New book exposes lies behind the myth of Trump's business acumen
Summary
TLDRThe video script recounts Donald Trump's tumultuous journey with his casino businesses, which included multiple bankruptcies. It reveals that Trump's 1982 claim of a $100 million net worth was vastly inflated, and he was actually cash-strapped. His strategy involved securing a casino license and an investor, Holiday Inn, to finance his Atlantic City venture. The script also discusses Trump's relationship with his father, Fred Trump, who was the real money man behind Donald's fortune, and how Trump's public image as a successful businessman was often more illusion than reality, with many of his ventures failing or underperforming.
Takeaways
- π’ The Trump Plaza Hotel and Casino was demolished in 2021, marking a significant moment in the history of Donald Trump's casino businesses, which faced multiple bankruptcies.
- πΌ In 1982, Donald Trump claimed to be worth $100 million when Forbes Magazine published its first list of the 400 richest Americans, but he was actually worth around $5 million and was experiencing financial difficulties.
- π Trump obtained a casino license from the New Jersey Casino Control Commission and secured $50 million from Holiday Inn to build a casino in Atlantic City, with a profit-sharing agreement.
- π¨ To convince Holiday Inn of his financial capability, Trump staged a scene with earth-moving machinery at the construction site, showcasing an image of progress and success.
- π¨βπ¦ The relationship between Donald Trump and his father, Fred Trump, was crucial to Donald's financial success, with Fred being the primary source of funding behind his son's ventures.
- π° Fred Trump's wealth and business acumen were downplayed by Donald, who often portrayed himself as a self-made billionaire, despite inheriting and significantly benefiting from his father's fortune.
- ποΈ Trump's business practices involved a lot of showmanship and image creation, such as staging the construction site for the Holiday Inn executives and later creating a fake boardroom for 'The Apprentice' TV show.
- π Despite the public image of success, many of Trump's businesses, including a Chicago tower and a DC hotel, performed poorly and were often subsidized by other income sources.
- π€ Trump's charisma and persuasive abilities allowed him to secure investments and opportunities from smart and accomplished individuals, even when his track record was not entirely successful.
- π¬ The public's perception of Trump as a successful businessman has been a persistent narrative, despite evidence suggesting that much of his wealth and success was inherited and not self-generated.
Q & A
What event took place in 2021 mentioned in the script?
-The demolition of the Trump Plaza Hotel and Casino occurred in 2021.
How many Trump casinos filed for bankruptcy according to the script?
-Multiple Trump casinos filed for bankruptcy, but the exact number is not specified in the script.
In what year did Forbes Magazine first publish its list of the 400 richest Americans, and was Donald Trump on it?
-Forbes Magazine first published its list of the 400 richest Americans in 1982, and Donald Trump was on the list.
What was the discrepancy between Donald Trump's claimed net worth and his actual net worth in 1982 according to the script?
-Donald Trump claimed to be worth $100 million in 1982, but he was actually only worth about $5 million.
What significant event happened in Donald Trump's business career in 1982?
-In 1982, Donald Trump obtained a license from the New Jersey Casino Control Commission to operate a casino in Atlantic City and found an investor, Holiday Inn, to help finance the project.
What was the arrangement between Donald Trump and Holiday Inn regarding the financing of the casino project?
-Holiday Inn agreed to give Donald Trump $50 million in cash to build the casino, and then Trump and Holiday Inn would split the profits.
What was the initial impression Donald Trump wanted to create for Holiday Inn executives when they visited the site?
-Donald Trump wanted to create the impression that the project was underway by hiring every piece of earth-moving machinery he could find and having them push around.
What was the nickname or alias Donald Trump used in his early career?
-Donald Trump used the alias 'Donald Barron Trump' in his early career.
How did the script describe the relationship between Donald Trump and his father, Fred Trump?
-The script describes the relationship as beneficial to Donald Trump, with Fred Trump being the money man behind Donald's entire fortune.
What was one of the first lucky breaks mentioned in the script that benefited Donald Trump?
-One of the first lucky breaks mentioned was the inheritance and enhancement of wealth from his father, Fred Trump, which was partly due to tax fraud.
What was the condition set by Holiday Inn's CEO before they would proceed with the casino deal?
-The condition was that things had to be underway with the project, which meant that Donald Trump needed to show progress on the casino construction.
