeletons run for President..."

He didn't expect to win. It was a grift to increase the value of his brand.

[TomSlick]

42. I think you are correct but it was a terrible risk to run.

At a minimum, he should have tried harder to lose.

[thesquanderer]

46. Once he saw he might actually win, his ego took over.

And as a narcissist, probably figured he could maneuver himself out of anything.

[malaise]

45. I am still convinced that he ran for President and did everything to win

(illegal) just to show Obama that he could be president. He has long been crazy but Obama sent him over the edge.

[TomSlick]

47. There is ample evidence to support your belief.

I am not prepared to argue against you. But if he meant to win, then you are also correct that he is crazy.

[malaise]

50. He became obsessed with showing that black man

after Obama humiliated him at the Washington Correspondents' Dinner.
He forgot that all his criminality would become public knowledge.

I can't wait for his final destruction. The end is nigh.

[TomSlick]

54. Please God!

[malaise]

55. Rachel is on this now

like white on rice

[TomSlick]

57. I'm running behind.

I just had to rehear the Falwell story. It is absolutely unchristian how much I despise that man. (I will repent later - maybe.)

[Thekaspervote]

68. Indeed, especially following the WHCD where he roasted the dotard

[nolabear]

3. Oh I hope he feels our laughter and disdain.

[ProudLib72]

4. Oh, I thought you said he lost 1 billion "doll hairs"

I was wondering what they used for those hair implants.


Greatest businessman evah!

[Duppers]

6. "Proves Donald Trump is a criminal level tax cheat."

David Cay Johnston, on msnbc.

Thanks for this thread, BP!

Five bankruptcies, folks! 5!!

[HipChick]

8. Like Tax Evasion?

[BigmanPigman]

25. I posted it here because of your request from the other thread.

[Duppers]

34. Aww, thanks!

Awesome (+awwsome), like her grandmom.

[Totally Tunsie]

33. Make that six bankruptcies...

He's also morally bankrupt, in addition to financially.

[MFGsunny]

9. Sounds like the underpinnings of Ponzi-like schemes right there. Lose big bucks $.

Lose big bucks $.

Use loss to avoid taxes.

Borrow laundered Russian bucks $$$.

Borrow from Deutsche Bank. Fail to repay on time.

Borrow more $$$$ from Russians (via said bank) who laundered their bucks $ at said bank.

Rinse. Repeat.

[Funtatlaguy]

12. Will they find money laundering proof?

[thesquanderer]

43. Maybe the 1989 $53m in interest, when he didn't own enough stuff to generate it (n/t)

[pangaia]

23. You forgot the blackmailed part....

[Laura PourMeADrink]

48. When was it that no one in NYC would lend to him?

In the 2000's right?

What entity is investigating his finances? Just the trump foundation?

Cohen talked about this...it was almost like a game of dice...how much is this property worth? For taxes vs. what we tell bankers?

[FakeNoose]

62. The Russians were GIVING him money

That's how they laundered their stolen money. Chump made it possible for oligarchs to use their stolen money to buy property at hugely inflated prices. He set them up with secret investment companies that had fake Delaware addresses so they could shovel their $ millions at him. Every Chump property he built was already pre-sold to mostly Russian buyers.

The LENDING part happened later, after Chump could no longer get secured bank loans, he started taking loans from the oligarchs. I wonder how many of those loans have been paid back? Probably very few.

[BigmanPigman]

69. You just nailed it!

[bluestarone]

10. My question here is

Where in the fuck were the IRS? How could any fucking buddy get away with this shit for such a LONG TIME??? If they would have done their fucking job we wouldn't be here today! Something STINKS BAD here!

[Duppers]

36. Agree! nt

[fescuerescue]

59. IRS couldn't care less if you lose money

It's not illegal to be a bad businessman and waste your family fortune.

[marble falls]

11. Just a build up to the billions he's lost of our money in the last two years.

[Celerity]

17. trillions when you count the future-forward grift government-wide, plus those tax cuts for the

systemic controller robber barons.

