After just watching Donald Trump spewing his birther crap on The Daily Rundown, I noticed how defensive the twice bankrupt Donald Trump got when Chuck Todd asked him about his bankruptcies. He clearly doesn’t like people talking about them. Would you want a guy running the country who went bankrupt twice? I don’t think that is a good resume piece for someone who wants to balance our budgets. And really, anyone who is so fucking attention hungry that he will use a proven lie (birther) to get attention, really shouldn’t be taken seriously on anything. He’s a freakin circus side-show, and no offense to circuses either. So I personally want to bring attention to his two bankruptcies. Did I mention that Donald Trump went bankrupt twice. I think I did. From LegalZoom (of all places) answering the question “How does Trump repeatedly file for bankruptcy and still stay on top…
No Personal Involvement
First, Trump doesn’t get personally involved. He knows how to protect his personal finances. In both instances, Trump’s corporations have filed for bankruptcy; Trump personally has not. Hence, when his casino fell into about a billion dollars in debt, the corporation filed for Chapter 11. Trump only made the decision to do so once he had spoken to his banks and bondholders. But, by filing, he gave his business the opportunity to regroup and reduce his business debt. It didn’t hurt however that it would also reduce his personal debt, as Trump is likely the one every creditor would look to if the Taj Mahal couldn’t pay up. So, in fact, Trump avoided potential lawsuits from credits and he may have also avoided personal bankruptcy by keeping his own bank account insulated.
Trump, it appeared, had triumphed. His company had dire financial problems but seemed to rise just as quickly from those bankruptcy ashes. Just three years later, he combined the hotels into the publicly held Trump Hotels and Casino Resorts.
For several years, the new company enjoyed double digit stock prices. His personal fortune in turn also skyrocketed. And the man who came close to losing it all leapt onto Forbes’ most wealthy list.
Yet, Trump’s public company would eventually fall…again. Within a few years of soaring high prices, the company stock had fallen into single digits. The one-time powerhouse company remained profitless and struggled just to pay the interest on the $2 billion debt. Trump claimed that the properties were unable to make the improvements necessary for keeping up with its flashier competitors. These financial troubles led to Trump’s second trip into bankruptcy.
Donald Trump’s two bankruptcies are his “birther” story, spread the word.
UPDATED: Corrected Title to 5 Times
BUMPED UP FROM THE COMMENTS (by Grant in Texas)
Donald Trump has filed for bankruptcy FIVE times, and although not getting as far as costing us taxpayers directly, he did fleece millions from banks and bond holders (who in essence then paid less income taxes due to write-offs for their losses, so we taxpayers essentially/eventually got screwed, too).