Outlines
π’ The Rise and Fall of Trump's Casino Empire
The paragraph discusses the demolition of Trump Plaza Hotel and Casino in 2021, marking the end of a series of financial failures for Donald Trump's casino businesses, which included multiple bankruptcies. It then takes a historical dive back to 1982, when Trump first claimed to be worth $100 million, a figure greatly exaggerated from his actual net worth of around $5 million. Despite financial struggles, Trump secured a casino license in Atlantic City, New Jersey, and partnered with Holiday Inn to finance the project with a $50 million cash injection, on the condition of splitting profits. The narrative highlights Trump's tendency to exaggerate his wealth and success, and how he leveraged this to secure investments, exemplified by the story of impressing Holiday Inn executives with a show of activity at the construction site.
π° Trump's Fortune: Inheritance and Tax Fraud
This paragraph delves into the origins of Donald Trump's wealth, emphasizing the significant financial support he received from his father, Fred Trump. It challenges the narrative that Trump built his fortune solely through his own business acumen, revealing that he was born into wealth and further benefited from tax fraud schemes. The discussion points out the irony of Trump's public image as a self-made man, contrasting it with the reality of his reliance on family wealth and the downplaying of his father's contributions. The paragraph also touches on Trump's relationship with his father, Fred, who was the real 'money man' behind the Trump fortune, and how Fred's strict business procedures were eventually undermined by Donald's more flamboyant and risky approach to business.
π The Illusion of Trump's Business Success
The final paragraph addresses the perception of Donald Trump as a successful businessman, questioning the legitimacy of this image. It discusses the 'stagecraft' involved in creating the set for 'The Apprentice,' which was necessary because Trump's actual offices were not as impressive as the image he wanted to project. The paragraph also highlights Trump's ventures post-'The Apprentice,' such as the Chicago Trump Tower and the Old Post Office hotel in DC, which were financially unsuccessful and required significant subsidies. The discussion suggests that Trump's persuasive charisma has been a key factor in his ability to convince people of his business prowess, despite a pattern of financial failures and the need for external support to sustain his ventures.
Mindmap
Keywords
π‘Demolition
π‘Bankruptcy
π‘Forbes Magazine
π‘Casino Financing
π‘Harrah's Holiday Inn Casino
π‘Tax Fraud
π‘Inheritance
π‘The Apprentice
π‘Charisma
π‘Public Perception
π‘Financial Losses
Highlights
The Trump Plaza Hotel and Casino was demolished in 2021, marking the end of a series of financial failures for Trump's casino businesses.
In 1982, Donald Trump claimed to be worth $100 million, but was actually only worth around $5 million and was losing money.
Trump obtained a casino license in Atlantic City, New Jersey, and secured $50 million from Holiday Inn to build the casino, with a profit-sharing agreement.
To convince Holiday Inn of his financial stability, Trump staged a scene with earth-moving machinery to create an illusion of progress.
Trump's success was not due to business acumen but rather a series of lucky breaks and advantageous circumstances.
Fred Trump, Donald's father, was the real money man behind his son's fortune, providing substantial financial support.
Donald Trump inherited wealth and further benefited from his father's tax fraud schemes.
Fred Trump was portrayed as a small-time businessman, despite being the main financial backer of Donald's ventures.
Donald Trump's early businesses were heavily subsidized by his father's wealth, contradicting his self-made narrative.
Fred Trump allowed his son to take over the business and even supported Donald's claims of surpassing him, despite the reality.
The relationship between Donald and Fred Trump was central to Donald's business endeavors and his public image.
The set of 'The Apprentice' was a fabrication, created to project an image of wealth and success that did not align with the actual state of Trump's offices.
Donald Trump's public persona as a successful businessman is questioned, given the financial struggles of his ventures post-'The Apprentice'.
Despite the facade, Trump's charisma and persuasive abilities have been key in convincing people to invest in his projects.
Investors in Trump's projects often focus on the idea of protecting a besieged Trump, rather than the financial viability of the investments.
Transcripts
>>> THAT WAS THE DEMOLITION OF
>>> THAT WAS THE DEMOLITION OF
THE TRUMP PLAZA HOTEL AND
CASINO BACK IN 2021.
AND IF YOU KNOW ANYTHING ABOUT
THE STORY OF TRUMP AND HIS
CASINO BUSINESSES, I BET YOU
KNOW THAT THE STORY DOES NOT
END WELL.
MULTIPLE TRUMP CASINOS ENDED UP
FILING FOR BANKRUPTCY.
THAT MUCH I BET YOU ALREADY
KNEW BUT YOU PROBABLY DON'T
KNOW THIS STORY.
THE YEAR WAS 1982, THE FIRST
YEAR THAT FORBES MAGAZINE
PUBLISHED ITS LIST OF THE 400
RICHEST AMERICANS.
DONALD TRUMP MADE THE LIST
CLAIMING HE WAS WORTH $100
MILLION.
