Sunday, August 9, 2015

Trump and his bankruptcies

The Washington Post helps us understand the four bankruptcies in the Trump era.
Some of Trump’s glitziest real estate developments were unveiled amid national economic downturns, during which many business leaders suffered from bad investments, and his Atlantic City deals came at a particularly grave time for the coastal mecca. “Every company virtually in Atlantic City went bankrupt,” he said Thursday night.
But Trump’s multiple spells in bankruptcy court, and the little effect they have played on his abundant wealth, highlights the stiff gap between how businesses and consumers are treated amid financial strife. The Trump businesses, as with many companies, were afforded significant leeway in the hope they could recoup those massive debts.
And he's used bankruptcies to build his empire back.
He bought Trump National Golf Course in Los Angeles in 2002, after the previous operators filed for bankruptcy following a landslide that sent the 18th hole sliding in to the Pacific Ocean. Trump National Doral Golf Course in Florida was purchased out of bankruptcy in 2012.

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