How Trump maneuvered his way out of trouble when his Chicago skyscraper proved a disappointment

[sabra]

Source: Baltimore Sun/NYT

The financial crisis was in full swing when Donald Trump traveled to Chicago in late September 2008 to mark the near-completion of his 92-floor skyscraper.

The fortunes of big companies, small businesses and millions of Americans — including the Trumps — were in peril. But the family patriarch was jubilant as he stood on the terrace of his gleaming glass tower.

...

The president’s federal income tax records, obtained by The New York Times, show for the first time that, since 2010, his lenders have forgiven about $287 million in debt that he failed to repay. The vast majority was related to the Chicago project.

How Trump found trouble in Chicago, and maneuvered his way out of it, is a case study in doing business the Trump way.

Read more: https://www.baltimoresun.com/news/nation-world/ct-nw-nyt-trump-tower-chicago-taxes-20201027-ot3vw4coonbhfaba4sucjeylg4-story.html

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Link to tweet

[pfitz59]

1. Debt forgiveness is 'taxable income'

Get the bastard!

[forgotmylogin]

3. Hell yes it is!

I settled my long term debt and had to pay tax on the forgiven amount. Total surprise the first year, the second I planned for it and paid it in advance.

[DENVERPOPS]

2. Wow

her fingers are much longer than "daddy's"...........

[mr_lebowski]

4. Any of this forgiveness happen since he become the GOP Candidate, I wonder?

It was probably a Russian money laundering operation all along.

When we have a Democrat as USAG, they should investigate which contractors got paid with these loans. Bet you a lot of paths lead back to former USSR.

Also wonder how many millions he paid HIMSELF out of these loans that later were conveniently 'forgiven'.

Also, how much came from Deutshe?