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Trump's Financial Troubles May Be Just Beginning
An article in The New Yorker: Trump’s Financial Troubles May Be Just Beginning
Some excerpts:
In Ernest Hemingway’s “The Sun Also Rises,” someone asks Mike Campbell, the troubled Scottish war veteran who is engaged to Lady Brett Ashley, how he ended up bankrupt. “Two ways,” Campbell replies. “Gradually, and then suddenly.” Campbell’s interlocutor goes on to ask what brought about his collapse. “Friends,” Campbell says. “I had a lot of friends. False friends. Then I had creditors, too. Probably had more creditors than anybody in England.”
It’s too early to determine whether Donald Trump might be headed for the same fate as the wretched Campbell, but there are intriguing parallels. Not so long ago, Trump also had lots of friends and creditors...
...His most important creditor was Deutsche Bank, which, during the past decade, had defied internal dissension and extended hundreds of millions of dollars of loans to him. On top of these invaluable relationships, Trump had nearly ninety million Twitter followers, a vast audience that appeared to provide lucrative possibilities for monetization after he left office.
But, in the week since Trump incited a mob of his supporters to attack the Capitol, he and his businesses have suffered a series of blows. Key corporate partners have abandoned him; some of his fellow-billionaires have spoken out against his sedition; Deutsche Bank has let it be known that it doesn’t want anything more to do with him; and Twitter stripped him of his following...
... Trump’s attempt at a Presidential “self-coup” came at what was already a troubled time for the Trump Organization, which has consistently struggled to eke out much in the way of taxable profits. As the coronavirus ravaged the travel and hospitality industries in 2020, Trump-owned hotels and golf resorts suffered along with other businesses in these sectors. Like other companies, the Trump Organization shuttered some of its properties for several months, including a hotel in Las Vegas and golf courses in Florida, Scotland, and Ireland. The virus also impacted two of Trump’s most valuable real-estate assets: a pair of prime office towers that he co-owns with Vornado Realty Trust...
...Shortly after Trump lost the election, according to the Washington Post, one of his closest business associates, the real-estate investor Tom Barrack, called Trump and advised him to abandon his efforts to overturn the result, and to opt, instead, for an “ ‘elegant’ exit...”
...Trump ignored it.
...After the deadly violence at the Capitol, on January 6th, the financial blowback on Trump came quickly. Within twenty-four hours, Shopify, the e-commerce provider, shut down a number of online stores affiliated with Trump, including ones that sold Trump campaign merchandise. A bigger blow for the President came last Sunday, when the P.G.A. of America, which has had a long-standing relationship with him, announced that the 2022 P.G.A. Championship, one of professional golf’s four major tournaments, would no longer be held at the Trump National Golf Club in Bedminster, New Jersey. Twenty-four hours later, the R. & A., the ruling body of golf outside of the United States, followed the P.G.A.’s lead and announced that, for the foreseeable future, the British Open would not be played at Turnberry, a famous old course that Trump owns in Scotland...
It’s too early to determine whether Donald Trump might be headed for the same fate as the wretched Campbell, but there are intriguing parallels. Not so long ago, Trump also had lots of friends and creditors...
...His most important creditor was Deutsche Bank, which, during the past decade, had defied internal dissension and extended hundreds of millions of dollars of loans to him. On top of these invaluable relationships, Trump had nearly ninety million Twitter followers, a vast audience that appeared to provide lucrative possibilities for monetization after he left office.
But, in the week since Trump incited a mob of his supporters to attack the Capitol, he and his businesses have suffered a series of blows. Key corporate partners have abandoned him; some of his fellow-billionaires have spoken out against his sedition; Deutsche Bank has let it be known that it doesn’t want anything more to do with him; and Twitter stripped him of his following...
... Trump’s attempt at a Presidential “self-coup” came at what was already a troubled time for the Trump Organization, which has consistently struggled to eke out much in the way of taxable profits. As the coronavirus ravaged the travel and hospitality industries in 2020, Trump-owned hotels and golf resorts suffered along with other businesses in these sectors. Like other companies, the Trump Organization shuttered some of its properties for several months, including a hotel in Las Vegas and golf courses in Florida, Scotland, and Ireland. The virus also impacted two of Trump’s most valuable real-estate assets: a pair of prime office towers that he co-owns with Vornado Realty Trust...
...Shortly after Trump lost the election, according to the Washington Post, one of his closest business associates, the real-estate investor Tom Barrack, called Trump and advised him to abandon his efforts to overturn the result, and to opt, instead, for an “ ‘elegant’ exit...”
...Trump ignored it.
...After the deadly violence at the Capitol, on January 6th, the financial blowback on Trump came quickly. Within twenty-four hours, Shopify, the e-commerce provider, shut down a number of online stores affiliated with Trump, including ones that sold Trump campaign merchandise. A bigger blow for the President came last Sunday, when the P.G.A. of America, which has had a long-standing relationship with him, announced that the 2022 P.G.A. Championship, one of professional golf’s four major tournaments, would no longer be held at the Trump National Golf Club in Bedminster, New Jersey. Twenty-four hours later, the R. & A., the ruling body of golf outside of the United States, followed the P.G.A.’s lead and announced that, for the foreseeable future, the British Open would not be played at Turnberry, a famous old course that Trump owns in Scotland...
23 replies
= new reply since forum marked as read
= new reply since forum marked as read
tried to listen to his speeches? He'd be yakking about how a lot of people think he was the greatest thing ever and how no one ever gave him the two weeks he needed to get his act together.
People would not leave energized, they'd leave thinking "WTF?"
Seriously, have you read the transcripts of his rally yaks? 
