Donald Trump – failed business man
25 February 2016 2:46 pm
Donald Trump claims he has so much business savvy. He reckons he’s a global deal maker and he’ll bring that knowhow to the White House and international relations.
But on closer examination, it’s crap. The Donald is a wanker. The fact that he's running for president makes him a dangerous wanker.
Take for example Lower Manhattan’s Trump Soho, the five-year-old tower that was seized in a foreclosure amid slow sales of its condominiums. Developed with the Sapir Organization under a licensing and operating deal, it turned into one of the highest-profile flops in Trump’s real estate empire. As Bloomberg reports, two-thirds of the 391 units have not found buyers and the CIM Group, which acquired the hotel through foreclosure (because of the unsellable condos), is "stepping away" from marketing the unsold units.
With Trump’s golf courses in Scotland and Ireland, Trump did not sell rights to use his name; he invested. But he is losing money, according to income statements filed in the U.K. and Ireland. In Ireland, for example, Trump reported $10.7 million in income from Trump International Golf Links Ireland. The course, which he bought in February 2014, reported a loss of 2.5 million euros in 2014.
As BusinessWeek points out, Trump has reported profits that aren’t there.
According to Bloomberg, Trump’s Turkish business partner Aydin Dogan is trying to break a contract to brand two towers with Trump’s name following Trump’s call to ban Muslims from entering the United States.
Time Magazine lists the other businesses that went belly up including Trump Airlines (the company never turned a profit and the high debt forced him to default on his loans), Trump Vodka (which stopped production in 2011, reportedly due to a lack of interest), Trump casinos (which filed for bankruptcy for the fourth time in 2014), Trump magazine (which ceased publication in 2008) and Trump University (which was sued by the New York Attorney General for $40 million for allegedly defrauding students).
With a track record like that, if Trump is elected president, you can bet he’ll send the US broke.