DawgTalkers.net Forums DawgTalk Palus Politicus The Trump "John Barron" Forbes tapes are released

according the the facts, thats not what went down:

https://www.nytimes.com/1990/06/26/business/quick-who-d-have-trouble-living-on-450000-a-month.html

thats the original article from way back in the 90's when all of it was actively going down.

here's another one:

PHILADELPHIA - Donald Trump has agreed to put himself on a monthly budget certain to cramp his style to get the $65 million bank loan he needs to see his way through a cash crunch, The Philadelphia Inquirer said today.

Under the tentative deal, the syndicate of banks would lend Trump $65 million on the condition they be allowed to name two executives to run the Trump empire, the newspaper said.

The deal would prohibit Trump from moving money among his companies without permission and put him on a personal budget of $450,000 a month, less in subsequent years, according to reports in The New York Times and the Inquirer.

The Inquirer said Trump had agreed to those conditions.

On June 15, Trump missed a $43 million payment on bonds issued to finance the Trump Castle casino in Atlantic City, N.J. Under a grace period, he has until midnight tomorrow before he can be declared in default.

A default on the Castle bonds could trigger defaults on bank loans secured by other properties, which could then be seized, and it could affect his gaming license in New Jersey.

A banker who spoke on condition of anonymity told The Associated Press yesterday that a West German bank and a French bank hold the key to Trump's hopes of raising the $65 million in the next two days.

Trump's main banks - Citibank, Chase Manhattan, Bankers Trust and Manufacturers Hanover - have agreed to the restructuring. But Dresdner Bank AG and Societe Generale are balking at terms of the deal, said the banker.

``If they don't agree, there won't be any deal,'' said the source. ``If there's no deal, then either he comes up with the cash from some other source . . . or he defaults and perhaps declares bankruptcy on the casino and related properties.''

A $20 million bridge loan is being prepared to tide Trump over while the paperwork for the larger loan is completed, the Times reported today.

The newspaper, quoting unidentified bankers involved in the negotiations, said before the 30-day financing can be extended, an agreement on the bigger loan must be obtained.

Terms of the broad loan agreement include stringent restrictions on Trump's personal and business finances, the newspapers reported.

An allowance is certain to put a damper on the lifestyle Trump enjoyed during the 1980s. His playthings include a 284-foot yacht, a 118-room Florida mansion, and a helicopter and jet for his personal use.

The restrictions limit Trump's monthly charitable contributions to $100,000 and stipulate that his household and personal expenses not exceed $450,000 a month for the rest of this year, $375,000 a month in 1991 and $300,000 a month in 1992.

Trump has been negotiating with the banks in recent weeks to restructure his debts.

http://community.seattletimes.nwsource.com/archive/?date=19900625&slug=1078936

i dont doubt you for a second that you know your own industry bro. but since you're my age....i mean this is the 1990. for all we know, the regs were vastly different back then.

That is absolutely a fact, this was the 90's and times have changed. I just still honestly find it extremely hard to believe that this would still have happened - even then. it just woulnt make sense 1. from a risk standpoint and 2. from a perspective that the bank would be able to dictate what he pays himself.

Also, now that I am thinking about it - the transferring of money doesn't make sense either.

For example, they would be limiting THEMSELVES. Let me explain, lets say this was all true and happened......

why would you not want him transferring money? If this business was a dud, he would HAVE to have showed some type of equity elsewhere to obtain this additional loan. Some type of equity, some type of profit, some type of asseets, do you agree?

So he would have had to shown those assets from ANOTHER company he had owed - they bank would have WANTED him to be able to move those assets and transfer to cover this company and payments of this loan. By not allowing him to transfer money, they don't allow him to transfer money out correct - but he cant transfer money IN either. See what I am saying?

I know we throw this term around, and I know we go back and forth about stuff - and because it has trumps name to it, you think I am automatically going to defend, and I think you are automatically going to attack (although idk if you saw or not, I gave you mad props in the NK thread about giving him due there), but from a banking standpoint - I have to say these articles are #fakenews. Heck they may have been the original #fakenews.

Like you said ill admit it was the 90's, but I would take the bet on my quarterly that even though it was the 90's what I put forth has more sound logic that what they reported.

I remember it well ... was very interesting to follow this ....

Here’s how it broke down ....

In the 80’s banks were fighting to give trump money .... trump took all they’d give him ... he invested in real estate and casino’s .... he was WAY OVER EXTENDED ...... the banks were loaning him money like they did internet companies later in the 90’s ... its like they didn’t learn a thing from theTrump debacle ...

In the late 80’s the recession hit .... Trumps real estate holdings nosed dived ... he had a lot invested in Atlantic City and the casinos were getting slaughtered then also ... his losses in Atlantic City made push come to shove ...

All of a sudden things flipped ... his debt was now higher than his assets ...

