Trump to America: "Fuck You!" (Part 2 of 2)
As if you didn't hate him enough already, here comes another reason to want to rip that nasty wig off his stupid gorilla face while he's doing the "cobra hand" or whatever the fuck it's called. From The Houston Chronicle:
"I happen to love a weak dollar," Trump said in an interview. "There's nothing better for New York real estate."
Trump, whose developments include Trump Park Avenue condominiums in New York, said people are "flocking" to buy apartments. A stronger dollar or higher interest rates would damp demand for housing, he said. The dollar is at record lows against the euro.
"Every building I'm building in New York is sold out or rented immediately," he said.
Well maybe Trump is right. I mean, he's certainly a successful businessman.
...Trump Hotels & Casino Resorts filed for bankruptcy protection last month after increased competition and a series of unprofitable years left the company struggling to pay interest on $1.8 billion in debt. The company owns four casinos, including the Taj Mahal in Atlantic City.
Or not.
Want another reason to hate Trump? He fired Andy, a guy who went to camp with my brother.
posted by David @ 5:23 AM
3 Comments:
Just as currency exchange is more complicated than "weak is bad, strong is good" - Chapter 11 protection is more complicated than "bankruptcy is defeat."
Trump IS a successful businessman. His part of the casino project, as he likes to remind people, is only 1% of his net worth. The company started with too much debt and couldn't climb out from under it. They filed for Chapter 11 protection as a business maneuver - so they could renegotiate that debt. The deal he reached with the creditors is actually very good for him. It will probably emerge from protection as a successful business.
The media hasn't been entirely fair on this story. That being said, Trump is still a first-class schmuck.
- Danny Moldovan
P.S. My dad is a bankruptcy lawyer - unfortunately, I grew up breathing this stuff.
Danny, Danny, Danny, I never said he wasn't good at making money, I just said he was a bad business man. He loses everybody else's money while coming out on top. Few investors have actually seen a legimate return on their money, and yet people keep investing in him. That makes him a great self-promoter with a knack for making money, but not the financial genius he claims to be.
No I never meant that I bought his "genius" hype. But I would probably argue that it's also wrong to characterize him as a bad businessman (though this article paints an interesting picture). I don't think it's accurate to say that he hasn't made good money for most of his investors, but then again, I really don't care enough about him to find out.
My point was less about him than it was about bankruptcy. The media throws the word around like it's the white flag of the business world when most of the time it's just a legal tool. He may have run that business poorly or be a bad businessman in general, but his handling of this specific event was prudent and even clever.
You're definitely right about his self-promotion - it's a phenomenal spectacle - absolutely shameless.
- Danny
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