[marble falls]

61. Like Everett Dirksen once said, a "billion here and a billion there, pretty soon you're talking ...

some big money."

[Celerity]

77. +1

[Celerity]

13. Global criminal money laundering empire, head by the Zircon Don and Ivanka

The orange bloat has probably laundered billions for the Russians (and a myriad number of other entities) over the last 4 or so decades. Ivanka is up to her bizarrely long neck in this shit as well. That Panama skyscraper scam she ran is just a tip of a Rhode Island-sized iceberg.

They both (and the rest of the Trumpian brood) need life in a Super Max.

[tinrobot]

14. Uh... that makes him smart?

It doesn't.

But I'm sure that's what he'll say.

[BootinUp]

15. He has graduated to wrecking countries. Nt

[Celerity]

18. +10000

[uponit7771]

31. +1

[global1]

16. But The Cultist Trumpanista's Will Applaud Trump For His Ability To Use The System.....

Last edited Tue May 7, 2019, 10:32 PM - Edit history (1)

and live the high life he's been living all his life with gold toilets; yachts; private jets; high style living accommodations like the Trump Tower; Mar-A-Lago; etc even though he's lost in excess of $1 billion. And look what he accomplished - he's president. (sarcasm)

After all is said and done - Trump will still maintain his base.

Once a con man - always a con man - BUT - who had more fun?

[mnmoderatedem]

19. time for the Iran bombing to commence

he REALLY needs a distraction now.

[Celerity]

20. brought to you by Mad Bomber Bolton

[ffr]

21. tRump is in the 1%. 1% of all losses reported to the IRS in 1991 came from him.

The newly revealed tax information sheds light on how those net operating losses snowballed. By 1991, they had grown to nearly $418 million, accounting for fully 1 percent of all the losses that the I.R.S. reported had been declared by individual taxpayers that year. And the red ink continued to accumulate apace. - NYT

He's a fraud, a snake oil salesman, a grifter, a conman, and a traitor. The tRump regime needs to be arrested en masse!

[thesquanderer]

44. He hosted the wrong reality show. It should have been The Biggest Loser. (n/t)

[fescuerescue]

60. Actually if he loses money every year

He's a 99.99%'er

1%'ers actually make money.

[Blue Owl]

22. Dirty Diaper Donnie did a bad, bad thing...

Time to air out all that dirty laundry...

[ffr]

24. U.S. Treasury's public debt now stands at over $22T. Who'd of thunk!

MAGA, my ass!

https://www.treasurydirect.gov/NP/debt/current

[Pepsidog]

28. If dems wins in 2020 that's all we will hear about is deficits.

[Pepsidog]

26. And morons on the right see that as a badge of honor. See what a great businessman he is by

taking advantage of the tax laws. They don’t see all the people who he cheated out of money.

[yaesu]

27. & that was decades ago, just think how much deeper in the hole he is now & how much

he owes the russian mob.

[BigmanPigman]

32. Good point.

[Pachamama]

29. How do you lose a BILLION DOLLARS and call yourself a GREAT BUSINESSMAN?????

[blueinredohio]

30. If it shows how much he lost how much money did he say he had?

[A HERETIC I AM]

35. Someone posted recently that a Wall Street type that knows him said "it's all debt"

Everything he claims to "own" is leveraged to the Nth degree. It's all debt, just as it's turtles all the way down.

I've thought about this quite a bit.

One key is fuel for his airplane, the Boeing 767 he supposedly "owns".

Just like a car, you can make payments on such an aircraft. So the initial lease is on credit. So is the fuel. The fuel is paid on a credit account. The fuel providers are absolutely getting their money, otherwise word would get out and the plane would never get fueled, so that bill is being paid. But where does that credit line go?

My opinion - its both the Saudi's and the Russians. Somewhere way back in the depths of his finances lies a group that doesn't care if they are repaid or not, because they stand to come out waaaaay ahead. Who has ripped off a shitload from their countries and needs to launder it? Russians and Saudis. Trump offers some perfect vehicles; Crappy, overpriced real estate, casinos and golf courses.

