Donald Trump walked away with hundreds of millions of dollars in assets when he was actually in debt by almost a billion dollars. Because Trump controlled around 3.5 billion dollars worth of assets back in the early 90's when he could not pay his debts, the banks felt it was better to just give him a portion of the assets he controlled but had already default on, versus dealing with Donald Trump in court.
I suppose it would be like owning four cars that are nowhere near being paid off, the car owner defaults on all of the payments but the bank lets the car owner keep one car free and clear while re-possessing the other three. lol, have you ever heard of a regular consumer being treated that well?
Ironically the rest of us lucked out because Bill Clinton became president in 1992 and Trump's bankruptcy shenanigans in which he walked away with 900 million dollars of wealth would be put on the backburner until after President Clinton left office. Bill Clinton was busy creating wealth for the country and didn't have time to focus on making life more miserable for consumers, again.
But George Bush jr., he was quite ok with making Bankruptcy so onerous that there are probably millions of americans out there right now damned no matter what path they take going forward. And for that, we have Donald Trump to thank.
Trump, author of the autobiographical books "Trump: The Art of the Deal" and "Trump: Surviving at the Top," said in a series of interviews that he fared as well as he did largely because his bankers trusted and respected him. "They love me because I'm good and I'm honest," he said.
"I've developed a great respect for bankers," he added. Many Trump creditors gave a different explanation for the outcome. Mainly, they were guided by their fear of what might happen if their conflict with Trump escalated into a bitter bankruptcy proceeding, they said. "I did it because it was the only practical solution," said one banker, who declined to be identified.
I finally understand the meaning of "Blowhard" because of Donald Trump. One blows out their version of reality so loud and hard that they have time to step away, put on different attire, and then applaud themselves at all future times and places by referring back to the still resonating wind bag of approval they themselves falsely proliferated years earlier. I guess its what a blowhard does when they don't have the "Back to the Future" News Prediction Book in their hands.
It makes one wonder, did Donald Trump try and at least give his perspective to the George Bush team so that the new bankruptcy laws would not shift the pendulum too far from in favor of the businessman and consumer to way too far in favor of the banks. I am betting Mr. Trump just sort of let it all roll off his teflon business suit and probably just hired a few more lawyers instead.
No comments:
Post a Comment