Comments by "" (@DavidJ222) on "Giuliani strapped for cash after defending Trump" video.
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@dannyholder9711
You'll appreciate this. It's from an article I read from the Rolling Stones magazine. It's about contractors and vendors who worked for Trump in Atlantic City back in the day.
Even as his casinos did poorly, Trump did well. He put up little of his own money, shifted personal debts to the casinos and collected millions of dollars in salary, bonuses and other payments. The burden of his failures fell on investors and others who had bet on his business acumen. And that is Trump in a nutshell. A narcissistic sociopathic con-man who only cares about himself, and will use others to achieve his own self-serving desires.
In interviews with The Times, Trump acknowledged that high debt and lagging revenues had plagued his casinos. He repeatedly emphasized that what really mattered about his time in Atlantic City was that he had made a lot of money there.
Trump assembled his casino empire by borrowing money at such high interest rates — after telling regulators he would not — that the businesses had almost no chance to succeed.
His casino companies made four trips to bankruptcy court, each time persuading bondholders to accept less money rather than be wiped out. But the companies repeatedly added more expensive debt and returned to the court for protection from lenders.
After narrowly escaping financial ruin in the early 1990s by delaying payments on his debts, Trump avoided a second potential crisis by taking his casinos public and shifting the risk to stockholders.
And he never was able to draw in enough gamblers to support all of the borrowing. During a decade when other casinos there thrived, Trump’s lagged, posting huge losses year after year. Stock and bondholders lost more than $1.5 billion.
Trump now says that he left Atlantic City at the perfect time. Well no sh't. He left after he had ruined everything, and there was no more money for him to grift. The record shows that he struggled to hang on to his casinos years after the city had peaked, and failed only because his investors no longer wanted him in a management role..
He just did not put the equity into the projects he should have to keep them solvent,” said H. Steven Norton, a casino consultant. “When he went bankrupt, he not only cost bondholders money, but he hurt a lot of small businesses that helped him construct the Taj Mahal.”
In an interview with the Times, Trump said “Atlantic City was a very good cash cow for me for a long time.” Like a true sociopath, Trump boasts about how he ravaged Atlantic City, without any regard for all the people and businesses he hurt along the way.
Beth Rosser of West Chester, Pa., is still bitter over what happened to her father, whose company Triad Building Specialties nearly collapsed when Trump took the Taj into bankruptcy. It took three years to recover any money owed for his work on Trump's casino" she said, and her father received only 30 cents on the dollar.
“Trump crawled his way to the top on the back of little guys, one of them being my father,” said Ms. Rosser, who runs Triad today. “He had no regard for the thousands of men and women who worked on those projects."
“He put a number of local contractors and suppliers out of business when he didn’t pay them,” said Steven P. Perskie, who was New Jersey’s top casino regulator in the early 1990s. “So when he left Atlantic City, it wasn’t, ‘Sorry to see you go.’ It was, ‘How fast can you get the he// out of here?’”
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