Donald Trump - a massive business failure

[bill718]

For years, Donald J Trump worked to maintain his facade as a hugely successful business mogul, implying since he was so successful, he ought to be able to run America too. Recently released tax returns spells out in black and white just how big a failure Donald Trump really is. Mr. Trump is drowning in crushing debt. He struggles to pay his bills, with many millions of $$ more are coming due to his creditors very soon.

How are Trump supporters going to react on election day as they now find out the "successful businessman" they voted for is one of the biggest business failures of all time??

Monday briefing: Trump swerves tax as debts pile up

Great deal-maker paid no federal taxes in 10 of last 15 years … coronavirus fines come into force … and Hongkongers’ fight for their rights

www.theguardian.com

 

[Disir]

I know, right? You all should have thought this through. It's unfortunate as it is likely that he will be re-elected. Perhaps if you start now then you will have someone in about 4 years.

 

[Mac1958]

It's all exactly what we expected, at least those of us who can think clearly.

He squandered the $300,000,000 to $400,000,000 he got from Daddy by the year 2000. Since then he's been living off Deutsche Bank loans and IRS refunds and pretending he was a great businessman. Meanwhile, those businesses were losing billions and he was staying afloat by churning the numbers, moving the pieces around.

There is no surprise here. None.

 

[candycorn]

For years, Donald J Trump worked to maintain his facade as a hugely successful business mogul, implying since he was so successful, he ought to be able to run America too. Recently released tax returns spells out in black and white just how big a failure Donald Trump really is. Mr. Trump is drowning in crushing debt. He struggles to pay his bills, with many millions of $$ more are coming due to his creditors very soon.

How are Trump supporters going to react on election day as they now find out the "successful businessman" they voted for is one of the biggest business failures of all time??

Monday briefing: Trump swerves tax as debts pile up

Great deal-maker paid no federal taxes in 10 of last 15 years … coronavirus fines come into force … and Hongkongers’ fight for their rights

www.theguardian.com

He's also a personal failure.

We shouldn't be surprised that the $6.6T of red ink he added to the ledger...it's been his business model since day one.

 

[JoeB131]

It's all exactly what we expected, at least those of us who can think clearly.

He squandered the $300,000,000 to $400,000,000 he got from Daddy by 2000. Since then he's been living off Deutsche Bank loans and IRS refunds and pretending he was a great businessman. Meanwhile, those businesses were losing billions and he was staying afloat by moving the pieces around.

There is no surprise here. None.

Except that you Wall Street Parasites knew what he was and let him get away with it for decades...

So once again, you expect the working class to clean up YOUR mess.

 

[playtime]

for those too young to remember just how bad donny has been with money:

Quick: Who'd Have Trouble Living on $450,000 a Month?
By Kurt Eichenwald
June 26, 1990

Donald J. Trump, who has lectured America about architecture, foreign policy and, most of all, how to do deals, may be about to learn a lesson of his own: how to live in Manhattan on $450,000 a month.

That scarcely onerous restriction is being imposed by Mr. Trump's bankers, who have insisted that the man who has made conspicuous consumption a personal trademark must curb his spending a bit.

Moreover, the $450,000-a-month allowance excludes some of the largest of Mr. Trump's daunting expenses, the bankers say. These extras, based on Mr. Trump's spending in May, include the costs of maintaining his personal 727 jetliner ($246,000) and his 282-foot yacht ($841,000). The yacht and the personal jet, to be sure, may be sold to trim the real estate developer's mountainous debts.

In May, Mr. Trump also paid interest of $2.1 million on his personal debt, while his legal, charitable and business expenses totaled $382,000. His interest payments and various expenses do not count as personal spending, either.

Still, the $450,000-a-month limit will require some belt-tightening on Mr. Trump's part. In May, his bankers report, Mr. Trump's personal spending amounted to $583,000 for day-to-day necessities of the ultrarich life style, which range from his $2,000 suits to the costs of maids, gardeners and chefs at his three homes.
So to meet the bankers' target, Mr. Trump must trim his personal expenses by more than $100,000 from the May level. If he can do that, the banks will agree to lend Mr. Trump even more money.

The terms are being required by the banks, which are attempting to structure a loan to Mr. Trump to keep his faltering empire out of bankruptcy court.
The personal spending limits agreed to by the banks, though a cutback for Mr. Trump, still come to $5.4 million a year. If the banks agree to the terms of the new loan, in the month of July, for example, Mr. Trump would have to hold his expenses to just $14,516.13 a day, or $10.08 every minute of the day and night.
'It's Just Phenomenal'
Even the truly wealthy found Mr. Trump's manner of spending, reduced circumstances or not, to be remarkable.

