This piece, from Tom Sullivan at Hullabaloo, is a good examination of how Trump really made his money:
"What, exactly, is Donald Trump’s business?" asks The New Yorker's Adam Davidson. The Trump Organization seems to have been in and out of so many unrelated ventures and manages to profit even as the projects themselves fail. Middle-class housing, luxury housing, casinos, licensing agreements. All require different business models and skill sets. So what is it Trump really does?
"It is becoming increasingly clear that, in the language of business schools," Davidson writes, "the Trump Organization’s core competency is in profiting from misrepresentation and deceit and, potentially, fraud."
I knew that his first few projects were on this model: plan a project, get investors and lenders, funnel the money into your own companies, and then declare bankruptcy, leaving the investors and lenders holding the bag. It looks like that's actually been his method across the board.
"What, exactly, is Donald Trump’s business?" asks The New Yorker's Adam Davidson. The Trump Organization seems to have been in and out of so many unrelated ventures and manages to profit even as the projects themselves fail. Middle-class housing, luxury housing, casinos, licensing agreements. All require different business models and skill sets. So what is it Trump really does?
"It is becoming increasingly clear that, in the language of business schools," Davidson writes, "the Trump Organization’s core competency is in profiting from misrepresentation and deceit and, potentially, fraud."
I knew that his first few projects were on this model: plan a project, get investors and lenders, funnel the money into your own companies, and then declare bankruptcy, leaving the investors and lenders holding the bag. It looks like that's actually been his method across the board.
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