The Trump Organization multiple times has made use of a time-honored business strategy: bleed the business for personal enrichment and then stiff the investors, contractors, suppliers and any other entity owed money by employing bankruptcy proceedings. Although the Organization has had multiple business failures – Airlines, University, Steaks, to name only a few – bankruptcy seems to be the preferred tactic for dying entertainment businesses. The Plaza Hotel and multiple casino operations have ended in bankruptcy courts.
Other hospitality properties manage to appear solvent: the Trump International Hotel in Washington DC (that caused many of us to learn what the “emoluments clause” in the Constitution is) and the Westchester Golf Club (where they are shocked, shocked! at accusations that undocumented employees were forced to work off the clock).
ProPublica recently reported on a paid-by-taxpayers $1,000 charge at the the soon-to-be literally underwater Mar-a-Lago resort, a tiny example of the business strategy keeping the operation metaphorically afloat. $1,000? No big deal; it’s a nearly insignificant amount. But it illustrates the overall symbiosis between government expenditures and the personal enrichment of the current occupant of the White House.
Chinese President Xi Jinping visited Mar-a-Lago in April 2017 for a two-day summit. Later in the evening after the lavish state dinner, a group, including Steve Bannon who says he doesn’t drink and doesn’t remember anything about it, found its way to the resort’s Library Bar – presided over by a portrait on the wall titled “The Visionary.” (You-know-who dressed in tennis whites.) The group dismissed the bartender; the Secret Service guarded the door.
Six days later, Mar-a-Lago presented a bill for $1,006 – $838 for liquor plus 20% gratuity – with no documentation of who was there and what was the nature of the meeting. The State Department declined to pay and forwarded it to the White House, which of course did pay.
If your memory is good, you may remember CNN as Jon Stewart’s favorite punching bag. Cable News Network, has had its ups and downs since Ted Turner founded it in 1980. Turner said the first all-news network and the first 24-hour news network was “my greatest career achievement.” (Marrying Jane Fonda was a personal achievement.)
Turner sold his greatest achievement, as part of Turner Broadcasting, to Time Warner in 1996 for $7.3 billion in stock. After Time Warner purchased AOL in 2001 Turner’s net worth sank along with T-W’s stock price.
CNN made its reputation with its coverage of the first Gulf War in 1991 and burnished it with reporting on 9/11. The network lost much of its reputation with incessant dubious reporting on plane crashes and disappeared young blonde women.
The renamed WarnerMedia is now owned by AT&T; CNN is now the favorite punching bag of the current occupant of the White House.
Although not in the same class as the above video, CNN recently performed a public service by publishing an interactive graphic charting the White House’s ever-changing answers to various issues:
The current occupant of the White House’s business modus operandi used fear of bankruptcy-by-attorneys as a cudgel. For example, in 2006, architect Andrew Tesoro submitted his final bill to the Trump Organization for his work on the clubhouse at the National Golf Club Westchester: $140,000. He was offered $50,000. Wanting to avoid legal hassle and expense, he sent a revised billing for $50,000. When that went unpaid, Tesoro contacted The Donald himself who said he would pay $25,000. Knowing that legal action to collect would cost much more, Tesoro took it, 18% of the billed amount, less than what he owed the consultants who had worked with him on the project.
A local news report tells of a couple in Rohnert Park California who were successful in their suit against the city. Police officers had entered Raul and Elva Barajas’s house, with guns drawn, looking for their son who was on parole.
Unfortunately for the city and its police force, they neglected to get a warrant for the search.
The current occupant of the White House gave a speech to Americans about the urgency of U.S. taxpayers funding a border wall. (As with the deficit and Mexico paying for the wall, Republicans no longer mention the president’s TelePrompTer use.) The major television networks acquiesced and broadcast the scripted, sometimes coherent harangue. Never mind that in 2014 the same networks declined to give airtime to the President – that would be Barack Obama – addressing the nation about border security. The reason given? It was too political. Previously, the networks did air George W. Bush’s immigration speech.
If your brain can handle more background on the perpetrator of multiple business failures who occasionally spends time in the Oval Office, Foreign Policy magazine – not known as a left-wing propaganda organ – has published a well-researched and dispassionate overview of business dealings with Russia.
couple fun quotes:
think part of it was he was toxic to the banks. I think he also probably
learned that personal guarantees [on loans] weren’t a brilliant idea either. So
he was saying to himself, ‘What else could I do in the world? I’ll just
convince people to buy my brand.’ And the only people who were willing to buy
it were tasteless Russians, people who like the absurd, ostentatious gold-leaf
lifestyle he has.”
– former business associate
is not much different than most of the NY real estate developers. Obnoxious,
liar, screws people, impossible to trust, etc, but in NY real estate–not
unusual. None of any of that is proof of anything other than Trump was
considered a bad guy who nobody trusted to do business with in the US banking
world. That is far from any proof he did anything wrong as to collusion which
there was none.”