How Donald Trump Squandered His Father's Fortune and Created the Illusion of Success
October 1, 2024
In which the former president turns out to be not quite so wealthy. How is it possible, one might ask, that a casino owner could go bankrupt? In the case of Donald Trump, asNew York Times investigative reporters Buettner and Craig report, it's part of a long pattern of overspending, sinking deep into debt, and somehow bobbing back to the surface, all while spreading endless lies. One, by the authors' account, emerges at the very start: Trump has long said that his father "gave me a very small loan in 1975." But that supposed pittance, they reveal, consisted of "millions of dollars through unrepaid loans, trust funds, and interest paid on loans that existed only on paper," including a loan of $15 million (about $90 million in today's dollars) that Trump p�re was forced to write off when his son fell behind on mortgage payments--a write-off whose details, the authors hold, "could rise to the level of tax fraud." The portrait that emerges won't surprise longtime Trump watchers: the self-proclaimed business genius would not have gone as far as he had without his father's money ("His favorite son was a black hole for Fred Trump's cash"), which has all pretty well gone up in smoke. That trend turned around with the fortune Trump earned from hisApprentice TV show, a fortune that would now seem to be in danger of evaporating through a combination of high living and impending legal judgments, including an IRS audit that may lead to a $100 million bill. Examining tax returns and deeply sourced documents, the authors portray a business empire built on bluster and blue sky rather than reality. They conclude of Trump, "He would have been better off betting on the stock market than on himself." Two investigative reporters turn the Trump origin story on its head.
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October 7, 2024
Donald Trump is a lousy businessman rescued by windfalls he didn’t earn, according to this stinging debut exposé. Delving into decades worth of financial records, legal settlements, and tax returns, New York Times reporters Buettner and Craig charge Trump with paying too much to acquire hotels, golf courses, and casinos; overspending on construction and decor; and doing it all with borrowed money that saddled his properties with debt and often forced Trump to sell at a loss. The authors argue that Trump was only able to save face because of at least $400 million in bailouts from his father. Equally important was the savvy of reality TV producer Mark Burnett, whose portrayal of Trump as a business titan on The Apprentice boosted the newly minted TV star’s flagging brand and positioned him to make lucrative deals licensing his name to other companies. The outlines of this Trump portrait are familiar, but Buettner and Craig provide highly detailed receipts alongside colorful depictions of the former president’s limitless braggadocio and unhinged tantrums (Trump once charged into one of his hotels shouting “You’re fired!” at the employees and didn’t stop until he had fired a guest). The result is a scrupulous takedown of Trump’s competence and character.