BUT AT THE TIME, TRUMP WAS
REALLY ONLY WORTH ABOUT $5
MILLION.
AND HE WAS ALSO HEMORRHAGING
CASH.
BUT DONALD TRUMP HAD A PLAN.
THAT YEAR TRUMP GOT A LICENSE
FROM THE NEW JERSEY CASINO
CONTROL COMMISSION TO OPERATE A
CASINO IN ATLANTIC CITY IN NEW
JERSEY AND TRUMP FOUND AN
INVESTOR TO HELP HIM FINANCE
THE PROJECT.
HOLIDAY INN WHICH OWNED THE
CASINO CHAIN HARRAH'S WOULD
GIVE TRUMP $50 MILLION IN CASH
TO BUILD THE CASINO AND THEN
TRUMP AND HARRAH'S WOULD SPLIT
THE PROFITS.
TRUMP HAD TO JUST PROVE ONE
LITTLE THING FIRST.
HERE'S HOW THE NEW YORK TIMES
INVESTIGATIVE REPORTER TELL THE
STORY ON LUCKY LOSER.
DONALD WAS ON THE VERGE OF A GREAT DEAL ONE THAT WOULD ALSO
GREAT DEAL ONE THAT WOULD ALSO
WOULD GET HIM OUT OF OF A BIND.
BEFORE LEAVING, THE THEN CEO OF
HOLIDAY INN ROSE TOLD THAT
THINGS HAD TO BE UNDER WAY.
DONALD KEPT IT UNDER WRAPS, HE
DID NOT HAVE THINGS UNDER WAY
BECAUSE HE DIDN'T HAVE THE
MONEY.
SO HE ASKED TO HIRE EVERY PIECE
OF EARTH MOVING MACHINERY HE COULD FIND.
MACHINERY HE COULD FIND.
THE DAY THAT HOLIDAY INN CAME
TO THE SITE, MACHINERY PUSHED
AROUND.
TRUMP INTRODUCED HIMSELF TO ONE
OF THE HOLIDAY INN EXECUTIVES
TO A LINE THAT HE WOULD NEVER
FORGET.
I THINK I'M THE MOST SUCCESSFUL
PERSON MY AGE IN THE UNITED
STATES.
THAT'S THE WAY TRUMP STARTED
THE HARRAH'S HOLIDAY INN
CASINO.
HE SOLD IT TO THE PUBLIC SO HE
COULD THEN SELL IT TO HIS
BUSINESS PARTNERS AND FOR A
LONG TIME THAT MYTH REALLY
WORKED OUT.
C1
C1
>>> IT IS NOT JUST DONALD TRUMP
THE REPUBLICAN KNOCK-KNEE WHO'S
HAVING A BUSY WEEK --
REPUBLICAN NOMINEE WHO'S HAVING
A BUSY WEEK.
AS NEW YORK TIMES REPORTERS
DETAIL.
TRUMP'S SUCCESSES AREN'T THE
RESULT OF SHREWD BUSINESS
ACUMEN, THEY ARE THE RESULTS OF
MANY MANY MANY LUCKY BREAKS. GOOD THINGS HAPPEN TO DONALD
GOOD THINGS HAPPEN TO DONALD
TRUMP, HE DID NOT EARN MANY OF
THOSE.
HE WAS BORN, HE WAS DISCOVERED
BY A REVOLUTIONARY PRODUCER.
THAT SORT OF TAIL WIND COULD
PAPER OVER A LITANY OF FAILURE
AND STILL FUND A LAVISH LIFE
AND THERE'S NO EVIDENCE THAT IN
50 YEARS OF LABOR, DONALD TRUMP
ADDED TO HIS LUCKY FORTUNES.
HE WOULD HAVE BEEN BETTER OFF
BETTING ON THE STOCK MARKET
THAN ON HIMSELF.
JOINING ME NOW OUR PULITZER
WEUB WINNER SUSAN CRAIG AND
BUTNER AUTHORS OF LUCKY LOSER.
HOW DONALD TRUMP SQUANDERED HIS
FATHER'S FORTUNE AND CREATED
THE ILLUSION OF SUCCESS.
CONGRATULATIONS ON THIS
EXHAUSTIVE, DELICIOUS READ, I
SHOULDN'T SAY IT LIKE THAT.
BUT FILLED WITH A LOT OF NEW
REPORTING AND SOME DEEPLY
INFORMATIVE REPORTING ON
STORIES WE SORT OF KNEW.
I WANT TO TALK FIRST ABOUT
BECAUSE, THE WORD FATHER IS IN
THE SUB HEAD OF THE BOOK.
MAYBE SUSAN YOU CAN START
FIRST.
