Trump Bankruptcy Quotes

New Rule: Whenever you think the Tea Party can't get any dumber, they get dumber. Now they're in love with Donald Trump. Because nothing says "We're serious about fiscal responsibility" quite like a billionaire whose corporations have filed for bankruptcy three times.

The political triumph of Donald Trump is a symbol and symptom—not cause or origin—of our imperial meltdown. Trump is neither alien nor extraneous to American culture and history. In fact, he is as American as apple pie. Yet he is a sign of our spiritual bankruptcy—all spectacle and no substance, all narcissism and no empathy, all appetite and greed and no wisdom and maturity.

he recognized Donald Trump’s picture on the jacket and assumed it was a get-rich-quick scheme. Obviously, Jake Berman hadn’t taken the man’s advice. Though, considering Berman had lost his job and declared bankruptcy, maybe he had.

NAFTA was another enduring Trump target. The president had said for months he wanted to leave NAFTA and renegotiate. “The only way to get a good deal is to blow up the old deal. When I blow it up, in that six months, they’ll come running back to the table.” His theory of negotiation was that to get to yes, you first had to say no. “Once you blow it up,” Cohn replied, “it may be over. That’s the most high-risk strategy. That either works or you go bankrupt.” Cohn realized that Trump had gone bankrupt six times and seemed not to mind. Bankruptcy was just another business strategy. Walk away, threaten to blow up the deal. Real power is fear.

The winning candidate, now the president elect, calls for rapid increase in use of fossil fuels, including coal; dismantling of regulations; rejection of help to developing countries that are seeking to move to sustainable energy; and in general, racing to the cliff as fast as possible. Trump has already taken steps to dismantle the Environmental Protection Agency (EPA) by placing in charge of the EPA transition a notorious (and proud) climate change denier, Myron Ebell. Trump's top adviser on energy, billionaire oil executive Harold Hamm, announced his expectations, which were predictable: dismantling regulations, tax cuts for the industry (and the wealthy and corporate sector generally), more fossil fuel production, lifting Obama's temporary block on the Dakota Access pipeline. The market reacted quickly. Shares in energy corporations boomed, including the world's largest coal miner, Peabody Energy, which had filed for bankruptcy, but after Trump's victory, registered a 50 percent gain.

Trump had gone bankrupt six times and seemed not to mind. Bankruptcy was just another business strategy. Walk away, threaten to blow up the deal. Real

In the early 1990s, Trump made a disastrous foray into the gambling business in Atlantic City, and his empire nearly collapsed in multiple bankruptcies.

Reed will pull a Trump, file for bankruptcy and hide behind the courts for protection

The DGE prepared its own 111-page report. It noted that Trump owed (not owned, but owed) $3.2 billion. Of that, he had personally guaranteed $833.5 million. Absent an agreement by all creditors, Trump would face an uncontrolled, domino-effect chain of bankruptcies. If just one creditor moved against one Trump property, the others would follow, creating chaos. More

In 2019, it was revealed that the main bank Epstein used was Deutsche Bank—the only bank that would lend to Trump after his bankruptcies, the same bank implicated in the Trump Russia scandal.15

The faux university also did not have professors, not even part-time adjunct professors, and the “faculty” (as they were called) were certainly not “the best of the best.” They were commissioned sales people, many with no experience in real estate. One managed a fast food joint, as Senator Marco Rubio would point out during the March 3 Republican primary debate in 2016. Two other instructors were in personal bankruptcy while collecting fees from would-be Trump University graduates eager to learn how to get rich. Trump

As the bankruptcies and embarrassments mounted, Donald was confronted for the first time with the limits of his ability to talk or threaten his way out of a problem. Always adept at finding an escape hatch, he seems to have come up with a plan to betray his father and steal vast sums of money from his siblings.

So it's 2019. I'm gonna say the right thing to do is for the US to declare bankruptcy (Trump can do it… done it before…), and dismantle the criminal state of Israel as it exists today. Unfortunately, politicians are so full of shit and AIPAC money, and the economy is so addicted to war, and the US population is so fucking stupid... that we’ll probably have to go and try to fuck up another two or three countries before moving on to a decent, honest life.