In exchange, we'll pay the tab for your dopey airplane and your eastern European wife.

Oh...and a presidential campaign or two.

[underpants]

39. Yeah I think it's pretty obvious at this point.

You nailed it. He cleans their money AND he has nowhere else to go.

[A HERETIC I AM]

53. Yup. He wore out his welcome at the New York banks long ago.......

And Deutsche Bank is up to their eyeballs with his crappy line of credit, but who is backstopping them?

Most bankers aren't stupid. If they take on risk, they know how to lay it off, OR...they have a backstop...a pile of money sitting somewhere to cover should things go south.

Or...I could be completely wrong, and Mr. Trump could be the most upstanding, decent banking customer the world has ever seen.


Wow! look at that! A flying pig!

[BigmanPigman]

63. Flying Pigs? Yes, flying pigs thanks to Pink Floyd

[Ilsa]

64. Great explanation. He used to extol the use of

debt years ago, but got quiet about it, I suppose, as he began contemplating his prez run.

[DallasNE]

37. Art Of The Deal

Oops

[ecstatic]

41. I just want him gone ASAP. nt

[WhiteTara]

51. He doesn't care. It wasn't

his money. The banks ate the losses and he took the deductions and was the winner.

[NRaleighLiberal]

52. And so... Blend Russia and Putin into this for the full picture

[fescuerescue]

56. I remember that pretty well. Was covered extensively in the media

[jmowreader]

65. And now you know why Trump won't release his returns

The whole Trump Mystique revolves around being the greatest businessman on the face of the planet.

Well bubba, the greatest businessman on the planet doesn't lose money as fast or as heavily as Trump does.

[NurseJackie]

66. He's such a LOSER!

[Blue Owl]

67. Diaper Donnie, the Debt-Ridden Dotard of Doucheville

n/t

[BigmanPigman]

72. Bravo for the the alliteration.

[thenelm1]

70. The greatest slumlord

For all his boasting about how he is the greatest businessman ever, his business 'expertise' comes down to the fact that he's a property management/slumlord kinda guy. He knows nothing about business beyond what he learned from his slumlord dad. His schooling didn't take. International finance, the stock market, tariff policy, economic policy in general or anything else fiscal policy related - he's an illiterate. He's never had to think beyond managing his properties - and it shows, in spades. Beyond collecting rents and whatever else slumlords do, he's completely out to lunch. As much as I despise the Dimons, Romneys and other financial predators of the world - this chump is a...chump. Particularly given he's such a narcissist/know it all, he won't listen to anyone else since he has the 'greatest' mind of all time. His past 'business adventures' says it all. If it wasn't for his inheritance, along with accountants and tax lawyers, he'd be asking us 'do you want fries with that' still at his age. End of story. He's the ultimate, extreme example of the 'Peter principle' at work.

(disclaimer - not to denigrate 'do you want fries with that' people, at 16 through 20 I was one of them. And spent the rest of my work life as an IT guy, enough that I could retire at 61.)

[BigmanPigman]

73. Selling fries and burgers is legal so he would NOT do that.

He was a juvenile delinquent and now is a senior delinquent who does nothing that is legal, moral or honest. Most likely he would be trying to make a quick buck without brains and would try to sell drugs. Since he doesn't have any brains he would fail at that too.

[thenelm1]

74. You're probably right.

I certainly can't argue with anything you said. I was trying to be circumspect - he may be cunning, but he's still a complete idjit. And those traits are not, unfortunately, incompatible.

[Still In Wisconsin]

71. Just like not wanting the Russian hookers tape to come out because his little peepee doesn't work...

It's not what he's done, it's the fact that his image of uber-billionaire playboy is total bullshit.

[thenelm1]

75. "his little peepee doesn't work..."

I just threw up in my mouth a little bit...……..

[kentuck]

78. And that was before he tied up with the Russians...

Then, his finances really became interesting..