JUST THE RELATIONSHIP BETWEEN
DONALD TRUMP AND FRED TRUMP WAS
MORE BENEFICIAL TO DONALD TRUMP
THAN I THINK PEOPLE EVEN
IMAGINE RIGHT.
HE'S PRONE THESE DAYS OF
CALLING HIM HIS BROOKLYN
BUILDER OF A DAD.
BUT THE REALITY IS HE'S THE
MONEY MAN BEHIND DONALD TRUMP'S
ENTIRE FORTUNE.
CAN YOU TALK A LITTLE BIT ABOUT
HIM.
>> I THINK IN SOME WAYS WE
WOULD ALL LOVE TO HAVE A FATHER
LIKE DONALD TRUMP.
>> MILLIONS OF DOLLARS.
>> YES, THROWING AROUND
MILLIONS.
DONALD TRUMP BENEFITED FROM HIS
FATHER.
HE WAS BORN INTO AN INCREDIBLY
WEALTHY FAMILY. I JUST REMEMBER ONE OF THE
I JUST REMEMBER ONE OF THE
STORY -RS S THAT STORIES THAT
I HEARD.
HE GREW UP IN QUEEN, AND THE
PEOPLE OF THE FAMILY MARVELED
THAT THEY HAD A GARAGE OPENER.
HE INHERITED AND IT WAS
ENHANCED BY TAX FRAUD.
THAT WAS THE FIRST LUCKY BREAK.
HE HAS SPENT SO MUCH TIME
TALKING ABOUT HOW HIS FATHER,
YOU KNOW, REALLY A SMALL TIME
GUY.
NOTHING TO LOOK AT HERE.
>> NEVER COULD HAVE MADE THE
FORTUNE THAT TRUMP DID.
>> SMALL TIME GUY, GAVE HIM A
VERY SMALL LOAN AND DONALD
TRUMP DID IT ALL.
IT WAS LIKE HE WAS ROBBED OF A
HARD SCRABBLE STORY AND HE HAD
TO MAKE UP ONE.
IT'S INCREDIBLE HOW HE'S GONE
OUT OF HIS WAY.
FIRST WE SEE IN HIS EARLY
CAREERS THAT HE APPROPRIATES
HIS FATHER'S WEALTH.
AND THEN HE SPENDS A LOT OF HIS
LIFE DIMINISHING HIS FATHER'S
ACCOMPLISHMENTS.
AND YOU KNOW, FRED TRUMP, YOU
KNOW BECAME DONALD BECAME A
BLACK HOLE FOR FRED'S MONEY
EVENTUALLY.
>> AND FRED TRUMP ABIDES THIS
SMACK TALKING FROM HIS CHOSEN
SON RIGHT.
NOT ONLY DOES HE SINGLE TRUMP
OF THE 5 TRUMP KIDS, DONALD IS
THE CHOSING -- CHOSEN ONE AND
HE ALLOWS TRUMP TO DIMINISH HIS
MASTER MIND AND REALLY THE
INVERSE IS TRUE.
>> IT REALLY IS.
THIS IS AS A LONG STORY, A
THREAD THAT READS THROUGH
DECADES.
FRED HAS DONE EVERYTHING PRETTY
MUCH, HE'S BROKEN RULES.
BUT AS A BUSINESSMAN HE FOLLOWS
VERY STRICT PROCEDURES. HE ALWAYS ESTIMATES CORRECTLY
HE ALWAYS ESTIMATES CORRECTLY
WHAT HIS REV PHAOU REVENUE IS
GOING TO BE.
HE NEVER SPENDS MORE THAN HE. TRUMP IMMEDIATELY STARTS TAKING
TRUMP IMMEDIATELY STARTS TAKING
OVER THE BUSINESS.
HE BECOMES HIS IMAGINE.
THIS DONALD BARRON TRUMP.
>> HIS ALIAS.
>> YES, WHEN DONALD DOES GET A
PROJECT UP.
WHEN HE GETS A BUILDING UP, HE
STARTS, DONALD STARTING TELLING
THE WORLD THAT HE HAS FULLY
TAKEN THE FINANCING OF HIS
FATHER'S COMPANY.
HE HAS NOT.
BUT FRED GOES ALONG WITH THAT
AND ALLOWS DONALD TO SAY AND
ECHOES IT THAT DONALD HAS
SURPASSED ME.
WHEN DONALD LITERALLY HAD ONE
BUILDING UP OF HIS OWN.
IT'S REALLY JUST A REMARKABLE
RELATIONSHIP THAT'S VERY
CENTRAL TO WHAT HE WAS ABLE TO
ACCOMPLISH.
