Trump took the millions his daddy gave him and turned them into billions.
I could have done the same thing in the same time period by simply investing that money in a good S&P 500 index fund.
How telling that you would misquote me...I said one million not millions. See what you libs do? You misquote or misread in order to justify your wrong headed point. Trump's father
lent his son
ONE MILLION DOLLARS and Trump turned that into
billions.
I didn't misquote you- I quoted the facts.
Trump’s false claim he built his empire with a ‘small loan’ from his father
show that Fred Trump, in his will, divided $20 million among his four surviving children, among other distributions after estate taxes. (The will was
contested by the children of his oldest son, Fred C. Trump Jr., who had passed away.) Trump’s father, like most wealthy individuals, also set up trusts before he died. Donald Trump admitted in a 2007 deposition that he borrowed at least $9 million from his future inheritance when he encountered financial difficultie
Fred Trump — along with the Hyatt hotel chain — jointly guaranteed the $70 million construction loan from Manufacturers Hanover bank, “each assuming a 50 percent share of the obligation and each committing itself to complete the project should Donald be unable to finish it,” according to veteran Trump chronicler Wayne Barrett in his 1992 book, “
Trump: The Deals and the Downfall.”
Fred Trump’s signature on the guarantee ensured the new hotel would get built. “No document in the long paper trail attached to the Commodore deal better demonstrated the lack of bank confidence in the Donald or the project, and none made clear the limits of his promoter role,” Barrett wrote. Trump simply did not have the credit or connections to obtain such financing on his own. “It was Fred’s two-decade-old relationship with a top Equitable officer, Ben Holloway, that had helped entice them to do the project.”
In a 2007 deposition related to the lawsuit, Trump admitted he had borrowed “a small amount” from his father’s estate: ‘I think it was like in the $9 million range.”
As Trump’s casinos ran into trouble, Trump’s father also purchased $3.5 million gaming chips, but did not use them, so the casino would have enough cash to make payments on its mortgage — a transaction which casino authorities
later said was an illegal loan.