Bush was showing the Muslim world the America that bin Laden depicted: both a bloodthirsty oppresser and a vulnerable one. The United States looked like a rampaging tyrant, ruling through fear and coercion, yet one which Muslims in Iraq and Afghanistan were demonstrating could be defeated. Bin Laden explained his strategy as simply provoking America into being itself. Much as the Soviet Union had collapsed after the Afghanistan insurgency—which he neglected to mention had aligned him with the CIA—bin Laden said, “We are continuing this policy, in bleeding America to the point of bankruptcy.” A

But whereas previous U.S. administrations at least pretended to possess some degree of neutrality, Trump burst onto the scene fully embracing Israel’s right-wing policies and appointing Zionists to key positions. He tapped his bankruptcy lawyer, David Friedman, as his ambassador to Israel. Friedman threatened the International Criminal Court over a war crimes investigation into Israel and declared that the illegal settlements did not violate international law. Trump’s own son-in-law and senior adviser, Jared Kushner, was a personal friend of then–Prime Minister Benjamin Netanyahu and even had financial ties to the illegal settlements. And this was the man Trump had tasked with leading the “peace process.

Johnston wrote how by 1990, “Trump’s inability to pay his debts had put him at risk of losing his casinos.”64 The rules of the New Jersey Casino Control Commission required casino owners to have enough liquidity to pay their bills or see their ownership license revoked. Trump would either get a government rescue package or declare bankruptcy. Casino regulators, Johnston wrote, documented that Trump was down to his last $1.6 million.65 He had obligations to make payments on more than $1 billion worth of bonds every ninety days on his three casinos in Atlantic City. Johnston wrote: Trump’s obvious difficulty complying with the financial stability requirements of the Casino Control Act raised a glaring question: Had regulators been monitoring Trump’s finances since he got his casino license in 1982? The answer was no. The regulators had been too busy with work they deemed more important. There was, for example, the predawn arrest of a cocktail waitress named Diane Pussehl, who was pulled from bed and charged with a felony for picking up a $500 chip on the floor of Harrah’s casino. A judge tossed the case out, so the casino regulators filed a misdemeanor charge. It also was tossed. Then they went after Pussehl’s license, arguing she was morally unfit to work in a casino. Pussehl kept her license.66

As it turned out, Mary Jo White and other attorneys for the Sacklers and Purdue had been quietly negotiating with the Trump administration for months. Inside the DOJ, the line prosecutors who had assembled both the civil and the criminal cases started to experience tremendous pressure from the political leadership to wrap up their investigations of Purdue and the Sacklers prior to the 2020 presidential election in November. A decision had been made at high levels of the Trump administration that this matter would be resolved quickly and with a soft touch. Some of the career attorneys at Justice were deeply unhappy with this move, so much so that they wrote confidential memos registering their objections, to preserve a record of what they believed to be a miscarriage of justice. One morning two weeks before the election, Jeffrey Rosen, the deputy attorney general for the Trump administration, convened a press conference in which he announced a “global resolution” of the federal investigations into Purdue and the Sacklers. The company was pleading guilty to conspiracy to defraud the United States and to violate the Food, Drug, and Cosmetic Act, as well as to two counts of conspiracy to violate the federal Anti-kickback Statute, Rosen announced. No executives would face individual charges. In fact, no individual executives were mentioned at all: it was as if the corporation had acted autonomously, like a driverless car. (In depositions related to Purdue’s bankruptcy which were held after the DOJ settlement, two former CEOs, John Stewart and Mark Timney, both declined to answer questions, invoking their Fifth Amendment right not to incriminate themselves.) Rosen touted the total value of the federal penalties against Purdue as “more than $8 billion.” And, in keeping with what had by now become a standard pattern, the press obligingly repeated that number in the headlines. Of course, anyone who was paying attention knew that the total value of Purdue’s cash and assets was only around $1 billion, and nobody was suggesting that the Sacklers would be on the hook to pay Purdue’s fines. So the $8 billion figure was misleading, much as the $10–$12 billion estimate of the value of the Sacklers’ settlement proposal had been misleading—an artificial number without any real practical meaning, designed chiefly to be reproduced in headlines. As for the Sacklers, Rosen announced that they had agreed to pay $225 million to resolve a separate civil charge that they had violated the False Claims Act. According to the investigation, Richard, David, Jonathan, Kathe, and Mortimer had “knowingly caused the submission of false and fraudulent claims to federal health care benefit programs” for opioids that “were prescribed for uses that were unsafe, ineffective, and medically unnecessary.” But there would be no criminal charges. In fact, according to a deposition of David Sackler, the Department of Justice concluded its investigation without so much as interviewing any member of the family. The authorities were so deferential toward the Sacklers that nobody had even bothered to question them.