Due to the bankruptcy laws Trump knew he had them by the balls and he squeezed and squeezed and squeezed ... the banks lost millions .... but they lost less going this route .... the one story i remember well ... I couldn’t believe this ... i just LMAO when i read this ... I’m no fan of what trump did ... but I'm even less a fan of big banks ... u know will .... THERE RUTHLESS bastards for the most part ...

He had a yacht worth 20 million or so ... had a huge mortgage payment on it ... he couldn’t make the payment ... the bank was on the hook for the mortgage ... Trump figured out ,,, and i’ll Never forget when i read this in the WSJ back in the day .... i re-read it in amazement like 20 times ...

Anyhow ... Trump figured out if he didn’t pay for a few years the bank would be better off picking up the tab than going to bankruptcy court ... the laws back then really favored the ones who owed .... so Trump negotiated a deal where the bank paid the mortgage for like 2 years ... they paid around 5 - 6 million when it was all said and done ...

He made deals like that all over .... it was PURE GENIUS from a business perspective ... and some say he can’t negotiate ... ...

They read their google articles ... i lived it and remember it well ...

I also know he got out from under the deals quicker than anyone imagined ... i also know he learned a ton from it and is now 3.5 - 10 billion to the good .... as of his filing ... id be shocked if hes not worth less today ... his property values have taken a hit since his election .... it doesn’t hurt him near as much as it used to ....

Anyhow ... theres the backround on that ....

And please remember .... THE REST OF THE STORY ...

Casinos don't get slaughtered. Poor management of the casinos, and hotels chase away customers. Hence the Atlantic City failures.

I honestly don't know what you are saying here.

either you are saying casinos do not fail - or only trumps casinos have failed because of poor management.

your explanation is rather vague - as poor management of any business would lead to failure, casino's not excluded.

Please elaborate.

He's pointing out that what Diam said was absolute gibberish that has no basis in fact.

Trump's casinos tanked because he's an idiot who was always easy to dupe into overspending during negotiations. He was basically a mark that everyone fleeced because they knew he was a dunce pretending to be a businessman.

Casino revenues in Atlantic City were fine in the 90's. Trump's problem was merely that he overspent because he's an idiot who doesn't know how to run a business. A later problem for Atlantic City was that the local and state governments tied a ton of tax money into Trump's ventures, basically thinking - like the banks before they had to take over his decision making "no one could be dumb enough to screw this up". But, of course, it was Trump they were talking about.

http://gaming.unlv.edu/abstract/ac_1990.html#casino
http://gaming.unlv.edu/abstract/ac_1991.html#casino
http://gaming.unlv.edu/abstract/ac_1992.html#casino
http://gaming.unlv.edu/abstract/ac_1993.html#casino
http://gaming.unlv.edu/abstract/ac_1994.html#casino

What happened in the end has already been documented - Trump cratered his casinos and left the city and state hanging. He had to beg the bank for $65 million to stay afloat, and they obliged, on the condition that he had to adhere to a bank-monitored allowance and sign over decision making rights for his company to a bank trust.

Diam is seriously trying to argue that the banks having to take over Trump's business because he was so terrible at negotiation and striking deals in order to stop them from taking all of his property because he defaulted on a half dozen loans is a PURE GENIUS move from a business perspective, and actually a sign of being a great negotiator, and not, in fact, a trust fund idiot who burned money trying to pretend to be a businessman.

Jesus, man, just take the L.

You don't need a rant Pit, just an honest answer.. and the honest answer is, because he doesn't have to. If you want to compel all future Presidents to disclose their tax returns, make it a law... as of now all the law says is that the IRS must, in fact, audit the taxes, which evidently they did... if they found anything illegal, I'm assuming we would know, if they didn't then his taxes are really none of your business and you wanting to see them is a matter of satisfying your own curiosity... unless you believe you could find something in them that the IRS could not.... nowhere does it say the candidate or the President is under any obligation to disclose those documents...

Yes I guess you can ignore an established standard since it isn't mandated. But that still begs the question of why...

Because he's broke.

When his candidacy was just a publicity stunt, he released that insane financial form Willie was talking about that claimed he was worth $10 billion. He would go onstage in the early debates and talk about how he had $10 billion.

The fantasy that he's some shrewd wheeler and dealer is very important to him personally, and there's no way he'd let that bubble burst.

It worked out for him though, because the people he duped don't seem to care.

Diam literally just did a post where he claimed Trump taking $80 million from his father and Manufacturers Hanover and turning into $5 million in cash and $4 billion in debt in 10 years was "PURE GENIUS". The people who hoot at his rallies will always believe the stuff he says, and will always be willing to go to the mat to argue it, not matter how false or embarrassing it may be.

At the end of the day...who really cares? His tax returns are way down the list of things to be concerned with.

Another thing that Mark Cuban used to bring up often - if Trump was a billionaire, then why was he running fraud scams like Trump University? Why was he stealing money from his charity to buy paintings of himself and Tim Tebow jerseys? What billionaire has the time or want to get into weird things like mail order steaks sold at Sharper Image?