You realize that they are talking about the 1980s, right and said that he got there by recording his father’s real estate as his, but that only came true about 20 years ago. So, what say you about the last 20 years? I deal with NY financiers and developers weekly. The idea that he was worth $5 million is very hard for me to believe. But, he, who really cares, right? I’m not overly interested in counting his pockets.
Exactly But also in terms of the standard models of Hotel operations and branding - his business makes little sense. In theory he is an asset light brand - but what value does he bring compared to one of the proper commercial brand names? His developments are shady as feck
Didn't he go bankrupt multiple times in the 90s? IIRC the reason he was rejected from US financing is he had no equity against which to secure loans.
So how did he go bankrupt but also have vast wealth? Lets face it - what we don't really know is what his net worth is But what we have seen is that he has lots of debt - and that's only what we know about
yea dawg, he didnt have the money in the 80s. You can believe what you want but that guy who works for Forbes, who you said several times is reputable, said he dug deeper and found Trump was full of shyte and this is after he wasnt gonna put him on to begin with. There is also audio of Trump's "accountant" calling dude and saying Trump has money. That accountant turned out to be Trump himself. teh basis of his forbes list rating is down to this badgering of the employee. Trump took a lot of Ls and cannot buy property in Manhattan because of those Ls. Like I said fam, do your googles. Its all out there and on reputable sites. Last 20 years man hasnt done much of anything except sell crap products and license his name. I highly doubt Trump is a billionaire and there is no way he can afford to buy Arsenal or any major sporting entity.
Okay. Just remember that your own article says he realized that wealth 20 years ago when his dad passed. But honestly, his dad made his money in BK. Trump made his in Manhattan, and you can see the assets he has there. You can hate the guy, but acting like he isn’t uber rich is kinda silly.
Boy this thread is fully off the rails...lol. But you guys do realize that tax returns don’t necessarily show assets and definitely not all ones assets or debts. It’s near impossible to determine ones net worth accurately if they want to obscure it, but I doubt Forbes is a factor of 10 off. I’m no fan of trump, and I have my doubts about his wealth but the speculation is just that. And if he did buy arsenal, it would be a Huge success.
The bankruptcies are somewhat overstated: the Trump org treats each investment as its own entity (usually as an LLC), and the bankruptcies tended to be entity-specific. Trump's track record isn't great, but it's not as abysmal as it's made out to be. He's just a mediocre-developer with a gift for self-promotion. Hard to believe he wasn't worth at least a billion before he announced his candidacy though: too many hard assets and too many licensing deals that gave him money for essentially nothing.
Yeah, tax may not have been my highest grade in law school, but I'm aware of what returns do and do not show and how things can be creatively manipulated. I did not mean to imply that his tax returns would provide a definitive answer as to his net worth. But they would still provide more clues than relying on his own puffery.
Wait, when is $250 million net work not uber rich? I didn’t say he was worthless, I said he not a billionaire and could not afford Arsenal or any big sporting entity. He apparently only owns five buildings in Manhattan. https://www.wnyc.org/story/what-means-put-trump-on-front-building/
Doubt he could afford Arsenal, but owning five buildings in Manhattan probably makes someone worth well over a billion these days (depending on debt, of course).
I really don’t want to keep talking about this, so I will let this by my last. Ownership of real estate is public information. That website missed out of many things he owns, but they might only count what is in his name and not count things in the name of his various trusts and estates. He also owns RE in other boroughs as well. This is from the City of NY’s website. I just searched by his name and restricted it to those documents in which he was named the buyer (Party 2). I did it for ‘Trump’ as an individual and ‘Trump’ as a company. According to Forbes, the lease he owns at 40 Wall Steeet is worth almost $400 million aline, and his Niketown building (6 East 57th) is worth another $235 million. Trump Tower (725 5th St.) is worth another $245 million, and his stake in 1290 Avenue of America is worth almost $400 million. Forbes also accounts for debt in these valuations. Those four properties alone are worth over $1 billion. I don’t think people really understand NY real estate.
One example. There are plenty of others. http://www.mcclatchydc.com/news/politics-government/white-house/article210477439.html
We must have a different idea of what insolvent means. Showing how a bunch of Russians put a lot of money in his pocket by purchasing his properties recently doesn’t show insolvency.
Idk if Trump is laundering money, but he’s sold an abnormally large amount of property to LLCs. If you were going facilitate money laundering, that’s a good way to do it.
It's also why so many of his more recent EM developments don't appear to have any commercial financing despite historically low interest rates
This is true, and personally, I am not a fan of the President, so him being a money launderer would just be another bad description I would put into a long list of bad names I would call him, so it wouldn’t surprise me. With that said, buying large scale property through an LLC isn’t unusual. Actually, it’s more commonplace than putting one’s name on the deed. That in no way suggests money laundering by itself.
I don't think the accusation is that Trump is laundering his own money by having LLCs own his property. The accusation is that he's laundering money for others, and selling lots of condominiums to large numbers of LLCs. That looks like it could be money laundering.
I don’t even know what that means. I am saying that Russians or anyone else using LLCs to purchase property doesn’t mean something nefarious is going on.
I think the inference is if banks won't lend him money for the purpose of making money. What are the motivations of these LLCs, money laundering possibly, even regular condo sales typically have a high risk for money laundering. And, that is with "reputable" developers. To be honest I don't really care to much either way resource heavy individuals have been breaking the law since Gilgamesh. I'm more concerned with his policy.