They did not get together after the story. Barrett’s article—published in two parts in 1979—was the first to reveal the prominent role that Fred Trump’s political connections and campaign contributions, along with legally questionable favors granted by government and bankruptcy-court officials, played in Donald’s meteoric rise. Trump’s response to the story was, compared to the media wars that would develop in the years to come, tame. He stopped taking Barrett’s calls, criticized him to other reporters.

Trump, the unserious candidate, had, however incomprehensibly, become a more or less serious one. And somehow, because of his prior unseriousness, and his what-you-see-is-what-you-get nature, the braggart businessman, with his bankruptcies, casinos, and beauty pageants, had avoided serious vetting.

In 1990, I broke the story that, instead of being worth billions, as he’d claimed, Trump actually had a negative net worth and escaped a chaotic collapse into personal bankruptcy only when the government took his side over the bank’s, as you will read. Before

a study with one book on the shelves. Will couldn’t read the title, but he recognized Donald Trump’s picture on the jacket and assumed it was a get-rich-quick scheme. Obviously, Jake Berman hadn’t taken the man’s advice. Though, considering Berman had lost his job and declared bankruptcy, maybe he had.

no one was to mock his wealth, his various bankruptcies, or his hair;

After being turned away by American banks due to bankruptcies, Trump has been getting considerable investments from Russian sources, including many with known criminal ties. At

Think of the litigation when this goes down. Tens of thousands of lawsuits against the company. Reed will pull a Trump, file for bankruptcy and hide behind the courts for protection.

After the 1980s, most banks refused to do business with him because he had defaulted on hundreds of millions of dollars in loans; only Deutsche Bank was willing to lend him funds. During the 1990s and early 2000s, his organization filed for bankruptcy six times. He used the bankruptcies and other techniques to avoid paying income taxes for almost eighteen years.

Will couldn’t read the title, but he recognized Donald Trump’s picture on the jacket and assumed it was a get-rich-quick scheme. Obviously, Jake Berman hadn’t taken the man’s advice. Though, considering Berman had lost his job and declared bankruptcy, maybe he had.

The political triumph of Donald Trump is a symbol and symptom—not cause or origin—of our imperial meltdown. Trump is neither alien nor extraneous to American culture and history. In fact, he is as American as apple pie. Yet he is a sign of our spiritual bankruptcy—all spectacle and no substance, all narcissism and no empathy, all appetite and greed and no wisdom and maturity. Yet his triumph flows from the implosion of a Republican Party establishment beholden to big money, big military, and big scapegoating of vulnerable peoples of color, LGBTQ peoples, immigrants, Muslims, and women; from a Democratic Party establishment beholden to big money, big military, and the clever deployment of peoples of color, LGBTQ peoples, immigrants, Muslims, and women to hide and conceal the lies and crimes of neoliberal policies here and abroad; and from a corporate media establishment that aided and abetted Trump owing to high profits and revenues.

Does anybody even believe the bullshit that he’s a self-made man? What has he even accomplished on his own?” I asked. “Well,” Maryanne said, as dry as the Sahara, “he has had five bankruptcies.

