nuhuh
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- #301
0.16 1982 1st time on Forbes 400 net worth $200 million claims $500 million
0.27 1988 net worth $1 billion. claims $3.74 billion
0.46 1996 net worth $450 million claims stock market assets alone worth that much
1.14 2001 net worth $1.8 billion claims $5 billion
1.30 2004 bankrupt net worth $2.6 billion
1.38 2006 net worth $2.9 billion
1.44 2012 net worth $3.1 billion
1.56 2015 net worth $4.5 billion claims much more than $10 billion
2 lousy minutes of video and you didn't pick up a shred of information.
So even on the low end, he turned $1MM into $4.5 Billion, right?
Not exactly, he used bankruptcy law four different times which means he used the peoples money also. The last time in 2014, he cut his debt from $285 million to $82 million. Pretty good payday when its all over.
Wrong. Bankruptcy isn't "using the people's money." The people's money is tax money, and bankruptcy doesn't involve tax money in any way.
Whatever isn't recovered in liquidation is absorbed by the creditors and becomes a tax deduction which the people end up paying for.