Wednesday, May 8, 2019

Bad For Business

The New York Times dug into the clues available on Trump’s business dealings in the 1980’s and 90’s and found out to no one’s surprise whatsoever that he is really lousy at it.

By the time his master-of-the-universe memoir “Trump: The Art of the Deal” hit bookstores in 1987, Donald J. Trump was already in deep financial distress, losing tens of millions of dollars on troubled business deals, according to previously unrevealed figures from his federal income tax returns.

Mr. Trump was propelled to the presidency, in part, by a self-spun narrative of business success and of setbacks triumphantly overcome. He has attributed his first run of reversals and bankruptcies to the recession that took hold in 1990. But 10 years of tax information obtained by The New York Times paints a different, and far bleaker, picture of his deal-making abilities and financial condition.

The data — printouts from Mr. Trump’s official Internal Revenue Service tax transcripts, with the figures from his federal tax form, the 1040, for the years 1985 to 1994 — represents the fullest and most detailed look to date at the president’s taxes, information he has kept from public view. Though the information does not cover the tax years at the center of an escalating battle between the Trump administration and Congress, it traces the most tumultuous chapter in a long business career — an era of fevered acquisition and spectacular collapse.

The numbers show that in 1985, Mr. Trump reported losses of $46.1 million from his core businesses — largely casinos, hotels and retail space in apartment buildings. They continued to lose money every year, totaling $1.17 billion in losses for the decade.

In fact, year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer, The Times found when it compared his results with detailed information the I.R.S. compiles on an annual sampling of high-income earners. His core business losses in 1990 and 1991 — more than $250 million each year — were more than double those of the nearest taxpayers in the I.R.S. information for those years.

Over all, Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years. It is not known whether the I.R.S. later required changes after audits.

Since the 2016 presidential campaign, journalists at The Times and elsewhere have been trying to piece together Mr. Trump’s complex and concealed finances. While The Times did not obtain the president’s actual tax returns, it received the information contained in the returns from someone who had legal access to it. The Times was then able to find matching results in the I.R.S. information on top earners — a publicly available database that each year comprises a one-third sampling of those taxpayers, with identifying details removed. It also confirmed significant findings using other public documents, along with confidential Trump family tax and financial records from the newspaper’s 2018 investigation into the origin of the president’s wealth.

The bottom line is that he’s a fraud and always has been; no different than that guy on late-night TV who sells you all-natural boner pills and prostate cures or foam-filled pillows for $100 a pop.  He made his millions and lost them twice over because he sucks at actually working but makes up for it with bluster and bullshit.  That’s the one thing he is good at.  Thirty years ago it only mattered to the bankers or the poor schmucks who bet on him — and the tenants in his properties — but now he’s in the White House and running the same con.

Ain’t that America.

2 barks and woofs on “Bad For Business

  1. But he still has Mitch and Lindsay in his pocket as well as 30% of the electorate so he must be successful at this con. When will they find out they’ve been had?

    • Remember “The Sting”? The best con is where the mark doesn’t know he’s been conned. The 30% won’t know, and even if they find out, they’ll never admit it.

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