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Sun Jul 16, 2017, 03:58 PM

The real lesson of the Trump family's troubles? Nepotism doesn't pay.

https://www.washingtonpost.com/outlook/the-real-lesson-of-the-trump-familys-troubles-nepotism-doesnt-pay/2017/07/14/cce20cbe-6839-11e7-8eb5-cbccc2e7bfbf_story.html

The real lesson of the Trump family’s troubles? Nepotism doesn’t pay.
By Elizabeth Spiers | July 14

In my early 20s, I worked for a hedge fund manager as an analyst, performing due diligence on companies he was considering for investment. I visited a wide range of businesses — storage area network companies, broadband providers, medical-device manufacturers and less tech-oriented ventures, including one whose only products were couches and chairs that converted into beds. Sometimes the companies were interesting and innovative, and sometimes they were complete disasters. The disasters had many of the same markers: poor performance, murky financials and, at least once, a supercar of Italian extraction leased by management in the parking lot.

One other trend stood out: If my boss told me that I’d be looking at a “family run” company, there would probably be additional red flags. These didn’t always emerge, but when they did, they were consistent. Senior managers would be woefully unqualified or incompetent or both, and inevitably related to the chief executive. Certain employees, also related to the CEO, would be regarded as un-fireable. Their excessive compensation (it was always excessive) would in no way be tied to performance. Succession plans would consist of elevating and installing relatives in unearned positions designed primarily to satisfy the founder’s fantasies of creating a dynasty.

I encountered those same dynamics years later when, as editor in chief of the New York Observer, I assigned and edited stories about commercial real estate in the city. New York real estate is very dynastic and insular; a few families have run the largest companies over the course of several generations. One of them is the family of Jared Kushner, then the Observer’s owner and now a senior White House adviser and son-in-law to President Trump. Another, of course, is Trump’s. Both Kushner and Trump are second-generation executives in their family businesses (I would use the word “were” here, but neither of them have completely divested themselves), and Trump’s children are third-generation.

So when the Trump family business became running the United States of America, naturally, the head of the household could not resist installing his nearest and dearest in positions of senior management. Kushner and Ivanka Trump were given adviser positions and West Wing offices; Donald Trump Jr. and his brother Eric were left to nominally run the Trump Organization. And if I were conducting due diligence on either operation today — the United States or Trump’s business — I wouldn’t recommend getting involved. The controversy this past week prompted by Trump Jr.’s disclosure that he met with a Russian lawyer to obtain dirt on Hillary Clinton as part of the Russian government’s support for Trump may have overshadowed the controversy the previous week prompted by Trump’s decision to let Ivanka represent the United States at a Group of 20 meeting. But they’re symptoms of the same underlying dysfunction: The unearned power Trump’s children wield simply because they’re his children.

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Reply The real lesson of the Trump family's troubles? Nepotism doesn't pay. (Original post)
dalton99a Sunday OP
BigmanPigman Sunday #1
Gothmog Sunday #2

Response to dalton99a (Original post)

Sun Jul 16, 2017, 04:37 PM

1. So far it seems to me that nepotism DOES pay.

For them that is. We, the citizens and our country, are going to pay the big price and "they" will get off with a few pardons and hugh profits from all their businesses who are taking advantage of their title/brand/status.

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Response to dalton99a (Original post)

Sun Jul 16, 2017, 05:01 PM

2. Trump's spawn are just as stupid as he is

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