How Donald Trump Bankrupted His Atlantic City Casinos, but Still Earned Millions

[TomCADem]

Source: MSN/NY Times

On the presidential campaign trail, Mr. Trump, the presumptive Republican nominee, often boasts of his success in Atlantic City, of how he outwitted the Wall Street firms that financed his casinos and rode the value of his name to riches. A central argument of his candidacy is that he would bring the same business prowess to the Oval Office, doing for America what he did for his companies.

“Atlantic City fueled a lot of growth for me,” Mr. Trump said in an interview in May, summing up his 25-year history here. “The money I took out of there was incredible.”

His audacious personality and opulent properties brought attention — and countless players — to Atlantic City as it sought to overtake Las Vegas as the country’s gambling capital. But a close examination of regulatory reviews, court records and security filings by The New York Times leaves little doubt that Mr. Trump’s casino business was a protracted failure. Though he now says his casinos were overtaken by the same tidal wave that eventually slammed this seaside city’s gambling industry, in reality he was failing in Atlantic City long before Atlantic City itself was failing.

But even as his companies did poorly, Mr. Trump did well. He put up little of his own money, shifted personal debts to the casinos and collected millions of dollars in salary, bonuses and other payments. The burden of his failures fell on investors and others who had bet on his business acumen.

Read more: http://www.msn.com/en-us/news/politics/how-donald-trump-bankrupted-his-atlantic-city-casinos-but-still-earned-millions/ar-AAgV8Qd

[groundloop]

1. Corporate bankruptcy is legalized stealing

I know a bit about corporate bankruptcy, I worked for a company that was bankrupted by 'investors' who walked away with $millions while employees, creditors, and stockholders got screwed. Bastards like T-rump are a perfect example of all that's wrong with this country today.

[Wolf Frankula]

2. I Wish to Make a Formal Prediction

If the Rump named tRump doesn't get elected Pretzeldent, and maybe if he does; he will declare bankruptcy a fifth time.
And all the tRumpkissers will gush, "He's such a genius."

Wolf

[bucolic_frolic]

3. Milking the business

has always been a common occurrence and none more so perhaps than
in the gaming industry

Shifting debt to a business is a modern form of that strategy

It's legal in bankruptcy court, often done to pension plans and
amid union busting

I'm no expert on what was going on here or it's legal status

[PatSeg]

4. Damn

He's not only a crooked con-artist, he is REALLY a bad businessman. There is no way he's worth anything close to what he claims.

[MurrayDelph]

5. Donald thinks The Producers

is a guide to life.



Leo Bloom: Let's assume, just for the moment, that you are a dishonest man.
Max Bialystock: Assume away.


Max Bialystock: The two cardinal rules of producing. One: Never put your own money in the show.
Leo Bloom: And two?
Max Bialystock: [yelling] Never put your own money in the show!


Max Bialystock: Money is honey! Money is honey!


Max Bialystock: Oooooooh, I WANT THAT MONEY!

[Beacool]

6. That video is fantastic.

LOL!!




On the other hand, why the hell am I laughing. Be afraid, be very afraid.......

[secondwind]

7. Donald loves OPM -- Other People's Money.. he is nothing but a vulture capitalist

[Beartracks]

8. "The money I took out of there was incredible."

An if he's elected President, his new "there" will be the United States itself.

====================

[keithbvadu2]

9. I remember a story of Trump selling a casino

and the buyers did not realize that the parking garage was not part of the sale.

Maybe not Trump?

Sounds like him, though.