2016 Postmortem
Related: About this forumEric Trump: Dad built his empire with "just about nothing" (other than that $1 million from Fred)
Below: video of Eric on Fox's "Outnumbered."Eric Trump was asked on Fox News Outnumbered why he thinks millennials would relate to his father.
Hes been an entrepreneurial guy, the younger Trump said. Hes built an amazing company. Hes become the epitome of the American dream. Hes gone from just about nothing into, you know, a man who ...
Nothing? He got a million bucks, said co-host Julie Roginsky, referencing a loan from Fred Trump to his son to build a hotel in the 1970s. Wait, come on.
http://www.huffingtonpost.com/entry/eric-trump-just-about-nothing_us_57e56515e4b0e80b1ba1cf3e?section=&
lapfog_1
(29,205 posts)nothing to sneeze at... but the Donald also got his daddy's business contacts... and, as heir apparent to his daddy's real estate empire, he got in the door to meet with banksters and builders and brokers, all of whom would presume (rightly) that Donald would be backed in any deal he engaged in by his very rich dad.
bettyellen
(47,209 posts)I wonder how much of his real wealth was due to the eventual inheritance?
Hassin Bin Sober
(26,330 posts)... that he would have more money if he had invested his inheritance in an index fund. Of course that's based on estimates of his actual wealth not his own 10 billion bullshit figure
anneboleyn
(5,611 posts)Nay
(12,051 posts)about supposedly 'bootstrapping entrepreneurs" --- that is, until I soon figured out that Ms Cookie Empire got a $500,000 'loan' from a rich uncle, or Mr Garage Monkey inherited a mil and started his auto biz, or Ms Coding Genius App Maker got an entree into the market thru her Microsoft daddy who gave her a thousand contacts.
After a few of these eye-openers, I would still read these sorts of articles, but the moment that the bootstrapper mentioned the loan/gift/inheritance/insurance settlement/genius daddy, I would stop reading. I can say that I never again got through one of those articles.
anneboleyn
(5,611 posts)Eric Trump is an absolute idiot -- he says the most ridiculous statements but of course he never gets called out on his total b.s.
I believe that Forbes even had an article about this -- they said if Trump had just invested the money he inherited from his father (hundreds of millions) that he'd be in the same position he is now financially.
Sunny05
(865 posts)"loans" (or gifts) from his dad plus his inheritance and, I think he's s nephew's inheritance.
Oh, this is related but a different point. Ever notice how his bankruptcies happened after Ivana (who helped run business during their marriage) left? I'm no fan of any of them. But I am wondering if this is coincidence or if she is reason he didn't do even worse sooner.
Gabi Hayes
(28,795 posts)to the tune of many millions?
and how much did he squeeze out of various governments in tax largesse....almost a billion, right?
grossproffit
(5,591 posts)TheBlackAdder
(28,209 posts)uponit7771
(90,347 posts)Avalux
(35,015 posts)These crushingly privileged people haven't got a clue what it means to have nothing, or just about nothing.
They repulse me.
Divine Discontent
(21,056 posts)Eric would cry in the streets if they lost all their money, because he has zero idea what it's like to have nothing. He proved it with his "almost nothing" BS comment. His dad received million after million after million after million in loans from his dad to keep afloat until he got enough deals going that he was afloat until he bankrupted it! lol
Gabi Hayes
(28,795 posts)Soon Trump gained the public recognition he craved. Through a wholly owned corporation called Wembly Realty, Trump struck a partnership with a subsidiary of Hyatt Hotels. That partnership, Regency Lexington, purchased the struggling Commodore Hotel for redevelopment into the Grand Hyatt New York, a deal Trump crowed about when he announced he was running for president.
He failed to mention that this deal was once again largely attributable to Daddy, who co-guaranteed with Hyatt a construction loan for $70 million and arranged a credit line for his boy with Chase Manhattan Bank. The credit line was a favor to the Trump family, which had brought huge profits to the bank; according to regulatory records, the revolving loan was set up without even requiring a written agreement. Topping off the freebies and special deals that flowed Trumps way, the city tossed in a 40-year tax abatement. Trumps success with the Hyatt was simply the result of money from his dad, his dads bank, Hyatt and the taxpayers of New York City.
much much more at the story, by Kurt Eichenwald, who, along with David Cay Johnston and a few other biographers, would seem to know much more than is healthy for anybody to know:
http://www.newsweek.com/2016/08/12/donald-trumps-business-failures-election-2016-486091.html
MiniMe
(21,717 posts)With a "loan" from his daddy. And that is how he thought everybody should get their start...ask for a loan from Mom and Dad. Of course, if your parents don't have that kind of money, you are SOL
onecaliberal
(32,864 posts)BootinUp
(47,165 posts)Divine Discontent
(21,056 posts)least 14 million at one time owed (mid 80's), and his BS line about "small loan" is so comical when you realize that $1 in the mid 70's is more than $5 mil today! And he got well over $14 million in a several year span, plus all of his dad's business connections and backing him up, then all of the inheritance later!
The dude is the PROVERBIAL SILVER SPOON BABY!
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The document, a casino-license disclosure in 1985 by then-wife Ivana Trump, shows Mr. Trump taking out numerous loans from his father and his fathers properties near the start of his career in the late 1970s and early 1980s.
At the time of the disclosure, Mr. Trump owed his father and his fathers businesses about $14 million, according to the document.
Read more: http://www.wsj.com/articles/trumps-father-helped-gop-candidate-with-numerous-loans-1474656573
niyad
(113,364 posts)SummerSnow
(12,608 posts)Gabi Hayes
(28,795 posts)Buns_of_Fire
(17,183 posts)GOLGO 13
(1,681 posts)Gabi Hayes
(28,795 posts)trump is nothing but marketing mythology
no_hypocrisy
(46,130 posts)Fred bailed out his son when his casinos were on the verge of bankruptcy, skirting the gift tax each time.
Hekate
(90,714 posts)...had a free ride through college....
Oh, please spare me. My sides hurt from laughing.
greatauntoftriplets
(175,742 posts)SunSeeker
(51,574 posts)He was born on third base and thinks he hit a triple.
pansypoo53219
(20,981 posts)spiderpig
(10,419 posts)Is it because Ivana stayed married to the jerk long enough for him to put his thumbprint on their foreheads, while Marla bailed when Tiffany was a toddler?
Barron's only ten, and I dont envy the poor kid.