>> AND SETTING IN MOTION WHAT
WOULD BECOME A LONG CAREER OF
DIMINISHING PEOPLE CLOSEST TO
HIM WHO SUPPORT HIM AND
ASSUMING THAT THEIR LOYALTY IS
INVIABLE.
>> LIKE TOSSING THEM OVER BOARD
WHEN THEY'RE NOT LOYAL.
>> WHAT'S STAGGERING TO A LOT
OF FOLKS WHO REMEMBER TRUMP IN
THE 80s AND 90s.
EVEN IN THE APPRENTICE YEARS
IT'S LIKE COMPLETELY CASTLES
BUILD.
IT'S A PAPER CASTLE.
THE OFFICE THAT THE APPRENTICE
IS GOING TO FILM IN ARE SO
SHABBY THEY HAVE TO USE SMOKE
AND MIRROR.
CAN YOU TALK ABOUT.
>> THERE'S A LOT OF STAGE CRAFT
INVOLVED WHEN MARK BURNETT
SHOWED UP AT HIS OFFICES AND
HIS PRODUCERS.
THEY CAME IN THAT THEY WERE
GOING TO BE CASTING A
BILLIONAIRE.
KEEP IN MIND DONALD TRUMP IS
THE CAST OF THE SHOW.
HE WAS THE PRIZE THAT ALL THESE
CONTESTANTS WANTED.
THEY ARE VYING AND THEY WERE
SCHEMING TO WORK FOR.
AND THE PRODUCERS SHOWED UP AND
THEY FOUND CHIPPED FURNITURE,
AND THEY SAID THE CARPET
SMELLED.
THEY SAID IT WAS AWFUL.
SO THEY ENDED UP CREATING A
WHOLE ANOTHER AREA ON THE
FOURTH FLOOR OF TRUMP TOWER,
PARTLY WHERE THE CONTESTANTS
WOULD LIVE BUT THE WHOLE BOARDROOM WAS FAKE.
BOARDROOM WAS FAKE.
THAT WAS NOT DONALD TRUMP'S
BOARDROOM.
THEY HAD TO CREATE THE WHOLE
SET.
>> GIVEN THE FACT THAT HE
CONTINUES TO SELL HIMSELF
PUBLICLY AS A BUSINESSMAN.
NOBODY PIPES UP.
I MEAN HERE WE ARE LOOKING
TODAY AT THE POTENTIAL SALE OF
SOCIAL WHICH IS BASED ON
TRUMP'S REPUTATION.
DO YOU HAVE A THESIS ON WHY
HE'S ABLE TO CONVINCE PEOPLE
OVER AND OVER AND OVER AGAIN.
>> HE HAS AN INNATE CHARISMA
THAT HAS FOLLOWED HIM.
IN EVERY STAGE OF HIS LIFE
THERE WERE PEOPLE WHO WERE
WOOED BY THEM.
AND HE CAN BE PERSUASIVE
AND PEOPLE WHO ARE VERY SMART
AND VERY ACCOMPLISHED WHO GIVE
HIM OPPORTUNITIES TO DO
SOMETHING THAT HE HASN'T DONE
IT BEFORE BECAUSE HE CONVINCED
THEM THAT THEY COULD.
THAT HAS BEEN A DIMINISHING
TREND OVER THE LAST 10 YEARS,
RIGHT.
THE THINGS, ONCE HE GOT THE
MONEY FROM THE APPRENTICE HE
DECIDED AGAIN TO UNDER TAKE
THIS EFFORT TO MAKE HIMSELF
LOOK LIKE A BUSINESSMAN.
BY STARTING BUSINESSES.
SO HE BUILT A HUGE TOWER IN
CHICAGO.
HE SECRETLY DECLARED IT
COMPLETELY WORTHLESS ON HIS TAX
RETURNS AFTER HE GOT IT OPEN.
HE BUILT THE REMODELED THE OLD
POSTOFFICE INTO A HOTEL IN DC.
HE LOST 7 TO $10 MILLION EVERY
YEAR AND HE HAD TO SELL THAT. HE BOUGHT SOME GOLF COURSES IN
HE BOUGHT SOME GOLF COURSES IN
THE UK AND HE HAD TO SUBSIDIZE
THAT BY THE MONEY IN THE.
HE'S SELLING THEIR PERSECUTION
COMPLEX TO THEM AND IF YOU LOOK
AT THE SITE AND READ THE PEOPLE
WHO INVESTED THAT'S THE THING
THEY GRAB ON TO.
IS WE'RE UNDER ASSAULT FROM ALL
SIDES.
WE HAVE TO PROTECT THIS SITE,
WE HAVE TO PROTECT DONALD TRUMP
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