''I would have no idea how to spend $450,000 a month,'' said one billionaire, who asked not to be identified. ''It's just phenomenal.''
Financial planners for the well heeled agreed.

''We have handled a lot of entertainers, some of whom lived very extravagantly, but I have never come across anybody who spent that way,'' said Lawrence B. Eichler, president of Sentinel Asset Management. ''Donald Trump lives in strata few of us approach, or even want to approach.''

Even Mr. Trump, who declined to comment, once said: ''A little more moderation would be good.'' But he was quick to add, ''Of course, my life hasn't exactly been one of moderation.''

Deadline on a Payment
Mr. Trump's unfolding financial drama may reach a climax tonight as the developer faces a deadline to make a payment on a high-yield ''junk bond'' issue. No matter what the outcome, the glimpse of Mr. Trump's spending habits is certain to add another layer to the high-spending lore to the 1980's.

Mr. Trump's new allowance may be absorbed easily, given the style of living to which he has become accustomed. The developer owns three homes, including Mar-a-Lago, in Palm Beach, Fla. That home, which was willed to the State of

Florida by Marjorie Merriweather Post, was sold to Mr. Trump because the state could not afford to pay for its upkeep. Scores of household staff members are paid to help keep up the 118-room residence.

Mr. Trump will also have to continue to maintain his 50-room penthouse triplex in Manhattan's Trump Tower, which comes complete with an 80-foot living room, bronze-edged floor-to-ceiling windows overlooking Central Park, and a 12-foot waterfall.
[...]
Quick: Who'd Have Trouble Living on $450,000 a Month?

 

[CrusaderFrank]

Tax returns are not net worth
Tax losses are not cash losses

 

[playtime]

when wall st no longer gave donny cash - that's when he turned to foreign banks.

 

[CrusaderFrank]

Also the returns weren't "released" they were illegally released

 

[CrusaderFrank]

when wall st no longer gave donny cash - that's when he turned to foreign banks.

Stop. Just stop

 

[Penelope]

The accounting firm must of been in on it.

But Trump’s accountants are far from bystanders in the matters under scrutiny — or in the rise of Trump. Over a span of decades, they have played two critical, but discordant, roles for Trump. One is common for an accounting firm: to help him pay the smallest amount of taxes possible. The second is not common at all: to help him appear to the world to be rich beyond imagining. That sometimes requires creating precisely the opposite impression of what’s in his tax filings.

Meet the Shadowy Accountants Who Do Trump’s Taxes and Help Him Seem Richer Than He Is

The Supreme Court fight over Donald Trump’s tax returns has pushed his accounting firm into the limelight. In various episodes over 30 years, partners — including the CEO — have run into trouble for fraud, misconduct or malpractice.

www.propublica.org

 

[playtime]

Also the returns weren't "released" they were illegally released

that falls under 'oh well'.

 

[Mac1958]

The accounting firm must of been in on it.

Definitely. This story is just getting started. Another starring role will be played by Deutsche Bank.

 

[playtime]

when wall st no longer gave donny cash - that's when he turned to foreign banks.

Stop. Just stop

 

[CrusaderFrank]

when wall st no longer gave donny cash - that's when he turned to foreign banks.

Stop. Just stop

View attachment 393980

Clue: get one today

 

[harmonica]

who cares about his personal business?...he is not a failure as POTUS

 

[kaz]

For years, Donald J Trump worked to maintain his facade as a hugely successful business mogul, implying since he was so successful, he ought to be able to run America too. Recently released tax returns spells out in black and white just how big a failure Donald Trump really is. Mr. Trump is drowning in crushing debt. He struggles to pay his bills, with many millions of $$ more are coming due to his creditors very soon.

How are Trump supporters going to react on election day as they now find out the "successful businessman" they voted for is one of the biggest business failures of all time??

Monday briefing: Trump swerves tax as debts pile up

Great deal-maker paid no federal taxes in 10 of last 15 years … coronavirus fines come into force … and Hongkongers’ fight for their rights

www.theguardian.com

The butt hurt is just flaming today, huh?

Try the cream for TDS release, I hear it works faster

 

[CrusaderFrank]

Warren Buffet probably pays $10,000 in federal taxes, is he a failure as well?

 

[kaz]

Tax returns are not net worth
Tax losses are not cash losses

But that's only because you know what you're talking about and those butt hurt idiots don't ...

 

[playtime]

when wall st no longer gave donny cash - that's when he turned to foreign banks.

Stop. Just stop

View attachment 393980

Clue: get one today

i don't need a 'clue' ... there's 30 yrs of donny's business ' savvy ' to go by.