The facts are uncontroversial. Trump spent far less money on advertising than Clinton or his Republican opponents, yet he received a vastly greater volume of media coverage.20 The news business seemed strangely obsessed with this strange man, and lavished on him what may have been unprecedented levels of attention. The question is why. The answer will be apparent to anyone with eyes to see. Donald Trump is a peacock among the dull buzzards of American politics. The one discernible theme of his life has been the will to stand out: to attract all eyes in the room by being the loudest, most colorful, most aggressively intrusive person there. He has clearly succeeded to an astonishing degree. The data on media attention speaks to a world-class talent for self-promotion.21 Again, there can be no question that this allowed Trump to separate himself from his competitors in the Republican primaries. He appeared to be a very important person. Everyone on TV was talking about him.22 Who could say the same about Ted Cruz? Media people pumped the helium that elevated Donald Trump’s balloon, and they did so from naked self-interest. He represented high ratings and improved subscription numbers. Until the turn of the new millennium, the news media had controlled the information agenda. They could decide, on the basis of some elite standard, how much attention you deserved. In a fractured information environment, swept by massive waves of signal and noise, amid newspaper bankruptcies and many more TV news channels, every news provider approaches a story from the perspective of existential desperation. Trump understood the hunger, and knew how to feed the beast.

Donald Trump has America back on the road to bankruptcy, an area where he has unparalleled expertise for a president of the United States.

most of my first two years in office, Trump was apparently complimentary of my presidency, telling Bloomberg that “overall I believe he’s done a very good job”; but maybe because I didn’t watch much television, I found it hard to take him too seriously. The New York developers and business leaders I knew uniformly described him as all hype, someone who’d left a trail of bankruptcy filings, breached contracts, stiffed employees, and sketchy financing arrangements in his wake, and whose business now in large part consisted of licensing his name to properties he neither owned nor managed. In fact, my closest contact with Trump had come midway through 2010, during the Deepwater Horizon crisis, when he’d called Axe out of the blue to suggest that I put him in charge of plugging the well. When informed that the well was almost sealed, Trump had shifted gears, noting that we’d recently held a state dinner under a tent on the South Lawn and telling Axe that he’d be willing to build “a beautiful ballroom” on White House grounds—an offer that was politely declined.

Here’s the painful irony: The big-picture economy, which is largely out of any president’s control, is the real source of this president’s political strength with voters who like him. The SSRN poll for CNN in June 2019 had a striking finding. Of those who approve of Trump, a plurality of 26 percent said they do so because of the economy, more than twice the next most-frequent answer. In the same economic issue basket, 8 percent cited jobs as a reason for liking him. On immigration, 4 percent said that’s the reason they like him. When it comes to other aspects of Trump’s persona, support falls to the single digits. Just 1 percent said they approve of him because he’s draining the proverbial D.C. swamp. A whopping 1 percent said they like him because he’s honest, which proves you can fool 1 percent of the people all the time. All of this is a sign of trouble ahead for Donald Trump, because his economic record is a rickety construction prone to collapse from external forces at any moment. A BUBBLE, READY TO POP The long, sweet climb in economic prosperity we’ve enjoyed for a decade comes down to the decisions of two men and one institution: George W. Bush in taking the vastly unpopular step of bailing out Wall Street in the 2009 economic crisis, and Barack Obama for flooding the economy with economic stimulus in his first term. The Federal Reserve enabled both of these decisions by issuing an ocean of low- or zero-interest credit for ten years. Sure, the bill will come due someday, but the party is still going. While Trump took short-term political advantage of it, every bubble gets pricked by the old invisible hand. In the current economic case, the blizzard of Trumpian bullshit will inevitably hit the fan. We’re awash in trillion-dollar deficits, the national debt is asymptotically approaching infinity, and we have a president who’s never hesitated to borrow and spend well beyond his means, or to simply throw up his hands and declare bankruptcy when it suits him. We never did—and most likely never will—tackle entitlement reform. Nations don’t get to go bankrupt; they collapse. The GOP passed a tax bill that is performing exactly as expected and predicted: A handful of hedge funds, America’s top corporations, and a few dozen billionaires were given a trillion-dollar-plus tax benefit. Even the tax cut’s most fervent proponents know that its effects were short-lived, the bill is coming due, and in 2022 or thereabouts it’s going to lead to annual deficits of close to $2 trillion.